FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, January 26, 2023

FEDERAL RESERVE statistical release

H.4.1

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

January 26, 2023

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jan 25, 2023
	Week ended Jan 25, 2023	Change from week ended
	Week ended Jan 25, 2023	Jan 18, 2023	Jan 26, 2022
Reserve Bank credit	8,446,676	- 20,453	- 391,825	8,433,857
Securities held outright1	8,073,180	- 20,347	- 319,689	8,062,665
U.S. Treasury securities	5,435,760	- 14,436	- 270,924	5,435,582
Bills2	286,337	- 1,029	- 39,707	286,200
Notes and bonds, nominal2	4,672,607	- 11,058	- 255,292	4,672,607
Notes and bonds, inflation-indexed2	374,979	- 1,741	- 4,805	374,979
Inflation compensation3	101,837	- 608	+ 28,879	101,797
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,635,073	- 5,911	- 48,764	2,624,735
Unamortized premiums on securities held outright5	311,689	- 789	- 40,653	311,189
Unamortized discounts on securities held outright5	-27,437	+ 36	- 8,481	-27,342
Repurchase agreements6	2	+ 1	+ 2	0
Foreign official	0	0	0	0
Others	2	+ 1	+ 2	0
Loans	15,856	+ 397	- 15,170	16,289
Primary credit	4,623	+ 469	+ 4,201	5,106
Secondary credit	0	- 1	0	0
Seasonal credit	0	0	0	0
Paycheck Protection Program Liquidity Facility	11,233	- 72	- 19,372	11,183
Other credit extensions	0	0	0	0
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7	22,273	- 276	- 6,665	22,291
Net portfolio holdings of Municipal Liquidity Facility LLC7	5,577	+ 3	- 2,291	5,579
Net portfolio holdings of TALF II LLC7	1,960	+ 1	- 641	1,961
Float	-166	+ 7	+ 34	-197
Central bank liquidity swaps8	387	+ 189	+ 122	387
Other Federal Reserve assets9	43,355	+ 324	+ 1,607	41,035
Foreign currency denominated assets10	18,895	- 46	- 1,507	18,961
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding11	51,513	+ 14	+ 728	51,513

Total factors supplying reserve funds	8,533,325	- 20,486	- 392,605	8,520,573

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jan 25, 2023
	Week ended Jan 25, 2023	Change from week ended
	Week ended Jan 25, 2023	Jan 18, 2023	Jan 26, 2022
Currency in circulation11	2,291,713	- 4,914	+ 61,047	2,291,233
Reverse repurchase agreements12	2,467,149	- 55,153	+ 526,172	2,415,204
Foreign official and international accounts	381,841	+ 23,413	+ 101,416	383,643
Others	2,085,309	- 78,565	+ 424,757	2,031,561
Treasury cash holdings	106	- 1	+ 81	107
Deposits with F.R. Banks, other than reserve balances	702,512	+ 154,841	- 186,104	773,682
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	491,848	+ 152,830	- 123,029	572,622
Foreign official	8,934	- 1	+ 1,011	8,933
Other13	201,730	+ 2,012	- 64,086	192,127
Treasury contributions to credit facilities14	15,347	0	- 5,911	15,347
Other liabilities and capital15	24,609	+ 183	- 23,604	24,457

Total factors, other than reserve balances, absorbing reserve funds	5,501,436	+ 94,956	+ 371,680	5,520,031

Reserve balances with Federal Reserve Banks	3,031,889	- 115,443	- 764,285	3,000,541

Note: Components may not sum to totals because of rounding.

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.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Jan 25, 2023
	Week ended Jan 25, 2023	Change from week ended
	Week ended Jan 25, 2023	Jan 18, 2023	Jan 26, 2022
Securities held in custody for foreign official and international accounts	3,320,714	- 9,850	- 137,478	3,322,997
Marketable U.S. Treasury securities1	2,913,506	- 8,059	- 138,993	2,916,116
Federal agency debt and mortgage-backed securities2	326,504	- 1,387	+ 2,946	326,412
Other securities3	80,704	- 405	- 1,431	80,469
Securities lent to dealers	37,886	- 2,140	+ 267	39,296
Overnight facility4	37,886	- 2,140	+ 267	39,296
U.S. Treasury securities	37,865	- 2,140	+ 246	39,275
Federal agency debt securities	21	0	+ 21	21

Note: Components may not sum to totals because of rounding.

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.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, January 25, 2023

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans1	3,687	1,426	0	11,176	0	...	16,289
U.S. Treasury securities2
Holdings	85,234	338,952	720,122	1,907,204	919,538	1,464,532	5,435,582
Weekly changes	- 830	+ 4,458	- 4,666	- 45	- 30	- 28	- 1,140
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	28	5,527	49,549	2,569,630	2,624,735
Weekly changes	0	- 1	- 9	- 171	- 641	- 14,382	- 15,205
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)5	0	0	0	11,602	...	...	11,602
Municipal notes held by Municipal
Liquidity Facility LLC6	0	0	2,907	0	...	...	2,907
Loans held by TALF II LLC7	0	0	959	0	...	...	959
Repurchase agreements8	0	0	...	...	...	...	0
Central bank liquidity swaps9	387	0	0	0	0	0	387
Reverse repurchase agreements8	2,415,204	0	...	...	...	...	2,415,204
Term deposits	0	0	0	...	...	...	0

Note: Components may not sum to totals because of rounding.
...Not applicable.

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.

Account name	Wednesday
Mortgage-backed securities held outright1	2,624,735
Residential mortgage-backed securities	2,616,273
Commercial mortgage-backed securities	8,462

Commitments to buy mortgage-backed securities2	75
Commitments to sell mortgage-backed securities2	0

Cash and cash equivalents3	0

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Credit Facilities LLCs:	Wednesday Jan 25, 2023
		Net portfolio holdings of
		Credit Facilities LLCs
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC1	purchases2	other assets3	Total
MS Facilities LLC (Main Street Lending Program)	10,966	10,254	12,037	22,291
Municipal Liquidity Facility LLC	2,907	2,907	2,671	5,579
TALF II LLC	1,011	959	1,003	1,961

Note: Components may not sum to totals because of rounding.

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.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Jan 25, 2023	Change since
			Wednesday	Wednesday
			Jan 18, 2023	Jan 26, 2022
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,252	+ 17	+ 8
Securities, unamortized premiums and discounts, repurchase agreements, and loans		8,362,801	- 16,936	- 379,792
Securities held outright1		8,062,665	- 16,345	- 316,719
U.S. Treasury securities		5,435,582	- 1,140	- 280,635
Bills2		286,200	- 1,031	- 39,844
Notes and bonds, nominal2		4,672,607	0	- 262,607
Notes and bonds, inflation-indexed2		374,979	0	- 6,518
Inflation compensation3		101,797	- 109	+ 28,334
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		2,624,735	- 15,205	- 36,085
Unamortized premiums on securities held outright5		311,189	- 1,067	- 40,421
Unamortized discounts on securities held outright5		-27,342	+ 65	- 8,371
Repurchase agreements6		0	- 1	0
Loans7		16,289	+ 412	- 14,282
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8		22,291	+ 21	- 6,654
Net portfolio holdings of Municipal Liquidity Facility LLC8		5,579	+ 3	- 2,290
Net portfolio holdings of TALF II LLC8		1,961	+ 1	- 641
Items in process of collection	(0)	52	- 33	+ 3
Bank premises		487	+ 11	- 896
Central bank liquidity swaps9		387	+ 189	+ 122
Foreign currency denominated assets10		18,961	+ 15	- 1,364
Other assets11		40,548	- 1,772	+ 1,574

Total assets	(0)	8,470,557	- 18,482	- 389,928

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Jan 25, 2023	Change since
			Wednesday	Wednesday
			Jan 18, 2023	Jan 26, 2022
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,241,074	- 3,795	+ 60,803
Reverse repurchase agreements12		2,415,204	- 88,058	+ 524,014
Deposits	(0)	3,774,224	+ 73,046	- 946,670
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,000,542	- 117,695	- 824,534
U.S. Treasury, General Account		572,622	+ 195,122	- 66,998
Foreign official		8,933	- 1	+ 2,263
Other13	(0)	192,127	- 4,381	- 57,401
Deferred availability cash items	(0)	249	- 44	- 322
Treasury contributions to credit facilities14		15,347	0	- 5,911
Other liabilities and accrued dividends15		-17,369	+ 367	- 23,163

Total liabilities	(0)	8,428,731	- 18,482	- 391,247

Capital accounts
Capital paid in		35,041	0	+ 1,319
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		41,826	0	+ 1,319

Note: Components may not sum to totals because of rounding.

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.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 25, 2023

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
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	1,252	17	29	112	44	193	84	232	25	36	92	160	226
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	8,362,801	167,518	4,282,296	191,931	335,809	581,903	546,387	571,093	131,189	63,197	130,660	428,178	932,640
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)2	22,291	22,291	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	1,961	0	1,961	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	387	17	135	14	38	78	13	15	8	2	4	9	55
Foreign currency denominated
assets4	18,961	816	6,605	703	1,853	3,802	617	719	382	95	196	455	2,718
Other assets5	41,087	950	19,738	1,031	1,698	3,224	2,734	2,785	790	478	940	2,189	4,533
Interdistrict settlement account	0	- 5,518	+ 342,880	- 50,354	- 50,693	+ 19,528	+ 10,863	- 54,450	- 13,464	- 4,085	- 23,364	- 40,913	- 130,431

Total assets	8,470,557	186,636	4,664,493	143,974	289,512	609,931	562,944	521,487	119,390	59,986	108,968	391,358	811,878

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 25, 2023 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes, net	2,241,074	77,122	704,798	54,367	110,058	172,686	350,911	120,989	68,811	32,338	48,956	189,331	310,708
Reverse repurchase agreements6	2,415,204	48,352	1,238,279	55,485	96,446	168,307	158,018	165,103	37,932	17,125	37,702	123,827	268,629
Deposits	3,774,224	48,288	2,716,991	32,526	79,138	261,791	52,169	235,338	11,569	10,175	21,738	77,286	227,215
Depository institutions	3,000,542	48,274	2,080,166	32,525	79,108	261,306	52,133	99,580	11,560	10,012	21,709	76,999	227,170
U.S. Treasury, General Account	572,622	0	572,622	0	0	0	0	0	0	0	0	0	0
Foreign official	8,933	2	8,907	1	4	8	1	2	1	0	0	1	6
Other7	192,127	12	55,295	0	26	478	35	135,757	8	162	28	287	39
Earnings remittances due to the U.S. Treasury8	-25,875	-464	-19,183	-84	-341	-2,118	48	-2,049	11	-27	-37	-255	-1,375
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	8,755	87	4,840	177	268	786	536	650	127	111	166	287	720

Total liabilities	8,428,731	184,837	4,649,619	142,472	285,570	601,453	561,683	520,032	118,448	59,721	108,524	390,476	805,896

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	2,414	244	640	1,374	203	236	153	43	72	143	971
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	8,470,557	186,636	4,664,493	143,974	289,512	609,931	562,944	521,487	119,390	59,986	108,968	391,358	811,878

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 25, 2023 (continued)

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 and collateral	Wednesday
Federal Reserve notes and collateral	Jan 25, 2023
Federal Reserve notes outstanding	2,627,928
Less: Notes held by F.R. Banks not subject to collateralization	386,853
Federal Reserve notes to be collateralized	2,241,074
Collateral held against Federal Reserve notes	2,241,074
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,224,838
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	8,062,665
Less: Face value of securities under reverse repurchase agreements	2,554,103
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,508,561

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.

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.