Board of Governors of the Federal Reserve System

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

Reserve Bank credit

 8,002,983

-   59,221

-  780,786

 7,988,106

Securities held outright1

 7,464,613

-   19,973

-  928,490

 7,457,541

U.S. Treasury securities

 4,964,010

-   19,359

-  710,848

 4,960,735

Bills2

   247,882

-    5,082

-   67,844

   246,946

Notes and bonds, nominal2

 4,240,315

-   14,489

-  642,973

 4,237,898

Notes and bonds, inflation-indexed2

   365,380

         0

-   10,381

   365,380

Inflation compensation3

   110,433

+      212

+   10,350

   110,510

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,498,256

-      614

-  217,642

 2,494,460

Unamortized premiums on securities held outright5

   288,721

-      622

-   36,803

   288,150

Unamortized discounts on securities held outright5

   -27,164

+      267

-      399

   -26,821

Repurchase agreements6

         2

-        4

+        2

         0

Foreign official

         0

-        4

         0

         0

Others

         2

         0

+        2

         0

Loans

   208,802

-   40,517

+  187,825

   201,102

Primary credit

     3,183

+    1,004

-    3,475

     3,078

Secondary credit

         0

         0

         0

         0

Seasonal credit

        78

+        1

+       36

        81

Paycheck Protection Program Liquidity Facility

     5,412

-       79

-    8,865

     5,339

Bank Term Funding Program

   107,758

-      108

+  107,758

   107,599

Other credit extensions7

    92,371

-   41,335

+   92,371

    85,005

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

    19,349

-      211

-    6,326

    19,326

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,624

+        3

+       64

     5,626

Net portfolio holdings of TALF II LLC8

     1,218

+        1

-      929

     1,219

Float

      -203

-       29

-       51

      -205

Central bank liquidity swaps9

       247

+       17

-       26

       247

Other Federal Reserve assets10

    41,774

+    1,847

+    4,345

    41,920

Foreign currency denominated assets11

    17,988

-       53

+      733

    18,024

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding12

    52,406

+       14

+      847

    52,406

Total factors supplying reserve funds

 8,089,618

-   59,260

-  779,207

 8,074,777

Currency in circulation12

 2,326,200

-    5,697

+   47,834

 2,325,195

Reverse repurchase agreements13

 1,746,687

-   78,475

-  754,393

 1,804,707

Foreign official and international accounts

   305,275

+    8,772

+   19,767

   317,723

Others

 1,441,412

-   87,247

-  774,159

 1,486,984

Treasury cash holdings

       344

+        1

+      244

       336

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

   819,652

+  127,399

-   99,676

   834,755

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   640,296

+  118,789

-   52,200

   661,717

Foreign official

     9,688

-      136

+    2,252

     9,688

Other14

   169,668

+    8,747

-   49,728

   163,350

Treasury contributions to credit facilities15

    13,358

         0

-    4,582

    13,358

Other liabilities and capital16

   -48,273

+    1,321

-   96,252

   -47,978

Total factors, other than reserve balances,
absorbing reserve funds

 4,857,968

+   44,549

-  906,825

 4,930,373

Reserve balances with Federal Reserve Banks

 3,231,649

-  103,810

+  127,617

 3,144,404

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 outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees.

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.

Includes bank premises, accrued interest, and other accounts receivable.

11.

Revalued daily at current foreign currency exchange rates.

12.

Estimated.

13.

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

14.

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.

15.

Book value. Amount of equity investments in MS Facilities LLC of $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 billion.

16.

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

Securities held in custody for foreign official and international accounts

 3,434,332

-      447

+   49,644

 3,437,209

Marketable U.S. Treasury securities1

 2,999,995

-      880

+   21,783

 3,004,797

Federal agency debt and mortgage-backed securities2

   351,430

+      324

+   29,412

   349,609

Other securities3

    82,906

+      107

-    1,551

    82,803

Securities lent to dealers

    36,759

-    4,891

-    8,944

    39,868

Overnight facility4

    36,759

-    4,891

-    8,944

    39,868

U.S. Treasury securities

    36,759

-    4,891

-    8,934

    39,868

Federal agency debt securities

         0

         0

-       10

         0

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.

Loans1

    86,892

     4,406

   104,469

     5,335

         0

...

   201,102

U.S. Treasury securities2

Holdings

    55,950

   254,315

   614,151

 1,706,087

   826,726

 1,503,507

 4,960,735

Weekly changes

+   13,057

-   18,852

-    9,872

-    6,182

+       49

+       58

-   21,744

Federal agency debt securities3

Holdings

         0

         0

         0

         0

     2,347

         0

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         1

        22

     5,600

    39,112

 2,449,725

 2,494,460

Weekly changes

         0

         0

         0

-    3,990

-    3,179

+    2,758

-    4,410

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

     9,691

...

...

     9,691

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

     2,907

         0

         0

...

...

     2,907

Loans held by TALF II LLC7

        55

       305

        33

         0

...

...

       393

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       247

         0

         0

         0

         0

         0

       247

Reverse repurchase agreements8

 1,804,707

         0

...

...

...

...

 1,804,707

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), Bank Term Funding Program, 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. Additionally, the Within 15 days category includes outstanding loans to depository institutions (including FDIC-established depository institutions) that were subsequently placed in receivership.  These loans are recognized as performing based upon payment due from the receiverships, pledged collateral securing the loans, and the FDIC repayment guarantees. 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

 2,494,460

Residential mortgage-backed securities

 2,486,099

Commercial mortgage-backed securities

     8,360

Commitments to buy mortgage-backed securities2

        52

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)

     8,739

     8,750

    10,577

    19,326

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,719

     5,626

TALF II LLC

       394

       393

       825

     1,219

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases:

a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

    updated as of June 30, 2023.

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

     1,453

+       21

+      215

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

 7,919,973

-   75,159

-  790,730

Securities held outright1

 7,457,541

-   26,155

-  933,612

U.S. Treasury securities

 4,960,735

-   21,744

-  713,184

Bills2

   246,946

-    5,036

-   67,846

Notes and bonds, nominal2

 4,237,898

-   16,920

-  645,390

Notes and bonds, inflation-indexed2

   365,380

         0

-   10,381

Inflation compensation3

   110,510

+      211

+   10,432

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,494,460

-    4,410

-  220,427

Unamortized premiums on securities held outright5

   288,150

-    1,004

-   36,990

Unamortized discounts on securities held outright5

   -26,821

+      512

-      107

Repurchase agreements6

         0

         0

         0

Loans7

   201,102

-   48,513

+  179,978

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

    19,326

-      253

-    6,361

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,626

+        3

+       65

Net portfolio holdings of TALF II LLC8

     1,219

+        1

-      929

Items in process of collection

(0)

        58

+        1

-       22

Bank premises

       439

         0

-      171

Central bank liquidity swaps9

       247

+       17

-       26

Foreign currency denominated assets10

    18,024

-       31

+      917

Other assets11

    41,490

+      713

+    4,333

Total assets

(0)

 8,024,090

-   74,689

-  792,712

Liabilities

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

 2,274,574

-    4,628

+   47,082

Reverse repurchase agreements12

 1,804,707

-   30,927

-  806,661

Deposits

(0)

 3,979,167

-   40,400

+   67,468

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,144,412

-  166,119

+  140,671

U.S. Treasury, General Account

   661,717

+  124,353

-   28,569

Foreign official

     9,688

-        1

+    2,249

Other13

(0)

   163,350

+    1,367

-   46,882

Deferred availability cash items

(0)

       262

-       17

+       59

Treasury contributions to credit facilities14

    13,358

         0

-    4,582

Other liabilities and accrued dividends15

   -90,708

+    1,273

-   96,961

Total liabilities

(0)

 7,981,360

-   74,699

-  793,594

Capital accounts

Capital paid in

    35,945

+       10

+      883

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    42,730

+       10

+      883

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, Bank Term Funding Program, 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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 billion.

15.

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

Assets

Gold certificates and special drawing rights certificates

    16,237

       557

     5,175

       525

       752

     1,187

     2,287

     1,104

       479

       264

       452

     1,290

     2,165

Coin

     1,453

        42

        44

       132

        60

       191

       110

       258

        31

        47

        97

       180

       260

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

 7,919,973

   153,392

 4,337,683

   129,484

   240,863

   543,574

   529,882

   486,902

   122,788

    59,923

   108,567

   389,953

   816,962

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    19,326

    19,326

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,626

         0

     5,626

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     1,219

         0

     1,219

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       247

        11

        88

         9

        23

        50

         7

         9

         6

         2

         3

         5

        35

Foreign currency denominated

assets4

    18,024

       776

     6,414

       648

     1,700

     3,649

       540

       627

       406

       114

       191

       380

     2,579

Other assets5

    41,986

       911

    19,269

       739

     1,237

     3,057

     3,925

     2,356

       772

       545

       934

     2,077

     6,164

Interdistrict settlement account

         0

-    2,634

-   98,392

-    9,208

+   37,753

+  192,571

-    2,231

-   60,164

-    6,741

-    2,909

-   11,634

-   40,260

+    3,849

Total assets

 8,024,090

   172,381

 4,277,125

   122,329

   282,388

   744,279

   534,520

   431,092

   117,740

    57,985

    98,610

   353,626

   832,015

Liabilities

Federal Reserve notes, net

 2,274,574

    79,814

   722,121

    53,736

   112,152

   166,431

   352,690

   124,190

    72,728

    34,280

    48,978

   189,712

   317,743

Reverse repurchase agreements6

 1,804,707

    34,867

 1,007,839

    29,744

    55,459

   125,589

   122,258

   112,499

    26,997

    12,237

    23,333

    87,992

   165,894

Deposits

 3,979,167

    47,024

 2,590,458

    38,063

   113,350

   457,048

    57,507

   199,642

    17,018

    11,260

    26,034

    76,238

   345,525

Depository institutions

 3,144,412

    46,961

 1,866,088

    38,062

   113,314

   456,634

    57,479

    90,031

    17,006

    11,184

    26,004

    76,154

   345,496

U.S. Treasury, General Account

   661,717

         0

   661,717

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     9,688

         2

     9,662

         1

         4

         8

         1

         1

         1

         0

         0

         1

         6

Other7

   163,350

        61

    52,991

         0

        31

       406

        27

   109,610

        12

        76

        30

        83

        23

Earnings remittances due to the U.S. Treasury8

  -102,388

    -1,931

   -67,340

      -940

    -3,473

   -14,786

        -2

    -7,943

      -120

      -188

      -405

    -1,643

    -3,617

Treasury contributions to credit facilities9

    13,358

     9,684

     3,674

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    11,942

     1,116

     5,502

       212

       427

     1,511

       649

       673

       153

       128

       205

       325

     1,043

Total liabilities

 7,981,360

   170,574

 4,262,253

   120,816

   277,914

   735,792

   533,102

   429,061

   116,776

    57,716

    98,145

   352,623

   826,588

Capital

Capital paid in

    35,945

     1,516

    12,458

     1,269

     3,834

     7,113

     1,215

     1,794

       812

       226

       393

       859

     4,456

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

 8,024,090

   172,381

 4,277,125

   122,329

   282,388

   744,279

   534,520

   431,092

   117,740

    57,985

    98,610

   353,626

   832,015

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, Bank Term Funding Program, 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 $9.7 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.9 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

 2,693,073

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

   418,499

Federal Reserve notes to be collateralized

 2,274,574

Collateral held against Federal Reserve notes

 2,274,574

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,258,337

Other assets pledged

         0

Memo:

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

 7,457,541

Less: Face value of securities under reverse repurchase agreements

 2,036,285

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

 5,421,257

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.