FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, October 13, 2022

FEDERAL RESERVE statistical release

H.4.1

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

October 13, 2022

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 Oct 12, 2022
	Week ended Oct 12, 2022	Change from week ended
	Week ended Oct 12, 2022	Oct 5, 2022	Oct 13, 2021
Reserve Bank credit	8,724,877	- 3,383	+ 292,782	8,724,414
Securities held outright1	8,330,937	- 9,054	+ 378,211	8,330,346
U.S. Treasury securities	5,630,432	- 9,054	+ 174,806	5,629,841
Bills2	305,232	- 4,172	- 20,812	304,652
Notes and bonds, nominal2	4,849,432	- 4,837	+ 152,320	4,849,432
Notes and bonds, inflation-indexed2	375,761	0	+ 8,291	375,761
Inflation compensation3	100,008	- 44	+ 35,008	99,996
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,698,158	0	+ 203,405	2,698,158
Unamortized premiums on securities held outright5	322,953	- 742	- 31,709	322,758
Unamortized discounts on securities held outright5	-26,787	- 131	- 10,907	-26,741
Repurchase agreements6	0	0	0	0
Foreign official	0	0	0	0
Others	0	0	0	0
Loans	20,783	- 296	- 35,497	20,067
Primary credit	7,390	+ 297	+ 7,026	7,669
Secondary credit	0	0	0	0
Seasonal credit	43	- 15	+ 24	42
Primary Dealer Credit Facility	0	0	0	0
Paycheck Protection Program Liquidity Facility	13,349	- 580	- 42,547	12,356
Other credit extensions	0	0	0	0
Net portfolio holdings of Corporate Credit Facilities LLC7	0	0	- 515	0
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7	25,725	+ 14	- 4,733	25,742
Net portfolio holdings of Municipal Liquidity Facility LLC7	5,566	+ 2	- 4,211	5,567
Net portfolio holdings of TALF II LLC7	2,136	- 1	- 2,359	2,137
Float	-143	+ 209	- 16	-193
Central bank liquidity swaps8	3,307	+ 3,007	+ 2,983	3,307
Other Federal Reserve assets9	40,400	+ 3,610	+ 1,536	41,423
Foreign currency denominated assets10	16,934	- 146	- 3,848	16,787
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding11	51,356	+ 14	+ 675	51,356

Total factors supplying reserve funds	8,809,408	- 3,515	+ 289,609	8,808,798

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 Oct 12, 2022
	Week ended Oct 12, 2022	Change from week ended
	Week ended Oct 12, 2022	Oct 5, 2022	Oct 13, 2021
Currency in circulation11	2,286,728	+ 6,341	+ 83,266	2,287,827
Reverse repurchase agreements12	2,553,308	- 82,090	+ 889,969	2,580,347
Foreign official and international accounts	323,267	+ 25,930	+ 30,706	333,141
Others	2,230,041	- 108,021	+ 859,263	2,247,206
Treasury cash holdings	98	- 4	+ 48	103
Deposits with F.R. Banks, other than reserve balances	819,906	- 40,526	+ 436,944	788,876
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	608,302	- 25,637	+ 530,444	583,513
Foreign official	7,652	+ 216	+ 2,388	7,435
Other13	203,952	- 15,106	- 95,888	197,928
Treasury contributions to credit facilities14	17,940	0	- 8,457	17,940
Other liabilities and capital15	43,516	- 2,274	- 5,569	43,398

Total factors, other than reserve balances, absorbing reserve funds	5,721,496	- 118,553	+1,396,200	5,718,491

Reserve balances with Federal Reserve Banks	3,087,912	+ 115,038	-1,106,591	3,090,307

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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 billion.
15.	Includes the liability for earnings remittances due to the U.S. Treasury.

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 Oct 12, 2022
	Week ended Oct 12, 2022	Change from week ended
	Week ended Oct 12, 2022	Oct 5, 2022	Oct 13, 2021
Securities held in custody for foreign official and international accounts	3,325,227	+ 888	- 157,692	3,328,999
Marketable U.S. Treasury securities1	2,918,701	+ 1,243	- 147,454	2,922,439
Federal agency debt and mortgage-backed securities2	322,154	- 10	- 3,342	322,153
Other securities3	84,372	- 345	- 6,896	84,407
Securities lent to dealers	43,409	- 5,111	+ 2,005	44,139
Overnight facility4	43,409	- 5,111	+ 2,005	44,139
U.S. Treasury securities	43,400	- 5,103	+ 1,996	44,139
Federal agency debt securities	9	- 8	+ 9	0

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, October 12, 2022

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	1,963	5,757	0	12,347	0	...	20,067
U.S. Treasury securities2
Holdings	66,698	346,045	790,328	1,979,960	991,971	1,454,839	5,629,841
Weekly changes	- 5,080	- 1,665	+ 2,696	- 14	- 11	- 10	- 4,085
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	55	3,457	54,494	2,640,150	2,698,158
Weekly changes	0	0	0	0	0	0	0
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)5	0	0	0	12,713	...	...	12,713
Municipal notes held by Municipal
Liquidity Facility LLC6	0	0	0	2,907	...	...	2,907
Loans held by TALF II LLC7	0	0	484	574	...	...	1,058
Repurchase agreements8	0	0	...	...	...	...	0
Central bank liquidity swaps9	3,307	0	0	0	0	0	3,307
Reverse repurchase agreements8	2,580,347	0	...	...	...	...	2,580,347
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	2,698,158
Residential mortgage-backed securities	2,689,557
Commercial mortgage-backed securities	8,601

Commitments to buy mortgage-backed securities2	3,170
Commitments to sell mortgage-backed securities2	5

Cash and cash equivalents3	0

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Credit Facilities LLCs:	Wednesday Oct 12, 2022
		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)	12,642	10,927	14,815	25,742
Municipal Liquidity Facility LLC	2,907	2,907	2,660	5,567
TALF II LLC	1,096	1,058	1,079	2,137

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 June 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 Oct 12, 2022	Change since
			Wednesday	Wednesday
			Oct 5, 2022	Oct 13, 2021
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,208	- 8	+ 8
Securities, unamortized premiums and discounts, repurchase agreements, and loans		8,646,430	- 6,203	+ 289,224
Securities held outright1		8,330,346	- 4,085	+ 367,316
U.S. Treasury securities		5,629,841	- 4,085	+ 163,917
Bills2		304,652	- 4,047	- 21,392
Notes and bonds, nominal2		4,849,432	0	+ 142,261
Notes and bonds, inflation-indexed2		375,761	0	+ 8,119
Inflation compensation3		99,996	- 38	+ 34,929
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		2,698,158	0	+ 203,399
Unamortized premiums on securities held outright5		322,758	- 609	- 31,859
Unamortized discounts on securities held outright5		-26,741	- 161	- 10,864
Repurchase agreements6		0	0	0
Loans7		20,067	- 1,348	- 35,369
Net portfolio holdings of Corporate Credit Facilities LLC8		0	0	- 515
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8		25,742	+ 20	- 4,723
Net portfolio holdings of Municipal Liquidity Facility LLC8		5,567	+ 2	- 4,212
Net portfolio holdings of TALF II LLC8		2,137	+ 1	- 2,358
Items in process of collection	(0)	128	+ 23	+ 3
Bank premises		626	+ 13	- 921
Central bank liquidity swaps9		3,307	+ 3,007	+ 2,974
Foreign currency denominated assets10		16,787	- 281	- 3,922
Other assets11		40,799	+ 3,341	+ 2,467

Total assets	(0)	8,758,969	- 84	+ 278,027

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 Oct 12, 2022	Change since
			Wednesday	Wednesday
			Oct 5, 2022	Oct 13, 2021
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,237,778	+ 4,434	+ 82,545
Reverse repurchase agreements12		2,580,347	+ 35,502	+ 922,725
Deposits	(0)	3,879,184	- 37,148	- 714,003
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,090,308	+ 13,858	-1,114,202
U.S. Treasury, General Account		583,513	- 38,618	+ 511,053
Foreign official		7,435	+ 1	+ 2,171
Other13	(0)	197,928	- 12,388	- 113,026
Deferred availability cash items	(0)	322	+ 4	+ 82
Treasury contributions to credit facilities14		17,940	0	- 8,457
Other liabilities and accrued dividends15		1,528	- 2,888	- 6,873

Total liabilities	(0)	8,717,098	- 96	+ 276,019

Capital accounts
Capital paid in		35,086	+ 13	+ 2,008
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		41,871	+ 13	+ 2,008

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 Primary Dealer Credit Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.
8.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
9.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
10.	Revalued daily at current foreign currency exchange rates.
11.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
12.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
13.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
14.	Book value. Amount of equity investments in MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 billion.
15.	Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, October 12, 2022

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	1,208	18	24	109	48	184	83	228	25	36	87	153	214
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	8,646,430	172,837	4,424,644	198,209	347,210	601,188	564,833	590,140	135,565	66,257	135,310	442,683	967,555
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)2	25,742	25,742	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC2	5,567	0	5,567	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC2	2,137	0	2,137	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	3,307	142	1,151	123	323	663	108	125	67	17	34	79	474
Foreign currency denominated
assets4	16,787	723	5,848	623	1,641	3,366	546	636	338	84	173	403	2,406
Other assets5	41,554	931	20,077	1,036	1,706	3,209	2,827	2,788	780	499	937	2,200	4,564
Interdistrict settlement account	0	- 14,629	+ 328,867	- 40,269	- 44,703	- 11,004	+ 9,723	- 64,382	- 9,240	- 2,336	- 19,795	- 32,476	- 99,757

Total assets	8,758,969	186,309	4,793,587	160,367	306,987	598,810	580,366	530,629	127,995	64,819	117,186	414,321	877,593

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, October 12, 2022 (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	2,237,778	78,292	707,683	54,912	106,935	156,239	348,758	122,937	70,382	33,371	52,413	192,281	313,574
Reverse repurchase agreements6	2,580,347	51,658	1,322,948	59,279	103,041	179,815	168,823	176,392	40,525	18,296	40,279	132,293	286,996
Deposits	3,879,184	41,334	2,744,367	44,505	92,897	253,922	60,776	229,619	15,995	12,750	23,867	88,416	270,734
Depository institutions	3,090,308	41,326	2,106,258	44,504	92,850	252,745	60,735	80,555	15,993	12,616	23,840	88,184	270,704
U.S. Treasury, General Account	583,513	0	583,513	0	0	0	0	0	0	0	0	0	0
Foreign official	7,435	2	7,409	1	4	8	1	2	1	0	0	1	6
Other7	197,928	7	47,188	0	43	1,170	40	149,063	1	134	27	231	25
Earnings remittances due to the U.S. Treasury8	-4,076	-80	-2,809	-43	-124	-506	22	-293	4	-11	-7	-10	-217
Treasury contributions to credit facilities9	17,940	13,891	4,049	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	5,925	-593	2,736	204	263	893	652	464	170	155	203	259	520

Total liabilities	8,717,098	184,502	4,778,974	158,858	303,011	590,363	579,032	529,118	127,077	64,561	116,755	413,240	871,607

Capital
Capital paid in	35,086	1,514	12,250	1,258	3,313	7,086	1,114	1,253	781	224	361	918	5,013
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	8,758,969	186,309	4,793,587	160,367	306,987	598,810	580,366	530,629	127,995	64,819	117,186	414,321	877,593

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, October 12, 2022 (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.	Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit 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.
9.	Book value. Amount of equity investments in MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 billion.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

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

Federal Reserve notes and collateral	Wednesday
Federal Reserve notes and collateral	Oct 12, 2022
Federal Reserve notes outstanding	2,589,299
Less: Notes held by F.R. Banks not subject to collateralization	351,521
Federal Reserve notes to be collateralized	2,237,778
Collateral held against Federal Reserve notes	2,237,778
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,221,541
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	8,330,346
Less: Face value of securities under reverse repurchase agreements	2,860,099
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,470,248

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.