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

October 20, 2022

Reserve Bank credit

 8,720,725

-    4,152

+  203,316

 8,709,474

Securities held outright1

 8,323,037

-    7,900

+  284,862

 8,312,950

U.S. Treasury securities

 5,621,097

-    9,335

+  139,911

 5,611,953

Bills2

   302,260

-    2,972

-   23,784

   301,567

Notes and bonds, nominal2

 4,843,104

-    6,328

+  121,133

 4,834,667

Notes and bonds, inflation-indexed2

   375,761

         0

+    7,833

   375,761

Inflation compensation3

    99,972

-       36

+   34,728

    99,958

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,699,593

+    1,435

+  144,951

 2,698,651

Unamortized premiums on securities held outright5

   322,316

-      637

-   33,490

   322,044

Unamortized discounts on securities held outright5

   -26,811

-       24

-   10,806

   -26,756

Repurchase agreements6

         1

+        1

+        1

        10

Foreign official

         0

         0

         0

         0

Others

         1

+        1

+        1

        10

Loans

    19,706

-    1,077

-   33,988

    18,713

Primary credit

     6,367

-    1,023

+    5,897

     5,139

Secondary credit

         0

         0

         0

         0

Seasonal credit

        27

-       16

+       13

        28

Primary Dealer Credit Facility

         0

         0

         0

         0

Paycheck Protection Program Liquidity Facility

    13,312

-       37

-   39,898

    13,546

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

    25,507

-      218

-    4,801

    25,203

Net portfolio holdings of Municipal Liquidity Facility LLC7

     5,568

+        2

-    4,211

     5,570

Net portfolio holdings of TALF II LLC7

     2,137

+        1

-    2,358

     2,138

Float

      -124

+       19

-       13

      -138

Central bank liquidity swaps8

     6,482

+    3,175

+    6,137

     6,482

Other Federal Reserve assets9

    42,906

+    2,506

+    2,499

    43,257

Foreign currency denominated assets10

    16,808

-      126

-    3,895

    16,759

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    51,370

+       14

+      682

    51,370

Total factors supplying reserve funds

 8,805,144

-    4,264

+  200,104

 8,793,843

Currency in circulation11

 2,285,151

-    1,577

+   81,176

 2,284,270

Reverse repurchase agreements12

 2,550,924

-    2,384

+  793,765

 2,571,659

Foreign official and international accounts

   329,336

+    6,069

+   39,943

   329,824

Others

 2,221,588

-    8,453

+  753,822

 2,241,835

Treasury cash holdings

       103

+        5

+       44

       101

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

   814,626

-    5,280

+  382,013

   834,944

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   607,199

-    1,103

+  523,813

   640,613

Foreign official

     7,436

-      216

+    1,635

     7,435

Other13

   199,992

-    3,960

-  143,433

   186,896

Treasury contributions to credit facilities14

    17,940

         0

-    8,457

    17,940

Other liabilities and capital15

    44,356

+      840

-    5,766

    44,151

Total factors, other than reserve balances,
absorbing reserve funds

 5,713,100

-    8,396

+1,242,774

 5,753,066

Reserve balances with Federal Reserve Banks

 3,092,044

+    4,132

-1,042,670

 3,040,777

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.

Securities held in custody for foreign official and international accounts

 3,335,236

+   10,009

-  146,416

 3,340,068

Marketable U.S. Treasury securities1

 2,924,831

+    6,130

-  142,641

 2,928,749

Federal agency debt and mortgage-backed securities2

   326,143

+    3,989

+    1,882

   327,106

Other securities3

    84,262

-      110

-    5,656

    84,213

Securities lent to dealers

    42,327

-    1,082

+    2,528

    41,599

Overnight facility4

    42,327

-    1,082

+    2,528

    41,599

U.S. Treasury securities

    42,327

-    1,073

+    2,528

    41,599

Federal agency debt securities

         0

-        9

         0

         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

     1,943

     3,232

         0

    13,538

         0

...

    18,713

U.S. Treasury securities2

Holdings

    91,037

   323,378

   784,695

 1,966,054

   991,959

 1,454,830

 5,611,953

Weekly changes

+   24,339

-   22,667

-    5,633

-   13,906

-       12

-        9

-   17,888

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

     3,444

    54,096

 2,641,054

 2,698,651

Weekly changes

         0

         0

         0

-       13

-      398

+      904

+      493

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    12,622

...

...

    12,622

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     2,907

...

...

     2,907

Loans held by TALF II LLC7

         0

         0

       511

       547

...

...

     1,058

Repurchase agreements8

        10

         0

...

...

...

...

        10

Central bank liquidity swaps9

     6,482

         0

         0

         0

         0

         0

     6,482

Reverse repurchase agreements8

 2,571,659

         0

...

...

...

...

 2,571,659

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

 2,698,651

Residential mortgage-backed securities

 2,690,064

Commercial mortgage-backed securities

     8,586

Commitments to buy mortgage-backed securities2

       792

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         3

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)

    12,088

    10,836

    14,367

    25,203

Municipal Liquidity Facility LLC

     2,907

     2,907

     2,662

     5,570

TALF II LLC

     1,096

     1,058

     1,080

     2,138

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.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,205

-        3

         0

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

 8,626,962

-   19,468

+  186,051

Securities held outright1

 8,312,950

-   17,396

+  264,404

U.S. Treasury securities

 5,611,953

-   17,888

+  112,686

Bills2

   301,567

-    3,085

-   24,477

Notes and bonds, nominal2

 4,834,667

-   14,765

+   96,695

Notes and bonds, inflation-indexed2

   375,761

         0

+    6,118

Inflation compensation3

    99,958

-       38

+   34,349

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,698,651

+      493

+  151,719

Unamortized premiums on securities held outright5

   322,044

-      714

-   33,618

Unamortized discounts on securities held outright5

   -26,756

-       15

-   10,698

Repurchase agreements6

        10

+       10

+       10

Loans7

    18,713

-    1,354

-   34,048

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-      515

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

    25,203

-      539

-    5,082

Net portfolio holdings of Municipal Liquidity Facility LLC8

     5,570

+        3

-    4,210

Net portfolio holdings of TALF II LLC8

     2,138

+        1

-    2,357

Items in process of collection

(0)

       109

-       19

+       54

Bank premises

       639

+       13

-      823

Central bank liquidity swaps9

     6,482

+    3,175

+    6,146

Foreign currency denominated assets10

    16,759

-       28

-    3,976

Other assets11

    42,619

+    1,820

+    3,693

Total assets

(0)

 8,743,922

-   15,047

+  178,979

Liabilities

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

 2,234,202

-    3,576

+   79,422

Reverse repurchase agreements12

 2,571,659

-    8,688

+  785,291

Deposits

(0)

 3,875,722

-    3,462

-  674,298

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,040,778

-   49,530

-1,009,565

U.S. Treasury, General Account

   640,613

+   57,100

+  523,249

Foreign official

     7,435

         0

-    1,333

Other13

(0)

   186,896

-   11,032

-  186,649

Deferred availability cash items

(0)

       247

-       75

+       66

Treasury contributions to credit facilities14

    17,940

         0

-    8,457

Other liabilities and accrued dividends15

     2,279

+      751

-    5,058

Total liabilities

(0)

 8,702,050

-   15,048

+  176,967

Capital accounts

Capital paid in

    35,087

+        1

+    2,013

Surplus

     6,785

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,872

+        1

+    2,013

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.

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

     1,205

        17

        22

       107

        48

       185

        83

       226

        25

        36

        87

       154

       215

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

 8,626,962

   172,489

 4,416,723

   197,789

   346,472

   599,946

   563,608

   588,941

   135,244

    66,075

   134,698

   441,754

   963,223

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    25,203

    25,203

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     5,570

         0

     5,570

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,138

         0

     2,138

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

     6,482

       279

     2,257

       240

       634

     1,300

       211

       246

       130

        33

        67

       156

       929

Foreign currency denominated

assets4

    16,759

       722

     5,838

       622

     1,638

     3,360

       545

       635

       337

        84

       173

       403

     2,402

Other assets5

    43,367

       969

    21,023

     1,079

     1,793

     3,341

     2,930

     2,916

       806

       480

       966

     2,295

     4,769

Interdistrict settlement account

         0

-   17,527

+  362,646

-   43,575

-   58,446

+    1,142

+    5,843

-   69,566

-   10,033

-    3,096

-   18,947

-   34,672

-  113,768

Total assets

 8,743,922

   182,696

 4,821,487

   156,799

   292,902

   610,477

   575,467

   524,491

   126,971

    63,876

   117,482

   411,369

   859,906

Liabilities

Federal Reserve notes, net

 2,234,202

    78,070

   706,577

    54,478

   107,183

   157,870

   346,968

   122,526

    69,963

    32,982

    52,260

   191,784

   313,541

Reverse repurchase agreements6

 2,571,659

    51,484

 1,318,494

    59,080

   102,694

   179,210

   168,255

   175,798

    40,389

    18,234

    40,144

   131,848

   286,030

Deposits

 3,875,722

    38,098

 2,777,307

    41,557

    78,881

   264,683

    58,258

   224,413

    15,524

    12,251

    24,440

    86,353

   253,958

Depository institutions

 3,040,778

    38,085

 2,082,663

    41,555

    78,842

   263,923

    58,226

    85,293

    15,514

    12,179

    24,413

    86,154

   253,932

U.S. Treasury, General Account

   640,613

         0

   640,613

         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

   186,896

        11

    46,622

         0

        34

       753

        31

   139,119

         9

        72

        27

       198

        20

Earnings remittances due to the U.S. Treasury8

    -5,253

      -109

    -3,606

       -59

      -150

      -650

        30

      -365

        -4

       -18

       -14

       -12

      -296

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

     7,779

      -544

     4,054

       235

       317

       917

       622

       608

       180

       167

       220

       314

       688

Total liabilities

 8,702,050

   180,890

 4,806,874

   155,289

   288,925

   602,030

   574,133

   522,980

   126,053

    63,618

   117,050

   410,288

   853,921

Capital

Capital paid in

    35,087

     1,514

    12,250

     1,258

     3,313

     7,086

     1,114

     1,253

       781

       224

       362

       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

 8,743,922

   182,696

 4,821,487

   156,799

   292,902

   610,477

   575,467

   524,491

   126,971

    63,876

   117,482

   411,369

   859,906

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 outstanding

 2,592,907

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

   358,705

Federal Reserve notes to be collateralized

 2,234,202

Collateral held against Federal Reserve notes

 2,234,202

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,217,966

Other assets pledged

         0

Memo:

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

 8,312,960

Less: Face value of securities under reverse repurchase agreements

 2,882,621

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

 5,430,340

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.