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FEDERAL RESERVE statistical release
H.4.1

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

December 21, 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
Reserve Bank credit
Securities held outright1
U.S. Treasury securities
Bills2
Notes and bonds, nominal2
Notes and bonds, inflation-indexed2
Inflation compensation3
Federal agency debt securities2
Mortgage-backed securities4
Unamortized premiums on securities held outright5
Unamortized discounts on securities held outright5
Repurchase agreements6
Foreign official
Others
Loans
Primary credit
Secondary credit
Seasonal credit
Paycheck Protection Program Liquidity Facility
Bank Term Funding Program
Other credit extensions7
Net portfolio holdings of MS Facilities LLC (Main Street
Lending Program)8
Net portfolio holdings of Municipal Liquidity Facility LLC8
Net portfolio holdings of TALF II LLC8
Float
Central bank liquidity swaps9
Other Federal Reserve assets10
Foreign currency denominated assets11
Gold stock
Special drawing rights certificate account
Treasury currency outstanding12

Week ended
Dec 20, 2023

Averages of daily figures
Change from week ended
Dec 13, 2023
Dec 21, 2022

7,691,030
7,243,616
4,794,898
224,689
4,090,641
365,578
113,990
2,347
2,446,371
280,334
-26,279
2
0
1
134,657
2,185
0
30
3,553
128,889
0

-

16,199
3,116
198
-234
235
39,185
18,450
11,041
5,200
52,588

+
+

+
+
+
+
+

+

10,774
16,103
15,458
3,281
12,135
0
42
0
645
575
215
3
0
4
6,310
127
1
5
128
6,308
0

+

422
2,491
125
25
105
2,549
313
0
0
14

+
+
+

7,778,308
10,448
Total factors supplying reserve funds
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

Wednesday
Dec 20, 2023

839,526
915,811
706,142
67,361
638,824
11,838
11,882
0
209,670
35,077
1,255
0
0
1
118,827
1,962
0
27
8,128
128,889
0

7,687,649
7,238,168
4,792,329
224,095
4,088,681
365,578
113,975
2,347
2,443,492
280,036
-26,189
0
0
0
137,262
2,400
0
26
3,501
131,335
0

+

6,385
2,448
1,783
84
25
1,956
112
0
0
554

16,136
2,695
169
-261
235
39,398
18,412
11,041
5,200
52,588

-

838,861

7,774,891

+

+
+
+

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

Week ended
Dec 20, 2023

Averages of daily figures
Change from week ended
Dec 13, 2023
Dec 21, 2022

Currency in circulation12
Reverse repurchase agreements13
Foreign official and international accounts
Others
Treasury cash holdings
Deposits with F.R. Banks, other than reserve balances
Term deposits held by depository institutions
U.S. Treasury, General Account
Foreign official
Other14
Treasury contributions to credit facilities15
Other liabilities and capital16

2,331,997
1,062,589
334,583
728,005
397
914,966
0
732,196
9,689
173,082
10,311
-78,058

+
+
+

Total factors, other than reserve balances,
absorbing reserve funds
Reserve balances with Federal Reserve Banks
Note: Components may not sum to totals because of rounding.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.

15.
16.

Wednesday
Dec 20, 2023

-

1,088
90,704
8,376
99,080
6
89,763
0
73,756
2
16,009
0
6,076

+
35,790
-1,436,787
21,257
-1,415,531
+
302
+ 230,123
0
+ 272,416
+
1,250
43,543
5,036
- 110,738

2,335,924
1,124,202
345,059
779,143
394
904,459
0
732,721
9,688
162,050
10,311
-77,687

4,242,203

-

5,934

-1,286,345

4,297,603

3,536,105

-

4,514

+

3,477,288

+
+

447,484

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
Face value of the securities.
Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of
the securities.
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.
Cash value of agreements.
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.
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.
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.
Includes bank premises, accrued interest, and other accounts receivable.
Revalued daily at current foreign currency exchange rates.
Estimated.
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities
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.
Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1
billion.
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
Securities held in custody for foreign official and international
accounts
Marketable U.S. Treasury securities1
Federal agency debt and mortgage-backed securities2
Other securities3
Securities lent to dealers
Overnight facility4
U.S. Treasury securities
Federal agency debt securities
Note: Components may not sum to totals because of rounding.
1.
2.
3.
4.

Week ended
Dec 20, 2023
3,387,026
2,958,450
345,246
83,330
33,607
33,607
33,607
0

Averages of daily figures
Change from week ended
Dec 13, 2023
Dec 21, 2022
+
+
+

1,554
1,117
313
124
2,768
2,768
2,768
0

+
+
+
+
-

78,269
60,260
16,068
1,942
7,861
7,861
7,840
21

Wednesday
Dec 20, 2023
3,379,835
2,952,278
344,190
83,366
36,611
36,611
36,611
0

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.
Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the
securities.
Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
Face value. Fully collateralized by U.S. Treasury securities.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, December 20, 2023
Millions of dollars
Within 15
days

Remaining Maturity
Loans
U.S. Treasury securities2
Holdings
Weekly changes

2,907

1

Federal agency debt securities3
Holdings
Weekly changes

+

58,676
21,650

2.
3.
4.
5.
6.
7.
8.
9.

Over 5 year
to 10 years

109,412

3,497

0

574,396
2,184

1,627,431
7,905

0
0

0
0

0
0

1
0

27
0

0

0

8,161

...

...

8,161

0
0
0
0
0
0

0
0
...
0
...
0

0
0
...
0
...
...

...
...
...
0
...
...

...
...
...
0
...
...

0
0
0
235
1,124,202
0

91 days to
1 year

21,446

-

247,297
33,314

0
0

Mortgage-backed securities4
0
Holdings
0
Weekly changes
Loan participations held by MS
Facilities LLC (Main Street Lending
0
Program)5
Municipal notes held by Municipal
0
Liquidity Facility LLC6
0
Loans held by TALF II LLC7
0
Repurchase agreements8
235
Central bank liquidity swaps9
1,124,202
Reverse repurchase agreements8
0
Term deposits
Note: Components may not sum to totals because of rounding.
...Not applicable.
1.

Over 1 year
to 5 years

16 days to
90 days

+

-

5,003
22

-

779,349
9

Over 10
years
...
1,505,180
11

-

2,347
0

+

37,013
23

All
137,262
4,792,329
17,405

-

0
0
2,401,449
3,408

-

2,347
0
2,443,492
3,409

-

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. 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.
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.
Face value.
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
Book value of the loan participations held by the MS Facilities LLC.
Book value of the municipal notes held by the Municipal Liquidity Facility LLC.
Book value of the loans held by the TALF II LLC.
Cash value of agreements.
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.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Wednesday
Dec 20, 2023

Account name

2,443,492
2,435,227
8,265

Mortgage-backed securities held outright1
Residential mortgage-backed securities
Commercial mortgage-backed securities

0

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

0

0
Cash and cash equivalents3
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.

4. Information on Principal Accounts of Credit Facilities LLCs
Millions of dollars
Wednesday Dec 20, 2023
Net portfolio holdings of
Credit Facilities LLCs
Outstanding
principal
amount
of loan
extended to
the LLC1
7,434
MS Facilities LLC (Main Street Lending Program)
0
Municipal Liquidity Facility LLC
0
TALF II LLC
Note: Components may not sum to totals because of rounding.
Credit Facilities LLCs:

1.
2.

3.

Outstanding
amount of
facility
asset
purchases2
7,520
0
0

Treasury
contributions
and
other assets3
8,616
2,695
169

Total
16,136
2,695
169

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.
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, 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.
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
Assets
Gold certificate account
Special drawing rights certificate account
Coin
Securities, unamortized premiums and discounts,
repurchase agreements, and loans
Securities held outright1
U.S. Treasury securities
Bills2
Notes and bonds, nominal2
Notes and bonds, inflation-indexed2
Inflation compensation3
Federal agency debt securities2
Mortgage-backed securities4
Unamortized premiums on securities held outright5
Unamortized discounts on securities held outright5
Repurchase agreements6
Loans7
Net portfolio holdings of MS Facilities LLC (Main Street
Lending Program)8
Net portfolio holdings of Municipal Liquidity Facility LLC8
Net portfolio holdings of TALF II LLC8
Items in process of collection
Bank premises
Central bank liquidity swaps9
Foreign currency denominated assets10
Other assets11

Eliminations from
consolidation

Wednesday
Dec 20, 2023
11,037
5,200
1,436

(0)

Change since
Wednesday
Wednesday
Dec 13, 2023
Dec 21, 2022

-

7,629,278
7,238,168
4,792,329
224,095
4,088,681
365,578
113,975
2,347
2,443,492
280,036
-26,189
0
137,262

-

16,136
2,695
169
66
441
235
18,412
38,957

(0)
7,724,063
Total assets
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

0
0
3

+

0
0
247

+

+
+

13,591
20,814
17,405
3,268
14,095
0
42
0
3,409
671
213
7
7,688

+

831,151
918,432
708,701
67,732
640,837
11,838
11,706
0
209,730
35,051
1,277
0
121,053

+
+
+

502
2,914
155
8
10
105
247
1,517

+
+

6,460
2,871
1,814
27
49
25
63
1,815

-

15,503

-

840,348

-

+

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital
Liabilities
Federal Reserve notes, net of F.R. Bank holdings
Reverse repurchase agreements12
Deposits
Term deposits held by depository institutions
Other deposits held by depository institutions
U.S. Treasury, General Account
Foreign official
Other13
Deferred availability cash items
Treasury contributions to credit facilities14
Other liabilities and accrued dividends15
Total liabilities
Capital accounts
Capital paid in
Surplus
Other capital accounts
Total capital
Note: Components may not sum to totals because of rounding.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.

14.
15.

Eliminations from
consolidation

(0)

(0)
(0)

(0)

Wednesday
Dec 20, 2023

Change since
Wednesday
Wednesday
Dec 13, 2023
Dec 21, 2022

2,285,162
1,124,202
4,381,747
0
3,477,288
732,721
9,688
162,050
328
10,311
-120,536

+
+

-

4,474
28,030
14,231
0
90,484
102,103
5
2,616
3
0
6,173

7,681,213

-

15,503

-

841,399

36,065
6,785
0

0
0
0

+

1,051
0
0

42,850

0

+

1,051

+
+
-

+
36,017
-1,438,160
+ 677,354
0
+ 427,956
+ 297,799
+
1,254
49,656
+
73
5,036
- 111,645

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
Face value of the securities.
Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
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.
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.
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.
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.
Revalued daily at current foreign currency exchange rates.
Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
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.
Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1
billion.
Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, December 20, 2023
Millions of dollars
Assets, liabilities, and capital
Assets
Gold certificates and special drawing
rights certificates
Coin
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans1
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)2
Net portfolio holdings of Municipal
Liquidity Facility LLC2
Net portfolio holdings of TALF II LLC2
Central bank liquidity swaps3
Foreign currency denominated
assets4
Other assets5
Interdistrict settlement account

Total

Boston

New York Philadelphia Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

16,237
1,436

557
48

5,175
41

525
134

752
53

1,187
178

2,287
108

1,104
251

479
34

264
54

452
96

1,290
176

2,165
262

7,629,278

151,032

4,192,139

126,097

233,389

532,384

517,796

476,311

120,192

58,711

107,113

379,856

734,259

16,136

16,136

0

0

0

0

0

0

0

0

0

0

0

2,695
169
235

0
0
10

2,695
169
83

0
0
8

0
0
22

0
0
47

0
0
7

0
0
8

0
0
5

0
0
1

0
0
2

0
0
5

0
0
34

18,412
39,464
0 +

792
921
26,008 -

6,552
18,434
36,961 -

662
751
17,983 +

1,736
1,223
49,992 +

7,724,063
195,504 4,188,327
110,194
287,166
Total assets
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

3,728
3,024
101,792 642,341

552
3,910
35,415 489,245

641
2,352
78,949 401,718

414
735
8,240 113,620

116
602
5,338 54,410

195
991
13,322 95,528

388
2,068
50,862 +
332,921

2,635
4,453
69,278
813,086

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, December 20, 2023 (continued)
Millions of dollars
Assets, liabilities, and capital
Liabilities
Federal Reserve notes, net
Reverse repurchase agreements6
Deposits
Depository institutions
U.S. Treasury, General Account
Foreign official
Other7
Earnings remittances due to the U.S.
Treasury8

Total

Boston

New York Philadelphia Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas
City

San
Francisco

Dallas

2,285,162
1,124,202
4,381,747

79,385
21,719
86,173

744,002
627,811
2,878,253

50,041
18,528
41,124

109,088
34,547
143,535

159,971
78,233
414,707

354,686
76,158
56,334

122,376
70,079
216,228

72,578
16,817
23,175

32,728
7,623
13,889

47,454
14,535
33,362

188,913
54,813
89,577

323,942
103,340
385,388

3,477,288
732,721
9,688
162,050

86,118
0
2
53

2,079,580
732,721
9,662
56,290

41,123
0
1
0

143,501
0
4
30

414,333
0
8
366

56,286
0
1
47

111,317
0
1
104,910

23,158
0
1
17

13,735
0
0
154

33,331
0
0
31

89,454
0
1
122

385,352
0
6
30

-129,416

-2,435

-83,235

-1,203

-4,817

-20,013

53

-9,466

-62

-209

-466

-1,640

-5,922

10,311

7,438

2,873

0

0

0

0

0

0

0

0

0

0

9,207

1,427

3,741

190

336

955

630

495

147

111

178

249

750

7,681,213

193,708

4,173,444

108,680

282,689

633,851

487,860

399,712

112,655

54,142

95,064

331,911

807,498

36,065
6,785
0

1,505
292
0

12,469
2,414
0

1,270
244
0

3,837
640
0

7,116
1,374
0

1,182
203
0

1,770
236
0

812
153
0

226
43
0

393
72
0

867
143
0

4,617
971
0

7,724,063
195,504 4,188,327
110,194
287,166
Total liabilities and capital
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

642,341

489,245

401,718

113,620

54,410

95,528

332,921

813,086

Treasury contributions to credit facilities9
Other liabilities and accrued
dividends
Total liabilities
Capital
Capital paid in
Surplus
Other capital

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, December 20, 2023 (continued)
1.

2.
3.
4.
5.
6.
7.
8.

9.

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.
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.
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.
Revalued daily at current foreign currency exchange rates.
Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
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.
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.
Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 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).

H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral
Federal Reserve notes outstanding
Less: Notes held by F.R. Banks not subject to collateralization
Federal Reserve notes to be collateralized
Collateral held against Federal Reserve notes
Gold certificate account
Special drawing rights certificate account
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2
Other assets pledged
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2
Less: Face value of securities under reverse repurchase agreements
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged
Note: Components may not sum to totals because of rounding.
1.
2.

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

Wednesday
Dec 20, 2023
2,708,326
423,164
2,285,162
2,285,162
11,037
5,200
2,268,925
0
7,238,168
1,240,510
5,997,659