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FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time December 28, 2023 The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect returning the remainder of the Treasury's equity investment in the Municipal Liquidity Facility LLC (MLF) and in the TALF II LLC (TALF II), which occurred on December 22, 2023. Footnotes in Factors Affecting Reserve Balances of Depository Institutions (table 1), Maturity Distribution of Securities, Loans and Selected Other Assets and Liabilities (table 2), Information on Principal Accounts of Credit Facilities LLCs (table 4), Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 28, 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 27, 2023 Averages of daily figures Change from week ended Dec 20, 2023 Dec 28, 2022 7,684,978 7,233,658 4,791,167 222,962 4,088,681 365,578 113,946 2,347 2,440,144 279,527 -25,968 2 0 2 139,648 2,507 0 29 3,474 133,638 0 - 16,139 213 46 -245 1,359 40,598 18,551 11,041 5,200 52,602 + + + + + + + + + 6,052 9,958 3,731 1,727 1,960 0 44 0 6,227 807 311 0 0 1 4,991 322 0 1 79 4,749 0 + 60 2,903 152 11 1,124 1,413 101 0 0 14 + + + 7,772,371 5,937 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 27, 2023 840,718 919,459 709,758 68,455 640,837 11,838 11,373 0 209,701 35,049 1,387 2 0 2 123,506 2,059 0 20 8,093 133,638 0 7,675,996 7,224,667 4,790,547 222,354 4,088,681 365,578 113,933 2,347 2,431,773 279,171 -25,884 0 0 0 141,785 2,492 0 22 3,467 135,805 0 + 6,460 5,354 1,937 45 947 1,742 85 0 0 563 16,156 213 46 -267 1,359 38,750 18,669 11,041 5,200 52,602 - 840,071 7,763,508 + + + + + + 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 27, 2023 Averages of daily figures Change from week ended Dec 20, 2023 Dec 28, 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 2,340,523 1,132,915 350,023 782,891 394 920,433 0 731,405 9,690 179,338 7,849 -76,201 + + + + + 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 27, 2023 + + + 8,526 70,326 15,440 54,886 3 5,467 0 791 1 6,256 2,462 1,857 + 36,531 -1,443,029 + 3,015 -1,446,045 + 291 + 255,502 0 + 303,479 + 1,221 49,198 7,498 - 110,436 2,344,610 1,165,574 346,705 818,869 396 887,342 0 713,064 9,690 164,588 7,438 -76,066 4,325,913 + 83,710 -1,268,640 4,329,295 3,446,459 - 89,646 + 3,434,213 428,570 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. 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 27, 2023 3,385,740 2,958,250 344,077 83,413 32,622 32,622 32,622 0 Averages of daily figures Change from week ended Dec 20, 2023 Dec 28, 2022 + - 1,286 200 1,169 83 985 985 985 0 + + + + - 67,558 49,380 16,152 2,026 14,644 14,644 14,623 21 Wednesday Dec 27, 2023 3,394,130 2,966,930 343,804 83,396 38,439 38,439 38,439 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 27, 2023 Millions of dollars Within 15 days Remaining Maturity Loans U.S. Treasury securities2 Holdings Weekly changes 2,658 1 Federal agency debt securities3 Holdings Weekly changes 16 days to 90 days + 65,252 6,576 42,795 - 240,389 6,908 0 0 Mortgage-backed securities4 0 Holdings 0 Weekly changes Loan participations held by MS Facilities LLC (Main Street Lending 0 Program)5 0 Repurchase agreements6 1,359 Central bank liquidity swaps7 1,165,574 Reverse repurchase agreements6 0 Term deposits Note: Components may not sum to totals because of rounding. ...Not applicable. 1. 2. 3. 4. 5. 6. 7. - 0 0 0 1 0 0 0 0 0 Over 1 year to 5 years Over 5 year to 10 years 92,870 3,463 0 572,986 1,410 1,627,413 18 0 0 0 0 91 days to 1 year - 23 4 0 ... 0 ... 0 - 4,895 108 7,923 ... 0 ... ... - 779,339 10 Over 10 years ... 1,505,168 12 - 2,347 0 - 32,350 4,663 ... ... 0 ... ... All 141,785 4,790,547 1,782 - 0 0 2,394,505 6,944 - ... ... 0 ... ... 2,347 0 2,431,773 11,719 - 7,923 0 1,359 1,165,574 0 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 Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBB's statement of condition, 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. 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 27, 2023 Account name 2,431,773 2,423,545 8,228 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 27, 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 7,411 0 0 Treasury contributions and other assets3 8,745 213 46 Total 16,156 213 46 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. 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. 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 27, 2023 11,037 5,200 1,422 (0) Change since Wednesday Wednesday Dec 20, 2023 Dec 28, 2022 - 7,619,739 7,224,667 4,790,547 222,354 4,088,681 365,578 113,933 2,347 2,431,773 279,171 -25,884 0 141,785 - 16,156 213 46 190 438 1,359 18,669 38,312 (0) 7,712,781 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 0 0 14 + 0 0 227 + + 9,539 13,501 1,782 1,741 0 0 42 0 11,719 865 305 0 4,523 + 827,862 919,915 710,287 68,838 640,837 11,838 11,226 0 209,629 35,007 1,404 0 125,656 + + + + - 20 2,482 123 124 3 1,124 257 645 + + + + 6,461 5,356 1,938 90 35 947 267 1,733 - 11,282 - 838,388 + + 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 27, 2023 Change since Wednesday Wednesday Dec 20, 2023 Dec 28, 2022 2,293,821 1,165,574 4,321,556 0 3,434,214 713,064 9,690 164,588 457 7,438 -118,915 + + + + + + 8,659 41,372 60,191 0 43,074 19,657 2 2,538 129 2,873 1,621 + 36,650 -1,461,578 + 704,504 0 + 454,472 + 303,255 + 1,256 54,480 170 7,909 - 110,935 7,669,932 - 11,281 - 839,438 36,065 6,785 0 0 0 0 + 1,051 0 0 42,850 0 + 1,051 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. 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 27, 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 1,422 557 48 5,175 39 525 134 752 54 1,187 177 2,287 102 1,104 249 479 33 264 54 452 96 1,290 178 2,165 259 7,619,739 150,838 4,185,516 125,900 232,988 531,581 517,503 475,635 119,917 58,455 106,673 379,167 735,567 16,156 16,156 0 0 0 0 0 0 0 0 0 0 0 213 46 1,359 0 0 58 213 46 483 0 0 49 0 0 128 0 0 275 0 0 41 0 0 47 0 0 31 0 0 9 0 0 14 0 0 29 0 0 194 18,669 38,941 0 + 803 905 14,015 - 6,644 17,959 60,877 - 671 741 17,057 + 1,760 1,200 51,367 + 7,712,781 183,381 4,155,197 110,963 288,249 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 3,780 2,944 111,030 650,973 560 4,131 31,728 492,896 650 2,307 68,990 411,003 420 723 7,725 113,878 118 613 5,727 53,786 198 981 12,650 95,764 394 2,029 46,911 + 336,175 2,671 4,407 75,253 820,518 H.4.1 6. Statement of Condition of Each Federal Reserve Bank, December 27, 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 2,293,821 1,165,574 4,321,556 79,769 22,519 72,820 745,273 650,915 2,822,835 50,330 19,210 40,892 109,943 35,818 142,430 160,782 81,112 419,408 355,934 78,961 55,768 123,235 72,658 221,992 72,911 17,436 22,456 32,918 7,903 12,776 47,812 15,070 32,676 189,753 56,830 89,895 325,160 107,143 387,607 3,434,214 713,064 9,690 164,588 72,765 0 2 53 2,044,114 713,064 9,665 55,993 40,891 0 1 0 142,399 0 4 27 419,185 0 8 215 55,740 0 1 27 114,107 0 1 107,883 22,438 0 1 17 12,603 0 0 173 32,646 0 0 30 89,755 0 1 140 387,572 0 6 29 -131,518 -2,483 -84,510 -1,216 -4,911 -20,343 49 -9,601 -62 -206 -473 -1,657 -6,105 7,438 7,438 0 0 0 0 0 0 0 0 0 0 0 13,060 1,521 5,801 233 493 1,524 798 713 172 125 214 344 1,124 7,669,932 181,584 4,140,314 109,449 283,772 642,484 491,510 408,996 112,914 53,517 95,299 335,165 814,929 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 7,712,781 183,381 4,155,197 110,963 288,249 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 650,973 492,896 411,003 113,878 53,786 95,764 336,175 820,518 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 27, 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. 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 27, 2023 2,707,134 413,313 2,293,821 2,293,821 11,037 5,200 2,277,584 0 7,224,667 1,298,611 5,926,055
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