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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 March 23, 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 Mar 22, 2023 Averages of daily figures Change from week ended Mar 15, 2023 Mar 23, 2022 8,657,968 7,938,410 5,328,829 282,545 4,566,632 377,024 102,628 2,347 2,607,234 306,045 -27,681 32,857 32,857 0 340,699 116,987 0 4 10,514 34,609 178,586 + - 22,264 5,597 1,943 -176 502 37,508 18,621 11,041 5,200 51,625 + + + + + + + + + + + + + + + + 210,976 8,648 6,028 794 6,094 0 861 0 2,620 632 126 32,825 32,857 32 185,064 32,030 0 1 74 32,166 120,943 + 143 2 2 237 30 2,112 171 0 0 14 + + - 8,744,456 + 211,161 Total factors supplying reserve funds Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. Wednesday Mar 22, 2023 266,230 560,388 429,996 43,499 399,853 11,209 24,566 0 130,392 40,316 6,307 32,857 32,857 0 315,423 116,077 0 4 13,852 34,609 178,586 8,697,234 7,936,558 5,328,976 282,374 4,566,632 377,024 102,945 2,347 2,605,235 305,773 -27,594 60,000 60,000 0 354,191 110,248 0 4 10,469 53,669 179,800 + 6,585 1,054 583 52 193 582 1,089 0 0 728 22,282 5,599 1,944 -272 587 38,167 18,706 11,041 5,200 51,625 - 266,591 8,783,807 + + + + + + + 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 Mar 22, 2023 Averages of daily figures Change from week ended Mar 15, 2023 Mar 23, 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 2,314,492 2,503,684 366,905 2,136,778 135 475,960 0 259,587 9,602 206,771 15,347 9,764 + + + + 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. + + + + + - + 6,679 74 8,836 8,912 4 29,032 0 26,721 147 2,459 0 1,929 5,319,381 + 3,425,075 + + + Wednesday Mar 22, 2023 + - 50,286 526,069 117,959 408,109 65 422,032 0 355,029 2,213 69,216 5,911 39,047 2,318,915 2,649,984 370,376 2,279,608 150 419,083 0 199,856 9,437 209,791 15,347 10,342 37,569 + 109,428 5,413,821 173,593 - 376,020 3,369,986 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 loans that were extended to depository institutions established by the Federal Deposit Insurance Corporation (FDIC). The Federal Reserve Banks' loans to these depository institutions are secured by 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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 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 Mar 22, 2023 3,309,453 2,894,451 333,654 81,348 46,498 46,498 46,498 0 Averages of daily figures Change from week ended Mar 15, 2023 Mar 23, 2022 + - 52,722 55,448 3,403 677 2,053 2,053 2,053 0 + + + 140,846 134,748 5,819 280 6,820 6,820 6,820 0 Wednesday Mar 22, 2023 3,284,057 2,863,419 339,414 81,223 46,064 46,064 46,064 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, March 22, 2023 Millions of dollars Within 15 days Remaining Maturity Loans U.S. Treasury securities2 Holdings Weekly changes 285,467 1 Federal agency debt securities3 Holdings Weekly changes + 84,318 52,550 2. 3. 4. 5. 6. 7. 8. 9. Over 5 year to 10 years 53,482 10,463 0 640,817 11,128 1,864,912 4,963 0 0 0 0 0 0 2,347 0 3 0 24 0 7,991 0 47,367 0 0 0 11,300 ... ... 11,300 0 0 0 0 0 0 2,907 936 ... 0 ... 0 0 0 ... 0 ... ... ... ... ... 0 ... ... ... ... ... 0 ... ... 2,907 936 60,000 587 2,649,984 0 91 days to 1 year 4,779 - 351,347 36,872 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 60,000 Repurchase agreements8 587 Central bank liquidity swaps9 2,649,984 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 - + 909,034 235 Over 10 years All ... 1,478,547 227 + 354,191 5,328,976 49 + 0 0 2,549,850 3,505 - 2,347 0 2,605,235 3,506 - Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF), Bank Term Funding Program, and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. Additionally, the Within 15 days category includes a loan to an FDIC-established depository institution that was subsequently placed in receivership. This loan is recognized as performing based upon payment due from the receivership, collateral securing the loans, and an FDIC repayment guarantee. 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 Account name Wednesday Mar 22, 2023 Mortgage-backed securities held outright1 Residential mortgage-backed securities Commercial mortgage-backed securities 2,605,235 2,596,797 8,439 80 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 Mar 22, 2023 Net portfolio holdings of Credit Facilities LLCs Outstanding principal amount of loan extended to the LLC1 10,514 MS Facilities LLC (Main Street Lending Program) 2,907 Municipal Liquidity Facility LLC 981 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 10,248 2,907 936 Treasury contributions and other assets3 12,034 2,692 1,009 Total 22,282 5,599 1,944 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 December 31, 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. 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 Mar 22, 2023 11,037 5,200 1,285 (0) Change since Wednesday Wednesday Mar 15, 2023 Mar 23, 2022 - 8,628,927 7,936,558 5,328,976 282,374 4,566,632 377,024 102,945 2,347 2,605,235 305,773 -27,594 60,000 354,191 + + - 22,282 5,599 1,944 52 475 587 18,706 37,692 (0) 8,733,787 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 0 0 20 - 0 0 8 + + + + 92,037 3,456 49 813 0 0 862 0 3,506 675 126 60,000 36,043 + + 220,553 563,697 430,173 43,670 399,853 11,209 24,559 0 133,525 40,123 6,184 60,000 329,453 + + + + + + + 21 2 2 5 5 115 288 2,041 + + 6,575 1,053 583 2 818 278 862 1,487 + 94,487 - 228,687 + 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 Mar 22, 2023 Change since Wednesday Wednesday Mar 15, 2023 Mar 23, 2022 2,268,721 2,649,984 3,789,069 0 3,369,986 199,856 9,437 209,791 325 15,347 -32,160 + + - + + - + 8,354 226,858 143,061 0 74,224 77,787 2,198 11,149 84 0 2,252 + + - 52,587 595,402 834,663 0 399,060 376,586 1,864 60,880 116 5,911 37,611 8,691,286 + 94,487 - 230,079 35,716 6,785 0 0 0 0 + 1,392 0 0 42,501 0 + 1,392 + + 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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 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, March 22, 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 1,285 544 19 5,271 37 537 117 763 43 1,203 194 2,247 77 1,093 240 461 27 263 37 440 86 1,279 158 2,136 249 8,628,927 166,535 4,300,677 193,075 333,171 579,164 542,739 567,160 131,827 63,990 133,367 429,089 1,188,133 22,282 22,282 0 0 0 0 0 0 0 0 0 0 0 5,599 1,944 587 0 0 25 5,599 1,944 204 0 0 22 0 0 57 0 0 118 0 0 19 0 0 22 0 0 12 0 0 3 0 0 6 0 0 14 0 0 84 18,706 38,220 0 + 805 871 2,461 + 6,516 18,836 81,100 - 694 946 41,870 - 1,828 1,541 4,835 + 8,733,787 193,543 4,420,186 153,521 332,568 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 3,751 2,960 198,216 + 785,605 609 2,474 39,935 588,100 709 2,511 25,353 546,382 377 680 3,163 130,220 94 449 1,418 63,419 193 865 16,877 + 118,081 449 1,983 6,724 439,696 2,682 4,103 234,919 962,468 H.4.1 6. Statement of Condition of Each Federal Reserve Bank, March 22, 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 2,268,721 2,649,984 3,789,069 77,883 53,052 49,587 714,697 1,358,651 2,353,001 53,352 60,879 37,801 111,245 105,821 111,990 174,747 184,668 420,554 353,990 173,379 58,765 124,739 181,152 241,126 68,774 41,619 18,760 32,380 18,790 11,948 48,840 41,366 27,362 190,340 135,864 112,930 317,734 294,742 345,244 3,369,986 199,856 9,437 209,791 49,579 0 2 6 2,082,374 199,856 9,411 61,361 37,800 0 1 0 111,952 0 4 35 420,168 0 8 379 58,736 0 1 27 93,582 0 2 147,543 18,754 0 1 6 11,886 0 0 62 27,331 0 0 30 112,609 0 1 321 345,216 0 6 22 -42,196 -785 -30,066 -220 -805 -3,956 19 -3,292 -37 -82 -138 -563 -2,272 15,347 11,453 3,894 0 0 0 0 0 0 0 0 0 0 10,361 553 5,147 203 361 1,112 646 658 146 116 195 336 888 8,691,286 191,744 4,405,326 152,015 328,612 777,126 586,799 544,383 129,262 63,152 117,626 438,906 956,336 35,716 6,785 0 1,507 292 0 12,446 2,414 0 1,262 244 0 3,316 640 0 7,106 1,374 0 1,098 203 0 1,763 236 0 805 153 0 224 43 0 383 72 0 647 143 0 5,161 971 0 8,733,787 193,543 4,420,186 153,521 332,568 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 785,605 588,100 546,382 130,220 63,419 118,081 439,696 962,468 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, March 22, 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 $11.5 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.0 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 Mar 22, 2023 2,633,135 364,414 2,268,721 2,268,721 11,037 5,200 2,252,484 0 7,996,558 2,831,994 5,164,564
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