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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 27, 2025 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 2020 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 26, 2025 Averages of daily figures Change from week ended Mar 19, 2025 Mar 27, 2024 6,703,600 6,436,587 4,237,186 195,343 3,612,041 320,912 108,891 2,347 2,197,053 243,609 -23,835 4 0 4 4,394 2,533 0 6 1,856 0 0 - 7,277 0 0 -309 86 35,785 18,352 11,041 15,200 52,993 - + + + + + + - + - + 8,738 9,056 2,824 0 3,456 0 632 0 6,232 553 188 4 0 4 8 16 0 0 7 0 0 - 38 0 0 0 27 735 117 0 0 14 - 6,801,186 8,841 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 26, 2025 759,073 579,454 381,468 4,657 333,195 39,700 3,915 0 197,986 28,045 1,249 4 0 4 143,201 3,553 31 5 1,208 138,413 0 6,693,726 6,428,765 4,237,419 195,343 3,612,041 320,912 109,123 2,347 2,188,999 243,307 -23,757 0 0 0 4,089 2,234 0 2 1,853 0 0 + + 7,380 0 0 30 93 2,126 320 0 10,000 728 7,285 0 0 -370 86 34,323 18,279 11,041 15,200 52,993 - 748,025 6,791,239 + + + + - + 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 26, 2025 Averages of daily figures Change from week ended Mar 19, 2025 Mar 27, 2024 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 2,370,172 586,842 379,997 206,845 419 563,588 0 360,177 9,437 193,975 3,461 -174,228 + + + + - 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. + + - - 2,904 69,890 4,881 74,772 10 61,189 0 75,759 3 14,568 0 3,600 3,350,253 + 3,450,933 - + + Wednesday Mar 26, 2025 + - 28,432 245,362 31,283 276,645 30 416,491 0 442,056 4,188 29,754 3,977 65,407 2,373,074 628,611 387,240 241,371 436 508,655 0 315,970 9,436 183,249 3,461 -173,547 8,015 - 702,837 3,340,689 16,856 - 45,188 3,450,550 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 2020 LLC. 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 26, 2025 3,297,240 2,932,566 277,140 87,535 25,264 25,264 25,264 0 Averages of daily figures Change from week ended Mar 19, 2025 Mar 27, 2024 + - 7,072 3,858 3,723 510 3,289 3,289 3,289 0 + - 43,515 4,177 45,904 6,567 11,012 11,012 11,012 0 Wednesday Mar 26, 2025 3,294,111 2,931,015 275,449 87,647 31,023 31,023 31,023 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 26, 2025 Millions of dollars Within 15 days Remaining Maturity Loans U.S. Treasury securities2 Holdings Weekly changes 1,100 1 Federal agency debt securities3 Holdings Weekly changes + 54,915 11,337 2. 3. 4. 5. 6. 7. Over 5 year to 10 years 351 1,413 0 421,797 131 1,463,220 + 273 0 0 0 0 1,151 0 0 0 71 0 0 0 0 0 0 3,881 ... 0 ... 0 91 days to 1 year 1,225 - 216,641 11,382 0 0 Mortgage-backed securities4 0 Holdings 0 Weekly changes Loan participations held by MS Facilities 2020 LLC (Main Street 45 Lending Program)5 0 Repurchase agreements6 86 Central bank liquidity swaps7 628,611 Reverse repurchase agreements6 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 + - 3,969 35 12 ... 0 ... ... + 528,686 71 Over 10 years ... 1,552,159 201 + 1,196 0 - 33,866 859 ... ... 0 ... ... All 4,089 4,237,419 632 + 0 0 2,151,093 13,364 - ... ... 0 ... ... 2,347 0 2,188,999 14,258 - 3,939 0 86 628,611 0 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 Boston (FRBB) to MS Facilities 2020 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 2020 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 26, 2025 Mortgage-backed securities held outright1 Residential mortgage-backed securities Commercial mortgage-backed securities 2,188,999 2,180,991 8,007 15 Commitments to buy mortgage-backed securities2 Commitments to sell mortgage-backed securities2 70 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 LLC Millions of dollars Wednesday Mar 26, 2025 Net portfolio holdings of Credit Facilities LLC Credit Facilities LLC: Outstanding principal amount of loan extended to the LLC1 MS Facilities 2020 LLC (Main Street Lending 2,795 Program) Note: Components may not sum to totals because of rounding. 1. 2. 3. Outstanding amount of facility asset purchases2 3,226 Treasury contributions and other assets3 4,059 Total 7,285 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 includes loan participations at face value, net of an allowance for credit losses, updated as of December 31, 2024. 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 2020 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 26, 2025 11,037 15,200 1,569 (0) Change since Wednesday Wednesday Mar 19, 2025 Mar 27, 2024 - 6,652,403 6,428,765 4,237,419 195,343 3,612,041 320,912 109,123 2,347 2,188,999 243,307 -23,757 0 4,089 + 7,285 0 0 72 596 86 18,279 33,727 + (0) 6,740,253 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 0 0 5 + + 0 10,000 17 14,056 13,626 632 0 0 0 632 0 14,258 713 194 1 91 - - + + - 9 0 0 28 1 27 130 1,547 + + + - 7,386 0 0 9 135 93 249 2,474 - 15,729 - 744,486 + + + + - 744,942 580,099 380,663 3,872 333,195 39,700 3,896 0 199,436 28,029 1,234 0 138,047 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 26, 2025 Change since Wednesday Wednesday Mar 19, 2025 Mar 27, 2024 2,322,082 628,611 3,959,205 0 3,450,550 315,970 9,436 183,249 442 3,461 -217,769 + + - + - - 4,680 57,134 73,865 0 24,837 99,829 1 1,128 95 0 3,772 + + - 28,850 244,135 459,843 0 21,853 456,290 5,111 23,410 12 3,977 66,471 6,696,032 - 15,728 - 745,564 37,436 6,785 0 - 1 0 0 + 1,079 0 0 44,221 - 1 + 1,079 + + + 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 2020 LLC. 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 26, 2025 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 2020 LLC (Main Street Lending Program)2 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 26,237 1,569 895 60 8,109 60 797 181 1,233 47 1,911 204 3,730 115 1,726 255 786 36 438 61 738 104 2,261 189 3,613 255 6,652,403 138,363 3,578,586 99,114 260,079 662,702 444,860 367,254 93,139 42,182 73,122 290,446 602,555 7,285 86 7,285 4 0 30 0 3 0 9 0 17 0 3 0 4 0 2 0 1 0 1 0 2 0 11 18,279 34,395 0 + 763 784 46,892 - 6,322 16,080 237,602 + 644 601 44,719 + 1,945 1,345 9,366 - 6,740,253 195,045 3,371,584 146,059 274,023 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 3,606 3,634 69,231 + 602,842 599 3,605 26,271 + 479,184 897 1,844 17,808 + 389,788 412 634 17,351 + 112,360 114 425 10,677 + 53,899 199 708 7,649 + 82,521 440 1,571 33,161 + 328,070 2,340 3,163 92,940 704,878 H.4.1 6. Statement of Condition of Each Federal Reserve Bank, March 26, 2025 (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 2,322,082 628,611 3,959,205 83,751 13,075 96,331 749,028 338,281 2,402,863 57,888 9,366 80,753 116,486 24,513 138,098 165,560 62,659 401,189 359,660 42,057 75,002 106,321 34,692 262,390 77,549 8,796 24,705 30,040 3,927 19,882 36,638 6,912 39,195 201,198 27,451 99,081 337,962 56,884 319,716 3,450,550 315,970 9,436 183,249 96,312 0 2 18 2,019,083 315,970 9,410 58,400 80,751 0 1 0 138,064 0 4 30 400,703 0 8 478 74,974 0 1 26 138,464 0 2 123,924 24,704 0 1 1 19,668 0 0 214 39,167 0 0 27 98,985 0 1 94 319,675 0 5 36 -225,391 -4,700 -136,117 -3,682 -10,008 -36,041 67 -16,535 -2 -381 -960 -1,214 -15,816 3,461 3,461 0 0 0 0 0 0 0 0 0 0 0 8,065 1,263 2,676 214 298 896 832 475 198 147 198 272 595 6,696,032 193,181 3,356,731 144,538 269,387 594,263 477,617 387,342 111,246 53,615 81,983 326,788 699,340 37,436 6,785 0 1,577 287 0 12,564 2,288 0 1,287 235 0 3,933 704 0 7,257 1,322 0 1,337 230 0 2,067 379 0 942 172 0 240 44 0 463 75 0 1,084 198 0 4,686 852 0 6,740,253 195,045 3,371,584 146,059 274,023 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 602,842 479,184 389,788 112,360 53,899 82,521 328,070 704,878 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 26, 2025 (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 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 2020 LLC. 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 2020 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 2020 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 2020 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 26, 2025 2,798,761 476,679 2,322,082 2,322,082 11,037 15,200 2,295,845 0 6,428,765 761,286 5,667,478