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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 30, 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 29, 2023 Averages of daily figures Change from week ended Mar 22, 2023 Mar 30, 2022 8,696,026 7,932,116 5,329,143 281,997 4,566,632 377,024 103,490 2,347 2,600,626 305,311 -27,516 59,287 59,286 2 357,914 104,899 0 4 10,267 62,645 180,100 + + - 22,285 5,600 1,944 -230 590 38,725 18,804 11,041 5,200 51,639 + + + + + + + + + + + + - + + + 38,058 6,294 314 548 0 0 862 0 6,608 734 165 26,430 26,429 2 17,215 12,088 0 0 247 28,036 1,514 + 21 3 1 54 88 1,217 183 0 0 14 + + + - 8,782,711 + 38,255 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 29, 2023 206,851 548,561 430,563 44,047 399,853 11,209 24,546 0 117,998 39,565 6,114 59,287 59,286 2 333,400 104,271 0 4 13,619 62,645 180,100 8,669,146 7,926,131 5,329,303 281,840 4,566,632 377,024 103,806 2,347 2,594,480 304,958 -27,421 55,000 55,000 0 342,667 88,157 0 3 10,005 64,403 180,100 + 6,574 1,052 583 70 359 2,482 715 0 0 728 22,304 5,602 1,946 -474 585 37,849 18,745 11,041 5,200 51,639 - 206,837 8,755,772 + + + + + + + + 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 29, 2023 Averages of daily figures Change from week ended Mar 22, 2023 Mar 30, 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 2,321,283 2,596,739 367,300 2,229,439 152 406,294 0 183,577 9,439 213,278 15,347 5,305 + + + + + - 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. + + + + + - - 6,791 93,055 395 92,661 17 69,666 0 76,010 163 6,507 0 4,459 5,345,120 + 3,437,592 + + Wednesday Mar 29, 2023 + - 54,969 640,348 115,483 524,865 80 462,209 0 391,488 1,107 71,828 5,911 42,024 2,323,580 2,632,542 367,680 2,264,862 167 376,963 0 162,758 9,436 204,770 15,347 5,373 25,739 + 185,252 5,353,972 12,517 - 392,088 3,401,800 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 29, 2023 3,293,908 2,872,707 339,854 81,347 50,044 50,044 50,044 0 Averages of daily figures Change from week ended Mar 22, 2023 Mar 30, 2022 + + + + 15,545 21,744 6,200 1 3,546 3,546 3,546 0 + + + + 170,261 174,463 4,442 241 10,092 10,092 10,092 0 Wednesday Mar 29, 2023 3,303,830 2,882,544 339,935 81,352 51,091 51,091 51,091 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 29, 2023 Millions of dollars Within 15 days Remaining Maturity Loans U.S. Treasury securities2 Holdings Weekly changes 265,933 1 Federal agency debt securities3 Holdings Weekly changes 16 days to 90 days + 90,307 5,989 2,827 - 343,815 7,532 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 55,000 Repurchase agreements8 585 Central bank liquidity swaps9 2,632,542 Reverse repurchase agreements8 0 Term deposits Note: Components may not sum to totals because of rounding. ...Not applicable. 1. 2. 3. 4. 5. 6. 7. 8. 9. + 0 0 2 1 Over 1 year to 5 years Over 5 year to 10 years 63,909 9,999 0 641,873 1,056 1,865,265 + 353 0 0 0 0 91 days to 1 year - 19 5 - 7,785 206 + 909,269 235 Over 10 years ... 1,478,775 228 + 2,347 0 - 46,849 518 All 342,667 5,329,303 327 + 0 0 2,539,825 10,025 - 2,347 0 2,594,480 10,755 - 0 0 11,255 ... ... 11,255 0 0 0 0 0 0 2,907 927 ... 0 ... 0 0 0 ... 0 ... ... ... ... ... 0 ... ... ... ... ... 0 ... ... 2,907 927 55,000 585 2,632,542 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. Additionally, the Within 15 days category includes loans to FDIC-established depository institutions that were subsequently placed in receivership. These loans are recognized as performing based upon payment due from the receiverships, collateral securing the loans, and the FDIC repayment guarantees. 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 29, 2023 Mortgage-backed securities held outright1 Residential mortgage-backed securities Commercial mortgage-backed securities 2,594,480 2,586,046 8,434 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 29, 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 10,212 2,907 927 Treasury contributions and other assets3 12,092 2,695 1,019 Total 22,304 5,602 1,946 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 29, 2023 11,037 5,200 1,289 (0) Change since Wednesday Wednesday Mar 22, 2023 Mar 30, 2022 + 8,601,335 7,926,131 5,329,303 281,840 4,566,632 377,024 103,806 2,347 2,594,480 304,958 -27,421 55,000 342,667 + - 22,304 5,602 1,946 50 474 585 18,745 37,376 (0) 8,705,942 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 0 0 4 - 0 0 6 + + - 27,592 10,427 327 534 0 0 861 0 10,755 815 173 5,000 11,524 + + 223,480 551,496 430,727 44,204 399,853 11,209 24,539 0 120,770 39,578 6,040 54,999 318,635 + + + + - 22 3 2 2 1 2 39 316 + + 6,562 1,051 581 11 657 354 935 1,728 - 27,845 - 231,200 + 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 29, 2023 Change since Wednesday Wednesday Mar 22, 2023 Mar 30, 2022 2,273,392 2,632,542 3,778,764 0 3,401,800 162,758 9,436 204,770 524 15,347 -36,828 + - + + - - 4,671 17,442 10,305 0 31,814 37,098 1 5,021 199 0 4,668 + - 54,732 591,759 830,002 0 371,666 394,033 1,312 65,614 673 5,911 42,197 8,663,740 - 27,546 - 232,294 35,417 6,785 0 - 299 0 0 + 1,093 0 0 42,202 - 299 + 1,093 + + 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 29, 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 1,289 544 20 5,271 37 537 117 763 43 1,203 192 2,247 79 1,093 241 461 27 263 38 440 86 1,279 155 2,136 253 8,601,335 166,515 4,292,497 191,913 332,702 577,939 542,830 566,537 131,723 65,525 135,468 429,022 1,168,664 22,304 22,304 0 0 0 0 0 0 0 0 0 0 0 5,602 1,946 585 0 0 25 5,602 1,946 204 0 0 22 0 0 57 0 0 117 0 0 19 0 0 22 0 0 12 0 0 3 0 0 6 0 0 14 0 0 84 18,745 37,900 0 + 807 862 5,535 + 6,530 18,633 3,727 - 695 934 40,301 - 1,832 1,518 7,485 + 8,705,942 196,612 4,334,446 153,917 329,431 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 3,758 2,910 267,673 + 853,792 610 2,436 40,724 588,944 711 2,473 19,742 551,334 377 673 2,833 130,441 94 465 765 65,622 193 879 19,366 117,707 450 1,956 668 432,209 2,687 4,161 226,498 951,486 H.4.1 6. Statement of Condition of Each Federal Reserve Bank, March 29, 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 2,273,392 2,632,542 3,778,764 77,872 52,703 53,083 716,562 1,349,708 2,277,528 53,256 60,478 38,732 111,647 105,125 109,301 175,166 183,453 490,006 354,908 172,238 59,676 124,855 179,960 247,485 68,759 41,345 19,289 32,507 18,666 14,158 48,943 41,094 27,166 190,498 134,969 106,300 318,419 292,802 336,038 3,401,800 162,758 9,436 204,770 53,076 0 2 6 2,050,013 162,758 9,410 55,348 38,731 0 1 0 109,267 0 4 30 489,568 0 8 430 59,647 0 1 28 99,301 0 2 148,183 19,282 0 1 6 14,052 0 0 105 27,135 0 0 31 105,714 0 1 585 336,013 0 6 19 -44,180 -822 -31,430 -230 -866 -4,350 20 -3,442 -43 -85 -117 -605 -2,212 15,347 11,453 3,894 0 0 0 0 0 0 0 0 0 0 7,876 524 3,323 174 265 1,038 801 477 134 109 165 256 609 8,663,740 194,813 4,319,586 152,411 325,472 845,313 587,644 549,335 129,483 65,355 117,252 431,419 945,657 35,417 6,785 0 1,507 292 0 12,446 2,414 0 1,262 244 0 3,319 640 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 4,858 971 0 8,705,942 196,612 4,334,446 153,917 329,431 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 853,792 588,944 551,334 130,441 65,622 117,707 432,209 951,486 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 29, 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 29, 2023 2,632,798 359,407 2,273,392 2,273,392 11,037 5,200 2,257,155 0 7,981,131 2,795,131 5,186,000