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FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time November 24, 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 the Federal Reserve's return of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on November 17, 2023. Footnote 15 in Factors Affecting Reserve Balances of Depository Institutions (table 1), footnote 14 in the Consolidated Statement of Condition of All Federal Reserve Banks (table 5), and footnote 9 in the 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 November 24, 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 Nov 22, 2023 Averages of daily figures Change from week ended Nov 15, 2023 Nov 23, 2022 7,775,692 7,306,647 4,842,800 231,266 4,132,451 365,405 113,678 2,347 2,461,499 282,824 -26,622 0 0 0 154,039 2,190 0 21 4,082 113,602 34,144 - 16,885 5,598 381 -207 237 35,910 18,067 11,041 5,200 52,532 + + + - + 43,753 27,300 25,869 0 26,152 0 283 0 1,433 592 10 14 0 14 209 51 0 6 80 1,012 1,085 + 2,230 49 640 41 50 12,617 252 0 0 14 + + + + 7,862,532 43,486 Total factors supplying reserve funds Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. Wednesday Nov 22, 2023 812,119 905,731 692,406 64,793 630,313 10,381 13,080 0 213,326 35,546 713 0 0 0 132,682 6,555 0 1 8,511 113,602 34,144 7,774,682 7,304,878 4,842,936 231,266 4,132,451 365,405 113,814 2,347 2,459,595 282,499 -26,497 0 0 0 154,467 2,442 0 22 4,029 114,099 33,875 + 6,219 43 1,613 12 35 3,529 305 0 0 520 16,577 5,601 382 -353 237 36,890 18,039 11,041 5,200 52,532 - 811,294 7,861,494 + + + + + 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 Nov 22, 2023 Averages of daily figures Change from week ended Nov 15, 2023 Nov 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 2,328,293 1,262,351 328,742 933,609 391 876,362 0 706,017 9,687 160,658 10,747 -69,464 + + + - 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 Nov 22, 2023 + - 2,363 68,332 4,385 72,717 4 31,782 0 32,545 2 766 2,611 5,267 + 34,107 -1,218,646 44,653 -1,173,992 + 294 + 191,738 0 + 226,543 + 2,251 37,056 4,970 - 106,938 2,331,388 1,271,679 340,075 931,604 390 861,283 0 693,007 9,685 158,591 10,311 -68,620 4,408,680 - 105,625 -1,104,416 4,406,431 3,453,853 + 62,140 + 3,455,063 293,123 Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. Face value of the securities. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. Cash value of agreements. Includes outstanding loans to depository institutions that were subsequently placed into Federal Deposit Insurance Corporation (FDIC) receivership, including depository institutions established by the FDIC. The Federal Reserve Banks' loans to these depository institutions are secured by pledged collateral and the FDIC provides repayment guarantees. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. Includes bank premises, accrued interest, and other accounts receivable. Revalued daily at current foreign currency exchange rates. Estimated. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 billion. Includes the liability for earnings remittances due to the U.S. Treasury. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. H.4.1 1A. Memorandum Items Millions of dollars Memorandum item Securities held in custody for foreign official and international accounts Marketable U.S. Treasury securities1 Federal agency debt and mortgage-backed securities2 Other securities3 Securities lent to dealers Overnight facility4 U.S. Treasury securities Federal agency debt securities Note: Components may not sum to totals because of rounding. 1. 2. 3. 4. Week ended Nov 22, 2023 3,407,664 2,972,993 350,997 83,674 35,241 35,241 35,241 0 Averages of daily figures Change from week ended Nov 15, 2023 Nov 23, 2022 + - 22,911 21,721 2,330 1,141 1,381 1,381 1,381 0 + + + + - 97,316 76,729 19,756 831 5,947 5,947 5,937 10 Wednesday Nov 22, 2023 3,396,509 2,966,240 346,350 83,920 33,467 33,467 33,467 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, November 22, 2023 Millions of dollars Within 15 days Remaining Maturity Loans U.S. Treasury securities2 Holdings Weekly changes 36,997 1 Federal agency debt securities3 Holdings Weekly changes 16 days to 90 days - 65,379 8,715 0 0 2,688 + 250,158 48,463 0 0 Mortgage-backed securities4 0 1 Holdings 0 0 Weekly changes Loan participations held by MS Facilities LLC (Main Street Lending 0 0 Program)5 Municipal notes held by Municipal 0 2,907 Liquidity Facility LLC6 113 32 Loans held by TALF II LLC7 0 0 Repurchase agreements8 237 0 Central bank liquidity swaps9 1,271,679 0 Reverse repurchase agreements8 0 0 Term deposits Note: Components may not sum to totals because of rounding. ...Not applicable. 1. 2. 3. 4. 5. 6. 7. 8. 9. Over 1 year to 5 years Over 5 year to 10 years 110,758 4,025 0 588,522 7,948 1,649,063 47,538 0 0 0 0 91 days to 1 year + 19 0 - 4,513 1,865 + 784,862 834 Over 10 years ... 1,504,952 674 - 2,347 0 + 38,255 1,850 All 154,467 4,842,936 317 + 0 0 2,416,807 3,321 - 2,347 0 2,459,595 3,336 - 0 8,885 ... ... 8,885 0 0 ... 0 ... 0 0 0 ... 0 ... ... ... ... ... 0 ... ... ... ... ... 0 ... ... 2,907 145 0 237 1,271,679 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 outstanding loans to depository institutions (including FDIC-established depository institutions) that were subsequently placed in receivership. These loans are recognized as performing based upon payment due from the receiverships, pledged 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 Wednesday Nov 22, 2023 Account name 2,459,595 2,451,309 8,286 Mortgage-backed securities held outright1 Residential mortgage-backed securities Commercial mortgage-backed securities 14 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 Nov 22, 2023 Net portfolio holdings of Credit Facilities LLCs Outstanding principal amount of loan extended to the LLC1 7,948 MS Facilities LLC (Main Street Lending Program) 2,907 Municipal Liquidity Facility LLC 200 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 8,130 2,907 145 Treasury contributions and other assets3 8,447 2,693 237 Total 16,577 5,601 382 Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity. Outstanding amount of facility asset purchases: a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses updated as of September 30, 2023. b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on a one-day lag after the transaction date. c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the Municipal Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6. H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Assets Gold certificate account Special drawing rights certificate account Coin Securities, unamortized premiums and discounts, repurchase agreements, and loans Securities held outright1 U.S. Treasury securities Bills2 Notes and bonds, nominal2 Notes and bonds, inflation-indexed2 Inflation compensation3 Federal agency debt securities2 Mortgage-backed securities4 Unamortized premiums on securities held outright5 Unamortized discounts on securities held outright5 Repurchase agreements6 Loans7 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 Net portfolio holdings of Municipal Liquidity Facility LLC8 Net portfolio holdings of TALF II LLC8 Items in process of collection Bank premises Central bank liquidity swaps9 Foreign currency denominated assets10 Other assets11 Eliminations from consolidation Wednesday Nov 22, 2023 11,037 5,200 1,406 (0) Change since Wednesday Wednesday Nov 15, 2023 Nov 23, 2022 - 7,715,348 7,304,878 4,842,936 231,266 4,132,451 365,405 113,814 2,347 2,459,595 282,499 -26,497 0 154,467 + 16,577 5,601 382 98 438 237 18,039 36,452 (0) 7,810,814 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 0 0 35 + 0 0 231 + + - 3,903 3,019 317 0 0 0 317 0 3,336 721 29 76 117 + 806,816 904,875 692,387 64,793 630,313 10,381 13,099 0 212,488 35,453 741 0 132,770 + + + + 2,230 48 639 37 5 50 84 2,604 + + + + 6,198 44 1,613 10 168 35 198 3,721 - 4,177 - 810,576 + + 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 Nov 22, 2023 Change since Wednesday Wednesday Nov 15, 2023 Nov 23, 2022 2,280,648 1,271,679 4,316,346 0 3,455,063 693,007 9,685 158,591 451 10,311 -111,396 + + + + + - 4,238 3,706 4,283 0 28,262 23,031 4 953 193 3,047 4,982 + 34,229 -1,158,525 + 425,399 0 + 286,214 + 200,253 + 2,250 63,319 + 3 5,036 - 107,835 7,768,039 - 4,176 - 811,766 35,991 6,785 0 0 0 0 + 1,190 0 0 42,776 0 + 1,190 Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. Face value of the securities. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility, Bank Term Funding Program, and other credit extensions. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. Revalued daily at current foreign currency exchange rates. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. Book value. Amount of equity investments in MS Facilities LLC of $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 billion. Includes the liability for earnings remittances due to the U.S. Treasury. H.4.1 6. Statement of Condition of Each Federal Reserve Bank, November 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 1,406 557 53 5,175 39 525 129 752 49 1,187 175 2,287 104 1,104 254 479 26 264 49 452 96 1,290 173 2,165 258 7,715,348 150,477 4,229,773 127,162 235,271 533,624 519,794 477,226 120,423 58,714 106,214 382,130 774,539 16,577 16,577 0 0 0 0 0 0 0 0 0 0 0 5,601 382 237 0 0 10 5,601 382 84 0 0 9 0 0 22 0 0 48 0 0 7 0 0 8 0 0 5 0 0 1 0 0 3 0 0 5 0 0 34 18,039 36,987 0 + 776 841 612 - 6,419 16,116 80,556 - 648 678 14,917 + 1,701 1,091 51,299 + 7,810,814 169,904 4,183,034 114,234 290,185 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 3,652 2,728 200,174 741,589 541 3,692 25,818 500,606 628 2,084 80,344 400,961 406 932 9,945 112,326 114 554 2,632 57,065 191 910 15,569 92,297 380 1,936 55,678 + 330,237 2,581 5,427 33,372 818,377 H.4.1 6. Statement of Condition of Each Federal Reserve Bank, November 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 2,280,648 1,271,679 4,316,346 78,607 24,569 58,390 733,799 710,169 2,795,528 50,638 20,959 42,054 110,679 39,079 140,010 162,059 88,495 499,852 354,669 86,149 57,554 124,160 79,272 204,000 72,501 19,023 19,753 33,179 8,623 15,068 48,257 16,441 27,391 189,849 62,003 78,738 322,251 116,896 378,007 3,455,063 693,007 9,685 158,591 58,334 0 2 54 2,038,441 693,007 9,660 54,421 42,053 0 1 0 139,967 0 4 40 499,375 0 8 469 57,525 0 1 27 100,747 0 1 103,252 19,732 0 1 20 14,998 0 0 69 27,360 0 0 30 78,559 0 1 179 377,972 0 6 30 -120,406 -2,258 -78,031 -1,122 -4,394 -18,377 75 -8,959 -61 -195 -447 -1,614 -5,023 10,311 7,438 2,873 0 0 0 0 0 0 0 0 0 0 9,460 1,362 3,812 191 333 1,067 775 483 144 122 190 251 731 7,768,039 168,107 4,168,151 112,720 285,708 733,096 499,221 398,957 111,361 56,797 91,832 329,227 812,863 35,991 6,785 0 1,505 292 0 12,469 2,414 0 1,270 244 0 3,837 640 0 7,118 1,374 0 1,182 203 0 1,768 236 0 812 153 0 226 43 0 393 72 0 867 143 0 4,543 971 0 7,810,814 169,904 4,183,034 114,234 290,185 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 741,589 500,606 400,961 112,326 57,065 92,297 330,237 818,377 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, November 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 $7.4 billion, Municipal Liquidity Facility LLC of $2.8 billion, and TALF II LLC of $0.1 billion. Note on consolidation: The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB. The FRBNY is the managing member of MLF LLC and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5). H.4.1 7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Federal Reserve notes outstanding Less: Notes held by F.R. Banks not subject to collateralization Federal Reserve notes to be collateralized Collateral held against Federal Reserve notes Gold certificate account Special drawing rights certificate account U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 Other assets pledged Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 Less: Face value of securities under reverse repurchase agreements U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged Note: Components may not sum to totals because of rounding. 1. 2. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. Wednesday Nov 22, 2023 2,704,102 423,454 2,280,648 2,280,648 11,037 5,200 2,264,411 0 7,304,878 1,400,479 5,904,400
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