FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks January 13, 2022

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at 

Federal Reserve Banks

Week ended

Jan 12, 2022 Jan 5, 2022 Jan 13, 2021

Wednesday

Jan 12, 2022

Reserve Bank credit 8,737,058 + 16,885 +1,455,651 8,750,170

Securities held outright1 8,290,063 + 17,427 +1,538,997 8,302,651

U.S. Treasury securities 5,672,155 + 17,414 + 962,967 5,684,737

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,884,546 + 13,917 + 861,271 4,896,806

Notes and bonds, inflation-indexed2 387,783 + 2,389 + 71,589 387,911

Inflation compensation3 73,782 + 1,108 + 30,107 73,976

Federal agency debt securities2 2,347 0 0 2,347

Mortgage-backed securities4 2,615,562 + 14 + 576,030 2,615,567

Unamortized premiums on securities held outright5 352,790 + 9 + 9,423 352,670

Unamortized discounts on securities held outright5 -18,093 - 59 - 12,542 -18,260

Repurchase agreements6 0 - 2 - 1,000 1

Foreign official 0 0 - 1,000 1

Others 0 - 2 0 0

Loans 33,142 - 1,112 - 19,594 32,688

Primary credit 393 - 101 - 1,068 411

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 0 0 - 485 0

Money Market Mutual Fund Liquidity Facility 0 0 - 2,129 0

Paycheck Protection Program Liquidity Facility 32,748 - 1,012 - 15,913 32,277

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 - 8,557 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 26,306 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 29,416 + 7 - 6,847 29,423

Net portfolio holdings of Municipal Liquidity Facility LLC7 7,865 + 1 - 3,737 7,866

Net portfolio holdings of TALF II LLC7 2,601 - 3 - 4,075 2,601

Float -129 + 295 - 40 -111

Central bank liquidity swaps8 364 - 2,976 - 10,786 364

Other Federal Reserve assets9 39,040 + 3,300 + 717 40,277

Foreign currency denominated assets10 20,335 - 34 - 1,865 20,462

Gold stock 11,041 0 0 11,041

Special drawing rights certificate account 5,200 0 0 5,200

Treasury currency outstanding11 50,956 + 14 + 496 50,956

Total factors supplying reserve funds 8,824,590 + 16,865 +1,454,282 8,837,829

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and 

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Jan 12, 2022 Jan 5, 2022 Jan 13, 2021

Wednesday

Jan 12, 2022

Currency in circulation11 2,234,615 - 2,345 + 142,941 2,232,962

Reverse repurchase agreements12 1,842,080 - 150,462 +1,639,214 1,862,045

Foreign official and international accounts 309,899 + 28,532 + 107,033 325,064

Others 1,532,180 - 178,995 +1,532,180 1,536,981

Treasury cash holdings 65 0 + 33 70

Deposits with F.R. Banks, other than reserve balances 704,531 + 55,979 -1,081,379 744,149

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 456,401 + 66,650 -1,133,020 489,679

Foreign official 6,178 - 1,501 - 15,670 5,190

Other13 241,952 - 9,170 + 67,311 249,280

Treasury contributions to credit facilities14 21,258 0 - 33,510 21,258

Other liabilities and capital15 48,487 - 130 - 2,653 48,411

Total factors, other than reserve balances, 

absorbing reserve funds 4,851,036 - 96,958 + 664,645 4,908,896

Reserve balances with Federal Reserve Banks 3,973,554 + 113,823 + 789,637 3,928,933

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of 

the securities.

5. 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.

6. Cash value of agreements.

7. 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.

8. 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.

9. Includes bank premises, accrued interest, and other accounts receivable.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

13. 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.

14. Book value. Amount of equity investments in MS Facilities LLC of $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of 

$1.4 billion.

15. 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

Averages of daily figures

Memorandum item Week ended Change from week ended

Jan 12, 2022 Jan 5, 2022 Jan 13, 2021

Wednesday

Jan 12, 2022

Securities held in custody for foreign official and international 

accounts 3,433,580 + 18,523 - 83,311 3,432,267

Marketable U.S. Treasury securities1 3,034,599 + 18,545 - 40,897 3,033,713

Federal agency debt and mortgage-backed securities2 317,438 - 121 - 37,116 317,234

Other securities3 81,543 + 99 - 5,299 81,320

Securities lent to dealers 38,875 + 657 + 7,874 37,044

Overnight facility4 38,875 + 657 + 7,874 37,044

U.S. Treasury securities 38,875 + 657 + 7,874 37,044

Federal agency debt securities 0 0 0 0

Note: Components may not sum to totals because of rounding.

1. 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.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the 

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.
H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, January 12, 2022

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans1 127 342 1,287 30,932 0 ... 32,688

U.S. Treasury securities2

Holdings 77,335 329,686 727,986 2,165,265 1,027,296 1,357,170 5,684,737

Weekly changes + 5,538 - 4,915 + 568 + 10,681 + 7,918 + 3,671 + 23,460

Federal agency debt securities3

Holdings 0 0 0 0 2,134 213 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 1 34 2,009 61,449 2,552,075 2,615,567

Weekly changes 0 0 0 0 0 + 7 + 7

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 15,380 ... ... 15,380

Municipal notes held by Municipal 

Liquidity Facility LLC6 773 0 0 3,358 ... ... 4,131

Loans held by TALF II LLC7 0 0 0 1,346 ... ... 1,346

Repurchase agreements8 1 0 ... ... ... ... 1

Central bank liquidity swaps9 314 50 0 0 0 0 364

Reverse repurchase agreements8 1,862,045 0 ... ... ... ... 1,862,045

Term deposits 0 0 0 ... ... ... 0

Note: Components may not sum to totals because of rounding.

...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other 

credit extensions. 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.

2. 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.

3. Face value.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. Book value of the loan participations held by the MS Facilities LLC.

6. Book value of the municipal notes held by the Municipal Liquidity Facility LLC. 

7. Book value of the loans held by the TALF II LLC. 

8. Cash value of agreements.

9. 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 Account name Jan 12, 2022

Mortgage-backed securities held outright1 2,615,567

Residential mortgage-backed securities 2,606,329

Commercial mortgage-backed securities 9,237

Commitments to buy mortgage-backed securities2 129,911

Commitments to sell mortgage-backed securities2 81

Cash and cash equivalents3 5

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 Jan 12, 2022

Net portfolio holdings of

Credit Facilities LLCs

Outstanding

principal Outstanding

amount amount of Treasury

of loan facility contributions

extended to asset and

Credit Facilities LLCs:

the LLC1 purchases2 other assets3 Total

MS Facilities LLC (Main Street Lending Program) 15,478 13,054 16,368 29,423

Municipal Liquidity Facility LLC 4,131 4,131 3,735 7,866

TALF II LLC 1,405 1,346 1,255 2,601

Note: Components may not sum to totals because of rounding.

1. 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.

2. 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, 2021.

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.

3. 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

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Jan 12, 2022 Jan 5, 2022 Jan 13, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,228 + 16 - 344

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,669,751 + 21,992 +1,512,915

Securities held outright1 8,302,651 + 23,467 +1,537,029

U.S. Treasury securities 5,684,737 + 23,460 + 961,004

Bills2 326,044 0 0

Notes and bonds, nominal2 4,896,806 + 22,006 + 860,825

Notes and bonds, inflation-indexed2 387,911 + 901 + 70,002

Inflation compensation3 73,976 + 553 + 30,176

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,615,567 + 7 + 576,025

Unamortized premiums on securities held outright5 352,670 - 111 + 9,038

Unamortized discounts on securities held outright5 -18,260 - 197 - 12,690

Repurchase agreements6 1 + 1 - 999

Loans7 32,688 - 1,169 - 19,464

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,557

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,310

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 29,423 + 9 - 3,859

Net portfolio holdings of Municipal Liquidity Facility LLC8 7,866 + 1 - 3,739

Net portfolio holdings of TALF II LLC8 2,601 0 - 4,076

Items in process of collection (0) 71 + 15 - 22

Bank premises 1,408 + 8 - 802

Central bank liquidity swaps9 364 - 2,976 - 10,786

Foreign currency denominated assets10 20,462 + 185 - 1,679

Other assets11 38,869 + 3,309 + 1,572

Total assets (0) 8,788,278 + 22,557 +1,454,310

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Jan 12, 2022 Jan 5, 2022 Jan 13, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,183,300 - 4,239 + 139,913

Reverse repurchase agreements12 1,862,045 + 66,427 +1,647,872

Deposits (0) 4,673,082 - 40,851 - 301,404

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,928,933 - 99,527 + 728,064

U.S. Treasury, General Account 489,679 + 54,922 -1,086,196

Foreign official 5,190 - 184 - 16,652

Other13 (0) 249,280 + 3,939 + 73,380

Deferred availability cash items (0) 181 - 36 - 6

Treasury contributions to credit facilities14 21,258 0 - 30,520

Other liabilities and accrued dividends15 7,914 + 1,255 - 2,838

Total liabilities (0) 8,747,781 + 22,558 +1,453,018

Capital accounts

Capital paid in 33,712 - 1 + 1,332

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 40,497 - 1 + 1,292

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. 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.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund 

Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.

8. 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.

9. 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.

10. Revalued daily at current foreign currency exchange rates.

11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13. 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.

14. Book value. Amount of equity investments in MS Facilities LLC of $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of 

$1.4 billion.

15. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 12, 2022

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificates and special drawing 

rights certificates 16,237 531 5,422 523 752 1,187 2,188 1,136 475 273 455 1,220 2,075

Coin 1,228 15 24 111 47 177 115 226 18 34 87 153 223

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,669,751 144,403 4,886,614 182,487 320,255 579,261 506,196 471,431 112,950 78,704 115,123 382,131 890,195

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 29,423 29,423 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 7,866 0 7,866 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,601 0 2,601 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 364 17 122 13 31 76 16 14 7 3 4 7 54

Foreign currency denominated 

assets4 20,462 929 6,879 735 1,769 4,258 925 802 389 174 221 369 3,013

Other assets5 40,348 774 21,318 955 1,532 3,013 2,484 2,235 670 513 843 1,893 4,118

Interdistrict settlement account 0 + 13,502 - 402,866 + 5,308 + 18,294 + 29,635 + 69,541 + 85,746 + 26,443 + 1,873 + 23,986 + 65,160 + 63,378

Total assets 8,788,278 189,593 4,527,980 190,132 342,681 617,606 581,466 561,590 140,951 81,574 140,718 450,932 963,056

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 12, 2022 (continued)

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Liabilities

Federal Reserve notes, net 2,183,300 72,994 700,321 61,813 102,911 153,930 326,424 121,638 64,862 33,132 56,473 191,437 297,364

Reverse repurchase agreements6 1,862,045 31,116 1,052,532 39,328 67,753 124,772 109,101 101,612 24,276 14,408 24,726 82,343 190,078

Deposits 4,673,082 69,517 2,750,901 87,213 167,744 329,696 143,777 336,187 50,774 33,611 58,858 175,770 469,035

Depository institutions 3,928,933 69,501 2,199,035 87,211 167,689 328,882 143,665 146,614 50,766 32,928 58,066 175,611 468,964

U.S. Treasury, General Account 489,679 0 489,679 0 0 0 0 0 0 0 0 0 0

Foreign official 5,190 2 5,164 1 3 8 2 2 1 0 0 1 6

Other7 249,280 14 57,023 0 51 806 110 189,571 7 682 792 159 65

Earnings remittances due to the U.S. 

Treasury8 2,990 41 1,711 61 115 212 173 157 36 16 32 124 314

Treasury contributions to credit facilities9 21,258 15,674 5,584 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 5,106 -1,523 2,853 230 261 791 590 445 192 180 207 322 559

Total liabilities 8,747,781 187,819 4,513,902 188,644 338,783 609,401 580,065 560,039 140,140 81,346 140,296 449,996 957,349

Capital

Capital paid in 33,712 1,465 11,797 1,244 3,311 6,793 1,093 1,285 682 171 348 814 4,708

Surplus 6,785 308 2,280 244 587 1,412 307 266 129 58 73 122 999

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 8,788,278 189,593 4,527,980 190,132 342,681 617,606 581,466 561,590 140,951 81,574 140,718 450,932 963,056

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 12, 2022 (continued)

1. 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.

2. 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.

3. 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.

4. Revalued daily at current foreign currency exchange rates.

5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. 

6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7. 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.

8. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit 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.

9. Book value. Amount of equity investments in MS Facilities LLC of $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 billion.

 

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal 

Reserve Act. On April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S dollardenominated commercial paper by eligible issuers. The assets of the CPFF 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 May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans 

or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate 

Credit Facility. The assets of the CCF 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 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 CPFF II LLC, CCF LLC, 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

Wednesday Federal Reserve notes and collateral Jan 12, 2022

Federal Reserve notes outstanding 2,444,903

Less: Notes held by F.R. Banks not subject to collateralization 261,604

Federal Reserve notes to be collateralized 2,183,300

Collateral held against Federal Reserve notes 2,183,300

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,167,063

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,302,652

Less: Face value of securities under reverse repurchase agreements 1,826,002

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,476,651

Note: Components may not sum to totals because of rounding.

1. 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.

2. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.