FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks March 17, 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

Mar 16, 2022 Mar 9, 2022 Mar 17, 2021

Wednesday

Mar 16, 2022

Reserve Bank credit 8,895,469 + 25,350 +1,259,121 8,916,848

Securities held outright1 8,468,693 + 23,696 +1,351,291 8,490,545

U.S. Treasury securities 5,757,944 + 6,653 + 860,137 5,758,267

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,966,485 + 5,771 + 767,125 4,966,485

Notes and bonds, inflation-indexed2 388,233 0 + 60,610 388,233

Inflation compensation3 77,181 + 881 + 32,402 77,505

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

Mortgage-backed securities4 2,708,402 + 17,044 + 491,153 2,729,931

Unamortized premiums on securities held outright5 347,231 - 465 - 4,514 346,944

Unamortized discounts on securities held outright5 -20,819 - 407 - 12,629 -21,273

Repurchase agreements6 0 0 - 429 1

Foreign official 0 0 - 429 1

Others 0 0 0 0

Loans 27,424 - 246 - 29,610 26,978

Primary credit 2,442 + 381 + 1,267 2,215

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 0 0 - 188 0

Money Market Mutual Fund Liquidity Facility 0 0 - 591 0

Paycheck Protection Program Liquidity Facility 24,982 - 627 - 30,098 24,763

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 - 26,024 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 28,959 - 39 - 2,004 28,847

Net portfolio holdings of Municipal Liquidity Facility LLC7 6,650 - 257 - 4,898 6,651

Net portfolio holdings of TALF II LLC7 2,526 0 - 3,122 2,526

Float -172 - 27 - 57 -147

Central bank liquidity swaps8 284 - 9 - 961 284

Other Federal Reserve assets9 34,693 + 3,103 + 635 35,490

Foreign currency denominated assets10 19,768 - 127 - 1,711 19,727

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,967 + 14 + 450 50,967

Total factors supplying reserve funds 8,982,445 + 25,236 +1,257,860 9,003,783

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

Mar 16, 2022 Mar 9, 2022 Mar 17, 2021

Wednesday

Mar 16, 2022

Currency in circulation11 2,261,034 + 7,048 + 151,578 2,263,839

Reverse repurchase agreements12 1,831,688 + 78,338 +1,622,174 1,864,637

Foreign official and international accounts 253,497 + 1,862 + 48,577 251,000

Others 1,578,190 + 76,475 +1,573,596 1,613,637

Treasury cash holdings 69 + 33 - 39 70

Deposits with F.R. Banks, other than reserve balances 856,424 - 63,343 - 764,044 913,218

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 570,606 - 81,433 - 701,977 621,527

Foreign official 7,707 + 202 - 18,603 6,433

Other13 278,111 + 17,888 - 43,465 285,257

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

Other liabilities and capital15 50,251 + 1,098 - 1,980 47,349

Total factors, other than reserve balances, 

absorbing reserve funds 5,020,724 + 23,174 + 977,169 5,110,371

Reserve balances with Federal Reserve Banks 3,961,721 + 2,062 + 280,691 3,893,412

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

Mar 16, 2022 Mar 9, 2022 Mar 17, 2021

Wednesday

Mar 16, 2022

Securities held in custody for foreign official and international 

accounts 3,434,801 + 2,109 - 141,250 3,446,959

Marketable U.S. Treasury securities1 3,022,135 - 2,881 - 111,540 3,027,331

Federal agency debt and mortgage-backed securities2 331,396 + 4,969 - 22,826 337,879

Other securities3 81,270 + 20 - 6,883 81,749

Securities lent to dealers 39,291 + 232 - 290 32,888

Overnight facility4 39,291 + 232 - 290 32,888

U.S. Treasury securities 39,291 + 232 - 290 32,888

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, March 16, 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 1,970 933 10 24,064 0 ... 26,978

U.S. Treasury securities2

Holdings 77,418 311,189 778,665 2,183,315 1,007,789 1,399,891 5,758,267

Weekly changes + 20,609 - 37,698 + 7,110 + 5,301 + 5,977 + 3,583 + 4,882

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 43 2,115 65,416 2,662,356 2,729,931

Weekly changes 0 0 0 - 10 - 538 + 39,119 + 38,570

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 14,859 ... ... 14,859

Municipal notes held by Municipal 

Liquidity Facility LLC6 0 0 0 2,907 ... ... 2,907

Loans held by TALF II LLC7 0 0 0 1,275 ... ... 1,275

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

Central bank liquidity swaps9 284 0 0 0 0 0 284

Reverse repurchase agreements8 1,864,637 0 ... ... ... ... 1,864,637

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 Mar 16, 2022

Mortgage-backed securities held outright1 2,729,931

Residential mortgage-backed securities 2,720,899

Commercial mortgage-backed securities 9,032

Commitments to buy mortgage-backed securities2 52,033

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 177

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 16, 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) 14,563 12,836 16,012 28,847

Municipal Liquidity Facility LLC 2,907 2,907 3,744 6,651

TALF II LLC 1,327 1,275 1,251 2,526

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 December 31, 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

Mar 16, 2022 Mar 9, 2022 Mar 17, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,284 + 1 - 250

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,843,195 + 41,280 +1,306,782

Securities held outright1 8,490,545 + 43,452 +1,355,136

U.S. Treasury securities 5,758,267 + 4,882 + 846,634

Bills2 326,044 0 0

Notes and bonds, nominal2 4,966,485 + 4,001 + 753,429

Notes and bonds, inflation-indexed2 388,233 0 + 60,610

Inflation compensation3 77,505 + 881 + 32,595

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,729,931 + 38,570 + 508,502

Unamortized premiums on securities held outright5 346,944 - 682 - 5,251

Unamortized discounts on securities held outright5 -21,273 - 821 - 12,918

Repurchase agreements6 1 0 + 1

Loans7 26,978 - 670 - 30,186

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,563

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,010

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 28,847 - 158 - 2,093

Net portfolio holdings of Municipal Liquidity Facility LLC8 6,651 + 1 - 4,899

Net portfolio holdings of TALF II LLC8 2,526 0 - 3,122

Items in process of collection (0) 64 + 5 + 6

Bank premises 1,361 - 10 - 557

Central bank liquidity swaps9 284 - 9 - 506

Foreign currency denominated assets10 19,727 - 258 - 1,693

Other assets11 34,130 + 2,705 + 1,707

Total assets (0) 8,954,306 + 43,558 +1,260,800

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

Mar 16, 2022 Mar 9, 2022 Mar 17, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,214,221 + 4,814 + 148,852

Reverse repurchase agreements12 1,864,637 + 78,391 +1,659,121

Deposits (0) 4,806,630 - 38,356 - 515,866

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,893,412 - 60,239 + 20,089

U.S. Treasury, General Account 621,527 + 12,158 - 467,974

Foreign official 6,433 - 1,173 - 23,769

Other13 (0) 285,257 + 10,895 - 44,213

Deferred availability cash items (0) 211 - 97 + 69

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

Other liabilities and accrued dividends15 6,241 - 1,193 - 2,744

Total liabilities (0) 8,913,198 + 43,559 +1,258,911

Capital accounts

Capital paid in 34,324 0 + 1,890

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,109 0 + 1,890

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, March 16, 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 1,284 18 21 116 52 187 104 235 22 41 92 160 235

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,843,195 147,343 4,988,712 186,229 325,311 591,080 516,570 481,131 115,142 77,523 117,402 389,980 906,773

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 28,847 28,847 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 6,651 0 6,651 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,526 0 2,526 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 284 13 95 10 25 59 13 11 5 2 3 5 42

Foreign currency denominated 

assets4 19,727 895 6,631 708 1,706 4,105 892 773 375 168 213 355 2,905

Other assets5 35,554 684 18,723 843 1,345 2,670 2,158 1,940 783 436 758 1,655 3,559

Interdistrict settlement account 0 + 12,531 - 316,085 - 2,273 + 3,339 + 26,737 + 50,667 + 104,920 + 26,112 + 1,681 + 15,725 + 76,198 + 448

Total assets 8,954,306 190,862 4,712,697 186,157 332,529 626,026 572,591 590,146 142,914 80,126 134,649 469,573 916,037

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, March 16, 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 2,214,221 72,890 704,867 59,384 104,738 154,172 334,900 129,939 65,193 33,844 57,269 191,300 305,724

Reverse repurchase agreements6 1,864,637 31,160 1,053,997 39,383 67,847 124,946 109,253 101,754 24,310 14,428 24,761 82,457 190,342

Deposits 4,806,630 70,408 2,930,930 85,643 155,697 337,702 126,375 356,414 52,350 31,432 51,973 194,406 413,301

Depository institutions 3,893,412 70,384 2,232,731 85,642 155,643 337,142 126,281 144,433 52,342 30,968 50,804 193,815 413,228

U.S. Treasury, General Account 621,527 0 621,527 0 0 0 0 0 0 0 0 0 0

Foreign official 6,433 2 6,407 1 3 8 2 2 1 0 0 1 6

Other7 285,257 23 70,265 0 51 551 91 211,979 7 464 1,168 591 67

Earnings remittances due to the U.S. 

Treasury8 2,981 36 1,782 55 102 162 181 157 26 20 30 137 292

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 3,470 -1,219 1,494 195 221 608 552 375 170 154 191 259 471

Total liabilities 8,913,198 188,948 4,698,654 184,661 328,605 617,589 571,261 588,638 142,050 79,878 134,224 468,559 910,130

Capital

Capital paid in 34,324 1,621 11,680 1,244 3,261 7,077 1,110 1,250 728 214 354 851 4,934

Surplus 6,785 292 2,363 252 663 1,361 221 257 137 34 70 163 973

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

Total liabilities and capital 8,954,306 190,862 4,712,697 186,157 332,529 626,026 572,591 590,146 142,914 80,126 134,649 469,573 916,037

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, March 16, 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 Mar 16, 2022

Federal Reserve notes outstanding 2,483,965

Less: Notes held by F.R. Banks not subject to collateralization 269,744

Federal Reserve notes to be collateralized 2,214,221

Collateral held against Federal Reserve notes 2,214,221

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,197,984

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,490,546

Less: Face value of securities under reverse repurchase agreements 1,902,154

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,588,393

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.