FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

November 26, 2021

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 19, 2021. Footnote 

14 in Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement 

of Condition of All Federal Reserve Banks (table 5) and footnote 9 in 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 26, 2021

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

Nov 24, 2021 Nov 17, 2021 Nov 25, 2020

Wednesday

Nov 24, 2021

Reserve Bank credit 8,651,373 + 24,845 +1,437,093 8,643,861

Securities held outright1 8,197,571 + 39,783 +1,549,988 8,190,973

U.S. Treasury securities 5,576,349 + 16,833 + 981,146 5,578,900

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,808,006 + 15,657 + 882,759 4,809,232

Notes and bonds, inflation-indexed2 374,792 + 750 + 73,687 375,793

Inflation compensation3 67,507 + 425 + 24,701 67,832

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

Mortgage-backed securities4 2,618,874 + 22,949 + 568,841 2,609,726

Unamortized premiums on securities held outright5 355,606 + 5 + 14,070 355,086

Unamortized discounts on securities held outright5 -17,306 - 310 - 12,322 -17,302

Repurchase agreements6 0 0 - 1,000 0

Foreign official 0 0 - 1,000 0

Others 0 0 0 0

Loans 43,288 - 2,493 - 21,481 42,255

Primary credit 348 - 1 - 2,285 315

Secondary credit 0 0 0 0

Seasonal credit 5 - 1 + 5 5

Primary Dealer Credit Facility 0 0 - 253 0

Money Market Mutual Fund Liquidity Facility 0 0 - 5,199 0

Paycheck Protection Program Liquidity Facility 42,935 - 2,491 - 13,749 41,934

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 75 - 440 - 45,827 2

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 29,698 - 796 - 13,394 29,576

Net portfolio holdings of Municipal Liquidity Facility LLC7 7,952 - 1,833 - 8,602 7,953

Net portfolio holdings of TALF II LLC7 2,650 - 1,841 - 9,643 2,650

Float -150 + 10 - 4 -199

Central bank liquidity swaps8 268 - 6 - 7,405 268

Other Federal Reserve assets9 31,723 - 7,231 + 1,272 32,599

Foreign currency denominated assets10 20,342 - 159 - 1,465 20,171

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,880 + 14 + 450 50,880

Total factors supplying reserve funds 8,738,836 + 24,700 +1,436,077 8,731,152

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

Nov 24, 2021 Nov 17, 2021 Nov 25, 2020

Wednesday

Nov 24, 2021

Currency in circulation11 2,216,286 + 1,637 + 154,210 2,219,525

Reverse repurchase agreements12 1,854,008 + 116,318 +1,657,933 1,758,815

Foreign official and international accounts 295,595 - 2,085 + 99,875 305,918

Others 1,558,414 + 118,405 +1,558,059 1,452,897

Treasury cash holdings 62 0 + 9 71

Deposits with F.R. Banks, other than reserve balances 434,387 - 39,200 -1,361,421 510,868

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 164,087 - 47,366 -1,353,128 141,042

Foreign official 6,406 - 602 - 14,868 7,737

Other13 263,894 + 8,768 + 6,575 362,089

Treasury contributions to credit facilities14 21,992 - 4,405 - 92,008 21,258

Other liabilities and capital15 49,291 - 2,659 - 1,821 47,809

Total factors, other than reserve balances, 

absorbing reserve funds 4,576,026 + 71,692 + 356,903 4,558,345

Reserve balances with Federal Reserve Banks 4,162,810 - 46,992 +1,079,174 4,172,807

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

Nov 24, 2021 Nov 17, 2021 Nov 25, 2020

Wednesday

Nov 24, 2021

Securities held in custody for foreign official and international 

accounts 3,475,070 + 7,180 + 16,382 3,465,883

Marketable U.S. Treasury securities1 3,063,377 + 7,192 + 56,485 3,058,738

Federal agency debt and mortgage-backed securities2 328,664 + 2 - 37,676 324,442

Other securities3 83,030 - 13 - 2,426 82,703

Securities lent to dealers 32,297 - 9,457 + 4,915 30,186

Overnight facility4 32,297 - 9,457 + 4,915 30,186

U.S. Treasury securities 32,297 - 9,457 + 4,915 30,186

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, November 24, 2021

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 76 244 2,352 39,582 0 ... 42,255

U.S. Treasury securities2

Holdings 70,490 322,968 715,450 2,129,829 1,009,204 1,330,959 5,578,900

Weekly changes - 7,367 + 7,529 - 138 + 1,937 + 356 + 3,058 + 5,375

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 0 27 1,672 62,713 2,545,313 2,609,726

Weekly changes 0 0 0 0 0 + 6,295 + 6,295

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 15,793 ... ... 15,793

Municipal notes held by Municipal 

Liquidity Facility LLC6 0 0 0 4,228 ... ... 4,228

Loans held by TALF II LLC7 0 0 0 1,368 ... ... 1,368

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

Central bank liquidity swaps9 218 50 0 0 0 0 268

Reverse repurchase agreements8 1,758,815 0 ... ... ... ... 1,758,815

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 Nov 24, 2021

Mortgage-backed securities held outright1 2,609,726

Residential mortgage-backed securities 2,600,360

Commercial mortgage-backed securities 9,366

Commitments to buy mortgage-backed securities2 95,315

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 198

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 24, 2021

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

Corporate Credit Facilities LLC 0 0 2 2

MS Facilities LLC (Main Street Lending Program) 15,684 13,463 16,114 29,576

Municipal Liquidity Facility LLC 4,228 4,228 3,725 7,953

TALF II LLC 1,456 1,368 1,283 2,650

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 Corporate Credit Facilities LLC includes exchange traded-funds and corporate bonds at fair value. 

b. 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.

c. 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.

d. 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

Nov 24, 2021 Nov 17, 2021 Nov 25, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,195 - 4 - 327

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,571,012 + 9,341 +1,558,583

Securities held outright1 8,190,973 + 11,670 +1,578,455

U.S. Treasury securities 5,578,900 + 5,375 + 972,320

Bills2 326,044 0 0

Notes and bonds, nominal2 4,809,232 + 2,977 + 874,917

Notes and bonds, inflation-indexed2 375,793 + 1,751 + 72,631

Inflation compensation3 67,832 + 648 + 24,773

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,609,726 + 6,295 + 606,134

Unamortized premiums on securities held outright5 355,086 - 563 + 15,068

Unamortized discounts on securities held outright5 -17,302 + 19 - 12,332

Repurchase agreements6 0 0 - 1,000

Loans7 42,255 - 1,785 - 21,609

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,557

Net portfolio holdings of Corporate Credit Facilities LLC8 2 - 513 - 45,980

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 29,576 - 890 - 13,795

Net portfolio holdings of Municipal Liquidity Facility LLC8 7,953 - 1,833 - 8,602

Net portfolio holdings of TALF II LLC8 2,650 - 1,841 - 9,644

Items in process of collection (0) 109 + 40 + 14

Bank premises 1,444 - 18 - 754

Central bank liquidity swaps9 268 + 3 - 7,577

Foreign currency denominated assets10 20,171 - 208 - 1,662

Other assets11 31,155 + 2,725 + 3,593

Total assets (0) 8,681,771 + 6,801 +1,465,291

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

Nov 24, 2021 Nov 17, 2021 Nov 25, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,169,906 + 4,151 + 152,828

Reverse repurchase agreements12 1,758,815 - 55,477 +1,560,911

Deposits (0) 4,683,675 + 64,513 - 154,279

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 4,172,807 - 16,030 +1,028,944

U.S. Treasury, General Account 141,042 - 37,930 -1,342,994

Foreign official 7,737 - 31 - 13,537

Other13 (0) 362,089 + 118,504 + 173,308

Deferred availability cash items (0) 308 + 125 - 12

Treasury contributions to credit facilities14 21,258 - 5,139 - 92,742

Other liabilities and accrued dividends15 7,162 - 1,378 - 2,838

Total liabilities (0) 8,641,125 + 6,795 +1,463,869

Capital accounts

Capital paid in 33,861 + 6 + 1,461

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 40,646 + 6 + 1,421

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, November 24, 2021

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 1,195 12 21 115 44 174 104 226 17 32 86 145 219

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,571,012 142,563 4,826,879 180,237 317,938 572,102 500,019 465,710 111,674 80,149 113,818 377,499 882,422

Net portfolio holdings of Corporate 

Credit Facilities LLC2 2 0 2 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 29,576 29,576 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 7,953 0 7,953 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,650 0 2,650 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 268 12 90 10 23 56 12 10 5 2 3 5 39

Foreign currency denominated 

assets4 20,171 916 6,780 724 1,744 4,197 912 790 384 171 218 363 2,970

Other assets5 32,708 642 16,975 789 1,237 2,456 2,064 1,809 703 425 730 1,544 3,335

Interdistrict settlement account 0 + 31,633 - 456,261 + 5,106 + 52,282 + 20,323 + 72,386 + 106,268 + 25,361 + 1,433 + 21,636 + 52,923 + 66,911

Total assets 8,681,771 205,886 4,410,509 187,503 374,019 600,496 577,685 575,950 138,619 82,486 136,947 433,699 957,972

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, November 24, 2021 (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 2,169,906 71,594 692,523 61,306 104,183 154,074 321,159 121,967 64,743 33,080 55,207 193,564 296,506

Reverse repurchase agreements6 1,758,815 29,391 994,181 37,148 63,996 117,855 103,053 95,979 22,930 13,609 23,356 77,778 179,540

Deposits 4,683,675 89,003 2,700,084 87,264 201,583 319,457 151,179 355,881 49,939 35,363 57,697 160,987 475,238

Depository institutions 4,172,807 88,990 2,386,167 87,263 201,536 318,877 151,046 162,021 49,928 35,097 56,450 160,258 475,174

U.S. Treasury, General Account 141,042 0 141,042 0 0 0 0 0 0 0 0 0 0

Foreign official 7,737 2 7,710 1 3 8 2 2 1 0 0 1 6

Other7 362,089 12 165,164 0 43 572 131 193,858 10 266 1,247 728 59

Earnings remittances due to the U.S. 

Treasury8 2,057 20 1,244 39 58 108 126 107 10 17 31 97 200

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 5,413 -1,564 2,825 245 303 797 754 466 195 189 233 338 632

Total liabilities 8,641,125 204,119 4,396,441 186,002 370,123 592,291 576,270 574,400 137,817 82,258 136,524 432,763 952,117

Capital

Capital paid in 33,861 1,459 11,789 1,256 3,310 6,793 1,108 1,284 673 170 349 814 4,856

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 8,681,771 205,886 4,410,509 187,503 374,019 600,496 577,685 575,950 138,619 82,486 136,947 433,699 957,972

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, November 24, 2021 (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 Nov 24, 2021

Federal Reserve notes outstanding 2,421,418

Less: Notes held by F.R. Banks not subject to collateralization 251,512

Federal Reserve notes to be collateralized 2,169,906

Collateral held against Federal Reserve notes 2,169,906

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,153,669

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,190,973

Less: Face value of securities under reverse repurchase agreements 1,714,543

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,476,430

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.