FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 11, 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

Mar 10, 2021 Mar 3, 2021 Mar 11, 2020

Wednesday

Mar 10, 2021

Reserve Bank credit 7,530,925 + 24,223 +3,309,335 7,540,483

Securities held outright1 7,015,379 + 23,546 +3,125,247 7,024,790

U.S. Treasury securities 4,879,631 + 23,395 +2,363,691 4,889,007

Bills2 326,044 0 + 11,431 326,044

Notes and bonds, nominal2 4,182,423 + 20,822 +2,139,285 4,190,787

Notes and bonds, inflation-indexed2 326,766 + 2,057 + 194,342 327,623

Inflation compensation3 44,398 + 516 + 18,634 44,553

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

Mortgage-backed securities4 2,133,402 + 152 + 761,556 2,133,436

Unamortized premiums on securities held outright5 349,677 + 725 + 225,218 349,720

Unamortized discounts on securities held outright5 -7,589 - 241 + 5,805 -8,077

Repurchase agreements6 500 0 - 198,801 500

Foreign official 500 0 + 500 500

Others 0 0 - 199,301 0

Loans 56,425 + 261 + 56,417 56,301

Primary credit 1,451 - 290 + 1,443 1,355

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 251 - 4 + 251 230

Money Market Mutual Fund Liquidity Facility 665 - 436 + 665 594

Paycheck Protection Program Liquidity Facility 54,057 + 991 + 54,057 54,122

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,556 0 + 8,556 8,556

Net portfolio holdings of Corporate Credit Facilities LLC7 26,075 - 81 + 26,075 26,027

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 30,969 + 8 + 30,969 30,978

Net portfolio holdings of Municipal Liquidity Facility LLC7 11,545 + 2 + 11,545 11,548

Net portfolio holdings of TALF II LLC7 5,647 - 108 + 5,647 5,648

Float -103 + 343 + 91 -111

Central bank liquidity swaps8 3,176 - 1,919 + 3,118 2,774

Other Federal Reserve assets9 30,667 + 1,685 + 9,449 31,830

Foreign currency denominated assets10 21,505 - 357 + 318 21,467

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,581 + 14 + 426 50,581

Total factors supplying reserve funds 7,619,252 + 23,879 +3,310,079 7,628,772

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 10, 2021 Mar 3, 2021 Mar 11, 2020

Wednesday

Mar 10, 2021

Currency in circulation11 2,104,252 + 1,921 + 290,237 2,106,555

Reverse repurchase agreements12 196,194 - 25,099 - 31,869 193,750

Foreign official and international accounts 195,448 - 19,547 - 30,669 193,650

Others 746 - 5,552 - 1,200 100

Treasury cash holdings 96 + 11 - 211 110

Deposits with F.R. Banks, other than reserve balances 1,628,192 - 43,837 +1,152,065 1,582,429

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,360,064 - 69,485 + 979,508 1,310,273

Foreign official 23,402 + 1,285 + 18,047 23,474

Other13 244,727 + 24,364 + 154,510 248,682

Treasury contributions to credit facilities14 51,778 0 + 51,778 51,778

Other liabilities and capital15 46,729 + 1,992 + 593 47,419

Total factors, other than reserve balances,

absorbing reserve funds 4,027,242 - 65,011 +1,462,594 3,982,040

Reserve balances with Federal Reserve Banks 3,592,010 + 88,890 +1,847,485 3,646,732

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. Also includes net portfolio holdings of Maiden Lane LLC. 

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 Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion,

MS Facilities LLC of $16.6 billion, Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion, and credit protection in the Money

Market Mutual Fund Liquidity Facility of $1.5 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 10, 2021 Mar 3, 2021 Mar 11, 2020

Wednesday

Mar 10, 2021

Securities held in custody for foreign official and international

accounts 3,569,579 + 25,218 + 129,585 3,577,416

Marketable U.S. Treasury securities1 3,127,390 + 25,675 + 147,320 3,135,486

Federal agency debt and mortgage-backed securities2 353,100 + 24 - 24,139 353,135

Other securities3 89,090 - 480 + 6,406 88,795

Securities lent to dealers 36,196 - 1,176 + 2,346 40,612

Overnight facility4 36,196 - 1,176 + 2,346 40,612

U.S. Treasury securities 36,196 - 1,176 + 2,346 40,612

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 10, 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 1,197 982 11 54,111 0 ... 56,301

U.S. Treasury securities2

Holdings 44,743 377,085 624,104 1,862,620 870,902 1,109,553 4,889,007

Weekly changes - 8,854 + 9,499 - 617 + 10,765 + 4,278 + 6,657 + 21,728

Federal agency debt securities3

Holdings 0 0 0 0 1,818 529 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 0 9 2,029 70,794 2,060,604 2,133,436

Weekly changes 0 0 0 0 0 + 36 + 36

Commercial paper held by Commercial

Paper Funding Facility II LLC5 0 0 0 ... ... ... 0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)6 0 0 0 16,529 ... ... 16,529

Municipal notes held by Municipal

Liquidity Facility LLC7 0 845 0 5,358 ... ... 6,203

Loans held by TALF II LLC8 0 0 0 2,270 ... ... 2,270

Repurchase agreements9 500 0 ... ... ... ... 500

Central bank liquidity swaps10 2,059 715 0 0 0 0 2,774

Reverse repurchase agreements9 193,750 0 ... ... ... ... 193,750

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 Primary Dealer Credit Facility, Money Market Mutual Fund

Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans exclude the loans from the Federal Reserve

Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, 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 commercial paper held by Commercial Paper Funding Facility II LLC.

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

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

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

9. Cash value of agreements.

10. 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 10, 2021

Mortgage-backed securities held outright1 2,133,436

Residential mortgage-backed securities 2,123,542

Commercial mortgage-backed securities 9,894

Commitments to buy mortgage-backed securities2 228,274

Commitments to sell mortgage-backed securities2 1,000

Cash and cash equivalents3 29

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 10, 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

Commercial Paper Funding Facility II LLC 0 0 8,556 8,556

Corporate Credit Facilities LLC 13,956 13,860 12,167 26,027

MS Facilities LLC (Main Street Lending Program) 16,524 14,115 16,863 30,978

Municipal Liquidity Facility LLC 6,203 6,203 5,345 11,548

TALF II LLC 2,623 2,270 3,378 5,648

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 Commercial Paper Funding Facility II LLC includes commercial paper at book value.

b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and corporate bonds at book value. Asset balances

 from trading activity are reported on a one-day lag after the transaction date.

c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations, net of an allowance for loan losses updated as of

 December 31, 2020, at face value.

d. 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.

e. 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 credit facilities

from the following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, 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 10, 2021 Mar 3, 2021 Mar 11, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,540 - 5 - 189

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,423,234 + 21,741 +3,172,568

Securities held outright1 7,024,790 + 21,764 +3,127,566

U.S. Treasury securities 4,889,007 + 21,728 +2,365,976

Bills2 326,044 0 + 5,001

Notes and bonds, nominal2 4,190,787 + 20,137 +2,147,305

Notes and bonds, inflation-indexed2 327,623 + 1,201 + 194,970

Inflation compensation3 44,553 + 390 + 18,700

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,133,436 + 36 + 761,590

Unamortized premiums on securities held outright5 349,720 + 373 + 225,297

Unamortized discounts on securities held outright5 -8,077 - 622 + 5,289

Repurchase agreements6 500 0 - 241,875

Loans7 56,301 + 226 + 56,290

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,556 0 + 8,556

Net portfolio holdings of Corporate Credit Facilities LLC8 26,027 - 108 + 26,027

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 30,978 + 10 + 30,978

Net portfolio holdings of Municipal Liquidity Facility LLC8 11,548 + 3 + 11,548

Net portfolio holdings of TALF II LLC8 5,648 + 1 + 5,648

Items in process of collection (0) 63 + 1 + 4

Bank premises 1,916 + 2 - 283

Central bank liquidity swaps9 2,774 - 2,089 + 2,716

Foreign currency denominated assets10 21,467 - 322 + 320

Other assets11 29,915 + 3,144 + 10,100

Total assets (0) 7,579,901 + 22,377 +3,267,990

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 10, 2021 Mar 3, 2021 Mar 11, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,057,619 + 3,204 + 286,833

Reverse repurchase agreements12 193,750 - 9,589 - 39,525

Deposits (0) 5,229,161 + 27,601 +2,966,806

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,646,732 + 81,882 +1,866,742

U.S. Treasury, General Account 1,310,273 - 109,965 + 937,936

Foreign official 23,474 + 1,601 + 18,287

Other13 (0) 248,682 + 54,082 + 143,840

Deferred availability cash items (0) 174 - 184 - 197

Treasury contributions to credit facilities14 51,778 0 + 51,778

Other liabilities and accrued dividends15 8,210 + 1,338 + 1,681

Total liabilities (0) 7,540,693 + 22,370 +3,267,376

Capital accounts

Capital paid in 32,424 + 8 + 655

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,209 + 8 + 615

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. Also includes net portfolio

holdings of Maiden Lane LLC.

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 Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion,

MS Facilities LLC of $16.6 billion, Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion, and credit protection in the Money

Market Mutual Fund Liquidity Facility of $1.5 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 10, 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 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045

Coin 1,540 36 44 126 74 210 150 252 28 45 106 169 302

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,423,234 166,964 3,824,200 172,614 232,218 464,627 544,924 412,820 117,781 80,122 120,710 356,710 929,545

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 8,556 0 8,556 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 26,027 0 26,027 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,978 30,978 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 11,548 0 11,548 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 5,648 0 5,648 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 2,774 132 932 100 237 586 138 108 45 22 29 33 413

Foreign currency denominated

assets4 21,467 1,019 7,216 772 1,834 4,530 1,065 834 352 168 226 255 3,196

Other assets5 31,893 2,284 13,607 810 1,055 2,298 2,405 1,799 845 457 805 1,685 3,844

Interdistrict settlement account 0 - 33,998 + 285,459 + 10,287 + 63,267 + 28,365 - 129,756 + 5,816 - 15,568 - 15,441 - 18,950 - 37,916 - 141,564

Total assets 7,579,901 167,948 4,188,718 185,237 299,446 501,781 421,107 422,764 103,961 65,643 103,377 322,137 797,780

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 10, 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 2,057,619 61,718 672,602 55,162 97,156 155,566 284,488 131,973 58,424 32,887 54,295 178,142 275,207

Reverse repurchase agreements6 193,750 4,351 100,315 4,420 6,062 12,143 14,279 10,822 3,061 1,831 3,081 9,338 24,047

Deposits 5,229,161 83,802 3,362,429 124,024 192,613 325,341 120,059 277,995 41,541 30,265 45,341 133,606 492,145

Depository institutions 3,646,732 83,783 1,929,515 124,022 192,572 324,153 119,970 130,791 41,534 30,199 45,310 132,765 492,118

U.S. Treasury, General Account 1,310,273 0 1,310,273 0 0 0 0 0 0 0 0 0 0

Foreign official 23,474 2 23,447 1 3 8 2 2 1 0 0 0 6

Other7 248,682 18 99,194 0 37 1,179 87 147,202 7 66 31 841 21

Earnings remittances due to the U.S.

Treasury8 2,321 35 1,307 44 50 89 178 129 30 22 43 119 275

Treasury contributions to credit facilities9 51,778 18,072 33,706 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 6,064 -1,809 5,188 181 179 496 329 312 161 292 186 213 336

Total liabilities 7,540,693 166,169 4,175,548 183,831 296,059 493,634 419,333 421,231 103,217 65,297 102,946 321,418 792,010

Capital

Capital paid in 32,424 1,471 10,891 1,163 2,801 6,734 1,467 1,268 615 288 358 597 4,771

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 7,579,901 167,948 4,188,718 185,237 299,446 501,781 421,107 422,764 103,961 65,643 103,377 322,137 797,780

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 10, 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 Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, 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. Also includes Net portfolio

holdings of Maiden Lane LLC; refer to the note on consolidation for additional information.

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 Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, and

Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 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 10, 2021

Federal Reserve notes outstanding 2,228,400

Less: Notes held by F.R. Banks not subject to collateralization 170,780

Federal Reserve notes to be collateralized 2,057,619

Collateral held against Federal Reserve notes 2,057,619

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,041,383

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,025,290

Less: Face value of securities under reverse repurchase agreements 188,055

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,837,235

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.