FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks March 24, 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 23, 2022 Mar 16, 2022 Mar 24, 2021

Wednesday

Mar 23, 2022

Reserve Bank credit 8,924,198 + 28,729 +1,238,979 8,925,168

Securities held outright1 8,498,798 + 30,105 +1,334,910 8,500,255

U.S. Treasury securities 5,758,825 + 881 + 843,107 5,759,149

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,966,485 0 + 750,914 4,966,485

Notes and bonds, inflation-indexed2 388,233 0 + 59,409 388,233

Inflation compensation3 78,062 + 881 + 32,783 78,386

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

Mortgage-backed securities4 2,737,626 + 29,224 + 491,803 2,738,760

Unamortized premiums on securities held outright5 346,361 - 870 - 6,556 345,896

Unamortized discounts on securities held outright5 -21,374 - 555 - 12,814 -21,410

Repurchase agreements6 0 0 0 0

Foreign official 0 0 0 0

Others 0 0 0 0

Loans 25,276 - 2,148 - 33,014 24,738

Primary credit 910 - 1,532 - 105 599

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 0 0 - 114 0

Money Market Mutual Fund Liquidity Facility 0 0 - 557 0

Paycheck Protection Program Liquidity Facility 24,366 - 616 - 32,237 24,140

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 - 8,562 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 26,012 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 28,849 - 110 - 2,092 28,857

Net portfolio holdings of Municipal Liquidity Facility LLC7 6,651 + 1 - 4,900 6,652

Net portfolio holdings of TALF II LLC7 2,526 0 - 3,122 2,527

Float -124 + 48 - 17 -155

Central bank liquidity swaps8 309 + 25 - 523 309

Other Federal Reserve assets9 36,926 + 2,233 + 1,681 37,498

Foreign currency denominated assets10 19,710 - 58 - 1,736 19,568

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,981 + 14 + 458 50,981

Total factors supplying reserve funds 9,011,131 + 28,686 +1,237,701 9,011,958

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 23, 2022 Mar 16, 2022 Mar 24, 2021

Wednesday

Mar 23, 2022

Currency in circulation11 2,264,290 + 3,256 + 142,389 2,265,754

Reverse repurchase agreements12 1,977,615 + 145,927 +1,748,454 2,054,582

Foreign official and international accounts 248,946 - 4,551 + 40,780 251,396

Others 1,728,669 + 150,479 +1,707,674 1,803,186

Treasury cash holdings 70 + 1 - 29 72

Deposits with F.R. Banks, other than reserve balances 897,992 + 41,568 - 597,103 854,686

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 614,616 + 44,010 - 446,522 576,442

Foreign official 7,389 - 318 - 22,416 7,573

Other13 275,987 - 2,124 - 128,166 270,671

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

Other liabilities and capital15 48,811 - 1,440 - 210 46,560

Total factors, other than reserve balances, 

absorbing reserve funds 5,210,037 + 189,313 +1,262,982 5,242,912

Reserve balances with Federal Reserve Banks 3,801,095 - 160,626 - 25,280 3,769,046

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 23, 2022 Mar 16, 2022 Mar 24, 2021

Wednesday

Mar 23, 2022

Securities held in custody for foreign official and international 

accounts 3,450,299 + 15,498 - 116,274 3,458,647

Marketable U.S. Treasury securities1 3,029,199 + 7,064 - 95,365 3,034,738

Federal agency debt and mortgage-backed securities2 339,473 + 8,077 - 15,359 342,275

Other securities3 81,628 + 358 - 5,549 81,634

Securities lent to dealers 39,678 + 387 + 3,013 36,627

Overnight facility4 39,678 + 387 + 3,013 36,627

U.S. Treasury securities 39,678 + 387 + 3,013 36,627

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 23, 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 362 904 1 23,471 0 ... 24,738

U.S. Treasury securities2

Holdings 81,034 325,999 760,289 2,183,659 1,008,054 1,400,114 5,759,149

Weekly changes + 3,616 + 14,810 - 18,376 + 344 + 265 + 223 + 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 2,116 65,418 2,671,182 2,738,760

Weekly changes 0 0 0 + 1 + 2 + 8,826 + 8,829

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 14,788 ... ... 14,788

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 0 0 ... ... ... ... 0

Central bank liquidity swaps9 309 0 0 0 0 0 309

Reverse repurchase agreements8 2,054,582 0 ... ... ... ... 2,054,582

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 23, 2022

Mortgage-backed securities held outright1 2,738,760

Residential mortgage-backed securities 2,729,727

Commercial mortgage-backed securities 9,032

Commitments to buy mortgage-backed securities2 39,589

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 50

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 23, 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 12,765 16,093 28,857

Municipal Liquidity Facility LLC 2,907 2,907 3,745 6,652

TALF II LLC 1,327 1,275 1,252 2,527

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 23, 2022 Mar 16, 2022 Mar 24, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,293 + 9 - 223

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,849,480 + 6,285 +1,288,594

Securities held outright1 8,500,255 + 9,710 +1,341,799

U.S. Treasury securities 5,759,149 + 882 + 837,847

Bills2 326,044 0 0

Notes and bonds, nominal2 4,966,485 0 + 748,094

Notes and bonds, inflation-indexed2 388,233 0 + 57,010

Inflation compensation3 78,386 + 881 + 32,742

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,738,760 + 8,829 + 503,953

Unamortized premiums on securities held outright5 345,896 - 1,048 - 6,565

Unamortized discounts on securities held outright5 -21,410 - 137 - 12,397

Repurchase agreements6 0 - 1 0

Loans7 24,738 - 2,240 - 34,243

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,556

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,023

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 28,857 + 10 - 2,088

Net portfolio holdings of Municipal Liquidity Facility LLC8 6,652 + 1 - 4,901

Net portfolio holdings of TALF II LLC8 2,527 + 1 - 3,122

Items in process of collection (0) 54 - 10 + 9

Bank premises 1,293 - 68 - 626

Central bank liquidity swaps9 309 + 25 - 523

Foreign currency denominated assets10 19,568 - 159 - 1,804

Other assets11 36,205 + 2,075 + 2,116

Total assets (0) 8,962,474 + 8,168 +1,242,852

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 23, 2022 Mar 16, 2022 Mar 24, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,216,134 + 1,913 + 133,149

Reverse repurchase agreements12 2,054,582 + 189,945 +1,820,138

Deposits (0) 4,623,732 - 182,898 - 678,970

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,769,046 - 124,366 - 40,093

U.S. Treasury, General Account 576,442 - 45,085 - 455,466

Foreign official 7,573 + 1,140 - 23,025

Other13 (0) 270,671 - 14,586 - 160,385

Deferred availability cash items (0) 209 - 2 - 27

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

Other liabilities and accrued dividends15 5,451 - 790 - 2,804

Total liabilities (0) 8,921,365 + 8,167 +1,240,965

Capital accounts

Capital paid in 34,324 0 + 1,887

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,109 0 + 1,887

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 23, 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 1,293 19 21 116 53 190 108 235 22 41 93 160 235

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,849,480 147,488 4,991,882 186,408 325,556 591,649 517,068 481,598 115,237 77,272 117,511 390,365 907,445

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 28,857 28,857 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 6,652 0 6,652 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,527 0 2,527 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 309 14 104 11 27 64 14 12 6 3 3 6 46

Foreign currency denominated 

assets4 19,568 888 6,578 703 1,692 4,072 885 767 372 166 212 353 2,881

Other assets5 37,552 716 19,852 886 1,419 2,802 2,264 2,049 807 465 786 1,743 3,762

Interdistrict settlement account 0 + 18,225 - 288,453 - 2,285 - 11,181 + 515 + 55,635 + 113,254 + 27,477 + 123 + 18,770 + 76,780 - 8,859

Total assets 8,962,474 196,738 4,744,584 186,361 318,318 600,479 578,163 599,050 144,397 78,342 137,830 470,627 907,585

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 23, 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 2,216,134 72,962 704,833 59,158 105,113 154,052 334,364 130,115 65,260 33,726 57,463 191,019 308,069

Reverse repurchase agreements6 2,054,582 34,334 1,161,365 43,394 74,758 137,673 120,382 112,119 26,786 15,898 27,283 90,857 209,732

Deposits 4,623,732 73,029 2,856,143 82,067 134,218 299,571 121,379 354,791 51,286 28,296 52,438 187,362 383,153

Depository institutions 3,769,046 73,004 2,214,446 82,066 134,123 298,898 121,293 143,131 51,277 28,107 52,406 187,217 383,080

U.S. Treasury, General Account 576,442 0 576,442 0 0 0 0 0 0 0 0 0 0

Foreign official 7,573 2 7,546 1 3 8 2 2 1 0 0 1 6

Other7 270,671 23 57,709 0 91 665 85 211,658 7 188 31 144 67

Earnings remittances due to the U.S. 

Treasury8 2,481 28 1,473 48 79 138 156 127 30 15 31 110 246

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 3,178 -1,202 1,143 198 226 606 551 391 170 159 191 265 479

Total liabilities 8,921,365 194,825 4,730,541 184,865 314,394 592,042 576,832 597,542 143,532 78,095 137,405 469,613 901,678

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 8,962,474 196,738 4,744,584 186,361 318,318 600,479 578,163 599,050 144,397 78,342 137,830 470,627 907,585

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 23, 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 23, 2022

Federal Reserve notes outstanding 2,488,619

Less: Notes held by F.R. Banks not subject to collateralization 272,485

Federal Reserve notes to be collateralized 2,216,134

Collateral held against Federal Reserve notes 2,216,134

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,199,897

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,500,255

Less: Face value of securities under reverse repurchase agreements 2,114,684

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,385,571

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.