FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 15, 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

Jul 14, 2021 Jul 7, 2021 Jul 15, 2020

Wednesday

Jul 14, 2021

Reserve Bank credit 8,079,751 + 31,945 +1,198,548 8,162,744

Securities held outright1 7,546,970 + 34,402 +1,379,779 7,627,278

U.S. Treasury securities 5,213,167 + 22,584 + 972,339 5,222,570

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,477,266 + 21,231 + 868,914 4,484,752

Notes and bonds, inflation-indexed2 353,457 + 571 + 82,864 354,887

Inflation compensation3 56,399 + 780 + 20,560 56,887

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

Mortgage-backed securities4 2,331,456 + 11,819 + 407,440 2,402,362

Unamortized premiums on securities held outright5 351,740 + 242 + 35,253 353,359

Unamortized discounts on securities held outright5 -14,432 - 75 - 9,160 -14,452

Repurchase agreements6 0 0 0 0

Foreign official 0 0 0 0

Others 0 0 0 0

Loans 88,479 - 1,359 - 4,879 88,260

Primary credit 382 - 9 - 4,409 386

Secondary credit 0 0 0 0

Seasonal credit 16 - 4 - 6 16

Primary Dealer Credit Facility 0 0 - 1,828 0

Money Market Mutual Fund Liquidity Facility 0 0 - 18,704 0

Paycheck Protection Program Liquidity Facility 88,081 - 1,346 + 20,068 87,859

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 0 0 - 12,334 0

Net portfolio holdings of Corporate Credit Facilities LLC7 22,649 - 3,257 - 20,404 22,641

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 30,556 + 8 - 6,949 30,564

Net portfolio holdings of Municipal Liquidity Facility LLC7 9,757 - 983 - 6,325 9,758

Net portfolio holdings of TALF II LLC7 4,689 0 - 4,162 4,689

Float -92 + 31 + 154 -102

Central bank liquidity swaps8 476 - 45 - 153,018 476

Other Federal Reserve assets9 38,958 + 2,980 + 591 40,273

Foreign currency denominated assets10 21,270 + 68 + 246 21,258

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,740 + 14 + 467 50,740

Total factors supplying reserve funds 8,168,001 + 32,027 +1,199,259 8,250,983

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

Jul 14, 2021 Jul 7, 2021 Jul 15, 2020

Wednesday

Jul 14, 2021

Currency in circulation11 2,187,580 + 684 + 209,070 2,186,973

Reverse repurchase agreements12 1,049,995 + 41,744 + 828,553 1,110,967

Foreign official and international accounts 254,295 - 7,247 + 32,854 250,992

Others 795,700 + 48,991 + 795,700 859,975

Treasury cash holdings 45 + 3 - 5 46

Deposits with F.R. Banks, other than reserve balances 933,725 - 45,916 - 892,966 912,639

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 704,918 - 48,446 - 950,402 657,542

Foreign official 5,232 - 31 - 11,000 5,250

Other13 223,576 + 2,562 + 68,438 249,847

Treasury contributions to credit facilities14 40,278 0 - 73,722 40,278

Other liabilities and capital15 53,318 + 3,021 + 2,872 55,379

Total factors, other than reserve balances,

absorbing reserve funds 4,264,943 - 462 + 73,804 4,306,283

Reserve balances with Federal Reserve Banks 3,903,058 + 32,490 +1,125,455 3,944,700

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 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.

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

Jul 14, 2021 Jul 7, 2021 Jul 15, 2020

Wednesday

Jul 14, 2021

Securities held in custody for foreign official and international

accounts 3,538,430 + 10,045 + 133,308 3,542,632

Marketable U.S. Treasury securities1 3,097,108 + 9,572 + 145,266 3,098,206

Federal agency debt and mortgage-backed securities2 352,050 + 289 - 16,565 354,896

Other securities3 89,272 + 184 + 4,608 89,529

Securities lent to dealers 33,772 - 3,797 + 5,790 32,121

Overnight facility4 33,772 - 3,797 + 5,790 32,121

U.S. Treasury securities 33,772 - 3,797 + 5,790 32,121

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, July 14, 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 199 202 13,530 74,324 4 ... 88,260

U.S. Treasury securities2

Holdings 75,604 301,951 653,014 2,025,519 948,634 1,217,847 5,222,570

Weekly changes - 1,049 + 6,521 - 5,416 + 22,996 - 5,799 + 3,591 + 20,845

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 16 1,880 65,494 2,334,970 2,402,362

Weekly changes 0 0 0 0 0 + 82,724 + 82,725

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 16,177 ... ... 16,177

Municipal notes held by Municipal

Liquidity Facility LLC7 0 0 0 4,373 ... ... 4,373

Loans held by TALF II LLC8 0 0 0 1,483 ... ... 1,483

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

Central bank liquidity swaps10 138 338 0 0 0 0 476

Reverse repurchase agreements9 1,110,967 0 ... ... ... ... 1,110,967

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, 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 Jul 14, 2021

Mortgage-backed securities held outright1 2,402,362

Residential mortgage-backed securities 2,392,592

Commercial mortgage-backed securities 9,770

Commitments to buy mortgage-backed securities2 123,017

Commitments to sell mortgage-backed securities2 83

Cash and cash equivalents3 89

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 Jul 14, 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 0 0

Corporate Credit Facilities LLC 10,333 8,148 14,493 22,641

MS Facilities LLC (Main Street Lending Program) 16,228 13,519 17,045 30,564

Municipal Liquidity Facility LLC 4,373 4,373 5,385 9,758

TALF II LLC 1,660 1,483 3,207 4,689

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 and corporate bonds at fair 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 at face value, net of an allowance for loan losses

 updated as of March 31, 2021.

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

Jul 14, 2021 Jul 7, 2021 Jul 15, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,243 + 8 - 280

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 8,054,445 + 104,851 +1,444,397

Securities held outright1 7,627,278 + 103,569 +1,423,313

U.S. Treasury securities 5,222,570 + 20,845 + 969,341

Bills2 326,044 0 0

Notes and bonds, nominal2 4,484,752 + 17,802 + 859,663

Notes and bonds, inflation-indexed2 354,887 + 2,001 + 87,973

Inflation compensation3 56,887 + 1,042 + 21,705

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,402,362 + 82,725 + 453,974

Unamortized premiums on securities held outright5 353,359 + 1,927 + 35,402

Unamortized discounts on securities held outright5 -14,452 - 103 - 9,172

Repurchase agreements6 0 0 - 2

Loans7 88,260 - 542 - 5,144

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 0 0 - 10,659

Net portfolio holdings of Corporate Credit Facilities LLC8 22,641 - 3,290 - 20,782

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 30,564 + 9 - 6,951

Net portfolio holdings of Municipal Liquidity Facility LLC8 9,758 - 984 - 6,326

Net portfolio holdings of TALF II LLC8 4,689 0 - 4,750

Items in process of collection (0) 66 - 47 + 13

Bank premises 1,874 - 6 - 324

Central bank liquidity swaps9 476 - 45 - 154,374

Foreign currency denominated assets10 21,258 + 69 + 164

Other assets11 38,398 + 3,310 + 2,917

Total assets (0) 8,201,651 + 103,878 +1,243,047

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

Jul 14, 2021 Jul 7, 2021 Jul 15, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,137,519 - 1,883 + 204,740

Reverse repurchase agreements12 1,110,967 + 61,635 + 886,738

Deposits (0) 4,857,339 + 39,260 + 219,370

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,944,700 + 88,497 +1,212,051

U.S. Treasury, General Account 657,542 - 67,356 -1,082,913

Foreign official 5,250 + 20 - 10,982

Other13 (0) 249,847 + 18,099 + 101,214

Deferred availability cash items (0) 169 - 44 - 111

Treasury contributions to credit facilities14 40,278 0 - 73,722

Other liabilities and accrued dividends15 15,775 + 4,910 + 5,189

Total liabilities (0) 8,162,047 + 103,877 +1,242,204

Capital accounts

Capital paid in 32,819 + 1 + 883

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,604 + 1 + 843

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 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.

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, July 14, 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 1,243 19 25 111 55 182 115 234 14 31 85 146 227

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 8,054,445 133,253 4,514,275 172,430 305,787 535,216 467,633 435,553 104,890 89,082 107,813 353,296 835,217

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 22,641 0 22,641 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,564 30,564 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 9,758 0 9,758 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 4,689 0 4,689 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 476 22 160 17 41 99 22 19 9 4 5 9 70

Foreign currency denominated

assets4 21,258 965 7,146 763 1,838 4,424 961 833 404 181 230 383 3,130

Other assets5 40,339 763 21,363 957 1,528 2,984 2,488 2,238 667 503 847 1,887 4,114

Interdistrict settlement account 0 + 7,726 - 290,483 + 20,334 + 21,846 - 21,173 + 41,809 + 77,511 + 10,138 - 13,172 + 12,089 + 34,543 + 98,832

Total assets 8,201,651 173,841 4,294,995 195,135 331,846 522,920 515,216 517,523 116,598 76,902 121,525 391,484 943,666

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, July 14, 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 2,137,519 65,996 697,104 63,434 104,599 156,669 302,123 127,427 57,503 32,520 53,266 194,844 282,033

Reverse repurchase agreements6 1,110,967 18,565 627,981 23,465 40,424 74,444 65,094 60,626 14,484 8,596 14,753 49,129 113,408

Deposits 4,857,339 72,824 2,922,679 106,311 182,711 282,284 145,207 326,993 43,559 35,178 52,744 145,962 540,887

Depository institutions 3,944,700 72,808 2,189,244 106,309 182,670 281,807 145,075 151,701 43,550 34,952 51,790 143,933 540,861

U.S. Treasury, General Account 657,542 0 657,542 0 0 0 0 0 0 0 0 0 0

Foreign official 5,250 2 5,224 1 3 8 2 2 1 0 0 1 6

Other7 249,847 14 70,669 0 38 469 130 175,291 8 226 953 2,028 20

Earnings remittances due to the U.S.

Treasury8 3,139 49 1,791 65 112 208 187 170 39 22 36 138 322

Treasury contributions to credit facilities9 40,278 16,572 23,706 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 12,805 -1,930 8,467 362 492 1,147 812 766 269 361 292 579 1,187

Total liabilities 8,162,047 172,076 4,281,729 193,635 328,339 514,751 513,423 515,983 115,855 76,677 121,091 390,652 937,836

Capital

Capital paid in 32,819 1,457 10,987 1,256 2,921 6,756 1,486 1,275 613 167 361 710 4,831

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 8,201,651 173,841 4,294,995 195,135 331,846 522,920 515,216 517,523 116,598 76,902 121,525 391,484 943,666

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, July 14, 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, 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 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.

 

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 Jul 14, 2021

Federal Reserve notes outstanding 2,337,293

Less: Notes held by F.R. Banks not subject to collateralization 199,774

Federal Reserve notes to be collateralized 2,137,519

Collateral held against Federal Reserve notes 2,137,519

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,121,282

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,627,278

Less: Face value of securities under reverse repurchase agreements 1,080,472

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,546,806

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.