FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 17, 2020

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

Dec 16, 2020 Dec 9, 2020 Dec 18, 2019

Wednesday

Dec 16, 2020

Reserve Bank credit 7,252,103 + 60,085 +3,164,510 7,322,422

Securities held outright1 6,681,311 + 53,479 +2,965,403 6,744,281

U.S. Treasury securities 4,643,132 + 21,298 +2,355,885 4,662,841

Bills2 326,044 0 + 189,738 326,044

Notes and bonds, nominal2 3,965,226 + 19,089 +1,965,555 3,984,922

Notes and bonds, inflation-indexed2 308,426 + 2,058 + 182,453 308,426

Inflation compensation3 43,436 + 151 + 18,139 43,448

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

Mortgage-backed securities4 2,035,832 + 32,181 + 609,518 2,079,093

Unamortized premiums on securities held outright5 342,185 + 1,614 + 216,613 343,821

Unamortized discounts on securities held outright5 -5,276 - 197 + 7,874 -5,482

Repurchase agreements6 1,000 0 - 234,292 1,000

Foreign official 1,000 0 + 1,000 1,000

Others 0 0 - 235,292 0

Loans 58,700 - 1,305 + 58,676 58,809

Primary credit 1,766 - 321 + 1,751 1,871

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 9 0

Primary Dealer Credit Facility 264 + 14 + 264 350

Money Market Mutual Fund Liquidity Facility 4,449 - 13 + 4,449 4,449

Paycheck Protection Program Liquidity Facility 52,222 - 984 + 52,222 52,139

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,557 - 5 + 8,557 8,557

Net portfolio holdings of Corporate Credit Facilities LLC7 46,202 + 79 + 46,202 46,286

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 46,028 + 1,823 + 46,028 47,515

Net portfolio holdings of Municipal Liquidity Facility LLC7 17,060 + 588 + 17,060 21,267

Net portfolio holdings of TALF II LLC7 12,463 + 198 + 12,463 12,464

Float -186 - 114 - 80 -106

Central bank liquidity swaps8 10,367 + 1,034 + 10,288 10,048

Other Federal Reserve assets9 33,691 + 2,891 + 9,717 33,962

Foreign currency denominated assets10 22,117 + 19 + 1,499 22,189

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,528 + 14 + 467 50,528

Total factors supplying reserve funds 7,340,988 + 60,118 +3,166,474 7,411,380

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

Dec 16, 2020 Dec 9, 2020 Dec 18, 2019

Wednesday

Dec 16, 2020

Currency in circulation11 2,066,480 + 113 + 273,664 2,068,090

Reverse repurchase agreements12 191,636 + 8,484 - 68,075 190,860

Foreign official and international accounts 191,618 + 8,467 - 65,791 190,834

Others 18 + 17 - 2,284 26

Treasury cash holdings 38 - 3 - 137 31

Deposits with F.R. Banks, other than reserve balances 1,746,417 - 1,092 +1,330,217 1,813,826

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,529,698 - 4,545 +1,197,106 1,615,873

Foreign official 21,823 + 25 + 16,641 21,825

Other13 194,895 + 3,427 + 116,469 176,128

Treasury contributions to credit facilities14 114,000 0 + 114,000 114,000

Other liabilities and capital15 54,177 + 1,855 + 8,814 55,747

Total factors, other than reserve balances,

absorbing reserve funds 4,172,749 + 9,358 +1,658,484 4,242,554

Reserve balances with Federal Reserve Banks 3,168,240 + 50,760 +1,507,991 3,168,826

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 $37.5 billion,

MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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

Dec 16, 2020 Dec 9, 2020 Dec 18, 2019

Wednesday

Dec 16, 2020

Securities held in custody for foreign official and international

accounts 3,501,564 + 17,763 + 96,132 3,509,175

Marketable U.S. Treasury securities1 3,052,333 + 16,962 + 95,719 3,059,405

Federal agency debt and mortgage-backed securities2 362,246 + 763 - 3,211 363,130

Other securities3 86,985 + 38 + 3,625 86,640

Securities lent to dealers 25,118 - 6,377 - 5,651 23,643

Overnight facility4 25,118 - 6,377 - 5,651 23,643

U.S. Treasury securities 25,118 - 6,377 - 5,651 23,643

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, December 16, 2020

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 2,540 3,542 588 52,139 0 ... 58,809

U.S. Treasury securities2

Holdings 83,472 306,309 647,778 1,742,438 832,286 1,050,559 4,662,841

Weekly changes + 42,162 - 38,705 + 10,626 + 4,889 + 1,636 + 11,695 + 32,303

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 4 2,107 73,509 2,003,473 2,079,093

Weekly changes 0 0 0 - 5 - 587 + 76,030 + 75,437

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 10,007 ... ... 10,007

Municipal notes held by Municipal

Liquidity Facility LLC7 0 0 1,003 5,358 ... ... 6,361

Loans held by TALF II LLC8 0 0 0 3,458 ... ... 3,458

Repurchase agreements9 1,000 0 ... ... ... ... 1,000

Central bank liquidity swaps10 502 9,546 0 0 0 0 10,048

Reverse repurchase agreements9 190,860 0 ... ... ... ... 190,860

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 Dec 16, 2020

Mortgage-backed securities held outright1 2,079,093

Residential mortgage-backed securities 2,069,326

Commercial mortgage-backed securities 9,766

Commitments to buy mortgage-backed securities2 170,271

Commitments to sell mortgage-backed securities2 89

Cash and cash equivalents3 48

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 Dec 16, 2020

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 8,557 8,557

Corporate Credit Facilities LLC 13,920 14,105 32,182 46,286

MS Facilities LLC (Main Street Lending Program) 10,000 9,911 37,603 47,515

Municipal Liquidity Facility LLC 1,454 6,361 14,905 21,267

TALF II LLC 3,946 3,458 9,006 12,464

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

 September 30, 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 initially 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

Dec 16, 2020 Dec 9, 2020 Dec 18, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,560 + 19 - 113

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,142,430 + 109,520 +3,068,097

Securities held outright1 6,744,281 + 107,740 +3,018,820

U.S. Treasury securities 4,662,841 + 32,303 +2,362,163

Bills2 326,044 0 + 179,022

Notes and bonds, nominal2 3,984,922 + 32,270 +1,982,564

Notes and bonds, inflation-indexed2 308,426 0 + 182,453

Inflation compensation3 43,448 + 33 + 18,123

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,079,093 + 75,437 + 656,657

Unamortized premiums on securities held outright5 343,821 + 2,798 + 218,423

Unamortized discounts on securities held outright5 -5,482 - 402 + 7,755

Repurchase agreements6 1,000 0 - 235,662

Loans7 58,809 - 617 + 58,761

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,557 0 + 8,557

Net portfolio holdings of Corporate Credit Facilities LLC8 46,286 + 148 + 46,286

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 47,515 + 2,694 + 47,515

Net portfolio holdings of Municipal Liquidity Facility LLC8 21,267 + 4,908 + 21,267

Net portfolio holdings of TALF II LLC8 12,464 + 1 + 12,464

Items in process of collection (0) 78 - 2 + 24

Bank premises 2,201 + 2 + 6

Central bank liquidity swaps9 10,048 + 483 + 9,969

Foreign currency denominated assets10 22,189 + 162 + 1,602

Other assets11 31,761 + 1,999 + 9,866

Total assets (0) 7,362,592 + 119,934 +3,225,540

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

Dec 16, 2020 Dec 9, 2020 Dec 18, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,019,149 + 1,327 + 271,415

Reverse repurchase agreements12 190,860 - 1,397 - 73,121

Deposits (0) 4,982,652 + 116,105 +2,901,964

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,168,826 + 21,170 +1,537,378

U.S. Treasury, General Account 1,615,873 + 113,512 +1,237,300

Foreign official 21,825 + 2 + 16,643

Other13 (0) 176,128 - 18,580 + 110,643

Deferred availability cash items (0) 184 + 11 + 36

Treasury contributions to credit facilities14 114,000 0 + 114,000

Other liabilities and accrued dividends15 16,508 + 3,878 + 10,523

Total liabilities (0) 7,323,353 + 119,925 +3,224,818

Capital accounts

Capital paid in 32,414 + 10 + 722

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,239 + 10 + 722

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 $37.5 billion,

MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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, December 16, 2020

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 1,560 30 36 134 87 206 152 259 33 45 105 181 292

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,142,430 164,977 3,677,736 167,464 223,210 447,197 524,450 397,438 113,393 74,908 117,406 343,412 890,840

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 8,557 0 8,557 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 46,286 0 46,286 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 47,515 47,515 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 21,267 0 21,267 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 12,464 0 12,464 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 10,048 477 3,377 362 859 2,121 498 390 165 79 106 119 1,496

Foreign currency denominated

assets4 22,189 1,053 7,459 798 1,896 4,683 1,100 862 364 174 234 263 3,303

Other assets5 34,040 2,360 14,762 846 1,110 2,406 2,578 1,915 822 436 832 1,881 4,092

Interdistrict settlement account 0 - 34,908 + 261,241 - 19,515 + 75,108 + 118,302 - 120,272 - 20,145 - 20,245 - 13,964 - 20,769 - 50,305 - 154,528

Total assets 7,362,592 182,037 4,058,668 150,618 303,031 576,080 410,689 381,856 95,011 61,947 98,363 296,753 747,541

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, December 16, 2020 (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 2,019,149 61,617 674,503 55,267 92,245 147,801 278,190 131,564 58,646 33,284 54,544 168,553 262,935

Reverse repurchase agreements6 190,860 4,286 98,819 4,354 5,971 11,962 14,066 10,660 3,016 1,804 3,035 9,198 23,688

Deposits 4,982,652 74,810 3,187,198 89,243 200,996 407,135 115,722 237,381 32,353 26,170 40,072 117,761 453,811

Depository institutions 3,168,826 74,783 1,485,734 89,242 200,958 406,749 115,656 126,777 32,348 26,116 40,037 116,640 453,785

U.S. Treasury, General Account 1,615,873 0 1,615,873 0 0 0 0 0 0 0 0 0 0

Foreign official 21,825 2 21,799 1 3 8 2 2 1 0 0 0 6

Other7 176,128 25 63,791 0 35 377 64 110,602 3 54 35 1,121 20

Earnings remittances due to the U.S.

Treasury8 2,040 48 1,085 39 67 119 152 110 29 19 27 90 254

Treasury contributions to credit facilities9 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 14,652 443 8,889 306 369 884 759 606 238 341 263 486 1,067

Total liabilities 7,323,353 180,204 4,045,494 149,209 299,649 567,901 408,889 380,322 94,281 61,618 97,941 296,089 741,756

Capital

Capital paid in 32,414 1,509 10,880 1,163 2,800 6,738 1,461 1,269 618 275 350 583 4,768

Surplus 6,825 324 2,294 246 583 1,441 338 265 112 53 72 81 1,016

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

Total liabilities and capital 7,362,592 182,037 4,058,668 150,618 303,031 576,080 410,689 381,856 95,011 61,947 98,363 296,753 747,541

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, December 16, 2020 (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 a $6.825 billion surplus.

9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS Facilities LLC of $37.5 billion, and

Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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 Dec 16, 2020

Federal Reserve notes outstanding 2,182,929

Less: Notes held by F.R. Banks not subject to collateralization 163,780

Federal Reserve notes to be collateralized 2,019,149

Collateral held against Federal Reserve notes 2,019,149

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,002,912

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,745,281

Less: Face value of securities under reverse repurchase agreements 182,781

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,562,500

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.