FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks January 20, 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

Jan 19, 2022 Jan 12, 2022 Jan 20, 2021

Wednesday

Jan 19, 2022

Reserve Bank credit 8,825,644 + 88,586 +1,453,669 8,829,738

Securities held outright1 8,376,336 + 86,273 +1,533,864 8,381,950

U.S. Treasury securities 5,692,288 + 20,133 + 959,598 5,693,341

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,906,950 + 22,404 + 857,194 4,915,211

Notes and bonds, inflation-indexed2 385,508 - 2,275 + 71,620 379,498

Inflation compensation3 73,786 + 4 + 30,785 72,589

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

Mortgage-backed securities4 2,681,701 + 66,139 + 574,266 2,686,262

Unamortized premiums on securities held outright5 353,274 + 484 + 7,575 353,102

Unamortized discounts on securities held outright5 -18,481 - 388 - 12,467 -18,737

Repurchase agreements6 0 0 - 1,000 1

Foreign official 0 0 - 1,000 1

Others 0 0 0 0

Loans 32,075 - 1,067 - 19,616 31,607

Primary credit 474 + 81 - 1,221 469

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 0 0 - 485 0

Money Market Mutual Fund Liquidity Facility 0 0 - 1,916 0

Paycheck Protection Program Liquidity Facility 31,601 - 1,147 - 15,994 31,138

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 - 8,557 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 26,310 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 29,286 - 130 - 3,996 28,936

Net portfolio holdings of Municipal Liquidity Facility LLC7 7,867 + 2 - 3,738 7,868

Net portfolio holdings of TALF II LLC7 2,601 0 - 4,076 2,601

Float -147 - 18 - 57 -143

Central bank liquidity swaps8 266 - 98 - 10,643 266

Other Federal Reserve assets9 42,566 + 3,526 + 2,689 42,286

Foreign currency denominated assets10 20,476 + 141 - 1,628 20,402

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,970 + 14 + 504 50,970

Total factors supplying reserve funds 8,913,331 + 88,741 +1,452,546 8,917,351

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

Jan 19, 2022 Jan 12, 2022 Jan 20, 2021

Wednesday

Jan 19, 2022

Currency in circulation11 2,232,505 - 2,110 + 137,518 2,232,997

Reverse repurchase agreements12 1,926,774 + 84,694 +1,716,924 1,963,799

Foreign official and international accounts 314,488 + 4,589 + 104,982 307,223

Others 1,612,286 + 80,106 +1,611,942 1,656,576

Treasury cash holdings 64 - 1 + 28 25

Deposits with F.R. Banks, other than reserve balances 748,958 + 44,427 -1,149,310 830,057

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 488,697 + 32,296 -1,138,209 580,171

Foreign official 5,672 - 506 - 16,396 7,407

Other13 254,589 + 12,637 + 5,295 242,478

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

Other liabilities and capital15 51,252 + 2,765 + 11 47,473

Total factors, other than reserve balances, 

absorbing reserve funds 4,980,810 + 129,774 + 674,649 5,095,608

Reserve balances with Federal Reserve Banks 3,932,521 - 41,033 + 777,897 3,821,743

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

Jan 19, 2022 Jan 12, 2022 Jan 20, 2021

Wednesday

Jan 19, 2022

Securities held in custody for foreign official and international 

accounts 3,446,882 + 13,302 - 94,431 3,453,991

Marketable U.S. Treasury securities1 3,037,473 + 2,874 - 62,921 3,044,251

Federal agency debt and mortgage-backed securities2 327,462 + 10,024 - 25,103 327,465

Other securities3 81,947 + 404 - 6,407 82,275

Securities lent to dealers 42,141 + 3,266 + 12,686 38,777

Overnight facility4 42,141 + 3,266 + 12,686 38,777

U.S. Treasury securities 42,141 + 3,266 + 12,686 38,777

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, January 19, 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 231 425 1,066 29,885 0 ... 31,607

U.S. Treasury securities2

Holdings 94,164 319,379 722,254 2,182,881 1,012,038 1,362,625 5,693,341

Weekly changes + 16,829 - 10,307 - 5,732 + 17,616 - 15,258 + 5,455 + 8,604

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 34 1,997 60,901 2,623,330 2,686,262

Weekly changes 0 0 0 - 12 - 548 + 71,255 + 70,695

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 15,356 ... ... 15,356

Municipal notes held by Municipal 

Liquidity Facility LLC6 291 451 0 2,907 ... ... 3,649

Loans held by TALF II LLC7 0 0 0 1,345 ... ... 1,345

Repurchase agreements8 1 0 ... ... ... ... 1

Central bank liquidity swaps9 216 50 0 0 0 0 266

Reverse repurchase agreements8 1,963,799 0 ... ... ... ... 1,963,799

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 Jan 19, 2022

Mortgage-backed securities held outright1 2,686,262

Residential mortgage-backed securities 2,677,064

Commercial mortgage-backed securities 9,198

Commitments to buy mortgage-backed securities2 69,032

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 452

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 Jan 19, 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) 15,011 13,030 15,907 28,936

Municipal Liquidity Facility LLC 4,131 3,649 4,219 7,868

TALF II LLC 1,405 1,345 1,257 2,601

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 September 30, 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

Jan 19, 2022 Jan 12, 2022 Jan 20, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,233 + 5 - 341

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,747,923 + 78,172 +1,509,878

Securities held outright1 8,381,950 + 79,299 +1,536,202

U.S. Treasury securities 5,693,341 + 8,604 + 949,789

Bills2 326,044 0 0

Notes and bonds, nominal2 4,915,211 + 18,405 + 853,780

Notes and bonds, inflation-indexed2 379,498 - 8,413 + 66,280

Inflation compensation3 72,589 - 1,387 + 29,730

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,686,262 + 70,695 + 586,413

Unamortized premiums on securities held outright5 353,102 + 432 + 7,598

Unamortized discounts on securities held outright5 -18,737 - 477 - 12,682

Repurchase agreements6 1 0 - 999

Loans7 31,607 - 1,081 - 20,241

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,557

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,311

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 28,936 - 487 - 4,354

Net portfolio holdings of Municipal Liquidity Facility LLC8 7,868 + 2 - 3,740

Net portfolio holdings of TALF II LLC8 2,601 0 - 4,077

Items in process of collection (0) 81 + 10 - 21

Bank premises 1,417 + 9 - 793

Central bank liquidity swaps9 266 - 98 - 10,643

Foreign currency denominated assets10 20,402 - 60 - 1,716

Other assets11 40,869 + 2,000 + 3,566

Total assets (0) 8,867,834 + 79,556 +1,452,892

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

Jan 19, 2022 Jan 12, 2022 Jan 20, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,183,281 - 19 + 134,631

Reverse repurchase agreements12 1,963,799 + 101,754 +1,757,167

Deposits (0) 4,651,800 - 21,282 - 407,681

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,821,743 - 107,190 + 671,936

U.S. Treasury, General Account 580,171 + 90,492 -1,058,160

Foreign official 7,407 + 2,217 - 16,060

Other13 (0) 242,478 - 6,802 - 5,397

Deferred availability cash items (0) 224 + 43 + 36

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

Other liabilities and accrued dividends15 6,974 - 940 - 2,033

Total liabilities (0) 8,827,335 + 79,554 +1,451,598

Capital accounts

Capital paid in 33,714 + 2 + 1,334

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 40,499 + 2 + 1,294

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, January 19, 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 1,233 15 24 111 47 178 112 228 18 34 88 155 225

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,747,923 145,732 4,931,340 184,165 322,846 584,566 510,818 475,807 113,980 79,012 116,169 385,628 897,860

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 28,936 28,936 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 7,868 0 7,868 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,601 0 2,601 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 266 12 89 10 23 55 12 10 5 2 3 5 39

Foreign currency denominated 

assets4 20,402 926 6,858 733 1,764 4,245 923 799 388 173 221 368 3,004

Other assets5 42,367 809 22,456 997 1,605 3,162 2,612 2,345 704 495 875 1,982 4,323

Interdistrict settlement account 0 + 10,686 - 318,572 + 2,136 + 1,474 + 6,774 + 61,771 + 85,860 + 24,809 + 405 + 22,820 + 58,779 + 43,058

Total assets 8,867,834 187,647 4,658,085 188,675 328,511 600,169 578,435 566,186 140,379 80,395 140,631 448,137 950,584

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, January 19, 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 2,183,281 72,832 701,866 61,551 102,718 153,731 326,050 121,650 64,405 33,182 56,559 191,047 297,691

Reverse repurchase agreements6 1,963,799 32,817 1,110,049 41,477 71,455 131,590 115,063 107,165 25,603 15,195 26,078 86,842 200,465

Deposits 4,651,800 66,047 2,822,884 83,864 150,067 305,705 135,096 335,211 49,338 31,586 57,324 168,844 445,836

Depository institutions 3,821,743 66,030 2,184,674 83,862 150,020 305,227 134,963 145,357 49,330 31,333 56,709 168,467 445,770

U.S. Treasury, General Account 580,171 0 580,171 0 0 0 0 0 0 0 0 0 0

Foreign official 7,407 2 7,380 1 3 8 2 2 1 0 0 1 6

Other7 242,478 15 50,657 0 44 469 132 189,852 7 252 614 376 61

Earnings remittances due to the U.S. 

Treasury8 2,741 46 1,597 59 94 160 170 144 31 25 25 130 258

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 4,457 -1,542 2,028 236 278 778 656 466 191 178 224 337 627

Total liabilities 8,827,335 185,874 4,644,008 187,187 324,613 591,964 577,035 564,636 139,567 80,166 140,209 447,199 944,877

Capital

Capital paid in 33,714 1,465 11,797 1,244 3,311 6,793 1,093 1,285 682 171 348 816 4,708

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 8,867,834 187,647 4,658,085 188,675 328,511 600,169 578,435 566,186 140,379 80,395 140,631 448,137 950,584

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, January 19, 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 Jan 19, 2022

Federal Reserve notes outstanding 2,449,093

Less: Notes held by F.R. Banks not subject to collateralization 265,812

Federal Reserve notes to be collateralized 2,183,281

Collateral held against Federal Reserve notes 2,183,281

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,167,044

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,381,952

Less: Face value of securities under reverse repurchase agreements 1,949,117

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,432,834

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.