FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks April 1, 2021

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Mar 31, 2021 Mar 24, 2021 Apr 1, 2020

Wednesday

Mar 31, 2021

Reserve Bank credit 7,642,034 - 43,185 +2,067,230 7,649,010

Securities held outright1 7,121,453 - 42,435 +2,516,470 7,129,308

U.S. Treasury securities 4,934,516 + 18,798 +1,759,401 4,942,277

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,230,860 + 15,289 +1,593,277 4,235,393

Notes and bonds, inflation-indexed2 331,728 + 2,904 + 150,666 334,757

Inflation compensation3 45,884 + 605 + 15,457 46,083

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

Mortgage-backed securities4 2,184,590 - 61,233 + 757,070 2,184,683

Unamortized premiums on securities held outright5 350,769 - 2,148 + 159,171 350,974

Unamortized discounts on securities held outright5 -9,133 - 573 + 72 -9,469

Repurchase agreements6 1 + 1 - 302,462 0

Foreign official 1 + 1 + 1 0

Others 0 0 - 302,463 0

Loans 59,818 + 1,528 - 70,490 61,188

Primary credit 941 - 74 - 48,637 828

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 25 - 89 - 33,857 25

Money Market Mutual Fund Liquidity Facility 303 - 254 - 46,546 200

Paycheck Protection Program Liquidity Facility 58,549 + 1,946 + 58,549 60,135

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,556 - 6 + 8,556 8,556

Net portfolio holdings of Corporate Credit Facilities LLC7 26,025 + 13 + 26,025 26,034

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 30,946 + 5 + 30,946 30,953

Net portfolio holdings of Municipal Liquidity Facility LLC7 11,554 + 3 + 11,554 11,556

Net portfolio holdings of TALF II LLC7 5,596 - 52 + 5,596 5,282

Float -342 - 235 + 101 -1,050

Central bank liquidity swaps8 2,510 + 1,678 - 325,277 2,510

Other Federal Reserve assets9 34,281 - 964 + 6,968 33,168

Foreign currency denominated assets10 21,238 - 208 + 637 21,151

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,623 + 14 + 443 50,623

Total factors supplying reserve funds 7,730,136 - 43,379 +2,068,311 7,737,025

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Mar 31, 2021 Mar 24, 2021 Apr 1, 2020

Wednesday

Mar 31, 2021

Currency in circulation11 2,138,694 + 16,708 + 261,855 2,144,159

Reverse repurchase agreements12 253,022 + 23,861 - 231,856 352,177

Foreign official and international accounts 206,760 - 1,406 - 63,676 217,870

Others 46,262 + 25,267 - 168,180 134,307

Treasury cash holdings 91 - 8 - 236 89

Deposits with F.R. Banks, other than reserve balances 1,363,594 - 131,501 + 650,488 1,470,283

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,025,727 - 35,411 + 596,460 1,121,951

Foreign official 32,466 + 2,661 + 15,258 33,209

Other13 305,401 - 98,752 + 38,770 315,122

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

Other liabilities and capital15 46,794 - 2,227 - 5,974 45,837

Total factors, other than reserve balances,

absorbing reserve funds 3,853,974 - 93,167 + 726,057 4,064,323

Reserve balances with Federal Reserve Banks 3,876,162 + 49,787 +1,342,254 3,672,702

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

6. Cash value of agreements.

7. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on

consolidation below.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

9. Includes bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. 

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks

as fiscal agents of the United States.

14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion,

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

Market Mutual Fund Liquidity Facility of $1.5 billion.

15. Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Mar 31, 2021 Mar 24, 2021 Apr 1, 2020

Wednesday

Mar 31, 2021

Securities held in custody for foreign official and international

accounts 3,551,522 - 15,051 + 213,101 3,549,695

Marketable U.S. Treasury securities1 3,118,174 - 6,390 + 250,826 3,116,001

Federal agency debt and mortgage-backed securities2 346,297 - 8,535 - 42,232 346,424

Other securities3 87,051 - 126 + 4,507 87,270

Securities lent to dealers 39,005 + 2,340 + 2,101 42,179

Overnight facility4 39,005 + 2,340 + 2,101 42,179

U.S. Treasury securities 39,005 + 2,340 + 2,101 42,179

Federal agency debt securities 0 0 0 0

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.
H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, March 31, 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 337 716 16 60,119 0 ... 61,188

U.S. Treasury securities2

Holdings 71,018 317,893 655,501 1,881,534 889,019 1,127,312 4,942,277

Weekly changes - 13,200 - 27,445 + 29,913 + 14,536 + 10,420 + 6,750 + 20,975

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 7 1,938 68,833 2,113,904 2,184,683

Weekly changes 0 0 - 1 - 88 - 1,378 - 48,657 - 50,124

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 16,520 ... ... 16,520

Municipal notes held by Municipal

Liquidity Facility LLC7 300 400 0 5,358 ... ... 6,058

Loans held by TALF II LLC8 0 0 0 2,135 ... ... 2,135

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

Central bank liquidity swaps10 1,891 619 0 0 0 0 2,510

Reverse repurchase agreements9 352,177 0 ... ... ... ... 352,177

Term deposits 0 0 0 ... ... ... 0

Note: Components may not sum to totals because of rounding.

...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund

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

Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF

II LLC, and from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB’s

statement of condition, respectively, consistent with consolidation under generally accepted accounting principles.

2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original

face value of such securities.

3. Face value.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. Book value of commercial paper held by Commercial Paper Funding Facility II LLC.

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

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

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

9. Cash value of agreements.

10. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Mar 31, 2021

Mortgage-backed securities held outright1 2,184,683

Residential mortgage-backed securities 2,174,740

Commercial mortgage-backed securities 9,943

Commitments to buy mortgage-backed securities2 176,108

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 0

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within

180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed

securities generally settle within three business days.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Wednesday Mar 31, 2021

Net portfolio holdings of

Credit Facilities LLCs

Outstanding

principal Outstanding

amount amount of Treasury

of loan facility contributions

extended to asset and

Credit Facilities LLCs:

the LLC1 purchases2 other assets3 Total

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

Corporate Credit Facilities LLC 13,956 13,788 12,246 26,034

MS Facilities LLC (Main Street Lending Program) 16,488 14,107 16,846 30,953

Municipal Liquidity Facility LLC 6,203 6,058 5,498 11,556

TALF II LLC 2,256 2,135 3,147 5,282

Note: Components may not sum to totals because of rounding.

1. Book value. This amount was eliminated when preparing the Federal Reserve Banks’ statement of condition consistent with consolidation under

generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve

Bank to the LLC upon settlement of the investment activity.

2. Outstanding amount of facility asset purchases:

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

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

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

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

 December 31, 2020, at face value.

d. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on

 a one-day lag after the transaction date.

e. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.

3. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury

contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash

and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are

excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the credit facilities

from the following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and

TALF II LLC. Refer to the note on consolidation accompanying table 6.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Mar 31, 2021 Mar 24, 2021 Apr 1, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,484 - 32 - 176

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,532,001 - 28,885 +2,135,742

Securities held outright1 7,129,308 - 29,148 +2,328,407

U.S. Treasury securities 4,942,277 + 20,975 +1,601,445

Bills2 326,044 0 0

Notes and bonds, nominal2 4,235,393 + 17,002 +1,443,533

Notes and bonds, inflation-indexed2 334,757 + 3,534 + 143,032

Inflation compensation3 46,083 + 439 + 14,879

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,184,683 - 50,124 + 726,962

Unamortized premiums on securities held outright5 350,974 - 1,487 + 139,635

Unamortized discounts on securities held outright5 -9,469 - 456 - 977

Repurchase agreements6 0 0 - 263,050

Loans7 61,188 + 2,207 - 68,273

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,556 0 + 8,556

Net portfolio holdings of Corporate Credit Facilities LLC8 26,034 + 11 + 26,034

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 30,953 + 8 + 30,953

Net portfolio holdings of Municipal Liquidity Facility LLC8 11,556 + 3 + 11,556

Net portfolio holdings of TALF II LLC8 5,282 - 367 + 5,282

Items in process of collection (0) 57 + 12 + 17

Bank premises 1,923 + 4 - 275

Central bank liquidity swaps9 2,510 + 1,678 - 346,034

Foreign currency denominated assets10 21,151 - 221 + 567

Other assets11 31,246 - 2,843 + 5,161

Total assets (0) 7,688,988 - 30,634 +1,877,381

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Mar 31, 2021 Mar 24, 2021 Apr 1, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,095,105 + 12,120 + 264,120

Reverse repurchase agreements12 352,177 + 117,733 - 142,250

Deposits (0) 5,142,984 - 159,718 +1,709,274

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,672,702 - 136,437 + 988,304

U.S. Treasury, General Account 1,121,951 + 90,043 + 615,018

Foreign official 33,209 + 2,611 + 15,464

Other13 (0) 315,122 - 115,934 + 90,487

Deferred availability cash items (0) 1,107 + 871 + 516

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

Other liabilities and accrued dividends15 6,583 - 1,672 - 6,484

Total liabilities (0) 7,649,734 - 30,666 +1,876,954

Capital accounts

Capital paid in 32,469 + 32 + 467

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,254 + 32 + 427

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund

Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.

8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on

consolidation below.

9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

10. Revalued daily at current foreign currency exchange rates.

11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also includes net portfolio

holdings of Maiden Lane LLC.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks

as fiscal agents of the United States.

14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion,

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

Market Mutual Fund Liquidity Facility of $1.5 billion.

15. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 31, 2021

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificates and special drawing

rights certificates 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045

Coin 1,484 32 41 119 72 207 137 250 25 44 103 162 293

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,532,001 168,340 3,878,174 175,339 236,654 471,252 552,509 418,521 119,472 82,264 122,938 361,644 944,893

Net portfolio holdings of Commercial

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

Net portfolio holdings of Corporate

Credit Facilities LLC2 26,034 0 26,034 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,953 30,953 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 11,556 0 11,556 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 5,282 0 5,282 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 2,510 119 844 90 215 530 124 97 41 20 26 30 374

Foreign currency denominated

assets4 21,151 1,003 7,120 761 1,806 4,461 1,048 821 346 165 223 251 3,147

Other assets5 33,225 2,310 14,441 853 1,112 2,394 2,516 1,890 658 475 836 1,696 4,044

Interdistrict settlement account 0 - 4,218 - 1,387 + 17,615 + 74,570 + 83,970 - 97,245 + 49,101 - 9,408 - 10,384 - 10,250 - 6,495 - 85,869

Total assets 7,688,988 199,073 3,956,143 195,305 315,191 563,978 461,272 471,816 111,614 72,854 114,327 358,490 868,926

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 31, 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 2,095,105 62,308 678,298 56,901 101,584 157,617 291,379 132,634 59,999 33,199 54,973 183,690 282,523

Reverse repurchase agreements6 352,177 7,909 182,342 8,035 11,019 22,072 25,954 19,671 5,564 3,328 5,600 16,973 43,709

Deposits 5,142,984 110,740 3,044,355 128,707 198,919 375,481 141,564 317,475 45,086 34,713 53,085 156,720 536,139

Depository institutions 3,672,702 110,724 1,751,915 128,706 195,266 374,964 138,944 157,330 45,067 33,705 51,929 148,186 535,967

U.S. Treasury, General Account 1,121,951 0 1,121,951 0 0 0 0 0 0 0 0 0 0

Foreign official 33,209 2 33,183 1 3 8 2 2 1 0 0 0 6

Other7 315,122 13 137,306 0 3,649 509 2,619 160,144 19 1,008 1,156 8,534 166

Earnings remittances due to the U.S.

Treasury8 364 5 222 2 1 -17 39 23 11 8 6 27 38

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

Other liabilities and accrued

dividends 7,325 -1,738 4,049 253 281 677 552 477 208 1,257 229 361 721

Total liabilities 7,649,734 197,295 3,942,971 193,898 311,803 555,830 459,488 470,281 110,868 72,506 113,894 357,770 863,130

Capital

Capital paid in 32,469 1,470 10,892 1,164 2,801 6,735 1,477 1,270 617 291 359 597 4,796

Surplus 6,785 308 2,280 244 587 1,412 307 266 129 58 73 122 999

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

Total liabilities and capital 7,688,988 199,073 3,956,143 195,305 315,191 563,978 461,272 471,816 111,614 72,854 114,327 358,490 868,926

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 31, 2021 (continued)

1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the

purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on

an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary,

secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and

other credit extensions.

2. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

3. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4. Revalued daily at current foreign currency exchange rates.

5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio

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

6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by

depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury,

General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after

providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank’s allotted surplus cap.

9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, and

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

 

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal

Reserve Act. On April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S dollardenominated commercial paper by eligible issuers. The assets of the CPFF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the

FRBNY. On May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans

or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate

Credit Facility. The assets of the CCF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, FRBNY began

extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount

provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose

vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are

used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help

ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are

used to secure the loan from the FRBB.

The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with

generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the

statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs

consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in

table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this

table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).
H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Mar 31, 2021

Federal Reserve notes outstanding 2,247,980

Less: Notes held by F.R. Banks not subject to collateralization 152,875

Federal Reserve notes to be collateralized 2,095,105

Collateral held against Federal Reserve notes 2,095,105

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,078,868

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,129,308

Less: Face value of securities under reverse repurchase agreements 323,471

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,805,837

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.