FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 25, 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 24, 2021 Mar 17, 2021 Mar 25, 2020

Wednesday

Mar 24, 2021

Reserve Bank credit 7,685,219 + 48,871 +2,714,855 7,680,260

Securities held outright1 7,163,888 + 46,486 +2,976,470 7,158,456

U.S. Treasury securities 4,915,718 + 17,911 +2,102,232 4,921,302

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,215,571 + 16,211 +1,910,751 4,218,391

Notes and bonds, inflation-indexed2 328,824 + 1,201 + 174,351 331,223

Inflation compensation3 45,279 + 500 + 17,130 45,644

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

Mortgage-backed securities4 2,245,823 + 28,574 + 874,238 2,234,807

Unamortized premiums on securities held outright5 352,917 + 1,172 + 201,438 352,461

Unamortized discounts on securities held outright5 -8,560 - 370 + 2,445 -9,013

Repurchase agreements6 0 - 429 - 387,528 0

Foreign official 0 - 429 0 0

Others 0 0 - 387,528 0

Loans 58,290 + 1,256 - 3,040 58,981

Primary credit 1,015 - 160 - 38,914 1,054

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 114 - 74 - 14,276 25

Money Market Mutual Fund Liquidity Facility 557 - 34 - 6,454 516

Paycheck Protection Program Liquidity Facility 56,603 + 1,523 + 56,603 57,387

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,562 + 5 + 8,562 8,556

Net portfolio holdings of Corporate Credit Facilities LLC7 26,012 - 12 + 26,012 26,023

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 30,941 - 22 + 30,941 30,945

Net portfolio holdings of Municipal Liquidity Facility LLC7 11,551 + 3 + 11,551 11,553

Net portfolio holdings of TALF II LLC7 5,648 0 + 5,648 5,649

Float -107 + 8 + 83 -191

Central bank liquidity swaps8 832 - 413 - 167,982 832

Other Federal Reserve assets9 35,245 + 1,187 + 10,256 36,008

Foreign currency denominated assets10 21,446 - 33 + 1,403 21,372

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,609 + 14 + 438 50,609

Total factors supplying reserve funds 7,773,515 + 48,852 +2,716,696 7,768,483

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 24, 2021 Mar 17, 2021 Mar 25, 2020

Wednesday

Mar 24, 2021

Currency in circulation11 2,121,986 + 12,452 + 262,254 2,131,990

Reverse repurchase agreements12 229,161 + 19,647 - 54,308 234,444

Foreign official and international accounts 208,166 + 3,246 - 46,207 212,542

Others 20,995 + 16,401 - 8,101 21,902

Treasury cash holdings 99 - 9 - 226 92

Deposits with F.R. Banks, other than reserve balances 1,495,095 - 125,373 + 815,411 1,493,563

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,061,138 - 211,445 + 670,886 1,031,908

Foreign official 29,805 + 3,495 + 19,446 30,598

Other13 404,153 + 82,577 + 125,080 431,056

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

Other liabilities and capital15 49,021 - 3,210 + 2,384 47,477

Total factors, other than reserve balances,

absorbing reserve funds 3,947,141 - 96,492 +1,077,293 3,959,344

Reserve balances with Federal Reserve Banks 3,826,375 + 145,345 +1,639,404 3,809,139

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 24, 2021 Mar 17, 2021 Mar 25, 2020

Wednesday

Mar 24, 2021

Securities held in custody for foreign official and international

accounts 3,566,573 - 9,478 + 211,300 3,557,771

Marketable U.S. Treasury securities1 3,124,564 - 9,111 + 233,237 3,120,840

Federal agency debt and mortgage-backed securities2 354,832 + 610 - 26,059 350,051

Other securities3 87,177 - 976 + 4,122 86,881

Securities lent to dealers 36,665 - 2,916 + 1,718 40,269

Overnight facility4 36,665 - 2,916 + 1,718 40,269

U.S. Treasury securities 36,665 - 2,916 + 1,722 40,269

Federal agency debt securities 0 0 - 3 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 24, 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 1,038 556 13 57,373 0 ... 58,981

U.S. Treasury securities2

Holdings 84,218 345,338 625,588 1,866,998 878,599 1,120,562 4,921,302

Weekly changes + 5,001 - 388 - 4,584 + 2,199 + 1,484 + 5,958 + 9,669

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 8 2,026 70,211 2,162,561 2,234,807

Weekly changes 0 0 0 0 0 + 13,379 + 13,378

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 16,530 ... ... 16,530

Municipal notes held by Municipal

Liquidity Facility LLC7 0 700 0 5,358 ... ... 6,058

Loans held by TALF II LLC8 0 0 0 2,227 ... ... 2,227

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

Central bank liquidity swaps10 192 640 0 0 0 0 832

Reverse repurchase agreements9 234,444 0 ... ... ... ... 234,444

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 24, 2021

Mortgage-backed securities held outright1 2,234,807

Residential mortgage-backed securities 2,224,887

Commercial mortgage-backed securities 9,920

Commitments to buy mortgage-backed securities2 147,858

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 388

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 24, 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 13,800 12,223 26,023

MS Facilities LLC (Main Street Lending Program) 16,488 14,117 16,828 30,945

Municipal Liquidity Facility LLC 6,203 6,058 5,495 11,553

TALF II LLC 2,623 2,227 3,421 5,649

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 24, 2021 Mar 17, 2021 Mar 25, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,516 - 18 - 125

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,560,886 + 24,473 +2,575,882

Securities held outright1 7,158,456 + 23,047 +2,793,174

U.S. Treasury securities 4,921,302 + 9,669 +1,942,930

Bills2 326,044 0 0

Notes and bonds, nominal2 4,218,391 + 5,335 +1,762,266

Notes and bonds, inflation-indexed2 331,223 + 3,600 + 164,291

Inflation compensation3 45,644 + 734 + 16,373

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,234,807 + 13,378 + 850,244

Unamortized premiums on securities held outright5 352,461 + 266 + 184,188

Unamortized discounts on securities held outright5 -9,013 - 658 + 1,013

Repurchase agreements6 0 0 - 352,355

Loans7 58,981 + 1,817 - 50,138

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,556 - 7 + 8,556

Net portfolio holdings of Corporate Credit Facilities LLC8 26,023 + 13 + 26,023

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 30,945 + 5 + 30,945

Net portfolio holdings of Municipal Liquidity Facility LLC8 11,553 + 3 + 11,553

Net portfolio holdings of TALF II LLC8 5,649 + 1 + 5,649

Items in process of collection (0) 45 - 13 + 8

Bank premises 1,919 + 1 - 288

Central bank liquidity swaps9 832 + 42 - 205,219

Foreign currency denominated assets10 21,372 - 48 + 1,239

Other assets11 34,089 + 1,666 + 11,121

Total assets (0) 7,719,622 + 26,116 +2,465,344

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 24, 2021 Mar 17, 2021 Mar 25, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,082,985 + 17,616 + 259,017

Reverse repurchase agreements12 234,444 + 28,928 - 124,670

Deposits (0) 5,302,702 - 19,794 +2,281,436

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,809,139 - 64,184 +1,461,392

U.S. Treasury, General Account 1,031,908 - 57,593 + 647,018

Foreign official 30,598 + 396 + 14,337

Other13 (0) 431,056 + 101,586 + 158,688

Deferred availability cash items (0) 236 + 94 - 72

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

Other liabilities and accrued dividends15 8,255 - 730 - 2,572

Total liabilities (0) 7,680,400 + 26,113 +2,464,917

Capital accounts

Capital paid in 32,437 + 3 + 468

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,222 + 3 + 428

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 24, 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 1,516 34 44 121 74 208 142 252 27 44 104 166 301

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,560,886 169,257 3,894,274 175,461 236,997 473,157 554,786 420,370 119,951 82,181 123,273 363,164 948,015

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 26,023 0 26,023 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,945 30,945 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 11,553 0 11,553 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 5,649 0 5,649 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 832 39 280 30 71 176 41 32 14 7 9 10 124

Foreign currency denominated

assets4 21,372 1,014 7,184 769 1,826 4,510 1,060 830 350 167 225 254 3,182

Other assets5 36,053 2,377 15,851 912 1,191 2,577 2,707 2,040 681 486 877 1,967 4,386

Interdistrict settlement account 0 - 41,028 + 147,222 + 16,776 + 68,050 + 52,372 - 118,575 + 47,548 - 12,407 - 12,662 - 14,138 - 25,565 - 107,593

Total assets 7,719,622 163,172 4,122,119 194,597 308,970 534,165 442,344 472,209 109,094 70,494 110,800 341,198 850,461

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 24, 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 2,082,985 62,182 675,051 55,994 101,137 157,648 287,327 133,558 59,573 33,174 54,899 182,349 280,092

Reverse repurchase agreements6 234,444 5,265 121,385 5,349 7,335 14,694 17,278 13,095 3,704 2,216 3,728 11,299 29,097

Deposits 5,302,702 77,636 3,272,279 131,616 196,871 353,057 135,474 323,590 44,884 34,365 51,520 146,514 534,895

Depository institutions 3,809,139 77,616 1,937,453 131,615 196,829 352,568 135,328 167,328 44,876 34,234 50,497 145,925 534,869

U.S. Treasury, General Account 1,031,908 0 1,031,908 0 0 0 0 0 0 0 0 0 0

Foreign official 30,598 2 30,572 1 3 8 2 2 1 0 0 0 6

Other7 431,056 18 272,346 0 38 480 144 156,261 8 130 1,022 588 21

Earnings remittances due to the U.S.

Treasury8 1,636 30 884 35 45 87 125 87 24 13 24 80 201

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 6,855 -1,792 5,642 196 195 531 364 344 162 378 196 236 401

Total liabilities 7,680,400 161,394 4,108,947 193,190 305,582 526,017 440,568 470,675 108,349 70,145 110,367 340,478 844,687

Capital

Capital paid in 32,437 1,471 10,891 1,164 2,801 6,735 1,468 1,269 617 291 359 597 4,774

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 7,719,622 163,172 4,122,119 194,597 308,970 534,165 442,344 472,209 109,094 70,494 110,800 341,198 850,461

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 24, 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 24, 2021

Federal Reserve notes outstanding 2,237,773

Less: Notes held by F.R. Banks not subject to collateralization 154,788

Federal Reserve notes to be collateralized 2,082,985

Collateral held against Federal Reserve notes 2,082,985

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,066,748

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,158,456

Less: Face value of securities under reverse repurchase agreements 225,928

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,932,528

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.