FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks September 23, 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

Sep 22, 2021 Sep 15, 2021 Sep 23, 2020

Wednesday

Sep 22, 2021

Reserve Bank credit 8,438,372 + 86,336 +1,406,310 8,451,039

Securities held outright1 7,938,941 + 91,182 +1,500,463 7,952,278

U.S. Treasury securities 5,408,319 + 23,708 + 992,214 5,413,374

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,658,277 + 22,117 + 893,724 4,660,848

Notes and bonds, inflation-indexed2 360,581 + 1,029 + 74,663 362,754

Inflation compensation3 63,417 + 561 + 23,827 63,729

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

Mortgage-backed securities4 2,528,275 + 67,474 + 508,248 2,536,557

Unamortized premiums on securities held outright5 355,977 + 1,455 + 23,032 356,156

Unamortized discounts on securities held outright5 -15,561 + 16 - 10,691 -15,597

Repurchase agreements6 0 0 0 0

Foreign official 0 0 0 0

Others 0 0 0 0

Loans 66,217 - 5,383 - 11,707 64,875

Primary credit 286 + 12 - 2,851 382

Secondary credit 0 0 0 0

Seasonal credit 30 + 5 - 5 30

Primary Dealer Credit Facility 0 0 - 233 0

Money Market Mutual Fund Liquidity Facility 0 0 - 7,377 0

Paycheck Protection Program Liquidity Facility 65,901 - 5,400 - 1,240 64,462

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 - 8,588 0

Net portfolio holdings of Corporate Credit Facilities LLC7 12,308 - 2,748 - 32,666 12,307

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 30,438 - 103 - 8,739 30,441

Net portfolio holdings of Municipal Liquidity Facility LLC7 9,773 + 2 - 6,772 9,774

Net portfolio holdings of TALF II LLC7 4,512 0 - 6,919 4,512

Float -124 - 2 + 80 -88

Central bank liquidity swaps8 336 + 7 - 32,274 336

Other Federal Reserve assets9 35,556 + 1,911 + 1,091 36,044

Foreign currency denominated assets10 21,178 - 83 - 502 21,189

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,880 + 14 + 525 50,880

Total factors supplying reserve funds 8,526,671 + 86,267 +1,406,333 8,539,349

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

Sep 22, 2021 Sep 15, 2021 Sep 23, 2020

Wednesday

Sep 22, 2021

Currency in circulation11 2,195,773 - 1,739 + 167,407 2,196,411

Reverse repurchase agreements12 1,507,217 + 106,357 +1,306,913 1,564,032

Foreign official and international accounts 285,722 - 8,944 + 85,426 280,751

Others 1,221,495 + 115,301 +1,221,487 1,283,281

Treasury cash holdings 54 + 7 + 7 47

Deposits with F.R. Banks, other than reserve balances 576,605 + 97,378 -1,321,105 552,846

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 308,022 + 77,694 -1,372,666 272,679

Foreign official 6,272 - 349 - 12,599 7,909

Other13 262,311 + 20,033 + 64,159 272,257

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

Other liabilities and capital15 49,997 - 1,298 + 584 47,816

Total factors, other than reserve balances, 

absorbing reserve funds 4,369,924 + 200,704 + 80,085 4,401,430

Reserve balances with Federal Reserve Banks 4,156,747 - 114,437 +1,326,248 4,137,919

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

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

2. Face value of the securities.

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

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

the securities.

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

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

basis.

6. Cash value of agreements.

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

consolidation below.

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

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

foreign central bank.

9. Includes bank premises, accrued interest, and other accounts receivable.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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

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

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

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

as fiscal agents of the United States.

14. Book value. Amount of equity investments in Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, Municipal Liquidity 

Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Sep 22, 2021 Sep 15, 2021 Sep 23, 2020

Wednesday

Sep 22, 2021

Securities held in custody for foreign official and international 

accounts 3,483,871 + 13,166 + 59,766 3,481,948

Marketable U.S. Treasury securities1 3,063,248 + 16,498 + 75,767 3,063,757

Federal agency debt and mortgage-backed securities2 329,566 - 2,471 - 21,408 327,265

Other securities3 91,056 - 862 + 5,407 90,926

Securities lent to dealers 32,032 + 1,257 + 7,655 32,328

Overnight facility4 32,032 + 1,257 + 7,655 32,328

U.S. Treasury securities 32,032 + 1,257 + 7,655 32,328

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, September 22, 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 197 215 5,231 59,232 0 ... 64,875

U.S. Treasury securities2

Holdings 76,874 296,375 702,303 2,065,332 994,988 1,277,502 5,413,374

Weekly changes + 8,805 + 8,541 - 10,097 + 7,372 + 4,494 + 2,386 + 21,502

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 21 1,742 65,153 2,469,641 2,536,557

Weekly changes 0 0 0 + 1 + 223 + 22,178 + 22,401

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 15,967 ... ... 15,967

Municipal notes held by Municipal 

Liquidity Facility LLC6 0 0 0 4,373 ... ... 4,373

Loans held by TALF II LLC7 0 0 0 1,460 ... ... 1,460

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

Central bank liquidity swaps9 236 100 0 0 0 0 336

Reverse repurchase agreements8 1,564,032 0 ... ... ... ... 1,564,032

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

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

...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Paycheck Protection 

Program Liquidity Facility, and other credit extensions. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to 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 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 Sep 22, 2021

Mortgage-backed securities held outright1 2,536,557

Residential mortgage-backed securities 2,526,984

Commercial mortgage-backed securities 9,573

Commitments to buy mortgage-backed securities2 74,742

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 Sep 22, 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

Corporate Credit Facilities LLC 0 0 12,307 12,307

MS Facilities LLC (Main Street Lending Program) 15,920 13,421 17,020 30,441

Municipal Liquidity Facility LLC 4,373 4,373 5,401 9,774

TALF II LLC 1,480 1,460 3,052 4,512

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 Corporate Credit Facilities LLC includes exchange traded-funds and corporate bonds at fair value. Asset balances from trading activity are

 reported on a one-day lag after the transaction date.

b. 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 June 30, 2021.

c. 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.

d. 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: 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

Sep 22, 2021 Sep 15, 2021 Sep 23, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,202 - 7 - 265

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,357,712 + 38,996 +1,491,628

Securities held outright1 7,952,278 + 43,903 +1,493,540

U.S. Treasury securities 5,413,374 + 21,502 + 981,851

Bills2 326,044 0 0

Notes and bonds, nominal2 4,660,848 + 17,601 + 881,017

Notes and bonds, inflation-indexed2 362,754 + 3,202 + 76,836

Inflation compensation3 63,729 + 699 + 23,998

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,536,557 + 22,401 + 511,689

Unamortized premiums on securities held outright5 356,156 + 425 + 22,205

Unamortized discounts on securities held outright5 -15,597 - 32 - 10,760

Repurchase agreements6 0 0 0

Loans7 64,875 - 5,299 - 13,356

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,588

Net portfolio holdings of Corporate Credit Facilities LLC8 12,307 - 1 - 32,665

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 30,441 + 4 - 8,914

Net portfolio holdings of Municipal Liquidity Facility LLC8 9,774 + 2 - 6,772

Net portfolio holdings of TALF II LLC8 4,512 0 - 6,919

Items in process of collection (0) 70 + 13 + 11

Bank premises 1,587 - 3 - 608

Central bank liquidity swaps9 336 + 7 - 31,614

Foreign currency denominated assets10 21,189 - 93 - 321

Other assets11 34,456 + 2,135 + 1,689

Total assets (0) 8,489,824 + 41,054 +1,396,663

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

Sep 22, 2021 Sep 15, 2021 Sep 23, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,146,776 - 767 + 166,569

Reverse repurchase agreements12 1,564,032 + 188,356 +1,359,680

Deposits (0) 4,690,764 - 145,983 - 55,681

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 4,137,919 - 106,758 +1,289,834

U.S. Treasury, General Account 272,679 - 71,989 -1,389,053

Foreign official 7,909 + 2,644 - 10,962

Other13 (0) 272,257 + 30,121 + 54,500

Deferred availability cash items (0) 157 - 22 - 348

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

Other liabilities and accrued dividends15 7,948 - 536 - 595

Total liabilities (0) 8,449,956 + 41,049 +1,395,903

Capital accounts

Capital paid in 33,083 + 5 + 800

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,868 + 5 + 760

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

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

2. Face value of the securities.

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

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

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

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

basis.

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

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

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

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

consolidation below.

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

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

central bank.

10. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

as fiscal agents of the United States.

14. Book value. Amount of equity investments in Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, Municipal Liquidity 

Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion.

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

6. Statement of Condition of Each Federal Reserve Bank, September 22, 2021

Millions of dollars

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

Assets

Gold certificates and special drawing 

rights certificates 16,237 531 5,422 523 752 1,187 2,188 1,136 475 273 455 1,220 2,075

Coin 1,202 16 22 115 47 176 110 228 13 29 86 142 218

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,357,712 138,624 4,695,766 177,380 316,076 556,692 486,308 453,051 108,796 83,884 111,330 367,445 862,362

Net portfolio holdings of Corporate 

Credit Facilities LLC2 12,307 0 12,307 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,441 30,441 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 9,774 0 9,774 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 4,512 0 4,512 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 336 15 113 12 29 70 15 13 6 3 4 6 50

Foreign currency denominated 

assets4 21,189 962 7,123 761 1,832 4,409 958 830 403 180 229 382 3,120

Other assets5 36,113 690 18,904 862 1,376 2,683 2,232 1,995 792 443 776 1,692 3,669

Interdistrict settlement account 0 + 27,283 - 468,240 + 10,731 + 27,475 + 20,912 + 63,787 + 131,380 + 18,836 - 2,206 + 18,674 + 51,444 + 99,926

Total assets 8,489,824 198,561 4,285,702 190,383 347,588 586,130 555,598 588,632 129,321 82,605 131,553 422,330 971,419

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, September 22, 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 2,146,776 70,694 688,521 61,547 103,053 154,229 312,883 124,139 60,817 32,927 55,279 197,046 285,641

Reverse repurchase agreements6 1,564,032 26,136 884,078 33,034 56,909 104,803 91,640 85,349 20,391 12,102 20,769 69,164 159,656

Deposits 4,690,764 85,191 2,671,420 93,993 183,628 317,979 148,607 376,958 47,126 37,025 54,799 154,726 519,312

Depository institutions 4,137,919 85,165 2,308,913 93,992 183,588 317,226 148,467 188,398 47,117 36,817 54,384 154,567 519,285

U.S. Treasury, General Account 272,679 0 272,679 0 0 0 0 0 0 0 0 0 0

Foreign official 7,909 2 7,883 1 3 8 2 2 1 0 0 1 6

Other7 272,257 24 81,944 0 37 745 138 188,559 7 208 415 158 21

Earnings remittances due to the U.S. 

Treasury8 1,841 16 1,114 39 60 47 119 100 31 15 19 89 191

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

Other liabilities and accrued 

dividends 6,264 -1,814 3,525 270 347 870 579 545 209 308 248 397 781

Total liabilities 8,449,956 196,795 4,272,364 188,883 343,997 577,929 553,828 587,092 128,573 82,377 131,115 421,422 965,581

Capital

Capital paid in 33,083 1,458 11,058 1,256 3,004 6,789 1,463 1,275 620 170 365 786 4,840

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 8,489,824 198,561 4,285,702 190,383 347,588 586,130 555,598 588,632 129,321 82,605 131,553 422,330 971,419

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, September 22, 2021 (continued)

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

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

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

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

Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Paycheck Protection Program Liquidity Facility, 

and other credit extensions.

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

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

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

4. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

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

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

9. Book value. Amount of equity investments in Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, and Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC 

of $3.5 billion.

 

Note on consolidation:

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

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

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

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

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

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

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

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

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

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

used to secure the loan from the FRBB.

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

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

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

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

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

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

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Sep 22, 2021

Federal Reserve notes outstanding 2,388,101

Less: Notes held by F.R. Banks not subject to collateralization 241,324

Federal Reserve notes to be collateralized 2,146,776

Collateral held against Federal Reserve notes 2,146,776

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,130,539

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,952,278

Less: Face value of securities under reverse repurchase agreements 1,491,692

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,460,587

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.