FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

December 30, 2021

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks," has been modified to reflect closing the Corporate Credit 

Facilities LLC (CCF LLC). CCF LLC related lines were removed from table 4 and table 6. Footnote 2 in 

Information on Principal Amounts of Credit Facilities LLCs (table 4) was revised accordingly.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks December 30, 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

Dec 29, 2021 Dec 22, 2021 Dec 30, 2020

Wednesday

Dec 29, 2021

Reserve Bank credit 8,741,648 - 149 +1,391,238 8,719,059

Securities held outright1 8,289,331 - 1,711 +1,531,670 8,270,111

U.S. Treasury securities 5,651,960 + 7,998 + 963,054 5,652,272

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,870,809 + 6,073 + 863,616 4,870,809

Notes and bonds, inflation-indexed2 383,200 + 985 + 71,176 383,200

Inflation compensation3 71,907 + 940 + 28,263 72,219

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

Mortgage-backed securities4 2,635,024 - 9,708 + 568,615 2,615,492

Unamortized premiums on securities held outright5 353,769 - 822 + 9,634 352,893

Unamortized discounts on securities held outright5 -17,988 + 1 - 12,549 -17,973

Repurchase agreements6 0 0 - 1,000 0

Foreign official 0 0 - 1,000 0

Others 0 0 0 0

Loans 35,996 - 1,792 - 20,981 34,952

Primary credit 485 - 218 - 1,300 640

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 0 0 - 485 0

Money Market Mutual Fund Liquidity Facility 0 0 - 3,873 0

Paycheck Protection Program Liquidity Facility 35,511 - 1,574 - 15,323 34,312

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 - 8,557 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 46,455 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 29,399 + 5 - 24,118 29,406

Net portfolio holdings of Municipal Liquidity Facility LLC7 7,932 - 26 - 13,343 7,864

Net portfolio holdings of TALF II LLC7 2,627 + 1 - 10,036 2,627

Float -139 + 6 + 53 -540

Central bank liquidity swaps8 3,349 + 3,093 - 13,634 3,341

Other Federal Reserve assets9 37,373 + 1,097 + 557 36,379

Foreign currency denominated assets10 20,357 - 28 - 1,881 20,353

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,928 + 14 + 476 50,928

Total factors supplying reserve funds 8,829,174 - 162 +1,389,833 8,806,581

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

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

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and 

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Dec 29, 2021 Dec 22, 2021 Dec 30, 2020

Wednesday

Dec 29, 2021

Currency in circulation11 2,233,653 + 8,652 + 152,182 2,236,532

Reverse repurchase agreements12 1,876,175 - 129,452 +1,671,158 1,920,789

Foreign official and international accounts 280,313 - 14,315 + 75,560 278,283

Others 1,595,862 - 115,136 +1,595,598 1,642,506

Treasury cash holdings 72 + 2 + 42 65

Deposits with F.R. Banks, other than reserve balances 531,749 + 190,404 -1,334,507 539,646

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 211,849 + 126,895 -1,379,206 283,995

Foreign official 10,698 + 5,438 - 11,132 9,672

Other13 309,202 + 58,072 + 55,830 245,980

Treasury contributions to credit facilities14 21,258 0 - 92,742 21,258

Other liabilities and capital15 50,071 - 956 - 341 48,430

Total factors, other than reserve balances, 

absorbing reserve funds 4,712,978 + 68,651 + 395,793 4,766,721

Reserve balances with Federal Reserve Banks 4,116,196 - 68,813 + 994,040 4,039,860

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

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

2. Face value of the securities.

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

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

the securities.

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

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

basis.

6. Cash value of agreements.

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

consolidation below.

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

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

foreign central bank.

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

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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

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

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

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

as fiscal agents of the United States.

14. Book value. Amount of equity investments in MS Facilities LLC of $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of 

$1.4 billion.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Dec 29, 2021 Dec 22, 2021 Dec 30, 2020

Wednesday

Dec 29, 2021

Securities held in custody for foreign official and international 

accounts 3,412,684 - 12,291 - 77,894 3,410,373

Marketable U.S. Treasury securities1 3,013,160 - 9,339 - 33,478 3,011,488

Federal agency debt and mortgage-backed securities2 318,248 - 3,037 - 39,111 317,484

Other securities3 81,277 + 86 - 5,304 81,401

Securities lent to dealers 33,097 + 800 + 3,970 36,072

Overnight facility4 33,097 + 800 + 3,970 36,072

U.S. Treasury securities 33,097 + 800 + 3,970 36,072

Federal agency debt securities 0 0 0 0

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

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

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

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

securities.

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

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

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, December 29, 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 332 308 1,486 32,826 0 ... 34,952

U.S. Treasury securities2

Holdings 89,057 320,220 714,817 2,154,028 1,023,519 1,350,631 5,652,272

Weekly changes + 10,988 - 9,579 - 1,346 + 286 + 288 + 1,813 + 2,449

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 26 1,802 60,323 2,553,341 2,615,492

Weekly changes 0 - 1 - 4 - 94 - 1,141 - 32,930 - 34,169

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 15,666 ... ... 15,666

Municipal notes held by Municipal 

Liquidity Facility LLC6 0 0 0 4,131 ... ... 4,131

Loans held by TALF II LLC7 0 0 0 1,346 ... ... 1,346

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

Central bank liquidity swaps9 3,291 50 0 0 0 0 3,341

Reverse repurchase agreements8 1,920,789 0 ... ... ... ... 1,920,789

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

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

...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other 

credit extensions. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Municipal Liquidity Facility LLC and TALF II 

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

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

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

face value of such securities.

3. Face value.

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

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

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

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

8. Cash value of agreements.

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

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

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Dec 29, 2021

Mortgage-backed securities held outright1 2,615,492

Residential mortgage-backed securities 2,606,255

Commercial mortgage-backed securities 9,237

Commitments to buy mortgage-backed securities2 94,748

Commitments to sell mortgage-backed securities2 83

Cash and cash equivalents3 6

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

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

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

securities generally settle within three business days.

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

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Wednesday Dec 29, 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

MS Facilities LLC (Main Street Lending Program) 15,478 13,340 16,066 29,406

Municipal Liquidity Facility LLC 4,131 4,131 3,733 7,864

TALF II LLC 1,431 1,346 1,281 2,627

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

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

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

Bank to the LLC upon settlement of the investment activity.

2. Outstanding amount of facility asset purchases:

a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

 updated as of September 30, 2021.

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

 a one-day lag after the transaction date.

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

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

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

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

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

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

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Dec 29, 2021 Dec 22, 2021 Dec 30, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,212 + 8 - 350

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,639,983 - 35,560 +1,514,058

Securities held outright1 8,270,111 - 31,720 +1,539,380

U.S. Treasury securities 5,652,272 + 2,449 + 963,356

Bills2 326,044 0 0

Notes and bonds, nominal2 4,870,809 + 1,601 + 863,616

Notes and bonds, inflation-indexed2 383,200 0 + 71,176

Inflation compensation3 72,219 + 848 + 28,565

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,615,492 - 34,169 + 576,024

Unamortized premiums on securities held outright5 352,893 - 1,731 + 9,970

Unamortized discounts on securities held outright5 -17,973 + 22 - 12,543

Repurchase agreements6 0 0 - 1,000

Loans7 34,952 - 2,130 - 21,749

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,557

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 46,532

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 29,406 + 8 - 24,667

Net portfolio holdings of Municipal Liquidity Facility LLC8 7,864 - 95 - 13,414

Net portfolio holdings of TALF II LLC8 2,627 0 - 10,037

Items in process of collection (0) 59 - 3 - 23

Bank premises 1,402 + 6 - 820

Central bank liquidity swaps9 3,341 + 3,076 - 14,542

Foreign currency denominated assets10 20,353 - 32 - 2,076

Other assets11 34,976 - 444 + 1,070

Total assets (0) 8,757,460 - 33,035 +1,394,109

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

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

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Dec 29, 2021 Dec 22, 2021 Dec 30, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,186,877 + 5,694 + 148,904

Reverse repurchase agreements12 1,920,789 - 62,126 +1,711,026

Deposits (0) 4,579,506 + 23,322 - 371,861

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 4,039,860 - 65,066 + 896,883

U.S. Treasury, General Account 283,995 + 86,479 -1,329,519

Foreign official 9,672 + 4,483 - 12,159

Other13 (0) 245,980 - 2,573 + 72,935

Deferred availability cash items (0) 599 + 339 - 244

Treasury contributions to credit facilities14 21,258 0 - 92,742

Other liabilities and accrued dividends15 7,769 - 265 - 2,434

Total liabilities (0) 8,716,799 - 33,035 +1,392,649

Capital accounts

Capital paid in 33,876 0 + 1,500

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 40,661 0 + 1,460

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

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

2. Face value of the securities.

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

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

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

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

basis.

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

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

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

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

consolidation below.

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

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

central bank.

10. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

as fiscal agents of the United States.

14. Book value. Amount of equity investments in MS Facilities LLC of $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of 

$1.4 billion.

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

6. Statement of Condition of Each Federal Reserve Bank, December 29, 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 1,212 12 22 113 45 178 107 225 17 33 87 149 225

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,639,983 143,830 4,869,042 181,939 319,560 577,160 504,323 469,711 112,576 78,836 114,740 380,752 887,515

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 29,406 29,406 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 7,864 0 7,864 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,627 0 2,627 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 3,341 152 1,123 120 289 695 151 131 64 28 36 60 492

Foreign currency denominated 

assets4 20,353 923 6,847 731 1,759 4,234 920 797 387 173 220 367 2,996

Other assets5 36,437 705 19,155 872 1,393 2,738 2,245 2,025 598 467 795 1,721 3,724

Interdistrict settlement account 0 + 34,164 - 565,312 + 2,594 + 22,931 + 110,661 + 77,462 + 108,948 + 25,155 + 2,932 + 25,839 + 71,569 + 83,056

Total assets 8,757,460 209,722 4,346,789 186,891 346,729 696,853 587,396 582,973 139,272 82,741 142,173 455,837 980,083

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

6. Statement of Condition of Each Federal Reserve Bank, December 29, 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 2,186,877 73,001 698,633 62,187 103,904 155,038 327,429 121,912 65,002 33,156 56,013 193,264 297,339

Reverse repurchase agreements6 1,920,789 32,098 1,085,738 40,569 69,890 128,708 112,543 104,818 25,042 14,862 25,507 84,940 196,074

Deposits 4,579,506 88,705 2,538,067 82,352 168,681 403,948 144,882 354,126 48,206 34,297 59,984 176,282 479,977

Depository institutions 4,039,860 88,688 2,192,315 82,351 168,635 403,224 144,747 162,787 48,194 33,931 59,066 176,017 479,906

U.S. Treasury, General Account 283,995 0 283,995 0 0 0 0 0 0 0 0 0 0

Foreign official 9,672 2 9,646 1 3 8 2 2 1 0 0 1 6

Other7 245,980 16 52,112 0 42 716 132 191,337 11 366 917 265 66

Earnings remittances due to the U.S. 

Treasury8 1,931 15 1,230 32 53 80 91 98 17 12 19 78 207

Treasury contributions to credit facilities9 21,258 15,674 5,584 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 6,437 -1,538 3,460 252 304 874 1,042 470 194 185 228 337 630

Total liabilities 8,716,799 207,956 4,332,711 185,391 342,831 688,648 585,987 581,423 138,461 82,513 141,750 454,901 974,227

Capital

Capital paid in 33,876 1,459 11,797 1,257 3,311 6,793 1,102 1,283 682 170 350 814 4,857

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 8,757,460 209,722 4,346,789 186,891 346,729 696,853 587,396 582,973 139,272 82,741 142,173 455,837 980,083

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

6. Statement of Condition of Each Federal Reserve Bank, December 29, 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 Paycheck Protection Program Liquidity Facility and other credit extensions.

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

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

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

4. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

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

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

9. Book value. Amount of equity investments in MS Facilities LLC of $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 billion.

 

Note on consolidation:

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

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

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

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

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

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

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

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

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

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

used to secure the loan from the FRBB.

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

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

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

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

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

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

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Dec 29, 2021

Federal Reserve notes outstanding 2,437,093

Less: Notes held by F.R. Banks not subject to collateralization 250,216

Federal Reserve notes to be collateralized 2,186,877

Collateral held against Federal Reserve notes 2,186,877

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,170,640

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,270,111

Less: Face value of securities under reverse repurchase agreements 1,863,367

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,406,744

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.