FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks July 14, 2022

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at 

Federal Reserve Banks

Week ended

Jul 13, 2022 Jul 6, 2022 Jul 14, 2021

Wednesday

Jul 13, 2022

Reserve Bank credit 8,858,867 + 3,588 + 779,116 8,860,493

Securities held outright1 8,456,776 + 1,118 + 909,806 8,457,212

U.S. Treasury securities 5,745,093 + 1,111 + 531,926 5,745,528

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,941,958 0 + 464,692 4,941,958

Notes and bonds, inflation-indexed2 384,342 0 + 30,885 384,342

Inflation compensation3 92,749 + 1,111 + 36,350 93,184

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

Mortgage-backed securities4 2,709,336 + 7 + 377,880 2,709,337

Unamortized premiums on securities held outright5 332,794 - 497 - 18,946 332,587

Unamortized discounts on securities held outright5 -25,236 - 28 - 10,804 -25,203

Repurchase agreements6 1 + 1 + 1 2

Foreign official 0 0 0 0

Others 1 + 1 + 1 2

Loans 19,628 - 73 - 68,851 19,781

Primary credit 2,257 + 308 + 1,875 2,570

Secondary credit 0 0 0 0

Seasonal credit 10 + 1 - 6 11

Primary Dealer Credit Facility 0 0 0 0

Paycheck Protection Program Liquidity Facility 17,361 - 381 - 70,720 17,201

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 0 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 22,649 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 26,403 + 12 - 4,153 26,414

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,543 + 1 - 4,214 5,544

Net portfolio holdings of TALF II LLC7 2,179 0 - 2,510 2,180

Float -132 + 83 - 40 -165

Central bank liquidity swaps8 185 - 162 - 291 185

Other Federal Reserve assets9 40,727 + 3,131 + 1,769 41,957

Foreign currency denominated assets10 17,743 - 324 - 3,527 17,647

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,205 + 14 + 600 51,205

Total factors supplying reserve funds 8,944,057 + 3,278 + 776,190 8,945,586

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

Jul 13, 2022 Jul 6, 2022 Jul 14, 2021

Wednesday

Jul 13, 2022

Currency in circulation11 2,281,933 - 1,636 + 94,487 2,279,838

Reverse repurchase agreements12 2,435,531 - 22,487 +1,385,536 2,442,840

Foreign official and international accounts 282,259 + 10,582 + 27,964 287,550

Others 2,153,273 - 33,068 +1,357,573 2,155,290

Treasury cash holdings 102 + 4 + 57 100

Deposits with F.R. Banks, other than reserve balances 885,287 - 57,100 - 48,438 848,595

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 652,572 - 47,885 - 52,346 618,740

Foreign official 9,984 + 2,315 + 4,752 10,075

Other13 222,731 - 11,530 - 845 219,780

Treasury contributions to credit facilities14 17,940 0 - 22,338 17,940

Other liabilities and capital15 49,829 + 1,689 - 3,489 49,756

Total factors, other than reserve balances, 

absorbing reserve funds 5,670,621 - 79,531 +1,405,813 5,639,069

Reserve balances with Federal Reserve Banks 3,273,436 + 82,809 - 629,622 3,306,518

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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.2 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

Jul 13, 2022 Jul 6, 2022 Jul 14, 2021

Wednesday

Jul 13, 2022

Securities held in custody for foreign official and international 

accounts 3,365,896 - 10,809 - 172,534 3,362,560

Marketable U.S. Treasury securities1 2,968,278 - 10,602 - 128,830 2,964,981

Federal agency debt and mortgage-backed securities2 314,911 - 87 - 37,139 314,848

Other securities3 82,707 - 120 - 6,565 82,732

Securities lent to dealers 43,520 - 2,171 + 9,748 44,368

Overnight facility4 43,520 - 2,171 + 9,748 44,368

U.S. Treasury securities 43,520 - 2,171 + 9,748 44,368

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, July 13, 2022

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans1 1,121 1,476 0 17,185 0 ... 19,781

U.S. Treasury securities2

Holdings 81,810 342,128 808,230 2,057,281 1,023,618 1,432,461 5,745,528

Weekly changes - 989 + 6,400 - 5,340 + 437 + 376 + 299 + 1,184

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 2 55 2,066 59,594 2,647,620 2,709,337

Weekly changes 0 0 0 0 0 + 1 + 1

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 13,730 ... ... 13,730

Municipal notes held by Municipal 

Liquidity Facility LLC6 0 0 0 2,907 ... ... 2,907

Loans held by TALF II LLC7 0 0 0 1,126 ... ... 1,126

Repurchase agreements8 2 0 ... ... ... ... 2

Central bank liquidity swaps9 185 0 0 0 0 0 185

Reverse repurchase agreements8 2,442,840 0 ... ... ... ... 2,442,840

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 (PPPLF) 

and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as 

performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. 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 Jul 13, 2022

Mortgage-backed securities held outright1 2,709,337

Residential mortgage-backed securities 2,700,573

Commercial mortgage-backed securities 8,764

Commitments to buy mortgage-backed securities2 51,956

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 1

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 Jul 13, 2022

Net portfolio holdings of

Credit Facilities LLCs

Outstanding

principal Outstanding

amount amount of Treasury

of loan facility contributions

extended to asset and

Credit Facilities LLCs:

the LLC1 purchases2 other assets3 Total

MS Facilities LLC (Main Street Lending Program) 13,591 11,860 14,554 26,414

Municipal Liquidity Facility LLC 2,907 2,907 2,637 5,544

TALF II LLC 1,152 1,126 1,054 2,180

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 March 31, 2022.

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

Jul 13, 2022 Jul 6, 2022 Jul 14, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,252 + 12 + 9

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,784,378 + 1,022 + 729,933

Securities held outright1 8,457,212 + 1,185 + 829,934

U.S. Treasury securities 5,745,528 + 1,184 + 522,958

Bills2 326,044 0 0

Notes and bonds, nominal2 4,941,958 0 + 457,206

Notes and bonds, inflation-indexed2 384,342 0 + 29,455

Inflation compensation3 93,184 + 1,184 + 36,297

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,709,337 + 1 + 306,975

Unamortized premiums on securities held outright5 332,587 - 522 - 20,772

Unamortized discounts on securities held outright5 -25,203 - 20 - 10,751

Repurchase agreements6 2 + 2 + 2

Loans7 19,781 + 378 - 68,479

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 0

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 22,641

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 26,414 + 13 - 4,150

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,544 + 1 - 4,214

Net portfolio holdings of TALF II LLC8 2,180 + 1 - 2,509

Items in process of collection (0) 71 - 28 + 5

Bank premises 607 - 3 - 1,267

Central bank liquidity swaps9 185 - 162 - 291

Foreign currency denominated assets10 17,647 - 186 - 3,611

Other assets11 41,353 + 3,346 + 2,955

Total assets (0) 8,895,867 + 4,016 + 694,216

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

Jul 13, 2022 Jul 6, 2022 Jul 14, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,229,980 - 5,101 + 92,461

Reverse repurchase agreements12 2,442,840 + 2,190 +1,331,873

Deposits (0) 4,155,116 + 5,576 - 702,223

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,306,521 + 83,590 - 638,179

U.S. Treasury, General Account 618,740 - 69,203 - 38,802

Foreign official 10,075 + 1,613 + 4,825

Other13 (0) 219,780 - 10,424 - 30,067

Deferred availability cash items (0) 236 - 65 + 67

Treasury contributions to credit facilities14 17,940 0 - 22,338

Other liabilities and accrued dividends15 8,050 + 1,414 - 7,725

Total liabilities (0) 8,854,161 + 4,014 + 692,114

Capital accounts

Capital paid in 34,922 + 3 + 2,103

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,707 + 3 + 2,103

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, 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 $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.2 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, July 13, 2022

Millions of dollars

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

Assets

Gold certificates and special drawing 

rights certificates 16,237 544 5,271 537 763 1,203 2,247 1,093 461 263 440 1,279 2,136

Coin 1,252 18 23 107 48 189 102 223 26 41 93 155 229

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,784,378 175,559 4,496,936 201,619 353,435 610,893 573,529 599,530 137,730 68,445 136,973 449,454 980,275

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 26,414 26,414 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,544 0 5,544 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,180 0 2,180 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 185 8 64 7 18 37 6 7 4 1 2 4 26

Foreign currency denominated 

assets4 17,647 760 6,147 655 1,725 3,538 574 669 355 89 182 424 2,530

Other assets5 42,031 931 20,422 1,051 1,737 3,221 2,804 2,822 783 505 947 2,219 4,591

Interdistrict settlement account 0 - 14,329 + 321,437 - 27,838 - 73,149 - 45,811 + 4,164 - 46,949 + 994 - 1,453 - 9,861 - 4,348 - 102,858

Total assets 8,895,867 189,904 4,858,024 176,137 284,577 573,270 583,426 557,394 140,352 67,891 128,776 449,187 886,929

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, July 13, 2022 (continued)

Millions of dollars

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

Liabilities

Federal Reserve notes, net 2,229,980 76,666 703,169 59,804 103,156 151,638 339,110 126,377 71,111 33,909 58,386 195,164 311,490

Reverse repurchase agreements6 2,442,840 48,905 1,252,448 56,120 97,550 170,233 159,826 166,992 38,366 17,321 38,133 125,244 271,702

Deposits 4,155,116 49,508 2,879,515 58,454 79,568 242,000 82,382 261,872 29,766 16,234 31,588 127,268 296,962

Depository institutions 3,306,521 49,500 2,203,236 58,452 79,530 241,515 82,348 90,569 29,759 16,073 31,559 127,041 296,937

U.S. Treasury, General Account 618,740 0 618,740 0 0 0 0 0 0 0 0 0 0

Foreign official 10,075 2 10,049 1 4 8 1 2 1 0 0 1 6

Other7 219,780 7 47,489 0 34 477 33 171,301 6 160 28 226 19

Earnings remittances due to the U.S. 

Treasury8 1,746 19 919 36 82 65 158 106 9 6 23 108 216

Treasury contributions to credit facilities9 17,940 13,891 4,049 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 6,539 -851 3,378 228 251 892 615 536 195 165 212 323 596

Total liabilities 8,854,161 188,138 4,843,477 174,641 280,607 564,828 582,090 555,883 139,447 67,634 128,342 448,107 880,966

Capital

Capital paid in 34,922 1,474 12,184 1,245 3,308 7,081 1,115 1,254 769 222 364 917 4,990

Surplus 6,785 292 2,363 252 663 1,361 221 257 137 34 70 163 973

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

Total liabilities and capital 8,895,867 189,904 4,858,024 176,137 284,577 573,270 583,426 557,394 140,352 67,891 128,776 449,187 886,929

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, July 13, 2022 (continued)

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

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

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

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

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

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

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

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

4. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

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

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

9. Book value. Amount of equity investments in MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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 Jul 13, 2022

Federal Reserve notes outstanding 2,537,177

Less: Notes held by F.R. Banks not subject to collateralization 307,196

Federal Reserve notes to be collateralized 2,229,980

Collateral held against Federal Reserve notes 2,229,980

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,213,744

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,457,214

Less: Face value of securities under reverse repurchase agreements 2,514,172

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,943,042

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.