FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 10, 2020

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 9, 2020 Dec 2, 2020 Dec 11, 2019

Wednesday

Dec 9, 2020

Reserve Bank credit 7,192,018 + 14,983 +3,144,788 7,202,680

Securities held outright1 6,627,832 + 13,875 +2,928,324 6,636,541

U.S. Treasury securities 4,621,834 + 13,841 +2,348,398 4,630,538

Bills2 326,044 0 + 200,883 326,044

Notes and bonds, nominal2 3,946,137 + 11,183 +1,947,832 3,952,652

Notes and bonds, inflation-indexed2 306,368 + 2,493 + 181,539 308,426

Inflation compensation3 43,285 + 165 + 18,145 43,415

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

Mortgage-backed securities4 2,003,651 + 34 + 579,926 2,003,656

Unamortized premiums on securities held outright5 340,571 + 692 + 214,926 341,023

Unamortized discounts on securities held outright5 -5,079 - 84 + 8,045 -5,080

Repurchase agreements6 1,000 0 - 212,021 1,000

Foreign official 1,000 0 + 1,000 1,000

Others 0 0 - 213,021 0

Loans 60,005 - 3,005 + 59,983 59,426

Primary credit 2,087 - 247 + 2,076 1,952

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 11 0

Primary Dealer Credit Facility 250 + 7 + 250 250

Money Market Mutual Fund Liquidity Facility 4,462 - 453 + 4,462 4,449

Paycheck Protection Program Liquidity Facility 53,206 - 2,312 + 53,206 52,776

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,562 + 3 + 8,562 8,557

Net portfolio holdings of Corporate Credit Facilities LLC7 46,123 + 95 + 46,123 46,138

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 44,205 + 707 + 44,205 44,821

Net portfolio holdings of Municipal Liquidity Facility LLC7 16,472 - 83 + 16,472 16,359

Net portfolio holdings of TALF II LLC7 12,265 + 47 + 12,265 12,463

Float -72 + 392 + 33 -93

Central bank liquidity swaps8 9,333 + 978 + 9,264 9,565

Other Federal Reserve assets9 30,800 + 1,366 + 8,607 31,961

Foreign currency denominated assets10 22,098 + 156 + 1,482 22,027

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,514 + 14 + 459 50,514

Total factors supplying reserve funds 7,280,870 + 15,153 +3,146,728 7,291,462

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 9, 2020 Dec 2, 2020 Dec 11, 2019

Wednesday

Dec 9, 2020

Currency in circulation11 2,066,367 - 814 + 274,435 2,066,759

Reverse repurchase agreements12 183,152 - 5,908 - 83,065 192,257

Foreign official and international accounts 183,151 - 5,908 - 82,535 192,254

Others 1 0 - 531 3

Treasury cash holdings 41 - 3 - 147 40

Deposits with F.R. Banks, other than reserve balances 1,747,509 + 19,252 +1,355,343 1,718,891

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,534,243 + 3,190 +1,207,378 1,502,361

Foreign official 21,798 + 519 + 16,615 21,823

Other13 191,468 + 15,543 + 131,350 194,708

Treasury contributions to credit facilities14 114,000 0 + 114,000 114,000

Other liabilities and capital15 52,322 + 2,455 + 7,339 51,859

Total factors, other than reserve balances,

absorbing reserve funds 4,163,391 + 14,981 +1,667,905 4,143,806

Reserve balances with Federal Reserve Banks 3,117,480 + 173 +1,478,823 3,147,656

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 $37.5 billion,

MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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

Dec 9, 2020 Dec 2, 2020 Dec 11, 2019

Wednesday

Dec 9, 2020

Securities held in custody for foreign official and international

accounts 3,483,801 + 16,219 + 78,622 3,488,026

Marketable U.S. Treasury securities1 3,035,371 + 15,845 + 79,538 3,039,475

Federal agency debt and mortgage-backed securities2 361,483 + 216 - 4,241 361,491

Other securities3 86,947 + 158 + 3,325 87,060

Securities lent to dealers 31,495 + 97 - 2,146 29,721

Overnight facility4 31,495 + 97 - 2,146 29,721

U.S. Treasury securities 31,495 + 97 - 2,146 29,721

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 9, 2020

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 2,072 3,985 594 52,776 0 ... 59,426

U.S. Treasury securities2

Holdings 41,310 345,014 637,152 1,737,549 830,650 1,038,864 4,630,538

Weekly changes - 15,413 + 9,116 + 6,299 + 11,313 + 986 + 3,827 + 16,128

Federal agency debt securities3

Holdings 0 0 0 0 1,818 529 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 0 4 2,112 74,096 1,927,443 2,003,656

Weekly changes 0 0 0 0 + 192 - 156 + 35

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 7,333 ... ... 7,333

Municipal notes held by Municipal

Liquidity Facility LLC7 0 0 1,003 451 ... ... 1,454

Loans held by TALF II LLC8 0 0 0 3,655 ... ... 3,655

Repurchase agreements9 1,000 0 ... ... ... ... 1,000

Central bank liquidity swaps10 2,562 7,003 0 0 0 0 9,565

Reverse repurchase agreements9 192,257 0 ... ... ... ... 192,257

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 Dec 9, 2020

Mortgage-backed securities held outright1 2,003,656

Residential mortgage-backed securities 1,993,835

Commercial mortgage-backed securities 9,821

Commitments to buy mortgage-backed securities2 239,126

Commitments to sell mortgage-backed securities2 7,520

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 Dec 9, 2020

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 8,557 8,557

Corporate Credit Facilities LLC 13,813 14,021 32,117 46,138

MS Facilities LLC (Main Street Lending Program) 7,327 7,237 37,584 44,821

Municipal Liquidity Facility LLC 1,454 1,454 14,904 16,359

TALF II LLC 3,946 3,655 8,808 12,463

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

 September 30, 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 initially 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

Dec 9, 2020 Dec 2, 2020 Dec 11, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,541 + 27 - 108

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,032,910 + 14,807 +2,999,099

Securities held outright1 6,636,541 + 16,163 +2,928,273

U.S. Treasury securities 4,630,538 + 16,128 +2,348,342

Bills2 326,044 0 + 194,024

Notes and bonds, nominal2 3,952,652 + 12,270 +1,953,696

Notes and bonds, inflation-indexed2 308,426 + 3,600 + 182,453

Inflation compensation3 43,415 + 257 + 18,168

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,003,656 + 35 + 579,931

Unamortized premiums on securities held outright5 341,023 + 846 + 215,312

Unamortized discounts on securities held outright5 -5,080 - 14 + 8,063

Repurchase agreements6 1,000 0 - 211,957

Loans7 59,426 - 2,187 + 59,408

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,557 - 6 + 8,557

Net portfolio holdings of Corporate Credit Facilities LLC8 46,138 + 60 + 46,138

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 44,821 + 1,038 + 44,821

Net portfolio holdings of Municipal Liquidity Facility LLC8 16,359 - 197 + 16,359

Net portfolio holdings of TALF II LLC8 12,463 + 345 + 12,463

Items in process of collection (0) 80 + 6 + 17

Bank premises 2,199 + 7 + 7

Central bank liquidity swaps9 9,565 + 1,116 + 9,496

Foreign currency denominated assets10 22,027 - 91 + 1,391

Other assets11 29,762 + 3,131 + 8,928

Total assets (0) 7,242,658 + 20,244 +3,147,167

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 9, 2020 Dec 2, 2020 Dec 11, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,017,822 - 1,002 + 273,173

Reverse repurchase agreements12 192,257 + 6,720 - 70,376

Deposits (0) 4,866,547 + 13,817 +2,823,064

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,147,656 + 46,421 +1,476,460

U.S. Treasury, General Account 1,502,361 - 54,878 +1,198,201

Foreign official 21,823 + 535 + 16,641

Other13 (0) 194,708 + 21,741 + 131,763

Deferred availability cash items (0) 173 - 485 - 101

Treasury contributions to credit facilities14 114,000 0 + 114,000

Other liabilities and accrued dividends15 12,630 + 1,192 + 6,691

Total liabilities (0) 7,203,428 + 20,241 +3,146,449

Capital accounts

Capital paid in 32,404 + 1 + 717

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,229 + 1 + 717

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 $37.5 billion,

MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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, December 9, 2020

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 1,541 29 36 131 86 206 151 257 32 43 105 180 284

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,032,910 162,425 3,621,179 165,036 219,870 440,323 516,632 391,091 111,713 73,187 115,790 338,237 877,426

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 8,557 0 8,557 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 46,138 0 46,138 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 44,821 44,821 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 16,359 0 16,359 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 12,463 0 12,463 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 9,565 454 3,214 344 817 2,019 474 371 157 75 101 114 1,424

Foreign currency denominated

assets4 22,027 1,045 7,405 793 1,882 4,649 1,092 855 361 172 232 261 3,279

Other assets5 32,041 2,315 13,771 800 1,050 2,280 2,434 1,809 790 444 793 1,707 3,850

Interdistrict settlement account 0 - 11,227 + 228,160 - 19,491 + 79,334 + 96,839 - 113,986 - 7,809 - 22,047 - 11,685 - 19,964 - 42,681 - 155,442

Total assets 7,242,658 200,395 3,962,763 148,142 303,800 547,480 408,980 387,711 91,486 62,507 97,506 299,020 732,866

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 9, 2020 (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 2,017,822 61,823 673,957 55,270 92,547 145,632 279,338 131,367 58,448 33,197 54,518 168,781 262,943

Reverse repurchase agreements6 192,257 4,317 99,542 4,386 6,015 12,049 14,169 10,738 3,038 1,817 3,057 9,266 23,861

Deposits 4,866,547 92,962 3,094,723 86,739 201,440 380,642 112,797 243,385 29,006 26,830 39,213 119,751 439,060

Depository institutions 3,147,656 92,936 1,495,546 86,737 201,404 380,111 112,716 125,405 28,999 26,778 39,092 118,918 439,014

U.S. Treasury, General Account 1,502,361 0 1,502,361 0 0 0 0 0 0 0 0 0 0

Foreign official 21,823 2 21,796 1 3 8 2 2 1 0 0 0 6

Other7 194,708 25 75,020 0 33 522 79 117,978 6 52 120 833 40

Earnings remittances due to the U.S.

Treasury8 2,343 49 1,237 52 70 140 171 129 35 19 35 113 292

Treasury contributions to credit facilities9 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 10,459 411 5,134 286 345 838 706 559 230 316 262 444 928

Total liabilities 7,203,428 198,562 3,949,594 146,733 300,418 539,301 407,181 386,179 90,756 62,178 97,085 298,356 727,085

Capital

Capital paid in 32,404 1,509 10,875 1,163 2,800 6,738 1,461 1,267 618 275 349 583 4,766

Surplus 6,825 324 2,294 246 583 1,441 338 265 112 53 72 81 1,016

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

Total liabilities and capital 7,242,658 200,395 3,962,763 148,142 303,800 547,480 408,980 387,711 91,486 62,507 97,506 299,020 732,866

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 9, 2020 (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 a $6.825 billion surplus.

9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS Facilities LLC of $37.5 billion, and

Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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 Dec 9, 2020

Federal Reserve notes outstanding 2,177,536

Less: Notes held by F.R. Banks not subject to collateralization 159,714

Federal Reserve notes to be collateralized 2,017,822

Collateral held against Federal Reserve notes 2,017,822

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,001,585

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,637,541

Less: Face value of securities under reverse repurchase agreements 184,195

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,453,346

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.