FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

May 26, 2022

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 the Federal Reserve's return 

of a portion of Treasury's equity investment in the MS Facilities LLC (Main Street Lending Program), 

Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on May 20, 2022. Footnote 14 in 

Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement of 

Condition of All Federal Reserve Banks (table 5) and footnote 9 in Statement of Condition of Each 

Federal Reserve Bank (table 6) were revised accordingly.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks May 26, 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

May 25, 2022 May 18, 2022 May 26, 2021

Wednesday

May 25, 2022

Reserve Bank credit 8,900,779 - 18,615 +1,011,549 8,877,666

Securities held outright1 8,498,811 - 5,470 +1,141,135 8,479,210

U.S. Treasury securities 5,768,904 + 1,396 + 686,799 5,769,417

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,975,463 0 + 610,993 4,975,463

Notes and bonds, inflation-indexed2 380,862 0 + 39,435 380,862

Inflation compensation3 86,535 + 1,396 + 36,371 87,048

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

Mortgage-backed securities4 2,727,560 - 6,866 + 454,336 2,707,446

Unamortized premiums on securities held outright5 338,542 - 1,032 - 11,207 337,746

Unamortized discounts on securities held outright5 -24,481 - 507 - 11,054 -24,444

Repurchase agreements6 0 0 - 7 0

Foreign official 0 0 0 0

Others 0 0 - 7 0

Loans 21,304 - 227 - 62,689 21,119

Primary credit 971 + 125 + 345 913

Secondary credit 0 0 0 0

Seasonal credit 4 + 1 + 2 2

Primary Dealer Credit Facility 0 0 0 0

Paycheck Protection Program Liquidity Facility 20,329 - 353 - 63,036 20,204

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 - 8,554 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 25,976 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 26,911 - 1,646 - 3,641 26,665

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,534 - 1,126 - 5,379 5,535

Net portfolio holdings of TALF II LLC7 2,287 - 179 - 2,635 2,288

Float -202 - 60 - 78 -253

Central bank liquidity swaps8 209 - 10 - 469 209

Other Federal Reserve assets9 31,865 - 8,357 + 2,103 29,593

Foreign currency denominated assets10 18,754 + 275 - 3,001 18,809

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,107 + 14 + 528 51,107

Total factors supplying reserve funds 8,986,882 - 18,326 +1,009,076 8,963,824

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

May 25, 2022 May 18, 2022 May 26, 2021

Wednesday

May 25, 2022

Currency in circulation11 2,272,949 + 479 + 102,855 2,275,926

Reverse repurchase agreements12 2,259,834 + 99,052 +1,644,834 2,258,221

Foreign official and international accounts 263,657 - 14,277 + 39,577 262,471

Others 1,996,177 + 113,329 +1,605,257 1,995,750

Treasury cash holdings 92 + 2 + 58 91

Deposits with F.R. Banks, other than reserve balances 1,078,615 - 63,955 - 208,348 1,047,581

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 821,535 - 65,429 + 9,062 801,714

Foreign official 7,457 - 422 - 19,558 7,435

Other13 249,624 + 1,896 - 197,851 238,433

Treasury contributions to credit facilities14 18,414 - 2,844 - 31,864 17,940

Other liabilities and capital15 50,798 - 862 + 541 49,047

Total factors, other than reserve balances, 

absorbing reserve funds 5,680,702 + 31,871 +1,508,075 5,648,806

Reserve balances with Federal Reserve Banks 3,306,180 - 50,197 - 498,998 3,315,018

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

May 25, 2022 May 18, 2022 May 26, 2021

Wednesday

May 25, 2022

Securities held in custody for foreign official and international 

accounts 3,424,783 + 2,003 - 110,400 3,410,140

Marketable U.S. Treasury securities1 3,007,194 + 1,022 - 79,818 3,001,009

Federal agency debt and mortgage-backed securities2 334,562 + 925 - 25,093 326,126

Other securities3 83,027 + 57 - 5,489 83,005

Securities lent to dealers 41,173 + 1,696 + 4,861 37,338

Overnight facility4 41,173 + 1,696 + 4,861 37,338

U.S. Treasury securities 41,173 + 1,696 + 4,861 37,338

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, May 25, 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 490 497 0 20,132 0 ... 21,119

U.S. Treasury securities2

Holdings 74,558 349,105 774,087 2,117,024 1,028,423 1,426,220 5,769,417

Weekly changes - 7,494 + 2,416 + 5,163 + 516 + 441 + 355 + 1,396

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 1 45 1,963 61,043 2,644,394 2,707,446

Weekly changes 0 0 - 8 - 92 - 1,012 - 25,264 - 26,377

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 14,236 ... ... 14,236

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 0 1,141 ... ... 1,141

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

Central bank liquidity swaps9 209 0 0 0 0 0 209

Reverse repurchase agreements8 2,258,221 0 ... ... ... ... 2,258,221

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 May 25, 2022

Mortgage-backed securities held outright1 2,707,446

Residential mortgage-backed securities 2,698,576

Commercial mortgage-backed securities 8,870

Commitments to buy mortgage-backed securities2 52,510

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 4

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 May 25, 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) 13,926 12,367 14,298 26,665

Municipal Liquidity Facility LLC 2,907 2,907 2,628 5,535

TALF II LLC 1,264 1,141 1,147 2,288

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

May 25, 2022 May 18, 2022 May 26, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,268 - 7 + 9

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,813,630 - 26,964 +1,059,782

Securities held outright1 8,479,210 - 24,981 +1,145,441

U.S. Treasury securities 5,769,417 + 1,396 + 682,260

Bills2 326,044 0 0

Notes and bonds, nominal2 4,975,463 0 + 607,677

Notes and bonds, inflation-indexed2 380,862 0 + 38,006

Inflation compensation3 87,048 + 1,396 + 36,577

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,707,446 - 26,377 + 463,181

Unamortized premiums on securities held outright5 337,746 - 1,561 - 11,015

Unamortized discounts on securities held outright5 -24,444 - 143 - 10,822

Repurchase agreements6 0 0 - 46

Loans7 21,119 - 278 - 63,775

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,554

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,037

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 26,665 - 1,773 - 3,894

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,535 - 1,126 - 5,344

Net portfolio holdings of TALF II LLC8 2,288 - 178 - 2,635

Items in process of collection (0) 48 - 28 - 24

Bank premises 622 0 - 1,298

Central bank liquidity swaps9 209 - 10 - 469

Foreign currency denominated assets10 18,809 + 228 - 2,936

Other assets11 28,971 - 1,758 + 2,141

Total assets (0) 8,914,281 - 31,617 +1,010,740

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

May 25, 2022 May 18, 2022 May 26, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,226,174 + 2,880 + 102,599

Reverse repurchase agreements12 2,258,221 + 16,599 +1,587,788

Deposits (0) 4,362,599 - 47,122 - 648,248

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,315,018 + 17,876 - 536,605

U.S. Treasury, General Account 801,714 - 65,012 + 22,802

Foreign official 7,435 - 1 - 19,641

Other13 (0) 238,433 + 16 - 114,804

Deferred availability cash items (0) 301 + 102 + 69

Treasury contributions to credit facilities14 17,940 - 3,318 - 32,338

Other liabilities and accrued dividends15 7,433 - 756 - 1,234

Total liabilities (0) 8,872,668 - 31,616 +1,008,634

Capital accounts

Capital paid in 34,829 0 + 2,106

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,614 0 + 2,106

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, May 25, 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 1,268 21 25 110 47 190 99 228 24 46 94 154 230

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,813,630 176,082 4,511,293 202,021 355,094 612,890 575,312 601,233 138,245 69,778 137,476 450,841 983,365

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 26,665 26,665 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,535 0 5,535 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,288 0 2,288 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 209 9 73 8 20 42 7 8 4 1 2 5 30

Foreign currency denominated 

assets4 18,809 810 6,551 698 1,838 3,771 612 713 379 95 194 452 2,696

Other assets5 29,641 677 14,065 767 1,218 2,349 1,966 1,968 725 388 744 1,574 3,200

Interdistrict settlement account 0 - 13,817 + 324,085 - 24,242 - 73,635 - 67,013 + 5,675 - 34,021 + 1,019 - 1,910 - 9,315 - 1,792 - 105,034

Total assets 8,914,281 190,991 4,869,185 179,899 285,346 553,432 585,917 571,222 140,857 68,660 129,636 452,514 886,623

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, May 25, 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 2,226,174 72,773 702,310 60,462 103,104 151,544 336,681 128,131 69,933 33,997 58,780 195,769 312,691

Reverse repurchase agreements6 2,258,221 45,209 1,157,794 51,879 90,177 157,367 147,748 154,371 35,466 16,012 35,251 115,778 251,168

Deposits 4,362,599 58,046 2,986,642 65,805 87,784 235,260 99,356 286,664 34,339 18,211 34,933 139,506 316,054

Depository institutions 3,315,018 58,034 2,121,955 65,803 87,719 234,157 99,088 105,607 34,332 18,020 34,866 139,416 316,021

U.S. Treasury, General Account 801,714 0 801,714 0 0 0 0 0 0 0 0 0 0

Foreign official 7,435 2 7,409 1 4 8 1 2 1 0 0 1 6

Other7 238,433 10 55,565 0 61 1,095 267 181,055 6 191 66 89 27

Earnings remittances due to the U.S. 

Treasury8 2,435 47 1,178 59 120 190 170 155 42 15 40 127 292

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 5,299 -968 2,956 197 218 630 631 393 172 159 199 255 456

Total liabilities 8,872,668 188,998 4,854,929 178,402 281,403 544,992 584,585 569,714 139,952 68,394 129,203 451,434 880,661

Capital

Capital paid in 34,829 1,701 11,893 1,245 3,280 7,080 1,111 1,251 769 232 363 916 4,989

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 8,914,281 190,991 4,869,185 179,899 285,346 553,432 585,917 571,222 140,857 68,660 129,636 452,514 886,623

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, May 25, 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 May 25, 2022

Federal Reserve notes outstanding 2,522,236

Less: Notes held by F.R. Banks not subject to collateralization 296,063

Federal Reserve notes to be collateralized 2,226,174

Collateral held against Federal Reserve notes 2,226,174

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,209,937

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,479,210

Less: Face value of securities under reverse repurchase agreements 2,366,011

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,113,199

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.