FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

November 4, 2021

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending 

Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was 

estimated based upon the Main Street Lending Program holdings as of September 30, 2021.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks November 4, 2021

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at 

Federal Reserve Banks

Week ended

Nov 3, 2021 Oct 27, 2021 Nov 4, 2020

Wednesday

Nov 3, 2021

Reserve Bank credit 8,530,742 - 7,628 +1,420,499 8,536,560

Securities held outright1 8,057,187 - 4,313 +1,523,836 8,063,390

U.S. Treasury securities 5,527,019 + 19,899 + 996,338 5,533,219

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,763,776 + 18,259 + 897,674 4,767,776

Notes and bonds, inflation-indexed2 371,128 + 1,314 + 74,652 372,843

Inflation compensation3 66,072 + 327 + 24,013 66,557

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

Mortgage-backed securities4 2,527,821 - 24,213 + 527,498 2,527,824

Unamortized premiums on securities held outright5 354,456 - 855 + 15,878 354,701

Unamortized discounts on securities held outright5 -16,484 - 230 - 11,877 -16,650

Repurchase agreements6 0 0 - 1,000 0

Foreign official 0 0 - 1,000 0

Others 0 0 0 0

Loans 49,099 - 2,481 - 21,572 48,317

Primary credit 330 - 166 - 2,104 259

Secondary credit 0 0 0 0

Seasonal credit 10 - 3 + 9 10

Primary Dealer Credit Facility 0 0 - 249 0

Money Market Mutual Fund Liquidity Facility 0 0 - 5,518 0

Paycheck Protection Program Liquidity Facility 48,759 - 2,312 - 13,711 48,047

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 - 8,562 0

Net portfolio holdings of Corporate Credit Facilities LLC7 515 0 - 45,013 515

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 30,502 + 217 - 10,973 30,507

Net portfolio holdings of Municipal Liquidity Facility LLC7 9,783 + 2 - 6,768 9,783

Net portfolio holdings of TALF II LLC7 4,491 - 5 - 7,702 4,490

Float -425 - 240 - 106 -118

Central bank liquidity swaps8 332 + 9 - 6,873 332

Other Federal Reserve assets9 41,287 + 270 + 1,231 41,292

Foreign currency denominated assets10 20,714 - 33 - 866 20,684

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,838 + 14 + 429 50,838

Total factors supplying reserve funds 8,618,535 - 7,647 +1,420,062 8,624,323

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

Nov 3, 2021 Oct 27, 2021 Nov 4, 2020

Wednesday

Nov 3, 2021

Currency in circulation11 2,205,834 + 1,893 + 159,088 2,207,681

Reverse repurchase agreements12 1,719,710 + 16,758 +1,518,775 1,657,066

Foreign official and international accounts 301,984 + 18,663 + 101,051 313,081

Others 1,417,725 - 1,907 +1,417,723 1,343,985

Treasury cash holdings 52 - 7 + 3 49

Deposits with F.R. Banks, other than reserve balances 531,694 - 36,145 -1,289,666 534,233

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 280,205 + 66,914 -1,341,141 286,959

Foreign official 5,466 + 173 - 15,791 5,647

Other13 246,023 - 103,232 + 67,265 241,627

Treasury contributions to credit facilities14 26,397 0 - 87,603 26,397

Other liabilities and capital15 48,511 + 687 - 135 49,066

Total factors, other than reserve balances, 

absorbing reserve funds 4,532,199 - 16,813 + 300,463 4,474,492

Reserve balances with Federal Reserve Banks 4,086,336 + 9,166 +1,119,599 4,149,830

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 $16.6 billion, Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of 

$3.5 billion.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Nov 3, 2021 Oct 27, 2021 Nov 4, 2020

Wednesday

Nov 3, 2021

Securities held in custody for foreign official and international 

accounts 3,481,183 - 5,726 + 65,644 3,479,869

Marketable U.S. Treasury securities1 3,071,583 - 4,952 + 95,277 3,070,087

Federal agency debt and mortgage-backed securities2 328,527 - 717 - 24,190 328,561

Other securities3 81,072 - 58 - 5,444 81,220

Securities lent to dealers 39,747 - 487 + 13,720 35,895

Overnight facility4 39,747 - 487 + 13,720 35,895

U.S. Treasury securities 39,747 - 487 + 13,720 35,895

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, November 3, 2021

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans1 114 155 2,738 45,309 0 ... 48,317

U.S. Treasury securities2

Holdings 127,192 273,726 702,180 2,121,068 1,001,373 1,307,680 5,533,219

Weekly changes + 60,247 - 45,271 - 4,350 + 7,256 - 5,292 + 7,300 + 19,890

Federal agency debt securities3

Holdings 0 0 0 0 2,134 213 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 0 27 1,677 62,981 2,463,138 2,527,824

Weekly changes 0 0 + 7 + 73 + 259 - 294 + 47

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 15,898 ... ... 15,898

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 0 1,386 ... ... 1,386

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

Central bank liquidity swaps9 332 0 0 0 0 0 332

Reverse repurchase agreements8 1,657,066 0 ... ... ... ... 1,657,066

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

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

...Not applicable.

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

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

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

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

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

face value of such securities.

3. Face value.

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

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

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

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

8. Cash value of agreements.

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

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

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Nov 3, 2021

Mortgage-backed securities held outright1 2,527,824

Residential mortgage-backed securities 2,518,432

Commercial mortgage-backed securities 9,392

Commitments to buy mortgage-backed securities2 125,170

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 14

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 Nov 3, 2021

Net portfolio holdings of

Credit Facilities LLCs

Outstanding

principal Outstanding

amount amount of Treasury

of loan facility contributions

extended to asset and

Credit Facilities LLCs:

the LLC1 purchases2 other assets3 Total

Corporate Credit Facilities LLC 0 0 515 515

MS Facilities LLC (Main Street Lending Program) 15,736 13,567 16,940 30,507

Municipal Liquidity Facility LLC 4,373 4,373 5,410 9,783

TALF II LLC 1,456 1,386 3,104 4,490

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

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

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

Bank to the LLC upon settlement of the investment activity.

2. Outstanding amount of facility asset purchases:

a. For the Corporate Credit Facilities LLC includes exchange traded-funds and corporate bonds at fair value. 

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

 updated as of September 30, 2021.

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

 a one-day lag after the transaction date.

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

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

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

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

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

Nov 3, 2021 Oct 27, 2021 Nov 4, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,202 - 8 - 279

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,449,758 + 17,404 +1,503,848

Securities held outright1 8,063,390 + 19,937 +1,522,632

U.S. Treasury securities 5,533,219 + 19,890 + 995,132

Bills2 326,044 0 0

Notes and bonds, nominal2 4,767,776 + 17,202 + 895,044

Notes and bonds, inflation-indexed2 372,843 + 2,001 + 75,680

Inflation compensation3 66,557 + 687 + 24,409

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,527,824 + 47 + 527,500

Unamortized premiums on securities held outright5 354,701 + 32 + 15,538

Unamortized discounts on securities held outright5 -16,650 - 335 - 11,978

Repurchase agreements6 0 0 - 1,000

Loans7 48,317 - 2,229 - 21,343

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,559

Net portfolio holdings of Corporate Credit Facilities LLC8 515 0 - 45,148

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 30,507 + 218 - 11,176

Net portfolio holdings of Municipal Liquidity Facility LLC8 9,783 + 1 - 6,769

Net portfolio holdings of TALF II LLC8 4,490 - 6 - 7,776

Items in process of collection (0) 71 + 16 + 18

Bank premises 1,449 - 16 - 741

Central bank liquidity swaps9 332 + 9 - 6,916

Foreign currency denominated assets10 20,684 - 38 - 960

Other assets11 39,843 + 1,110 + 1,850

Total assets (0) 8,574,871 + 18,690 +1,417,392

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

Nov 3, 2021 Oct 27, 2021 Nov 4, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,158,089 + 2,174 + 156,955

Reverse repurchase agreements12 1,657,066 - 64,418 +1,464,029

Deposits (0) 4,684,063 + 78,848 - 114,973

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 4,149,830 + 26,676 +1,170,293

U.S. Treasury, General Account 286,959 + 50,464 -1,331,609

Foreign official 5,647 + 381 - 15,617

Other13 (0) 241,627 + 1,327 + 61,961

Deferred availability cash items (0) 188 - 460 + 33

Treasury contributions to credit facilities14 26,397 0 - 87,603

Other liabilities and accrued dividends15 9,200 + 2,541 - 1,695

Total liabilities (0) 8,535,005 + 18,687 +1,416,747

Capital accounts

Capital paid in 33,081 + 4 + 685

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,866 + 4 + 645

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

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

2. Face value of the securities.

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

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

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

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

basis.

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

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

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

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

consolidation below.

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

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

central bank.

10. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

as fiscal agents of the United States.

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

$3.5 billion.

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

6. Statement of Condition of Each Federal Reserve Bank, November 3, 2021

Millions of dollars

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

Assets

Gold certificates and special drawing 

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

Coin 1,202 14 18 114 46 175 103 229 17 31 87 148 218

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,449,758 140,429 4,755,396 177,616 315,440 563,720 492,600 458,820 110,087 80,967 112,237 371,958 870,489

Net portfolio holdings of Corporate 

Credit Facilities LLC2 515 0 515 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,507 30,507 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 9,783 0 9,783 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 4,490 0 4,490 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 332 15 112 12 29 69 15 13 6 3 4 6 49

Foreign currency denominated 

assets4 20,684 939 6,953 743 1,788 4,304 935 810 393 176 224 373 3,046

Other assets5 41,362 785 21,928 970 1,574 3,051 2,544 2,283 700 513 865 1,930 4,218

Interdistrict settlement account 0 + 28,333 - 460,834 + 13,325 + 42,040 + 12,224 + 67,826 + 114,957 + 24,411 - 1,310 + 18,464 + 60,027 + 80,536

Total assets 8,574,871 201,554 4,343,784 193,303 361,669 584,731 566,213 578,248 136,089 80,652 132,335 435,663 960,630

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, November 3, 2021 (continued)

Millions of dollars

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

Liabilities

Federal Reserve notes, net 2,158,089 70,840 689,599 61,453 103,478 153,331 318,192 120,611 64,436 32,777 54,809 194,488 294,076

Reverse repurchase agreements6 1,657,066 27,691 936,667 34,999 60,294 111,037 97,091 90,426 21,604 12,822 22,004 73,278 169,153

Deposits 4,684,063 86,233 2,688,285 95,063 193,625 311,299 148,746 365,092 48,996 34,616 54,837 166,554 490,718

Depository institutions 4,149,830 86,215 2,351,768 95,062 193,584 310,357 148,613 169,792 48,987 34,424 54,115 166,260 490,654

U.S. Treasury, General Account 286,959 0 286,959 0 0 0 0 0 0 0 0 0 0

Foreign official 5,647 2 5,620 1 3 8 2 2 1 0 0 1 6

Other7 241,627 16 43,938 0 37 934 131 195,299 8 192 722 293 57

Earnings remittances due to the U.S. 

Treasury8 2,440 55 1,339 51 83 192 152 118 58 25 36 99 233

Treasury contributions to credit facilities9 26,397 16,572 9,825 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 6,948 -1,604 4,727 237 294 668 620 459 193 185 227 329 613

Total liabilities 8,535,005 199,787 4,330,442 191,803 357,773 576,526 564,801 576,706 135,287 80,425 131,914 434,748 954,793

Capital

Capital paid in 33,081 1,459 11,062 1,256 3,309 6,793 1,105 1,276 673 170 348 792 4,838

Surplus 6,785 308 2,280 244 587 1,412 307 266 129 58 73 122 999

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

Total liabilities and capital 8,574,871 201,554 4,343,784 193,303 361,669 584,731 566,213 578,248 136,089 80,652 132,335 435,663 960,630

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, November 3, 2021 (continued)

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

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

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

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

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

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

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

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

4. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

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

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

9. Book value. Amount of equity investments in MS Facilities LLC of $16.6 billion, Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion.

 

Note on consolidation:

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

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

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

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

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

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

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

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

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

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

used to secure the loan from the FRBB.

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

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

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

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

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

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

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Nov 3, 2021

Federal Reserve notes outstanding 2,410,987

Less: Notes held by F.R. Banks not subject to collateralization 252,898

Federal Reserve notes to be collateralized 2,158,089

Collateral held against Federal Reserve notes 2,158,089

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,141,852

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,063,390

Less: Face value of securities under reverse repurchase agreements 1,614,369

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,449,021

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.