FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 27, 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

May 26, 2021 May 19, 2021 May 27, 2020

Wednesday

May 26, 2021

Reserve Bank credit 7,889,230 + 14,150 + 829,669 7,864,068

Securities held outright1 7,357,676 + 21,764 +1,398,951 7,333,769

U.S. Treasury securities 5,082,105 + 19,687 + 980,997 5,087,157

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,364,470 + 17,375 + 882,789 4,367,786

Notes and bonds, inflation-indexed2 341,427 + 1,600 + 84,833 342,856

Inflation compensation3 50,164 + 712 + 13,375 50,471

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

Mortgage-backed securities4 2,273,224 + 2,077 + 417,954 2,244,265

Unamortized premiums on securities held outright5 349,749 - 388 + 45,140 348,761

Unamortized discounts on securities held outright5 -13,427 - 288 - 7,883 -13,622

Repurchase agreements6 7 + 7 - 174,923 46

Foreign official 0 0 - 1 0

Others 7 + 7 - 174,922 46

Loans 83,993 + 2,315 - 23,313 84,894

Primary credit 626 + 10 - 18,205 633

Secondary credit 0 0 0 0

Seasonal credit 2 + 1 0 3

Primary Dealer Credit Facility 0 0 - 6,961 0

Money Market Mutual Fund Liquidity Facility 0 0 - 34,321 0

Paycheck Protection Program Liquidity Facility 83,365 + 2,305 + 36,173 84,258

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,554 - 2 - 3,024 8,554

Net portfolio holdings of Corporate Credit Facilities LLC7 25,976 + 66 - 3,876 26,037

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 30,552 - 64 + 30,552 30,559

Net portfolio holdings of Municipal Liquidity Facility LLC7 10,913 - 212 + 10,913 10,879

Net portfolio holdings of TALF II LLC7 4,922 0 + 4,922 4,923

Float -124 - 18 + 88 -160

Central bank liquidity swaps8 678 + 42 - 448,058 678

Other Federal Reserve assets9 29,762 - 9,072 + 181 28,750

Foreign currency denominated assets10 21,755 + 75 + 1,230 21,745

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,642 + 14 + 420 50,642

Total factors supplying reserve funds 7,977,868 + 14,239 + 831,319 7,952,696

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 26, 2021 May 19, 2021 May 27, 2020

Wednesday

May 26, 2021

Currency in circulation11 2,170,156 + 1,530 + 226,047 2,172,925

Reverse repurchase agreements12 615,000 + 152,281 + 369,494 670,433

Foreign official and international accounts 224,080 + 4,961 - 20,807 220,150

Others 390,920 + 147,320 + 390,301 450,283

Treasury cash holdings 34 - 5 - 205 37

Deposits with F.R. Banks, other than reserve balances 1,286,963 - 21,698 - 298,602 1,159,225

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 812,473 - 53,646 - 498,018 778,912

Foreign official 27,015 - 1,146 + 10,769 27,076

Other13 447,475 + 33,094 + 188,647 353,237

Treasury contributions to credit facilities14 50,278 0 - 3,722 50,278

Other liabilities and capital15 50,257 - 3,242 + 1,272 48,175

Total factors, other than reserve balances,

absorbing reserve funds 4,172,690 + 128,868 + 294,286 4,101,073

Reserve balances with Federal Reserve Banks 3,805,178 - 114,629 + 537,034 3,851,623

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 $13.9 billion,

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

May 26, 2021 May 19, 2021 May 27, 2020

Wednesday

May 26, 2021

Securities held in custody for foreign official and international

accounts 3,535,183 + 3,965 + 143,947 3,530,826

Marketable U.S. Treasury securities1 3,087,012 - 435 + 162,037 3,086,344

Federal agency debt and mortgage-backed securities2 359,655 + 4,137 - 21,186 355,754

Other securities3 88,516 + 263 + 3,096 88,727

Securities lent to dealers 36,312 - 237 + 3,618 39,807

Overnight facility4 36,312 - 237 + 3,618 39,807

U.S. Treasury securities 36,312 - 237 + 3,618 39,807

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 26, 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 154 482 21,189 63,067 1 ... 84,894

U.S. Treasury securities2

Holdings 88,013 303,665 647,962 1,937,380 926,562 1,183,576 5,087,157

Weekly changes - 7,692 + 3,407 + 4,336 + 4,097 + 7,624 + 3,565 + 15,336

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 11 1,844 67,138 2,175,272 2,244,265

Weekly changes 0 0 - 2 - 61 - 1,445 - 31,788 - 33,296

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 16,336 ... ... 16,336

Municipal notes held by Municipal

Liquidity Facility LLC7 150 0 0 5,358 ... ... 5,508

Loans held by TALF II LLC8 0 0 0 1,676 ... ... 1,676

Repurchase agreements9 46 0 ... ... ... ... 46

Central bank liquidity swaps10 590 88 0 0 0 0 678

Reverse repurchase agreements9 670,433 0 ... ... ... ... 670,433

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, 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 May 26, 2021

Mortgage-backed securities held outright1 2,244,265

Residential mortgage-backed securities 2,234,442

Commercial mortgage-backed securities 9,823

Commitments to buy mortgage-backed securities2 180,416

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 87

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 26, 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

Commercial Paper Funding Facility II LLC 0 0 8,554 8,554

Corporate Credit Facilities LLC 13,757 13,658 12,379 26,037

MS Facilities LLC (Main Street Lending Program) 16,282 13,678 16,881 30,559

Municipal Liquidity Facility LLC 5,508 5,508 5,371 10,879

TALF II LLC 1,894 1,676 3,247 4,923

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 at face value, net of an allowance for loan losses

 updated as of March 31, 2021.

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 approximately 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

May 26, 2021 May 19, 2021 May 27, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,259 - 11 - 188

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,753,848 - 18,148 +1,220,126

Securities held outright1 7,333,769 - 17,960 +1,386,800

U.S. Treasury securities 5,087,157 + 15,336 + 977,645

Bills2 326,044 0 0

Notes and bonds, nominal2 4,367,786 + 12,604 + 878,612

Notes and bonds, inflation-indexed2 342,856 + 2,001 + 85,405

Inflation compensation3 50,471 + 731 + 13,628

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,244,265 - 33,296 + 409,155

Unamortized premiums on securities held outright5 348,761 - 1,528 + 44,505

Unamortized discounts on securities held outright5 -13,622 - 302 - 8,122

Repurchase agreements6 46 + 46 - 181,055

Loans7 84,894 + 1,597 - 22,002

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,554 0 - 4,240

Net portfolio holdings of Corporate Credit Facilities LLC8 26,037 + 71 - 8,816

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 30,559 + 9 + 30,559

Net portfolio holdings of Municipal Liquidity Facility LLC8 10,879 - 248 + 10,879

Net portfolio holdings of TALF II LLC8 4,923 + 1 + 4,923

Items in process of collection (0) 72 + 17 + 5

Bank premises 1,920 + 1 - 285

Central bank liquidity swaps9 678 + 26 - 448,268

Foreign currency denominated assets10 21,745 - 40 + 1,181

Other assets11 26,830 - 1,020 + 348

Total assets (0) 7,903,541 - 19,342 + 806,225

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 26, 2021 May 19, 2021 May 27, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,123,575 + 3,731 + 224,061

Reverse repurchase agreements12 670,433 + 148,277 + 426,457

Deposits (0) 5,010,847 - 169,333 + 170,950

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,851,623 + 27,642 + 533,935

U.S. Treasury, General Account 778,912 - 81,921 - 547,985

Foreign official 27,076 - 674 + 10,825

Other13 (0) 353,237 - 114,379 + 174,175

Deferred availability cash items (0) 232 + 71 - 123

Treasury contributions to credit facilities14 50,278 0 - 16,222

Other liabilities and accrued dividends15 8,667 - 2,175 + 507

Total liabilities (0) 7,864,034 - 19,428 + 805,632

Capital accounts

Capital paid in 32,723 + 86 + 634

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,508 + 86 + 594

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 $13.9 billion,

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, May 26, 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 1,259 18 29 109 58 178 116 226 17 34 88 149 237

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,753,848 128,409 4,346,765 166,956 290,598 516,656 450,729 419,537 101,203 80,933 105,734 340,422 805,905

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 8,554 0 8,554 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 26,037 0 26,037 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,559 30,559 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 10,879 0 10,879 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 4,923 0 4,923 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 678 31 228 24 59 141 31 27 13 6 7 12 100

Foreign currency denominated

assets4 21,745 987 7,309 781 1,880 4,525 983 852 413 185 235 392 3,202

Other assets5 28,822 569 14,742 704 1,088 2,188 1,812 1,596 639 377 688 1,488 2,930

Interdistrict settlement account 0 + 25,464 - 236,525 + 28,315 + 4,833 + 4,983 + 16,367 + 70,222 + 7,075 - 12,479 + 8,982 + 24,232 + 58,529

Total assets 7,903,541 186,569 4,188,363 197,413 299,267 529,859 472,227 493,596 109,835 69,329 116,190 367,916 872,977

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 26, 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 2,123,575 63,019 694,718 62,373 104,484 157,466 299,598 128,555 58,120 32,692 53,467 187,574 281,509

Reverse repurchase agreements6 670,433 11,204 378,966 14,160 24,394 44,924 39,282 36,586 8,741 5,188 8,903 29,648 68,438

Deposits 5,010,847 96,007 3,062,273 119,150 166,586 318,388 130,840 326,248 41,982 30,686 53,107 149,364 516,215

Depository institutions 3,851,623 95,997 2,080,116 119,149 166,056 317,882 130,708 155,397 41,975 30,163 49,451 148,539 516,188

U.S. Treasury, General Account 778,912 0 778,912 0 0 0 0 0 0 0 0 0 0

Foreign official 27,076 2 27,049 1 3 8 2 2 1 0 0 1 6

Other7 353,237 9 176,197 0 527 497 131 170,849 6 523 3,655 824 21

Earnings remittances due to the U.S.

Treasury8 569 1 368 10 16 10 34 26 14 2 5 26 58

Treasury contributions to credit facilities9 50,278 16,572 33,706 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 8,330 -2,014 5,066 313 404 902 680 641 236 413 274 474 943

Total liabilities 7,864,034 184,789 4,175,097 196,006 295,884 521,690 470,434 492,056 109,093 68,980 115,756 367,085 867,163

Capital

Capital paid in 32,723 1,472 10,986 1,164 2,796 6,756 1,486 1,275 613 291 361 708 4,815

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 7,903,541 186,569 4,188,363 197,413 299,267 529,859 472,227 493,596 109,835 69,329 116,190 367,916 872,977

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 26, 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 Primary Dealer Credit 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 each Federal Reserve Bank’s allotted surplus cap.

9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, and

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 May 26, 2021

Federal Reserve notes outstanding 2,301,694

Less: Notes held by F.R. Banks not subject to collateralization 178,119

Federal Reserve notes to be collateralized 2,123,575

Collateral held against Federal Reserve notes 2,123,575

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,107,338

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,333,815

Less: Face value of securities under reverse repurchase agreements 633,720

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,700,095

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.