FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

September 30, 2021

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 return of the Treasury's 

equity investment in the Corporate Credit Facilities LLC (CCF LLC), which occurred on September 24, 

2021. Footnotes in Factors Affecting Reserve Balances of Depository Institutions (table 1), Maturity 

Distribution of Securities, Loans and Selected Other Assets and Liabilities (table 2), Information on Principal 

Accounts of Credit Facilities LLCs (table 4), Consolidated Statement of Condition of All Federal Reserve 

Banks (table 5), and 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 September 30, 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

Sep 29, 2021 Sep 22, 2021 Sep 30, 2020

Wednesday

Sep 29, 2021

Reserve Bank credit 8,425,318 - 13,054 +1,408,913 8,408,435

Securities held outright1 7,940,382 + 1,441 +1,510,439 7,928,087

U.S. Treasury securities 5,419,049 + 10,730 + 980,242 5,431,056

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,666,221 + 7,944 + 880,873 4,678,052

Notes and bonds, inflation-indexed2 362,754 + 2,173 + 75,402 362,754

Inflation compensation3 64,030 + 613 + 23,966 64,206

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

Mortgage-backed securities4 2,518,985 - 9,290 + 530,196 2,494,684

Unamortized premiums on securities held outright5 355,296 - 681 + 22,092 354,462

Unamortized discounts on securities held outright5 -15,612 - 51 - 10,876 -15,665

Repurchase agreements6 0 0 - 429 0

Foreign official 0 0 - 429 0

Others 0 0 0 0

Loans 63,443 - 2,774 - 14,056 61,426

Primary credit 505 + 219 - 2,609 606

Secondary credit 0 0 0 0

Seasonal credit 30 0 - 11 31

Primary Dealer Credit Facility 0 0 - 233 0

Money Market Mutual Fund Liquidity Facility 0 0 - 7,196 0

Paycheck Protection Program Liquidity Facility 62,908 - 2,993 - 4,006 60,789

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 - 8,588 0

Net portfolio holdings of Corporate Credit Facilities LLC7 515 - 11,793 - 44,511 515

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 30,442 + 4 - 9,077 30,449

Net portfolio holdings of Municipal Liquidity Facility LLC7 9,774 + 1 - 6,772 9,776

Net portfolio holdings of TALF II LLC7 4,512 0 - 7,004 4,513

Float -278 - 154 + 224 -1,170

Central bank liquidity swaps8 340 + 4 - 25,059 340

Other Federal Reserve assets9 36,503 + 947 + 2,528 35,704

Foreign currency denominated assets10 21,040 - 138 - 435 20,881

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,853 + 14 + 479 50,853

Total factors supplying reserve funds 8,513,452 - 13,178 +1,408,957 8,496,410

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

Sep 29, 2021 Sep 22, 2021 Sep 30, 2020

Wednesday

Sep 29, 2021

Currency in circulation11 2,196,050 + 318 + 166,156 2,197,401

Reverse repurchase agreements12 1,619,519 + 112,302 +1,416,997 1,702,347

Foreign official and international accounts 280,729 - 4,993 + 78,515 286,507

Others 1,338,790 + 117,295 +1,338,482 1,415,840

Treasury cash holdings 48 - 6 + 10 51

Deposits with F.R. Banks, other than reserve balances 496,450 - 80,155 -1,374,440 429,541

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 197,744 - 110,278 -1,481,408 173,745

Foreign official 6,797 + 525 - 12,081 7,216

Other13 291,909 + 29,598 + 119,049 248,580

Treasury contributions to credit facilities14 28,380 - 11,898 - 85,620 26,397

Other liabilities and capital15 47,658 - 2,339 - 176 45,864

Total factors, other than reserve balances, 

absorbing reserve funds 4,388,104 + 18,221 + 122,925 4,401,601

Reserve balances with Federal Reserve Banks 4,125,348 - 31,399 +1,286,032 4,094,809

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

Sep 29, 2021 Sep 22, 2021 Sep 30, 2020

Wednesday

Sep 29, 2021

Securities held in custody for foreign official and international 

accounts 3,484,580 + 709 + 72,461 3,478,320

Marketable U.S. Treasury securities1 3,067,039 + 3,791 + 86,707 3,061,533

Federal agency debt and mortgage-backed securities2 326,504 - 3,062 - 19,858 325,509

Other securities3 91,037 - 19 + 5,612 91,277

Securities lent to dealers 34,130 + 2,098 + 8,778 38,801

Overnight facility4 34,130 + 2,098 + 8,778 38,801

U.S. Treasury securities 34,130 + 2,098 + 8,778 38,801

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, September 29, 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 379 258 4,201 56,588 0 ... 61,426

U.S. Treasury securities2

Holdings 84,008 289,201 702,379 2,093,284 981,756 1,280,427 5,431,056

Weekly changes + 7,134 - 7,174 + 76 + 27,952 - 13,232 + 2,925 + 17,682

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 18 1,659 63,840 2,429,168 2,494,684

Weekly changes 0 0 - 3 - 83 - 1,313 - 40,473 - 41,873

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 15,931 ... ... 15,931

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 0 1,456 ... ... 1,456

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

Central bank liquidity swaps9 240 100 0 0 0 0 340

Reverse repurchase agreements8 1,702,347 0 ... ... ... ... 1,702,347

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 Sep 29, 2021

Mortgage-backed securities held outright1 2,494,684

Residential mortgage-backed securities 2,485,137

Commercial mortgage-backed securities 9,547

Commitments to buy mortgage-backed securities2 99,052

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 49

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 Sep 29, 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) 15,920 13,394 17,055 30,449

Municipal Liquidity Facility LLC 4,373 4,373 5,402 9,776

TALF II LLC 1,480 1,456 3,056 4,513

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 June 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

Sep 29, 2021 Sep 22, 2021 Sep 30, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,203 + 1 - 274

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,328,310 - 29,402 +1,489,652

Securities held outright1 7,928,087 - 24,191 +1,497,488

U.S. Treasury securities 5,431,056 + 17,682 + 985,579

Bills2 326,044 0 0

Notes and bonds, nominal2 4,678,052 + 17,204 + 887,599

Notes and bonds, inflation-indexed2 362,754 0 + 73,994

Inflation compensation3 64,206 + 477 + 23,986

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,494,684 - 41,873 + 511,909

Unamortized premiums on securities held outright5 354,462 - 1,694 + 21,040

Unamortized discounts on securities held outright5 -15,665 - 68 - 10,929

Repurchase agreements6 0 0 - 1,000

Loans7 61,426 - 3,449 - 16,947

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,589

Net portfolio holdings of Corporate Credit Facilities LLC8 515 - 11,792 - 44,527

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 30,449 + 8 - 9,269

Net portfolio holdings of Municipal Liquidity Facility LLC8 9,776 + 2 - 6,771

Net portfolio holdings of TALF II LLC8 4,513 + 1 - 7,202

Items in process of collection (0) 55 - 15 - 17

Bank premises 1,550 - 37 - 651

Central bank liquidity swaps9 340 + 4 - 23,555

Foreign currency denominated assets10 20,881 - 308 - 672

Other assets11 34,154 - 302 + 3,729

Total assets (0) 8,447,981 - 41,843 +1,391,852

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

Sep 29, 2021 Sep 22, 2021 Sep 30, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,147,797 + 1,021 + 164,167

Reverse repurchase agreements12 1,702,347 + 138,315 +1,497,114

Deposits (0) 4,524,351 - 166,413 - 179,968

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 4,094,810 - 43,109 +1,351,564

U.S. Treasury, General Account 173,745 - 98,934 -1,607,934

Foreign official 7,216 - 693 - 11,700

Other13 (0) 248,580 - 23,677 + 88,103

Deferred availability cash items (0) 1,225 + 1,068 - 177

Treasury contributions to credit facilities14 26,397 - 13,881 - 87,603

Other liabilities and accrued dividends15 5,990 - 1,958 - 2,338

Total liabilities (0) 8,408,107 - 41,849 +1,391,195

Capital accounts

Capital paid in 33,089 + 6 + 697

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,874 + 6 + 657

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, September 29, 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 1,203 16 20 114 48 176 107 228 14 27 86 143 222

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,328,310 138,195 4,680,909 175,223 314,759 554,863 484,773 451,569 108,412 83,575 110,612 366,247 859,174

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 30,449 30,449 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 9,776 0 9,776 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 4,513 0 4,513 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 340 15 114 12 29 71 15 13 6 3 4 6 50

Foreign currency denominated 

assets4 20,881 948 7,019 750 1,805 4,345 944 818 397 178 226 376 3,075

Other assets5 35,759 686 18,821 855 1,371 2,657 2,207 1,988 586 453 785 1,689 3,661

Interdistrict settlement account 0 + 40,656 - 550,850 + 16,230 + 41,539 + 33,238 + 75,704 + 118,605 + 23,050 + 714 + 20,304 + 62,179 + 118,632

Total assets 8,447,981 211,495 4,176,258 193,706 360,303 596,537 565,939 574,358 132,941 85,224 132,471 431,860 986,889

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, September 29, 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 2,147,797 70,680 688,897 61,271 103,228 153,865 313,437 122,903 62,360 32,936 55,247 195,947 287,026

Reverse repurchase agreements6 1,702,347 28,448 962,262 35,955 61,942 114,071 99,744 92,897 22,194 13,172 22,606 75,281 173,776

Deposits 4,524,351 95,863 2,498,455 94,720 191,218 319,523 150,408 356,476 47,436 37,516 53,924 159,319 519,493

Depository institutions 4,094,810 95,837 2,259,894 94,718 191,163 318,911 150,025 167,409 47,429 37,299 53,504 159,154 519,466

U.S. Treasury, General Account 173,745 0 173,745 0 0 0 0 0 0 0 0 0 0

Foreign official 7,216 2 7,189 1 3 8 2 2 1 0 0 1 6

Other7 248,580 24 57,626 0 51 604 382 189,066 6 216 419 164 22

Earnings remittances due to the U.S. 

Treasury8 889 -24 630 14 13 -22 63 53 3 3 20 50 86

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 6,326 -1,810 2,847 248 313 897 517 488 198 1,370 236 355 669

Total liabilities 8,408,107 209,729 4,162,916 192,207 356,713 588,336 564,169 572,817 132,191 84,997 132,032 430,951 981,050

Capital

Capital paid in 33,089 1,458 11,062 1,256 3,004 6,789 1,463 1,275 620 170 366 786 4,840

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 8,447,981 211,495 4,176,258 193,706 360,303 596,537 565,939 574,358 132,941 85,224 132,471 431,860 986,889

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, September 29, 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 Sep 29, 2021

Federal Reserve notes outstanding 2,393,820

Less: Notes held by F.R. Banks not subject to collateralization 246,023

Federal Reserve notes to be collateralized 2,147,797

Collateral held against Federal Reserve notes 2,147,797

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,131,560

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,928,087

Less: Face value of securities under reverse repurchase agreements 1,642,074

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,286,013

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.