FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 18, 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

Mar 17, 2021 Mar 10, 2021 Mar 18, 2020

Wednesday

Mar 17, 2021

Reserve Bank credit 7,636,348 + 105,423 +3,173,307 7,654,172

Securities held outright1 7,117,402 + 102,023 +3,188,377 7,135,409

U.S. Treasury securities 4,897,807 + 18,176 +2,341,560 4,911,633

Bills2 326,044 0 + 5,001 326,044

Notes and bonds, nominal2 4,199,360 + 16,937 +2,124,160 4,213,056

Notes and bonds, inflation-indexed2 327,623 + 857 + 193,684 327,623

Inflation compensation3 44,779 + 381 + 18,713 44,910

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

Mortgage-backed securities4 2,217,249 + 83,847 + 846,819 2,221,429

Unamortized premiums on securities held outright5 351,745 + 2,068 + 223,208 352,195

Unamortized discounts on securities held outright5 -8,190 - 601 + 4,697 -8,355

Repurchase agreements6 429 - 71 - 388,377 0

Foreign official 429 - 71 + 429 0

Others 0 0 - 388,806 0

Loans 57,034 + 609 + 50,347 57,164

Primary credit 1,175 - 276 - 5,512 851

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 188 - 63 + 188 145

Money Market Mutual Fund Liquidity Facility 591 - 74 + 591 588

Paycheck Protection Program Liquidity Facility 55,080 + 1,023 + 55,080 55,580

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,557 + 1 + 8,557 8,563

Net portfolio holdings of Corporate Credit Facilities LLC7 26,024 - 51 + 26,024 26,010

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 30,963 - 6 + 30,963 30,940

Net portfolio holdings of Municipal Liquidity Facility LLC7 11,548 + 3 + 11,548 11,550

Net portfolio holdings of TALF II LLC7 5,648 + 1 + 5,648 5,648

Float -115 - 12 + 115 -85

Central bank liquidity swaps8 1,245 - 1,931 + 1,200 790

Other Federal Reserve assets9 34,058 + 3,391 + 10,999 34,341

Foreign currency denominated assets10 21,479 - 26 + 779 21,420

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,595 + 14 + 432 50,595

Total factors supplying reserve funds 7,724,663 + 105,411 +3,174,517 7,742,428

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

Mar 17, 2021 Mar 10, 2021 Mar 18, 2020

Wednesday

Mar 17, 2021

Currency in circulation11 2,109,534 + 5,282 + 282,448 2,114,334

Reverse repurchase agreements12 209,514 + 13,320 - 32,542 205,516

Foreign official and international accounts 204,920 + 9,472 - 26,572 205,516

Others 4,594 + 3,848 - 5,971 0

Treasury cash holdings 108 + 12 - 209 100

Deposits with F.R. Banks, other than reserve balances 1,620,468 - 7,724 +1,080,227 1,449,173

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,272,583 - 87,481 + 910,007 1,089,501

Foreign official 26,310 + 2,908 + 19,951 30,202

Other13 321,576 + 76,849 + 150,270 329,470

Treasury contributions to credit facilities14 51,778 0 + 51,778 51,778

Other liabilities and capital15 52,231 + 5,502 + 7,374 48,203

Total factors, other than reserve balances,

absorbing reserve funds 4,043,633 + 16,391 +1,389,075 3,869,105

Reserve balances with Federal Reserve Banks 3,681,030 + 89,020 +1,785,442 3,873,323

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, and credit protection in the Money

Market Mutual Fund Liquidity Facility of $1.5 billion.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Mar 17, 2021 Mar 10, 2021 Mar 18, 2020

Wednesday

Mar 17, 2021

Securities held in custody for foreign official and international

accounts 3,576,051 + 6,472 + 165,362 3,569,174

Marketable U.S. Treasury securities1 3,133,675 + 6,285 + 185,026 3,128,086

Federal agency debt and mortgage-backed securities2 354,222 + 1,122 - 24,597 353,837

Other securities3 88,153 - 937 + 4,931 87,252

Securities lent to dealers 39,581 + 3,385 + 4,554 33,013

Overnight facility4 39,581 + 3,385 + 4,554 33,013

U.S. Treasury securities 39,581 + 3,385 + 4,554 33,013

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, March 17, 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 910 675 13 55,567 0 ... 57,164

U.S. Treasury securities2

Holdings 79,217 345,726 630,172 1,864,799 877,115 1,114,604 4,911,633

Weekly changes + 34,474 - 31,359 + 6,068 + 2,179 + 6,213 + 5,051 + 22,626

Federal agency debt securities3

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

Weekly changes 0 0 0 0 + 316 - 316 0

Mortgage-backed securities4

Holdings 0 0 8 2,026 70,211 2,149,182 2,221,429

Weekly changes 0 0 - 1 - 3 - 583 + 88,578 + 87,993

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 16,536 ... ... 16,536

Municipal notes held by Municipal

Liquidity Facility LLC7 0 845 0 5,358 ... ... 6,203

Loans held by TALF II LLC8 0 0 0 2,227 ... ... 2,227

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

Central bank liquidity swaps10 190 600 0 0 0 0 790

Reverse repurchase agreements9 205,516 0 ... ... ... ... 205,516

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

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

...Not applicable.

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

Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans exclude the loans from the Federal Reserve

Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF

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

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

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

face value of such securities.

3. Face value.

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

5. Book value of commercial paper held by Commercial Paper Funding Facility II LLC.

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

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

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

9. Cash value of agreements.

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

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

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Mar 17, 2021

Mortgage-backed securities held outright1 2,221,429

Residential mortgage-backed securities 2,211,509

Commercial mortgage-backed securities 9,920

Commitments to buy mortgage-backed securities2 153,052

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 791

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 Mar 17, 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 8,563 8,563

Corporate Credit Facilities LLC 13,956 13,817 12,193 26,010

MS Facilities LLC (Main Street Lending Program) 16,488 14,123 16,818 30,940

Municipal Liquidity Facility LLC 6,203 6,203 5,347 11,550

TALF II LLC 2,623 2,227 3,421 5,648

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

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

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

Bank to the LLC upon settlement of the investment activity.

2. Outstanding amount of facility asset purchases:

a. For the Commercial Paper Funding Facility II LLC includes commercial paper at book value.

b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and corporate bonds at book value. Asset balances

 from trading activity are reported on a one-day lag after the transaction date.

c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations, net of an allowance for loan losses updated as of

 December 31, 2020, at face value.

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

 a one-day lag after the transaction date.

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

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

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

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

excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are 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

Mar 17, 2021 Mar 10, 2021 Mar 18, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,534 - 6 - 141

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,536,413 + 113,179 +2,930,192

Securities held outright1 7,135,409 + 110,619 +3,125,615

U.S. Treasury securities 4,911,633 + 22,626 +2,270,862

Bills2 326,044 0 + 5,001

Notes and bonds, nominal2 4,213,056 + 22,269 +2,058,560

Notes and bonds, inflation-indexed2 327,623 0 + 188,970

Inflation compensation3 44,910 + 357 + 18,331

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,221,429 + 87,993 + 854,753

Unamortized premiums on securities held outright5 352,195 + 2,475 + 213,901

Unamortized discounts on securities held outright5 -8,355 - 278 + 3,681

Repurchase agreements6 0 - 500 - 441,945

Loans7 57,164 + 863 + 28,940

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,563 + 7 + 8,563

Net portfolio holdings of Corporate Credit Facilities LLC8 26,010 - 17 + 26,010

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 30,940 - 38 + 30,940

Net portfolio holdings of Municipal Liquidity Facility LLC8 11,550 + 2 + 11,550

Net portfolio holdings of TALF II LLC8 5,648 0 + 5,648

Items in process of collection (0) 58 - 5 + 7

Bank premises 1,918 + 2 - 284

Central bank liquidity swaps9 790 - 1,984 + 745

Foreign currency denominated assets10 21,420 - 47 + 1,057

Other assets11 32,423 + 2,508 + 11,005

Total assets (0) 7,693,506 + 113,605 +3,025,294

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

Mar 17, 2021 Mar 10, 2021 Mar 18, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,065,369 + 7,750 + 270,345

Reverse repurchase agreements12 205,516 + 11,766 - 28,430

Deposits (0) 5,322,496 + 93,335 +2,727,369

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,873,323 + 226,591 +1,927,929

U.S. Treasury, General Account 1,089,501 - 220,772 + 688,147

Foreign official 30,202 + 6,728 + 23,315

Other13 (0) 329,470 + 80,788 + 87,979

Deferred availability cash items (0) 142 - 32 - 136

Treasury contributions to credit facilities14 51,778 0 + 51,778

Other liabilities and accrued dividends15 8,985 + 775 + 3,756

Total liabilities (0) 7,654,287 + 113,594 +3,024,683

Capital accounts

Capital paid in 32,434 + 10 + 650

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,219 + 10 + 610

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, and credit protection in the Money

Market Mutual Fund Liquidity Facility of $1.5 billion.

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

6. Statement of Condition of Each Federal Reserve Bank, March 17, 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 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045

Coin 1,534 35 44 124 76 211 147 251 29 44 106 169 300

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,536,413 169,203 3,882,176 175,096 235,964 471,567 553,162 419,107 119,605 81,486 122,489 362,119 944,440

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 8,563 0 8,563 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 26,010 0 26,010 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,940 30,940 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 11,550 0 11,550 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 5,648 0 5,648 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 790 37 265 28 68 167 39 31 13 6 8 9 118

Foreign currency denominated

assets4 21,420 1,017 7,200 771 1,830 4,521 1,062 832 351 168 226 254 3,189

Other assets5 34,399 2,340 15,011 874 1,140 2,475 2,600 1,950 656 459 851 1,860 4,183

Interdistrict settlement account 0 - 29,459 + 152,913 + 17,211 + 74,049 + 49,279 - 118,509 + 22,396 - 10,234 - 9,624 - 14,059 - 24,987 - 108,978

Total assets 7,693,506 174,646 4,114,864 194,634 313,887 529,385 440,684 445,704 110,899 72,808 110,071 340,627 845,296

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, March 17, 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 2,065,369 61,912 673,347 55,494 98,441 156,261 284,833 132,549 58,847 33,067 54,666 180,009 275,942

Reverse repurchase agreements6 205,516 4,615 106,407 4,689 6,430 12,881 15,146 11,479 3,247 1,942 3,268 9,905 25,507

Deposits 5,322,496 90,005 3,281,650 132,784 205,343 351,387 138,326 299,633 47,846 37,158 51,469 149,606 537,289

Depository institutions 3,873,323 89,986 1,987,220 132,782 205,310 350,649 138,220 146,593 47,813 37,073 51,380 149,035 537,263

U.S. Treasury, General Account 1,089,501 0 1,089,501 0 0 0 0 0 0 0 0 0 0

Foreign official 30,202 2 30,175 1 3 8 2 2 1 0 0 0 6

Other7 329,470 17 174,754 0 30 730 104 153,038 33 85 89 571 21

Earnings remittances due to the U.S.

Treasury8 1,988 41 1,040 43 59 117 153 111 33 13 22 101 254

Treasury contributions to credit facilities9 51,778 18,072 33,706 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 7,139 -1,778 5,542 218 225 593 451 398 180 282 213 287 530

Total liabilities 7,654,287 172,868 4,101,693 193,227 310,499 521,238 438,909 444,170 110,153 72,462 109,639 339,908 839,523

Capital

Capital paid in 32,434 1,471 10,891 1,163 2,801 6,735 1,468 1,268 616 289 359 597 4,774

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 7,693,506 174,646 4,114,864 194,634 313,887 529,385 440,684 445,704 110,899 72,808 110,071 340,627 845,296

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, March 17, 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, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and

other credit extensions.

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

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

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

4. Revalued daily at current foreign currency exchange rates.

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

holdings of Maiden Lane LLC; refer to the note on consolidation for additional information.

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

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

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

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

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

providing for the costs of operations, payment of dividends, and the amount necessary to maintain 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, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.

 

Note on consolidation:

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

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

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

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

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

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

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

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

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

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

used to secure the loan from the FRBB.

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

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

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

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

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

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

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Mar 17, 2021

Federal Reserve notes outstanding 2,232,302

Less: Notes held by F.R. Banks not subject to collateralization 166,932

Federal Reserve notes to be collateralized 2,065,369

Collateral held against Federal Reserve notes 2,065,369

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,049,133

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,135,409

Less: Face value of securities under reverse repurchase agreements 200,868

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,934,541

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.