FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 28, 2020

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

Dec 23, 2020 Dec 16, 2020 Dec 25, 2019

Wednesday

Dec 23, 2020

Reserve Bank credit 7,345,583 + 93,480 +3,225,221 7,363,749

Securities held outright1 6,757,273 + 75,962 +3,012,364 6,771,803

U.S. Treasury securities 4,672,583 + 29,451 +2,350,907 4,682,881

Bills2 326,044 0 + 161,877 326,044

Notes and bonds, nominal2 3,992,143 + 26,917 +1,985,982 4,001,192

Notes and bonds, inflation-indexed2 310,825 + 2,399 + 184,852 312,024

Inflation compensation3 43,571 + 135 + 18,195 43,621

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

Mortgage-backed securities4 2,082,343 + 46,511 + 661,457 2,086,574

Unamortized premiums on securities held outright5 344,289 + 2,104 + 219,119 345,019

Unamortized discounts on securities held outright5 -5,461 - 185 + 7,855 -5,443

Repurchase agreements6 1,001 + 1 - 234,211 1,000

Foreign official 1,001 + 1 + 1,001 1,000

Others 0 0 - 235,212 0

Loans 58,224 - 476 + 58,210 57,761

Primary credit 2,145 + 379 + 2,143 2,134

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 11 0

Primary Dealer Credit Facility 419 + 155 + 419 485

Money Market Mutual Fund Liquidity Facility 4,389 - 60 + 4,389 4,212

Paycheck Protection Program Liquidity Facility 51,271 - 951 + 51,271 50,930

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,557 0 + 8,557 8,557

Net portfolio holdings of Corporate Credit Facilities LLC7 46,348 + 146 + 46,348 46,410

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 49,885 + 3,857 + 49,885 52,154

Net portfolio holdings of Municipal Liquidity Facility LLC7 21,268 + 4,208 + 21,268 21,275

Net portfolio holdings of TALF II LLC7 12,549 + 86 + 12,549 12,663

Float -123 + 63 - 13 -202

Central bank liquidity swaps8 16,378 + 6,011 + 12,649 16,833

Other Federal Reserve assets9 35,396 + 1,705 + 10,643 35,919

Foreign currency denominated assets10 22,257 + 140 + 1,682 22,214

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,507 + 14 + 441 50,507

Total factors supplying reserve funds 7,434,588 + 93,634 +3,227,345 7,452,711

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

Dec 23, 2020 Dec 16, 2020 Dec 25, 2019

Wednesday

Dec 23, 2020

Currency in circulation11 2,071,410 + 4,965 + 272,305 2,077,130

Reverse repurchase agreements12 196,155 + 4,519 - 62,568 198,524

Foreign official and international accounts 195,897 + 4,279 - 53,600 197,667

Others 258 + 240 - 8,969 857

Treasury cash holdings 31 - 7 - 140 30

Deposits with F.R. Banks, other than reserve balances 1,858,777 + 112,360 +1,406,156 1,836,213

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,602,407 + 72,709 +1,234,587 1,583,308

Foreign official 21,826 + 3 + 16,644 21,826

Other13 234,545 + 39,650 + 154,926 231,079

Treasury contributions to credit facilities14 114,000 0 + 114,000 114,000

Other liabilities and capital15 51,174 - 3,003 + 6,478 49,508

Total factors, other than reserve balances,

absorbing reserve funds 4,291,548 + 118,834 +1,736,232 4,275,406

Reserve balances with Federal Reserve Banks 3,143,041 - 25,199 +1,491,114 3,177,306

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 $37.5 billion,

MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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

Dec 23, 2020 Dec 16, 2020 Dec 25, 2019

Wednesday

Dec 23, 2020

Securities held in custody for foreign official and international

accounts 3,499,091 - 2,473 + 89,890 3,492,793

Marketable U.S. Treasury securities1 3,051,264 - 1,069 + 87,220 3,046,792

Federal agency debt and mortgage-backed securities2 361,247 - 999 - 802 359,414

Other securities3 86,579 - 406 + 3,470 86,588

Securities lent to dealers 27,603 + 2,485 - 5,448 29,462

Overnight facility4 27,603 + 2,485 - 5,448 29,462

U.S. Treasury securities 27,603 + 2,485 - 5,448 29,462

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, December 23, 2020

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 3,256 3,060 516 50,930 0 ... 57,761

U.S. Treasury securities2

Holdings 85,295 303,338 650,885 1,755,671 833,243 1,054,449 4,682,881

Weekly changes + 1,823 - 2,971 + 3,107 + 13,233 + 957 + 3,890 + 20,040

Federal agency debt securities3

Holdings 0 0 0 0 1,818 529 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 0 4 2,107 73,512 2,010,952 2,086,574

Weekly changes 0 0 0 0 + 3 + 7,479 + 7,481

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 14,597 ... ... 14,597

Municipal notes held by Municipal

Liquidity Facility LLC7 0 0 1,003 5,358 ... ... 6,361

Loans held by TALF II LLC8 0 0 0 3,656 ... ... 3,656

Repurchase agreements9 1,000 0 ... ... ... ... 1,000

Central bank liquidity swaps10 6,106 10,727 0 0 0 0 16,833

Reverse repurchase agreements9 198,524 0 ... ... ... ... 198,524

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 Dec 23, 2020

Mortgage-backed securities held outright1 2,086,574

Residential mortgage-backed securities 2,076,732

Commercial mortgage-backed securities 9,842

Commitments to buy mortgage-backed securities2 175,483

Commitments to sell mortgage-backed securities2 84

Cash and cash equivalents3 61

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 Dec 23, 2020

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 8,557 8,557

Corporate Credit Facilities LLC 14,029 14,202 32,207 46,410

MS Facilities LLC (Main Street Lending Program) 14,589 14,501 37,653 52,154

Municipal Liquidity Facility LLC 6,361 6,361 14,913 21,275

TALF II LLC 4,144 3,656 9,007 12,663

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

 September 30, 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 initially 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

Dec 23, 2020 Dec 16, 2020 Dec 25, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,570 + 10 - 91

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,170,140 + 27,710 +3,072,204

Securities held outright1 6,771,803 + 27,522 +3,020,614

U.S. Treasury securities 4,682,881 + 20,040 +2,354,019

Bills2 326,044 0 + 156,519

Notes and bonds, nominal2 4,001,192 + 16,270 +1,993,231

Notes and bonds, inflation-indexed2 312,024 + 3,598 + 186,051

Inflation compensation3 43,621 + 173 + 18,218

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,086,574 + 7,481 + 666,594

Unamortized premiums on securities held outright5 345,019 + 1,198 + 219,939

Unamortized discounts on securities held outright5 -5,443 + 39 + 7,873

Repurchase agreements6 1,000 0 - 233,969

Loans7 57,761 - 1,048 + 57,748

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,557 0 + 8,557

Net portfolio holdings of Corporate Credit Facilities LLC8 46,410 + 124 + 46,410

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 52,154 + 4,639 + 52,154

Net portfolio holdings of Municipal Liquidity Facility LLC8 21,275 + 8 + 21,275

Net portfolio holdings of TALF II LLC8 12,663 + 199 + 12,663

Items in process of collection (0) 61 - 17 - 42

Bank premises 2,206 + 5 - 1

Central bank liquidity swaps9 16,833 + 6,785 + 13,104

Foreign currency denominated assets10 22,214 + 25 + 1,643

Other assets11 33,718 + 1,957 + 10,572

Total assets (0) 7,404,039 + 41,447 +3,238,448

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

Dec 23, 2020 Dec 16, 2020 Dec 25, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,028,219 + 9,070 + 274,153

Reverse repurchase agreements12 198,524 + 7,664 - 54,966

Deposits (0) 5,013,524 + 30,872 +2,900,944

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,177,310 + 8,484 +1,529,072

U.S. Treasury, General Account 1,583,308 - 32,565 +1,231,374

Foreign official 21,826 + 1 + 16,644

Other13 (0) 231,079 + 54,951 + 123,853

Deferred availability cash items (0) 263 + 79 + 96

Treasury contributions to credit facilities14 114,000 0 + 114,000

Other liabilities and accrued dividends15 10,269 - 6,239 + 3,504

Total liabilities (0) 7,364,800 + 41,447 +3,237,731

Capital accounts

Capital paid in 32,414 0 + 717

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,239 0 + 717

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 $37.5 billion,

MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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, December 23, 2020

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 1,570 30 38 134 87 208 152 258 33 44 106 184 295

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,170,140 165,180 3,692,462 168,140 224,121 448,910 526,254 399,134 113,795 75,230 117,725 344,751 894,439

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 8,557 0 8,557 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 46,410 0 46,410 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 52,154 52,154 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 21,275 0 21,275 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 12,663 0 12,663 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 16,833 799 5,657 606 1,438 3,553 835 654 276 132 178 200 2,506

Foreign currency denominated

assets4 22,214 1,054 7,467 799 1,898 4,688 1,102 863 364 174 234 264 3,307

Other assets5 35,985 2,405 15,818 893 1,178 2,543 2,712 2,030 683 468 865 2,044 4,346

Interdistrict settlement account 0 - 42,501 + 260,294 - 15,031 + 73,605 + 149,187 - 128,810 - 14,527 - 21,136 - 13,488 - 20,420 - 52,420 - 174,753

Total assets 7,404,039 179,655 4,076,124 156,071 303,089 610,254 404,429 389,548 94,495 62,829 99,137 296,224 732,185

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, December 23, 2020 (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 2,028,219 61,969 674,774 55,581 92,730 149,284 279,344 132,506 58,617 33,390 54,759 170,642 264,623

Reverse repurchase agreements6 198,524 4,458 102,787 4,529 6,211 12,442 14,631 11,089 3,137 1,876 3,157 9,568 24,639

Deposits 5,013,524 71,884 3,206,152 94,228 200,372 439,370 107,833 243,773 31,785 26,802 40,523 114,824 435,978

Depository institutions 3,177,310 71,862 1,489,677 94,226 199,564 438,374 107,747 127,971 31,783 26,703 40,473 112,979 435,951

U.S. Treasury, General Account 1,583,308 0 1,583,308 0 0 0 0 0 0 0 0 0 0

Foreign official 21,826 2 21,799 1 3 8 2 2 1 0 0 0 6

Other7 231,079 20 111,367 0 804 987 84 115,801 1 99 50 1,844 21

Earnings remittances due to the U.S.

Treasury8 1,574 31 820 42 47 119 117 86 7 9 24 79 193

Treasury contributions to credit facilities9 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 8,958 480 3,416 282 347 860 701 560 224 422 253 447 967

Total liabilities 7,364,800 177,822 4,062,950 154,662 299,706 602,075 402,626 388,014 93,768 62,500 98,715 295,560 726,400

Capital

Capital paid in 32,414 1,509 10,880 1,163 2,800 6,738 1,464 1,269 615 275 350 583 4,768

Surplus 6,825 324 2,294 246 583 1,441 338 265 112 53 72 81 1,016

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

Total liabilities and capital 7,404,039 179,655 4,076,124 156,071 303,089 610,254 404,429 389,548 94,495 62,829 99,137 296,224 732,185

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, December 23, 2020 (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 a $6.825 billion surplus.

9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS Facilities LLC of $37.5 billion, and

Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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 Dec 23, 2020

Federal Reserve notes outstanding 2,188,305

Less: Notes held by F.R. Banks not subject to collateralization 160,085

Federal Reserve notes to be collateralized 2,028,219

Collateral held against Federal Reserve notes 2,028,219

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,011,982

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,772,803

Less: Face value of securities under reverse repurchase agreements 192,834

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,579,968

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.