FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks April 8, 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

Apr 7, 2021 Mar 31, 2021 Apr 8, 2020

Wednesday

Apr 7, 2021

Reserve Bank credit 7,656,966 + 14,932 +1,688,928 7,669,670

Securities held outright1 7,135,255 + 13,802 +2,162,578 7,146,064

U.S. Treasury securities 4,948,224 + 13,708 +1,437,096 4,959,033

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,241,032 + 10,172 +1,290,744 4,251,662

Notes and bonds, inflation-indexed2 334,757 + 3,029 + 132,132 334,757

Inflation compensation3 46,391 + 507 + 14,221 46,570

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

Mortgage-backed securities4 2,184,684 + 94 + 725,482 2,184,684

Unamortized premiums on securities held outright5 350,900 + 131 + 120,961 351,110

Unamortized discounts on securities held outright5 -9,509 - 376 - 1,552 -9,560

Repurchase agreements6 0 - 1 - 227,643 0

Foreign official 0 - 1 0 0

Others 0 0 - 227,643 0

Loans 61,967 + 2,149 - 68,037 62,814

Primary credit 761 - 180 - 42,752 709

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 25 0 - 32,674 25

Money Market Mutual Fund Liquidity Facility 171 - 132 - 53,622 0

Paycheck Protection Program Liquidity Facility 61,009 + 2,460 + 61,009 62,080

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,556 0 + 8,556 8,556

Net portfolio holdings of Corporate Credit Facilities LLC7 26,020 - 5 + 26,020 25,937

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 30,954 + 8 + 30,954 30,962

Net portfolio holdings of Municipal Liquidity Facility LLC7 11,535 - 19 + 11,535 11,413

Net portfolio holdings of TALF II LLC7 5,282 - 314 + 5,282 5,283

Float -107 + 235 + 87 -106

Central bank liquidity swaps8 868 - 1,642 - 384,497 868

Other Federal Reserve assets9 35,244 + 963 + 4,684 36,330

Foreign currency denominated assets10 21,291 + 53 + 932 21,367

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,602 + 14 + 417 50,602

Total factors supplying reserve funds 7,745,100 + 14,999 +1,690,277 7,757,880

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

Apr 7, 2021 Mar 31, 2021 Apr 8, 2020

Wednesday

Apr 7, 2021

Currency in circulation11 2,146,971 + 8,312 + 266,008 2,150,262

Reverse repurchase agreements12 239,520 - 13,502 - 173,270 272,073

Foreign official and international accounts 225,843 + 19,083 - 56,502 237,038

Others 13,677 - 32,585 - 116,768 35,035

Treasury cash holdings 88 - 3 - 229 80

Deposits with F.R. Banks, other than reserve balances 1,325,857 - 37,737 + 379,045 1,289,960

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,010,103 - 15,624 + 311,525 954,968

Foreign official 32,308 - 158 + 15,548 32,249

Other13 283,446 - 21,955 + 51,972 302,744

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

Other liabilities and capital15 47,937 + 1,143 - 5,553 49,670

Total factors, other than reserve balances,

absorbing reserve funds 3,812,151 - 41,788 + 517,780 3,813,825

Reserve balances with Federal Reserve Banks 3,932,949 + 56,787 +1,172,498 3,944,055

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

Apr 7, 2021 Mar 31, 2021 Apr 8, 2020

Wednesday

Apr 7, 2021

Securities held in custody for foreign official and international

accounts 3,548,935 - 2,587 + 232,738 3,550,615

Marketable U.S. Treasury securities1 3,114,900 - 3,274 + 269,228 3,116,393

Federal agency debt and mortgage-backed securities2 346,414 + 117 - 41,866 346,414

Other securities3 87,621 + 570 + 5,376 87,808

Securities lent to dealers 40,448 + 1,443 + 3,876 39,086

Overnight facility4 40,448 + 1,443 + 3,876 39,086

U.S. Treasury securities 40,448 + 1,443 + 3,876 39,086

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, April 7, 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 84 650 433 61,647 0 ... 62,814

U.S. Treasury securities2

Holdings 75,102 350,381 624,772 1,888,684 889,186 1,130,908 4,959,033

Weekly changes + 4,084 + 32,488 - 30,729 + 7,150 + 167 + 3,596 + 16,756

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 12 1,954 69,053 2,113,665 2,184,684

Weekly changes 0 0 + 5 + 16 + 220 - 239 + 1

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 16,457 ... ... 16,457

Municipal notes held by Municipal

Liquidity Facility LLC7 300 400 0 5,358 ... ... 6,058

Loans held by TALF II LLC8 0 0 0 2,101 ... ... 2,101

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

Central bank liquidity swaps10 244 624 0 0 0 0 868

Reverse repurchase agreements9 272,073 0 ... ... ... ... 272,073

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 Apr 7, 2021

Mortgage-backed securities held outright1 2,184,684

Residential mortgage-backed securities 2,174,741

Commercial mortgage-backed securities 9,943

Commitments to buy mortgage-backed securities2 199,461

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 3

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 Apr 7, 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 8,556 8,556

Corporate Credit Facilities LLC 13,825 13,766 12,171 25,937

MS Facilities LLC (Main Street Lending Program) 16,488 14,044 16,917 30,962

Municipal Liquidity Facility LLC 6,058 6,058 5,355 11,413

TALF II LLC 2,256 2,101 3,181 5,283

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

Apr 7, 2021 Mar 31, 2021 Apr 8, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,458 - 26 - 210

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,550,428 + 18,427 +1,895,874

Securities held outright1 7,146,064 + 16,756 +2,049,630

U.S. Treasury securities 4,959,033 + 16,756 +1,324,647

Bills2 326,044 0 0

Notes and bonds, nominal2 4,251,662 + 16,269 +1,186,802

Notes and bonds, inflation-indexed2 334,757 0 + 124,132

Inflation compensation3 46,570 + 487 + 13,713

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,184,684 + 1 + 724,983

Unamortized premiums on securities held outright5 351,110 + 136 + 107,997

Unamortized discounts on securities held outright5 -9,560 - 91 - 2,179

Repurchase agreements6 0 0 - 192,751

Loans7 62,814 + 1,626 - 66,823

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,556 0 + 8,556

Net portfolio holdings of Corporate Credit Facilities LLC8 25,937 - 97 + 25,937

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 30,962 + 9 + 30,962

Net portfolio holdings of Municipal Liquidity Facility LLC8 11,413 - 143 + 11,413

Net portfolio holdings of TALF II LLC8 5,283 + 1 + 5,283

Items in process of collection (0) 44 - 13 + 5

Bank premises 1,913 - 10 - 288

Central bank liquidity swaps9 868 - 1,642 - 357,209

Foreign currency denominated assets10 21,367 + 216 + 994

Other assets11 34,417 + 3,171 + 4,427

Total assets (0) 7,708,882 + 19,894 +1,625,741

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

Apr 7, 2021 Mar 31, 2021 Apr 8, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,101,194 + 6,089 + 265,969

Reverse repurchase agreements12 272,073 - 80,104 - 62,415

Deposits (0) 5,234,015 + 91,031 +1,375,655

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,944,055 + 271,353 +1,169,549

U.S. Treasury, General Account 954,968 - 166,983 + 127,790

Foreign official 32,249 - 960 + 15,603

Other13 (0) 302,744 - 12,378 + 62,714

Deferred availability cash items (0) 151 - 956 - 193

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

Other liabilities and accrued dividends15 10,404 + 3,821 - 5,488

Total liabilities (0) 7,669,616 + 19,882 +1,625,307

Capital accounts

Capital paid in 32,482 + 13 + 475

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,267 + 13 + 435

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, April 7, 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 1,458 30 38 118 72 205 130 249 23 44 101 161 287

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,550,428 168,536 3,887,411 174,997 237,929 472,293 553,695 419,375 119,724 83,055 123,560 362,443 947,411

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 8,556 0 8,556 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 25,937 0 25,937 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,962 30,962 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 11,413 0 11,413 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 5,283 0 5,283 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 868 39 292 31 75 181 39 34 17 7 9 16 128

Foreign currency denominated

assets4 21,367 970 7,182 767 1,847 4,446 966 837 406 182 231 385 3,147

Other assets5 36,374 2,379 16,059 919 1,209 2,596 2,736 2,064 708 511 886 1,876 4,431

Interdistrict settlement account 0 - 37,266 + 58,238 + 21,705 + 77,652 + 68,165 - 99,218 + 39,884 - 7,252 - 12,941 - 10,904 - 3,105 - 94,958

Total assets 7,708,882 166,183 4,025,891 199,066 319,545 549,051 460,533 463,580 114,104 71,127 114,334 362,979 862,490

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, April 7, 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 2,101,194 62,683 681,284 57,306 103,314 158,133 292,324 131,124 59,565 33,087 55,138 184,383 282,852

Reverse repurchase agreements6 272,073 6,110 140,868 6,207 8,512 17,052 20,051 15,197 4,299 2,571 4,327 13,112 33,768

Deposits 5,234,015 79,211 3,149,887 133,838 203,978 364,921 145,614 315,091 49,245 34,794 54,162 164,268 539,006

Depository institutions 3,944,055 79,196 2,018,542 133,837 203,940 364,121 145,437 159,237 49,227 34,476 53,448 163,614 538,979

U.S. Treasury, General Account 954,968 0 954,968 0 0 0 0 0 0 0 0 0 0

Foreign official 32,249 2 32,222 1 3 8 2 2 1 0 0 1 6

Other7 302,744 13 144,156 0 35 791 175 155,853 18 317 713 653 21

Earnings remittances due to the U.S.

Treasury8 2,585 48 1,435 52 67 107 193 142 37 22 39 127 316

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 7,970 -1,719 5,539 254 285 690 568 491 212 305 236 368 740

Total liabilities 7,669,616 164,405 4,012,719 197,659 316,157 540,903 458,749 462,044 113,359 70,778 113,901 362,259 856,682

Capital

Capital paid in 32,482 1,470 10,892 1,164 2,801 6,735 1,477 1,270 616 291 359 597 4,809

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 7,708,882 166,183 4,025,891 199,066 319,545 549,051 460,533 463,580 114,104 71,127 114,334 362,979 862,490

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, April 7, 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 Apr 7, 2021

Federal Reserve notes outstanding 2,255,545

Less: Notes held by F.R. Banks not subject to collateralization 154,351

Federal Reserve notes to be collateralized 2,101,194

Collateral held against Federal Reserve notes 2,101,194

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,084,957

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,146,064

Less: Face value of securities under reverse repurchase agreements 261,928

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,884,136

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.