FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks July 21, 2022

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

Jul 20, 2022 Jul 13, 2022 Jul 21, 2021

Wednesday

Jul 20, 2022

Reserve Bank credit 8,870,097 + 11,230 + 695,866 8,863,752

Securities held outright1 8,467,758 + 10,982 + 827,775 8,461,636

U.S. Treasury securities 5,734,555 - 10,538 + 497,541 5,733,027

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,940,673 - 1,285 + 431,248 4,940,459

Notes and bonds, inflation-indexed2 376,094 - 8,248 + 30,178 374,719

Inflation compensation3 91,744 - 1,005 + 36,116 91,806

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

Mortgage-backed securities4 2,730,856 + 21,520 + 330,234 2,726,261

Unamortized premiums on securities held outright5 332,196 - 598 - 21,103 331,733

Unamortized discounts on securities held outright5 -25,747 - 511 - 11,209 -25,759

Repurchase agreements6 0 - 1 0 0

Foreign official 0 0 0 0

Others 0 - 1 0 0

Loans 19,575 - 53 - 67,881 19,930

Primary credit 2,589 + 332 + 2,111 3,064

Secondary credit 0 0 0 0

Seasonal credit 11 + 1 - 5 10

Primary Dealer Credit Facility 0 0 0 0

Paycheck Protection Program Liquidity Facility 16,975 - 386 - 69,988 16,855

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 0 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 22,642 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 26,084 - 319 - 4,349 26,038

Net portfolio holdings of Municipal Liquidity Facility LLC7 5,544 + 1 - 4,214 5,546

Net portfolio holdings of TALF II LLC7 2,180 + 1 - 2,510 2,181

Float -135 - 3 - 25 -140

Central bank liquidity swaps8 195 + 10 - 280 195

Other Federal Reserve assets9 42,448 + 1,721 + 2,306 42,394

Foreign currency denominated assets10 17,646 - 97 - 3,588 17,753

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 51,219 + 14 + 604 51,219

Total factors supplying reserve funds 8,955,204 + 11,147 + 692,883 8,948,965

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

Jul 20, 2022 Jul 13, 2022 Jul 21, 2021

Wednesday

Jul 20, 2022

Currency in circulation11 2,276,828 - 5,105 + 91,625 2,275,924

Reverse repurchase agreements12 2,484,465 + 48,934 +1,398,272 2,534,475

Foreign official and international accounts 297,212 + 14,953 + 42,981 294,271

Others 2,187,253 + 33,980 +1,355,291 2,240,204

Treasury cash holdings 99 - 3 + 52 98

Deposits with F.R. Banks, other than reserve balances 841,950 - 43,337 - 84,264 837,012

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 613,878 - 38,694 - 64,225 616,348

Foreign official 10,155 + 171 + 4,351 10,752

Other13 217,918 - 4,813 - 24,389 209,911

Treasury contributions to credit facilities14 17,940 0 - 22,338 17,940

Other liabilities and capital15 49,596 - 233 - 1,849 48,344

Total factors, other than reserve balances, 

absorbing reserve funds 5,670,879 + 258 +1,381,498 5,713,793

Reserve balances with Federal Reserve Banks 3,284,324 + 10,888 - 688,616 3,235,172

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

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

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

the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been 

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest 

basis.

6. Cash value of agreements.

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

consolidation below.

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

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

foreign central bank.

9. Includes bank premises, accrued interest, and other accounts receivable.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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

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

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment 

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks 

as fiscal agents of the United States.

14. Book value. Amount of equity investments in MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.2 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

Jul 20, 2022 Jul 13, 2022 Jul 21, 2021

Wednesday

Jul 20, 2022

Securities held in custody for foreign official and international 

accounts 3,352,458 - 13,438 - 174,016 3,355,648

Marketable U.S. Treasury securities1 2,954,064 - 14,214 - 128,444 2,959,853

Federal agency debt and mortgage-backed securities2 315,666 + 755 - 38,322 312,714

Other securities3 82,728 + 21 - 7,250 83,081

Securities lent to dealers 36,968 - 6,552 + 5,698 39,408

Overnight facility4 36,968 - 6,552 + 5,698 39,408

U.S. Treasury securities 36,968 - 6,552 + 5,698 39,408

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, July 20, 2022

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 1,646 1,444 0 16,840 0 ... 19,930

U.S. Treasury securities2

Holdings 85,856 322,875 816,212 2,053,774 1,019,129 1,435,181 5,733,027

Weekly changes + 4,046 - 19,253 + 7,982 - 3,507 - 4,489 + 2,720 - 12,501

Federal agency debt securities3

Holdings 0 0 0 0 2,347 0 2,347

Weekly changes 0 0 0 0 + 213 - 213 0

Mortgage-backed securities4

Holdings 0 2 55 2,066 59,136 2,665,003 2,726,261

Weekly changes 0 0 0 0 - 458 + 17,383 + 16,924

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 13,665 ... ... 13,665

Municipal notes held by Municipal 

Liquidity Facility LLC6 0 0 0 2,907 ... ... 2,907

Loans held by TALF II LLC7 0 0 66 1,040 ... ... 1,107

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

Central bank liquidity swaps9 195 0 0 0 0 0 195

Reverse repurchase agreements8 2,534,475 0 ... ... ... ... 2,534,475

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

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

...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF) 

and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as 

performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. Loans exclude the loans from the 

Federal Reserve Bank of New York (FRBNY) to Municipal Liquidity Facility LLC and TALF II LLC, and from the Federal Reserve Bank of Boston 

(FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB's statement of condition, respectively, consistent with 

consolidation under generally accepted accounting principles.

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

face value of such securities.

3. Face value.

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

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

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

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

8. Cash value of agreements.

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

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

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Jul 20, 2022

Mortgage-backed securities held outright1 2,726,261

Residential mortgage-backed securities 2,717,517

Commercial mortgage-backed securities 8,745

Commitments to buy mortgage-backed securities2 27,774

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 2

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 Jul 20, 2022

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

MS Facilities LLC (Main Street Lending Program) 13,204 11,796 14,242 26,038

Municipal Liquidity Facility LLC 2,907 2,907 2,638 5,546

TALF II LLC 1,152 1,107 1,074 2,181

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 MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

 updated as of March 31, 2022.

b. 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.

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

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

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

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

excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the Municipal 

Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Jul 20, 2022 Jul 13, 2022 Jul 21, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,266 + 14 + 18

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,787,540 + 3,162 + 694,164

Securities held outright1 8,461,636 + 4,424 + 794,126

U.S. Treasury securities 5,733,027 - 12,501 + 490,040

Bills2 326,044 0 0

Notes and bonds, nominal2 4,940,459 - 1,499 + 426,432

Notes and bonds, inflation-indexed2 374,719 - 9,623 + 27,775

Inflation compensation3 91,806 - 1,378 + 35,834

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,726,261 + 16,924 + 304,084

Unamortized premiums on securities held outright5 331,733 - 854 - 21,906

Unamortized discounts on securities held outright5 -25,759 - 556 - 11,138

Repurchase agreements6 0 - 2 0

Loans7 19,930 + 149 - 66,918

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 0

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 22,648

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 26,038 - 376 - 4,401

Net portfolio holdings of Municipal Liquidity Facility LLC8 5,546 + 2 - 4,214

Net portfolio holdings of TALF II LLC8 2,181 + 1 - 2,509

Items in process of collection (0) 65 - 6 + 12

Bank premises 609 + 2 - 1,258

Central bank liquidity swaps9 195 + 10 - 280

Foreign currency denominated assets10 17,753 + 106 - 3,460

Other assets11 41,785 + 432 + 3,262

Total assets (0) 8,899,213 + 3,346 + 658,683

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

Jul 20, 2022 Jul 13, 2022 Jul 21, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,226,065 - 3,915 + 90,308

Reverse repurchase agreements12 2,534,475 + 91,635 +1,397,597

Deposits (0) 4,072,184 - 82,932 - 805,032

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,235,172 - 71,349 - 739,375

U.S. Treasury, General Account 616,348 - 2,392 + 54

Foreign official 10,752 + 677 + 4,915

Other13 (0) 209,911 - 9,869 - 70,628

Deferred availability cash items (0) 206 - 30 + 44

Treasury contributions to credit facilities14 17,940 0 - 22,338

Other liabilities and accrued dividends15 6,637 - 1,413 - 3,996

Total liabilities (0) 8,857,506 + 3,345 + 656,582

Capital accounts

Capital paid in 34,922 0 + 2,102

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,707 0 + 2,102

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, Paycheck Protection 

Program Liquidity Facility, and other credit extensions.

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

consolidation below.

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

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

central bank.

10. Revalued daily at current foreign currency exchange rates.

11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

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

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

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment 

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks 

as fiscal agents of the United States.

14. Book value. Amount of equity investments in MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of 

$1.2 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, July 20, 2022

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 16,237 544 5,271 537 763 1,203 2,247 1,093 461 263 440 1,279 2,136

Coin 1,266 18 26 108 49 190 109 224 25 39 92 154 231

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,787,540 175,619 4,498,588 201,764 353,451 611,097 573,774 599,855 137,777 68,389 137,010 449,615 980,600

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 26,038 26,038 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 5,546 0 5,546 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,181 0 2,181 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 195 8 68 7 19 39 6 7 4 1 2 5 28

Foreign currency denominated 

assets4 17,753 764 6,184 658 1,735 3,559 578 673 357 89 183 426 2,545

Other assets5 42,459 944 20,649 1,062 1,756 3,259 2,829 2,851 791 474 955 2,244 4,644

Interdistrict settlement account 0 - 12,734 + 298,493 - 28,239 - 73,007 - 25,871 + 5,444 - 44,369 - 818 - 921 - 10,496 - 1,895 - 105,586

Total assets 8,899,213 191,203 4,837,005 175,897 284,766 593,476 584,987 560,335 138,598 68,334 128,186 451,827 884,598

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, July 20, 2022 (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 2,226,065 76,418 703,463 58,072 102,749 151,573 339,835 125,418 71,002 33,885 58,304 195,217 310,130

Reverse repurchase agreements6 2,534,475 50,740 1,299,430 58,225 101,209 176,619 165,822 173,256 39,805 17,971 39,563 129,942 281,894

Deposits 4,072,184 49,203 2,812,386 57,843 76,510 256,007 77,257 259,578 26,663 16,049 29,648 125,191 285,848

Depository institutions 3,235,172 49,195 2,138,197 57,842 76,474 255,550 77,224 97,720 26,656 15,867 29,618 125,010 285,819

U.S. Treasury, General Account 616,348 0 616,348 0 0 0 0 0 0 0 0 0 0

Foreign official 10,752 2 10,726 1 4 8 1 2 1 0 0 1 6

Other7 209,911 6 47,115 0 31 449 32 161,857 6 181 30 180 24

Earnings remittances due to the U.S. 

Treasury8 1,921 45 813 52 98 170 160 128 47 17 32 112 247

Treasury contributions to credit facilities9 17,940 13,891 4,049 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 4,921 -861 2,318 209 230 667 577 444 175 156 204 286 515

Total liabilities 8,857,506 189,436 4,822,459 174,401 280,795 585,035 583,651 558,824 137,693 68,078 127,752 450,747 878,635

Capital

Capital paid in 34,922 1,474 12,184 1,245 3,308 7,081 1,115 1,254 769 222 364 917 4,990

Surplus 6,785 292 2,363 252 663 1,361 221 257 137 34 70 163 973

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

Total liabilities and capital 8,899,213 191,203 4,837,005 175,897 284,766 593,476 584,987 560,335 138,598 68,334 128,186 451,827 884,598

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, July 20, 2022 (continued)

1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities 

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between 

the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, 

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions.

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

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

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

4. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

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

providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap.

9. Book value. Amount of equity investments in MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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 Jul 20, 2022

Federal Reserve notes outstanding 2,540,701

Less: Notes held by F.R. Banks not subject to collateralization 314,636

Federal Reserve notes to be collateralized 2,226,065

Collateral held against Federal Reserve notes 2,226,065

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,209,828

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,461,636

Less: Face value of securities under reverse repurchase agreements 2,635,729

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,825,907

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.