FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks March 10, 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

Mar 9, 2022 Mar 2, 2022 Mar 10, 2021

Wednesday

Mar 9, 2022

Reserve Bank credit 8,870,119 + 3,683 +1,339,194 8,872,934

Securities held outright1 8,444,997 + 2,740 +1,429,618 8,447,093

U.S. Treasury securities 5,751,291 + 6,510 + 871,660 5,753,385

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,960,714 + 4,290 + 778,291 4,962,484

Notes and bonds, inflation-indexed2 388,233 + 1,396 + 61,467 388,233

Inflation compensation3 76,300 + 824 + 31,902 76,624

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

Mortgage-backed securities4 2,691,358 - 3,772 + 557,956 2,691,361

Unamortized premiums on securities held outright5 347,696 - 681 - 1,981 347,626

Unamortized discounts on securities held outright5 -20,412 - 19 - 12,823 -20,452

Repurchase agreements6 0 0 - 500 1

Foreign official 0 0 - 500 1

Others 0 0 0 0

Loans 27,670 - 228 - 28,755 27,648

Primary credit 2,061 + 496 + 610 2,306

Secondary credit 0 0 0 0

Seasonal credit 0 0 0 0

Primary Dealer Credit Facility 0 0 - 251 0

Money Market Mutual Fund Liquidity Facility 0 0 - 665 0

Paycheck Protection Program Liquidity Facility 25,609 - 723 - 28,448 25,342

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 - 8,556 0

Net portfolio holdings of Corporate Credit Facilities LLC7 0 0 - 26,075 0

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 28,998 + 8 - 1,971 29,005

Net portfolio holdings of Municipal Liquidity Facility LLC7 6,907 - 193 - 4,638 6,650

Net portfolio holdings of TALF II LLC7 2,526 - 9 - 3,121 2,526

Float -145 + 416 - 42 -248

Central bank liquidity swaps8 293 + 68 - 2,883 293

Other Federal Reserve assets9 31,590 + 1,583 + 923 32,795

Foreign currency denominated assets10 19,895 - 276 - 1,610 19,985

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,953 + 14 + 442 50,953

Total factors supplying reserve funds 8,957,209 + 3,422 +1,338,027 8,960,114

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and 

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Mar 9, 2022 Mar 2, 2022 Mar 10, 2021

Wednesday

Mar 9, 2022

Currency in circulation11 2,253,986 + 11,449 + 149,804 2,259,013

Reverse repurchase agreements12 1,753,350 - 89,911 +1,557,156 1,786,246

Foreign official and international accounts 251,635 - 818 + 56,187 243,742

Others 1,501,715 - 89,093 +1,500,969 1,542,504

Treasury cash holdings 36 + 3 - 60 69

Deposits with F.R. Banks, other than reserve balances 919,767 - 35,167 - 708,425 891,336

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 652,039 - 30,864 - 708,025 609,369

Foreign official 7,505 - 2,464 - 15,897 7,606

Other13 260,223 - 1,839 + 15,496 274,362

Treasury contributions to credit facilities14 21,258 0 - 30,520 21,258

Other liabilities and capital15 49,153 + 2,106 + 2,424 48,542

Total factors, other than reserve balances, 

absorbing reserve funds 4,997,550 - 111,521 + 970,379 5,006,464

Reserve balances with Federal Reserve Banks 3,959,659 + 114,943 + 367,649 3,953,650

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 $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of 

$1.4 billion.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Mar 9, 2022 Mar 2, 2022 Mar 10, 2021

Wednesday

Mar 9, 2022

Securities held in custody for foreign official and international 

accounts 3,432,692 - 20,295 - 136,887 3,431,973

Marketable U.S. Treasury securities1 3,025,016 - 18,765 - 102,374 3,024,206

Federal agency debt and mortgage-backed securities2 326,427 - 872 - 26,673 326,590

Other securities3 81,250 - 657 - 7,840 81,177

Securities lent to dealers 39,059 - 39 + 2,863 38,854

Overnight facility4 39,059 - 39 + 2,863 38,854

U.S. Treasury securities 39,059 - 39 + 2,863 38,854

Federal agency debt securities 0 0 0 0

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

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral 

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the 

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.
H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, March 9, 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 2,175 850 39 24,585 0 ... 27,648

U.S. Treasury securities2

Holdings 56,809 348,887 771,555 2,178,014 1,001,812 1,396,308 5,753,385

Weekly changes - 9,111 + 9,343 - 183 + 344 + 1,863 + 2,022 + 4,279

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 1 43 2,125 65,954 2,623,237 2,691,361

Weekly changes 0 + 1 - 1 0 + 830 - 827 + 3

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 14,997 ... ... 14,997

Municipal notes held by Municipal 

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

Loans held by TALF II LLC7 0 0 0 1,275 ... ... 1,275

Repurchase agreements8 1 0 ... ... ... ... 1

Central bank liquidity swaps9 293 0 0 0 0 0 293

Reverse repurchase agreements8 1,786,246 0 ... ... ... ... 1,786,246

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

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

...Not applicable.

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

credit extensions. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Municipal Liquidity Facility LLC and TALF II 

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

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

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

face value of such securities.

3. Face value.

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

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

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

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

8. Cash value of agreements.

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

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

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Mar 9, 2022

Mortgage-backed securities held outright1 2,691,361

Residential mortgage-backed securities 2,682,309

Commercial mortgage-backed securities 9,052

Commitments to buy mortgage-backed securities2 82,787

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 1

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

2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 

180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed 

securities generally settle within three business days.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Wednesday Mar 9, 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) 14,727 12,973 16,031 29,005

Municipal Liquidity Facility LLC 2,907 2,907 3,743 6,650

TALF II LLC 1,327 1,275 1,251 2,526

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 December 31, 2021.

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

Mar 9, 2022 Mar 2, 2022 Mar 10, 2021

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,283 0 - 257

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,801,915 + 3,534 +1,378,681

Securities held outright1 8,447,093 + 4,282 +1,422,303

U.S. Treasury securities 5,753,385 + 4,279 + 864,378

Bills2 326,044 0 0

Notes and bonds, nominal2 4,962,484 + 3,398 + 771,697

Notes and bonds, inflation-indexed2 388,233 0 + 60,610

Inflation compensation3 76,624 + 882 + 32,071

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,691,361 + 3 + 557,925

Unamortized premiums on securities held outright5 347,626 - 427 - 2,094

Unamortized discounts on securities held outright5 -20,452 - 48 - 12,375

Repurchase agreements6 1 0 - 499

Loans7 27,648 - 272 - 28,653

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,556

Net portfolio holdings of Corporate Credit Facilities LLC8 0 0 - 26,027

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 29,005 + 9 - 1,973

Net portfolio holdings of Municipal Liquidity Facility LLC8 6,650 - 451 - 4,898

Net portfolio holdings of TALF II LLC8 2,526 0 - 3,122

Items in process of collection (0) 59 - 1 - 4

Bank premises 1,371 + 3 - 545

Central bank liquidity swaps9 293 + 68 - 2,481

Foreign currency denominated assets10 19,985 - 157 - 1,482

Other assets11 31,425 + 3,288 + 1,510

Total assets (0) 8,910,748 + 6,293 +1,330,847

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from 

consolidation

Wednesday

Mar 9, 2022 Mar 2, 2022 Mar 10, 2021

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,209,407 + 10,471 + 151,788

Reverse repurchase agreements12 1,786,246 + 10,594 +1,592,496

Deposits (0) 4,844,986 - 15,189 - 384,175

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,953,651 + 34,167 + 306,919

U.S. Treasury, General Account 609,369 - 76,122 - 700,904

Foreign official 7,606 + 1,322 - 15,868

Other13 (0) 274,362 + 25,446 + 25,680

Deferred availability cash items (0) 308 - 399 + 134

Treasury contributions to credit facilities14 21,258 0 - 30,520

Other liabilities and accrued dividends15 7,434 + 816 - 776

Total liabilities (0) 8,869,639 + 6,293 +1,328,946

Capital accounts

Capital paid in 34,324 0 + 1,900

Surplus 6,785 0 0

Other capital accounts 0 0 0

Total capital 41,109 0 + 1,900

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

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

2. Face value of the securities.

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

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

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

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

basis.

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

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

Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.

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

consolidation below.

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

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

central bank.

10. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

as fiscal agents of the United States.

14. Book value. Amount of equity investments in MS Facilities LLC of $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of 

$1.4 billion.

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

6. Statement of Condition of Each Federal Reserve Bank, March 9, 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 16,237 531 5,422 523 752 1,187 2,188 1,136 475 273 455 1,220 2,075

Coin 1,283 18 24 115 51 187 107 234 22 38 91 159 236

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,801,915 146,638 4,965,435 185,343 323,894 588,328 514,112 478,842 114,616 77,350 116,851 388,151 902,355

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 29,005 29,005 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 6,650 0 6,650 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,526 0 2,526 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 293 13 98 11 25 61 13 11 6 2 3 5 43

Foreign currency denominated 

assets4 19,985 907 6,718 718 1,728 4,159 904 783 380 170 216 360 2,943

Other assets5 32,855 637 17,190 786 1,238 2,482 1,995 1,792 751 445 723 1,535 3,282

Interdistrict settlement account 0 + 15,249 - 297,977 - 4,652 + 16,651 + 11,694 + 49,404 + 101,433 + 27,062 + 2,719 + 16,791 + 67,891 - 6,265

Total assets 8,910,748 192,999 4,706,086 182,843 344,340 608,097 568,723 584,232 143,312 80,999 135,130 459,320 904,669

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 9, 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 2,209,407 72,724 703,476 59,485 104,698 153,740 333,366 129,383 64,846 33,757 57,115 191,612 305,204

Reverse repurchase agreements6 1,786,246 29,850 1,009,686 37,727 64,994 119,693 104,660 97,476 23,288 13,821 23,720 78,991 182,340

Deposits 4,844,986 74,017 2,968,858 83,881 170,401 325,417 128,552 355,331 54,115 33,001 53,647 187,315 410,451

Depository institutions 3,953,651 73,993 2,290,104 83,880 170,310 324,790 128,420 146,588 54,107 32,566 52,416 186,126 410,350

U.S. Treasury, General Account 609,369 0 609,369 0 0 0 0 0 0 0 0 0 0

Foreign official 7,606 2 7,579 1 3 8 2 2 1 0 0 1 6

Other7 274,362 22 61,806 0 87 619 131 208,741 7 435 1,231 1,188 95

Earnings remittances due to the U.S. 

Treasury8 3,273 44 1,939 65 110 203 185 174 32 18 37 141 325

Treasury contributions to credit facilities9 21,258 15,674 5,584 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued 

dividends 4,468 -1,225 2,499 189 213 607 630 360 166 153 187 247 442

Total liabilities 8,869,639 191,085 4,692,043 181,347 340,416 599,660 567,393 582,724 142,447 80,751 134,705 458,306 898,762

Capital

Capital paid in 34,324 1,621 11,680 1,244 3,261 7,077 1,110 1,250 728 214 354 851 4,934

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 8,910,748 192,999 4,706,086 182,843 344,340 608,097 568,723 584,232 143,312 80,999 135,130 459,320 904,669

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 9, 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 $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 billion.

 

Note on consolidation:

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

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

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

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

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

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

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

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

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

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

used to secure the loan from the FRBB.

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

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

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

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

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

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

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Mar 9, 2022

Federal Reserve notes outstanding 2,480,112

Less: Notes held by F.R. Banks not subject to collateralization 270,705

Federal Reserve notes to be collateralized 2,209,407

Collateral held against Federal Reserve notes 2,209,407

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,193,170

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,447,094

Less: Face value of securities under reverse repurchase agreements 1,796,165

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,650,929

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.