FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 13, 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

May 12, 2021 May 5, 2021 May 13, 2020

Wednesday

May 12, 2021

Reserve Bank credit 7,783,820 + 31,512 +1,041,655 7,791,401

Securities held outright1 7,242,922 + 24,466 +1,569,947 7,248,067

U.S. Treasury securities 5,049,250 + 24,466 +1,009,661 5,054,395

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,337,073 + 21,874 + 910,814 4,339,645

Notes and bonds, inflation-indexed2 337,426 + 1,863 + 86,660 339,656

Inflation compensation3 48,706 + 728 + 12,186 49,050

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

Mortgage-backed securities4 2,191,325 0 + 560,285 2,191,325

Unamortized premiums on securities held outright5 349,745 + 202 + 60,052 349,783

Unamortized discounts on securities held outright5 -12,450 - 297 - 7,028 -12,757

Repurchase agreements6 0 0 - 182,487 1

Foreign official 0 0 - 1,402 1

Others 0 0 - 181,086 0

Loans 78,955 + 3,876 - 35,289 80,503

Primary credit 562 - 137 - 24,381 581

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 2 0

Primary Dealer Credit Facility 0 0 - 12,044 0

Money Market Mutual Fund Liquidity Facility 0 0 - 41,333 0

Paycheck Protection Program Liquidity Facility 78,393 + 4,013 + 42,470 79,922

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,556 0 + 4,310 8,556

Net portfolio holdings of Corporate Credit Facilities LLC7 25,934 - 43 + 25,890 25,901

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 30,660 - 29 + 30,660 30,668

Net portfolio holdings of Municipal Liquidity Facility LLC7 11,123 + 2 + 11,123 11,125

Net portfolio holdings of TALF II LLC7 4,922 - 51 + 4,922 4,922

Float -111 + 194 + 70 -112

Central bank liquidity swaps8 587 - 66 - 442,251 587

Other Federal Reserve assets9 42,977 + 3,258 + 1,738 44,157

Foreign currency denominated assets10 21,699 + 92 + 1,201 21,572

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,614 + 14 + 402 50,614

Total factors supplying reserve funds 7,872,375 + 31,619 +1,043,259 7,879,828

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

May 12, 2021 May 5, 2021 May 13, 2020

Wednesday

May 12, 2021

Currency in circulation11 2,168,220 + 3,280 + 242,583 2,169,384

Reverse repurchase agreements12 393,044 - 746 + 118,895 428,832

Foreign official and international accounts 220,609 - 6,966 - 50,998 219,575

Others 172,435 + 6,221 + 169,893 209,257

Treasury cash holdings 37 - 9 - 256 40

Deposits with F.R. Banks, other than reserve balances 1,259,092 - 48,881 - 131,018 1,222,637

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 898,779 - 54,910 - 278,715 864,253

Foreign official 28,103 - 131 + 11,769 28,126

Other13 332,210 + 6,160 + 135,928 330,258

Treasury contributions to credit facilities14 50,278 0 + 24,205 50,278

Other liabilities and capital15 54,139 + 4,137 - 1,784 52,793

Total factors, other than reserve balances,

absorbing reserve funds 3,924,810 - 42,218 + 252,624 3,923,964

Reserve balances with Federal Reserve Banks 3,947,565 + 73,837 + 790,636 3,955,864

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.

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

May 12, 2021 May 5, 2021 May 13, 2020

Wednesday

May 12, 2021

Securities held in custody for foreign official and international

accounts 3,540,988 - 2,261 + 174,456 3,537,441

Marketable U.S. Treasury securities1 3,097,576 - 1,887 + 196,874 3,094,359

Federal agency debt and mortgage-backed securities2 354,719 - 442 - 26,339 354,307

Other securities3 88,692 + 67 + 3,920 88,775

Securities lent to dealers 36,342 - 4,875 + 2,950 38,122

Overnight facility4 36,342 - 4,875 + 2,950 38,122

U.S. Treasury securities 36,342 - 4,875 + 2,950 38,122

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, May 12, 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 211 370 20,636 59,286 0 ... 80,503

U.S. Treasury securities2

Holdings 118,774 283,706 630,986 1,948,027 910,943 1,161,958 5,054,395

Weekly changes - 6,075 + 5,501 + 623 + 5,353 + 4,705 + 3,868 + 13,977

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 13 1,911 69,319 2,120,081 2,191,325

Weekly changes 0 0 0 0 0 0 0

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 16,350 ... ... 16,350

Municipal notes held by Municipal

Liquidity Facility LLC7 0 150 0 5,358 ... ... 5,508

Loans held by TALF II LLC8 0 0 0 1,733 ... ... 1,733

Repurchase agreements9 1 0 ... ... ... ... 1

Central bank liquidity swaps10 107 480 0 0 0 0 587

Reverse repurchase agreements9 428,832 0 ... ... ... ... 428,832

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, 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 May 12, 2021

Mortgage-backed securities held outright1 2,191,325

Residential mortgage-backed securities 2,181,449

Commercial mortgage-backed securities 9,876

Commitments to buy mortgage-backed securities2 250,463

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 0

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 May 12, 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 13,757 13,661 12,240 25,901

MS Facilities LLC (Main Street Lending Program) 16,404 13,687 16,980 30,668

Municipal Liquidity Facility LLC 5,758 5,508 5,617 11,125

TALF II LLC 1,894 1,733 3,189 4,922

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 at face value, net of an allowance for loan losses

 updated as of March 31, 2021.

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

May 12, 2021 May 5, 2021 May 13, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,288 - 23 - 221

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,665,597 + 17,141 +1,257,778

Securities held outright1 7,248,067 + 13,977 +1,404,691

U.S. Treasury securities 5,054,395 + 13,977 + 997,127

Bills2 326,044 0 0

Notes and bonds, nominal2 4,339,645 + 9,602 + 897,029

Notes and bonds, inflation-indexed2 339,656 + 3,602 + 87,640

Inflation compensation3 49,050 + 773 + 12,458

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,191,325 0 + 407,564

Unamortized premiums on securities held outright5 349,783 + 126 + 52,267

Unamortized discounts on securities held outright5 -12,757 - 468 - 7,403

Repurchase agreements6 1 + 1 - 157,353

Loans7 80,503 + 3,505 - 34,424

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,556 0 + 4,264

Net portfolio holdings of Corporate Credit Facilities LLC8 25,901 - 95 + 25,596

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 30,668 + 9 + 30,668

Net portfolio holdings of Municipal Liquidity Facility LLC8 11,125 + 2 + 11,125

Net portfolio holdings of TALF II LLC8 4,922 0 + 4,922

Items in process of collection (0) 54 - 10 + 5

Bank premises 1,918 + 4 - 287

Central bank liquidity swaps9 587 - 66 - 440,347

Foreign currency denominated assets10 21,572 + 55 + 1,088

Other assets11 42,239 + 3,160 + 1,845

Total assets (0) 7,830,663 + 20,177 + 896,436

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

May 12, 2021 May 5, 2021 May 13, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,120,094 + 1,718 + 238,775

Reverse repurchase agreements12 428,832 + 40,528 + 147,682

Deposits (0) 5,178,501 - 23,489 + 514,535

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,955,864 + 55,061 + 692,433

U.S. Treasury, General Account 864,253 - 81,881 - 273,919

Foreign official 28,126 + 39 + 11,798

Other13 (0) 330,258 + 3,292 + 84,224

Deferred availability cash items (0) 165 - 1 - 123

Treasury contributions to credit facilities14 50,278 0 + 2,778

Other liabilities and accrued dividends15 13,401 + 1,301 - 7,713

Total liabilities (0) 7,791,272 + 20,059 + 895,936

Capital accounts

Capital paid in 32,607 + 119 + 541

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,392 + 119 + 501

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.

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, May 12, 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 16,237 531 5,422 523 752 1,187 2,188 1,136 475 273 455 1,220 2,075

Coin 1,288 19 28 109 59 183 117 231 19 37 92 149 245

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,665,597 127,245 4,299,585 164,696 284,120 510,965 445,936 415,007 100,156 79,328 104,732 336,789 797,038

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 25,901 0 25,901 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,668 30,668 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 11,125 0 11,125 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 4,922 0 4,922 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 587 27 197 21 51 122 27 23 11 5 6 11 86

Foreign currency denominated

assets4 21,572 979 7,251 775 1,865 4,489 976 845 410 183 233 389 3,177

Other assets5 44,211 826 23,496 1,030 1,665 3,249 2,705 2,439 734 533 918 2,110 4,504

Interdistrict settlement account 0 + 6,889 - 242,018 + 28,504 + 17,756 + 11,963 + 10,553 + 58,764 + 9,584 - 10,647 + 7,735 + 20,097 + 80,820

Total assets 7,830,663 167,184 4,144,465 195,658 306,267 532,159 462,500 478,446 111,390 69,712 114,171 360,764 887,945

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, May 12, 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 2,120,094 63,453 691,978 60,824 105,005 157,275 296,878 128,578 58,338 33,002 54,200 186,750 283,813

Reverse repurchase agreements6 428,832 7,166 242,400 9,057 15,604 28,735 25,126 23,401 5,591 3,318 5,695 18,964 43,775

Deposits 5,178,501 80,208 3,154,292 124,002 181,765 336,915 137,585 324,146 46,439 32,677 53,531 153,623 553,319

Depository institutions 3,955,864 80,196 2,102,428 124,001 181,726 336,188 137,437 157,304 46,433 32,344 52,215 152,299 553,292

U.S. Treasury, General Account 864,253 0 864,253 0 0 0 0 0 0 0 0 0 0

Foreign official 28,126 2 28,099 1 3 8 2 2 1 0 0 1 6

Other7 330,258 10 159,511 0 35 719 145 166,840 5 333 1,316 1,322 21

Earnings remittances due to the U.S.

Treasury8 3,045 47 1,729 62 112 206 177 160 37 22 53 132 308

Treasury contributions to credit facilities9 50,278 16,572 33,706 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 10,521 -2,042 7,186 306 394 879 950 625 237 345 258 466 918

Total liabilities 7,791,272 165,405 4,131,292 194,251 302,879 524,010 460,716 476,910 110,642 69,364 113,737 359,934 882,132

Capital

Capital paid in 32,607 1,471 10,893 1,164 2,802 6,737 1,477 1,271 618 291 361 708 4,814

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 7,830,663 167,184 4,144,465 195,658 306,267 532,159 462,500 478,446 111,390 69,712 114,171 360,764 887,945

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, May 12, 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, 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.

 

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 May 12, 2021

Federal Reserve notes outstanding 2,290,144

Less: Notes held by F.R. Banks not subject to collateralization 170,050

Federal Reserve notes to be collateralized 2,120,094

Collateral held against Federal Reserve notes 2,120,094

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,103,857

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,248,068

Less: Face value of securities under reverse repurchase agreements 407,238

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,840,829

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.