FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern Time

July 22, 2021

The Board's H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository

Institutions and Condition Statement of Federal Reserve Banks,” has been modified to reflect

closing the Commercial Paper Funding Facility II LLC (CPFF II LLC). CPFF II LLC related

lines were removed from table 2, table 4, and table 6. Footnote 1 in Maturity Distribution of

Securities, Loans, and Selected Other Assets and Liabilities (table 2) and Footnotes 2 and 3 in

Information on Principal Amounts of Credit Facilities LLCs (table 4) were revised accordingly.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 22, 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

Jul 21, 2021 Jul 14, 2021 Jul 22, 2020

Wednesday

Jul 21, 2021

Reserve Bank credit 8,174,231 + 94,480 +1,262,072 8,201,670

Securities held outright1 7,639,983 + 93,013 +1,417,077 7,667,510

U.S. Treasury securities 5,237,014 + 23,847 + 977,706 5,242,987

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,509,425 + 32,159 + 879,382 4,514,027

Notes and bonds, inflation-indexed2 345,916 - 7,541 + 77,975 346,944

Inflation compensation3 55,628 - 771 + 20,348 55,972

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

Mortgage-backed securities4 2,400,622 + 69,166 + 439,371 2,422,177

Unamortized premiums on securities held outright5 353,299 + 1,559 + 34,216 353,639

Unamortized discounts on securities held outright5 -14,538 - 106 - 9,311 -14,621

Repurchase agreements6 0 0 0 0

Foreign official 0 0 0 0

Others 0 0 0 0

Loans 87,456 - 1,023 - 5,327 86,848

Primary credit 478 + 96 - 4,127 554

Secondary credit 0 0 0 0

Seasonal credit 16 0 - 12 16

Primary Dealer Credit Facility 0 0 - 1,873 0

Money Market Mutual Fund Liquidity Facility 0 0 - 17,952 0

Paycheck Protection Program Liquidity Facility 86,963 - 1,118 + 18,637 86,278

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 0 0 - 10,299 0

Net portfolio holdings of Corporate Credit Facilities LLC7 22,642 - 7 - 21,152 22,648

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 30,433 - 123 - 7,083 30,439

Net portfolio holdings of Municipal Liquidity Facility LLC7 9,758 + 1 - 6,326 9,760

Net portfolio holdings of TALF II LLC7 4,690 + 1 - 4,749 4,690

Float -110 - 18 + 64 -108

Central bank liquidity swaps8 475 - 1 - 125,847 475

Other Federal Reserve assets9 40,142 + 1,184 + 809 40,391

Foreign currency denominated assets10 21,234 - 36 + 86 21,213

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,754 + 14 + 472 50,754

Total factors supplying reserve funds 8,262,459 + 94,458 +1,262,630 8,289,878

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 21, 2021 Jul 14, 2021 Jul 22, 2020

Wednesday

Jul 21, 2021

Currency in circulation11 2,185,342 - 2,238 + 202,469 2,185,216

Reverse repurchase agreements12 1,086,193 + 36,198 + 869,247 1,136,878

Foreign official and international accounts 254,231 - 64 + 37,286 250,672

Others 831,962 + 36,262 + 831,961 886,206

Treasury cash holdings 47 + 2 + 2 50

Deposits with F.R. Banks, other than reserve balances 926,214 - 7,511 -1,078,813 902,670

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 678,103 - 26,815 -1,126,841 616,294

Foreign official 5,804 + 572 - 10,427 5,837

Other13 242,307 + 18,731 + 58,455 280,539

Treasury contributions to credit facilities14 40,278 0 - 73,722 40,278

Other liabilities and capital15 51,445 - 1,873 + 2,287 50,238

Total factors, other than reserve balances,

absorbing reserve funds 4,289,520 + 24,577 - 78,529 4,315,331

Reserve balances with Federal Reserve Banks 3,972,940 + 69,882 +1,341,160 3,974,547

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 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

Jul 21, 2021 Jul 14, 2021 Jul 22, 2020

Wednesday

Jul 21, 2021

Securities held in custody for foreign official and international

accounts 3,526,474 - 11,956 + 124,161 3,522,825

Marketable U.S. Treasury securities1 3,082,508 - 14,600 + 130,233 3,078,752

Federal agency debt and mortgage-backed securities2 353,988 + 1,938 - 11,067 353,597

Other securities3 89,978 + 706 + 4,995 90,475

Securities lent to dealers 31,270 - 2,502 + 7,888 27,364

Overnight facility4 31,270 - 2,502 + 7,888 27,364

U.S. Treasury securities 31,270 - 2,502 + 7,888 27,364

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 21, 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 331 238 12,537 73,741 0 ... 86,848

U.S. Treasury securities2

Holdings 77,002 285,248 675,957 2,020,368 959,414 1,224,998 5,242,987

Weekly changes + 1,398 - 16,703 + 22,943 - 5,151 + 10,780 + 7,151 + 20,417

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 16 1,875 64,848 2,355,437 2,422,177

Weekly changes 0 0 0 - 5 - 646 + 20,467 + 19,815

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5 0 0 0 16,175 ... ... 16,175

Municipal notes held by Municipal

Liquidity Facility LLC6 0 0 0 4,373 ... ... 4,373

Loans held by TALF II LLC7 0 0 0 1,481 ... ... 1,481

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

Central bank liquidity swaps9 187 288 0 0 0 0 475

Reverse repurchase agreements8 1,136,878 0 ... ... ... ... 1,136,878

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 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 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 21, 2021

Mortgage-backed securities held outright1 2,422,177

Residential mortgage-backed securities 2,412,441

Commercial mortgage-backed securities 9,736

Commitments to buy mortgage-backed securities2 102,643

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 37

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 21, 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

Corporate Credit Facilities LLC 10,333 6,713 15,935 22,648

MS Facilities LLC (Main Street Lending Program) 16,097 13,517 16,922 30,439

Municipal Liquidity Facility LLC 4,373 4,373 5,387 9,760

TALF II LLC 1,660 1,481 3,209 4,690

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 Corporate Credit Facilities LLC includes exchange traded-funds and corporate bonds at fair value. Asset balances from trading activity are

 reported on a one-day lag after the transaction date.

b. 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.

c. 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.

d. 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: 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

Jul 21, 2021 Jul 14, 2021 Jul 22, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,248 + 5 - 274

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 8,093,376 + 38,931 +1,446,662

Securities held outright1 7,667,510 + 40,232 +1,428,685

U.S. Treasury securities 5,242,987 + 20,417 + 977,109

Bills2 326,044 0 0

Notes and bonds, nominal2 4,514,027 + 29,275 + 877,602

Notes and bonds, inflation-indexed2 346,944 - 7,943 + 78,831

Inflation compensation3 55,972 - 915 + 20,676

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,422,177 + 19,815 + 451,577

Unamortized premiums on securities held outright5 353,639 + 280 + 33,141

Unamortized discounts on securities held outright5 -14,621 - 169 - 9,460

Repurchase agreements6 0 0 0

Loans7 86,848 - 1,412 - 5,704

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 0 0 - 10,105

Net portfolio holdings of Corporate Credit Facilities LLC8 22,648 + 7 - 21,398

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 30,439 - 125 - 7,079

Net portfolio holdings of Municipal Liquidity Facility LLC8 9,760 + 2 - 6,325

Net portfolio holdings of TALF II LLC8 4,690 + 1 - 4,749

Items in process of collection (0) 53 - 13 + 1

Bank premises 1,867 - 7 - 332

Central bank liquidity swaps9 475 - 1 - 121,517

Foreign currency denominated assets10 21,213 - 45 - 54

Other assets11 38,523 + 125 + 944

Total assets (0) 8,240,530 + 38,879 +1,275,775

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 21, 2021 Jul 14, 2021 Jul 22, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,135,757 - 1,762 + 198,742

Reverse repurchase agreements12 1,136,878 + 25,911 + 922,213

Deposits (0) 4,877,216 + 19,877 + 226,321

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,974,547 + 29,847 +1,314,889

U.S. Treasury, General Account 616,294 - 41,248 -1,160,886

Foreign official 5,837 + 587 - 10,387

Other13 (0) 280,539 + 30,692 + 82,706

Deferred availability cash items (0) 162 - 7 - 145

Treasury contributions to credit facilities14 40,278 0 - 73,722

Other liabilities and accrued dividends15 10,633 - 5,142 + 1,520

Total liabilities (0) 8,200,924 + 38,877 +1,274,930

Capital accounts

Capital paid in 32,820 + 1 + 884

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 39,605 + 1 + 844

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 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, July 21, 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 1,248 20 25 113 56 181 115 233 15 31 86 148 224

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 8,093,376 133,921 4,536,885 173,289 307,191 537,870 469,946 437,805 105,306 88,978 108,267 355,062 838,857

Net portfolio holdings of Corporate

Credit Facilities LLC2 22,648 0 22,648 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 30,439 30,439 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 9,760 0 9,760 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 4,690 0 4,690 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 475 22 160 17 41 99 21 19 9 4 5 9 70

Foreign currency denominated

assets4 21,213 963 7,130 762 1,834 4,414 959 831 403 180 229 382 3,124

Other assets5 40,444 771 21,452 956 1,536 2,996 2,485 2,241 666 472 846 1,894 4,129

Interdistrict settlement account 0 + 27,403 - 270,175 + 16,402 + 2,493 - 15,547 + 37,559 + 83,603 + 9,818 - 12,026 + 12,309 + 29,783 + 78,380

Total assets 8,240,530 194,069 4,337,996 192,062 313,903 531,200 513,274 525,868 116,692 77,913 122,197 388,497 926,859

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 21, 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 2,135,757 66,002 694,812 63,462 104,032 155,757 303,451 127,068 57,552 32,450 53,076 195,653 282,443

Reverse repurchase agreements6 1,136,878 18,998 642,627 24,012 41,367 76,180 66,612 62,040 14,822 8,797 15,097 50,275 116,053

Deposits 4,877,216 92,661 2,956,851 102,744 164,519 290,067 140,618 334,480 43,314 36,097 53,302 141,171 521,393

Depository institutions 3,974,547 92,650 2,234,406 102,742 164,474 289,535 140,505 157,080 43,305 35,869 51,771 140,844 521,366

U.S. Treasury, General Account 616,294 0 616,294 0 0 0 0 0 0 0 0 0 0

Foreign official 5,837 2 5,810 1 3 8 2 2 1 0 0 1 6

Other7 280,539 9 100,341 0 42 523 111 177,399 8 228 1,531 327 21

Earnings remittances due to the U.S.

Treasury8 1,980 22 1,163 38 75 125 116 95 23 13 26 87 197

Treasury contributions to credit facilities9 40,278 16,572 23,706 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 8,815 -1,951 5,570 307 403 903 685 645 238 332 261 479 943

Total liabilities 8,200,924 192,304 4,324,729 190,562 310,395 523,032 511,481 524,327 115,950 77,688 121,762 387,665 921,029

Capital

Capital paid in 32,820 1,457 10,987 1,256 2,921 6,756 1,486 1,275 613 167 362 710 4,831

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 8,240,530 194,069 4,337,996 192,062 313,903 531,200 513,274 525,868 116,692 77,913 122,197 388,497 926,859

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 21, 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.

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 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 Jul 21, 2021

Federal Reserve notes outstanding 2,343,005

Less: Notes held by F.R. Banks not subject to collateralization 207,248

Federal Reserve notes to be collateralized 2,135,757

Collateral held against Federal Reserve notes 2,135,757

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,119,520

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,667,510

Less: Face value of securities under reverse repurchase agreements 1,080,585

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,586,925

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.