FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and 

Condition Statement of Federal Reserve Banks December 9, 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

Dec 8, 2021 Dec 1, 2021 Dec 9, 2020

Wednesday

Dec 8, 2021

Reserve Bank credit 8,621,656 + 11,284 +1,429,638 8,626,506

Securities held outright1 8,173,479 + 11,960 +1,545,647 8,177,435

U.S. Treasury securities 5,600,218 + 17,454 + 978,384 5,604,169

Bills2 326,044 0 0 326,044

Notes and bonds, nominal2 4,825,880 + 14,253 + 879,743 4,828,030

Notes and bonds, inflation-indexed2 379,399 + 2,376 + 73,031 380,800

Inflation compensation3 68,895 + 825 + 25,610 69,296

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

Mortgage-backed securities4 2,570,914 - 5,493 + 567,263 2,570,918

Unamortized premiums on securities held outright5 353,918 + 3 + 13,347 354,122

Unamortized discounts on securities held outright5 -17,501 - 171 - 12,422 -17,494

Repurchase agreements6 0 0 - 1,000 1

Foreign official 0 0 - 1,000 0

Others 0 0 0 1

Loans 40,223 - 1,676 - 19,782 39,685

Primary credit 301 - 91 - 1,786 378

Secondary credit 0 0 0 0

Seasonal credit 0 - 4 0 0

Primary Dealer Credit Facility 0 0 - 250 0

Money Market Mutual Fund Liquidity Facility 0 0 - 4,462 0

Paycheck Protection Program Liquidity Facility 39,921 - 1,582 - 13,285 39,307

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC7 0 0 - 8,562 0

Net portfolio holdings of Corporate Credit Facilities LLC7 2 0 - 46,121 2

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)7 29,586 + 8 - 14,619 29,592

Net portfolio holdings of Municipal Liquidity Facility LLC7 7,955 + 2 - 8,517 7,956

Net portfolio holdings of TALF II LLC7 2,626 - 17 - 9,639 2,626

Float -128 + 218 - 56 -87

Central bank liquidity swaps8 272 + 4 - 9,061 272

Other Federal Reserve assets9 31,226 + 955 + 426 32,397

Foreign currency denominated assets10 20,447 + 60 - 1,651 20,425

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,886 + 14 + 445 50,886

Total factors supplying reserve funds 8,709,231 + 11,359 +1,428,433 8,714,058

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

Dec 8, 2021 Dec 1, 2021 Dec 9, 2020

Wednesday

Dec 8, 2021

Currency in circulation11 2,220,582 - 215 + 154,288 2,220,363

Reverse repurchase agreements12 1,773,919 + 9,712 +1,590,767 1,787,227

Foreign official and international accounts 302,176 - 3,336 + 119,025 303,035

Others 1,471,743 + 13,048 +1,471,742 1,484,192

Treasury cash holdings 69 - 1 + 28 68

Deposits with F.R. Banks, other than reserve balances 367,782 - 50,684 -1,379,727 379,539

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 115,117 - 37,534 -1,419,126 125,144

Foreign official 6,904 - 516 - 14,894 7,637

Other13 245,761 - 12,634 + 54,293 246,759

Treasury contributions to credit facilities14 21,258 0 - 92,742 21,258

Other liabilities and capital15 49,815 + 1,606 - 2,507 50,003

Total factors, other than reserve balances, 

absorbing reserve funds 4,433,425 - 39,582 + 270,107 4,458,459

Reserve balances with Federal Reserve Banks 4,275,806 + 50,941 +1,158,326 4,255,599

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

Dec 8, 2021 Dec 1, 2021 Dec 9, 2020

Wednesday

Dec 8, 2021

Securities held in custody for foreign official and international 

accounts 3,445,719 - 12,837 - 38,082 3,432,642

Marketable U.S. Treasury securities1 3,040,294 - 12,469 + 4,923 3,027,412

Federal agency debt and mortgage-backed securities2 323,227 + 46 - 38,256 323,255

Other securities3 82,199 - 413 - 4,748 81,974

Securities lent to dealers 35,252 + 2,497 + 3,757 35,791

Overnight facility4 35,252 + 2,497 + 3,757 35,791

U.S. Treasury securities 35,252 + 2,497 + 3,757 35,791

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, December 8, 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 204 174 2,123 37,184 0 ... 39,685

U.S. Treasury securities2

Holdings 49,217 355,839 716,309 2,134,549 1,009,697 1,338,558 5,604,169

Weekly changes - 16,613 + 11,901 + 4,773 + 4,731 + 3,559 + 3,699 + 12,050

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 29 1,895 61,735 2,507,258 2,570,918

Weekly changes 0 0 0 + 309 + 340 - 615 + 34

Loan participations held by MS 

Facilities LLC (Main Street Lending 

Program)5 0 0 0 15,767 ... ... 15,767

Municipal notes held by Municipal 

Liquidity Facility LLC6 0 0 0 4,228 ... ... 4,228

Loans held by TALF II LLC7 0 0 0 1,360 ... ... 1,360

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

Central bank liquidity swaps9 222 50 0 0 0 0 272

Reverse repurchase agreements8 1,787,227 0 ... ... ... ... 1,787,227

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 Dec 8, 2021

Mortgage-backed securities held outright1 2,570,918

Residential mortgage-backed securities 2,561,631

Commercial mortgage-backed securities 9,287

Commitments to buy mortgage-backed securities2 134,170

Commitments to sell mortgage-backed securities2 20

Cash and cash equivalents3 3

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

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

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

securities generally settle within three business days.

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

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Wednesday Dec 8, 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 0 0 2 2

MS Facilities LLC (Main Street Lending Program) 15,684 13,437 16,155 29,592

Municipal Liquidity Facility LLC 4,228 4,228 3,728 7,956

TALF II LLC 1,431 1,360 1,266 2,626

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. 

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 September 30, 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 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

Dec 8, 2021 Dec 1, 2021 Dec 9, 2020

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,187 0 - 354

Securities, unamortized premiums and discounts, 

repurchase agreements, and loans 8,553,748 + 10,937 +1,520,838

Securities held outright1 8,177,435 + 12,084 +1,540,894

U.S. Treasury securities 5,604,169 + 12,050 + 973,631

Bills2 326,044 0 0

Notes and bonds, nominal2 4,828,030 + 8,226 + 875,378

Notes and bonds, inflation-indexed2 380,800 + 2,802 + 72,374

Inflation compensation3 69,296 + 1,022 + 25,881

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,570,918 + 34 + 567,262

Unamortized premiums on securities held outright5 354,122 + 203 + 13,099

Unamortized discounts on securities held outright5 -17,494 - 44 - 12,414

Repurchase agreements6 1 0 - 999

Loans7 39,685 - 1,305 - 19,741

Net portfolio holdings of Commercial Paper Funding 

Facility II LLC8 0 0 - 8,557

Net portfolio holdings of Corporate Credit Facilities LLC8 2 0 - 46,136

Net portfolio holdings of MS Facilities LLC (Main Street 

Lending Program)8 29,592 + 8 - 15,229

Net portfolio holdings of Municipal Liquidity Facility LLC8 7,956 + 2 - 8,403

Net portfolio holdings of TALF II LLC8 2,626 0 - 9,837

Items in process of collection (0) 82 + 23 + 2

Bank premises 1,383 + 4 - 816

Central bank liquidity swaps9 272 + 4 - 9,293

Foreign currency denominated assets10 20,425 - 63 - 1,602

Other assets11 31,015 + 3,208 + 1,253

Total assets (0) 8,664,524 + 14,122 +1,421,866

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

Dec 8, 2021 Dec 1, 2021 Dec 9, 2020

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,170,728 - 1,419 + 152,906

Reverse repurchase agreements12 1,787,227 + 57,950 +1,594,970

Deposits (0) 4,635,139 - 43,891 - 231,408

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 4,255,600 - 10,422 +1,107,944

U.S. Treasury, General Account 125,144 - 34,004 -1,377,217

Foreign official 7,637 + 1,843 - 14,186

Other13 (0) 246,759 - 1,308 + 52,051

Deferred availability cash items (0) 169 - 471 - 4

Treasury contributions to credit facilities14 21,258 0 - 92,742

Other liabilities and accrued dividends15 9,346 + 1,950 - 3,284

Total liabilities (0) 8,623,868 + 14,119 +1,420,440

Capital accounts

Capital paid in 33,872 + 4 + 1,468

Surplus 6,785 0 - 40

Other capital accounts 0 0 0

Total capital 40,657 + 4 + 1,428

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, December 8, 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 1,187 13 21 114 45 173 102 222 16 32 85 147 217

Securities, unamortized premiums and 

discounts, repurchase agreements, 

and loans1 8,553,748 142,325 4,818,387 179,965 316,815 571,089 499,095 464,823 111,465 79,317 113,594 376,826 880,047

Net portfolio holdings of Corporate 

Credit Facilities LLC2 2 0 2 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 29,592 29,592 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal 

Liquidity Facility LLC2 7,956 0 7,956 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 2,626 0 2,626 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 272 12 91 10 23 57 12 11 5 2 3 5 40

Foreign currency denominated 

assets4 20,425 927 6,866 733 1,766 4,250 924 800 388 174 221 368 3,008

Other assets5 32,480 635 16,840 783 1,234 2,442 2,025 1,796 718 442 725 1,535 3,305

Interdistrict settlement account 0 + 38,563 - 552,541 + 2,990 + 63,258 + 68,195 + 81,440 + 107,492 + 27,290 + 1,663 + 22,301 + 55,118 + 84,230

Total assets 8,664,524 212,599 4,305,671 185,118 383,892 647,392 585,785 576,279 140,358 81,903 137,385 435,219 972,922

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, December 8, 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 2,170,728 72,152 692,681 61,737 103,562 154,005 323,007 121,380 64,589 33,014 55,480 192,615 296,504

Reverse repurchase agreements6 1,787,227 29,866 1,010,241 37,748 65,030 119,759 104,717 97,529 23,301 13,829 23,733 79,034 182,440

Deposits 4,635,139 94,661 2,577,130 83,830 210,998 364,581 155,862 355,196 51,417 34,620 57,482 162,164 487,198

Depository institutions 4,255,600 94,646 2,390,991 83,829 210,945 363,970 155,698 164,316 51,404 34,380 56,411 161,883 487,126

U.S. Treasury, General Account 125,144 0 125,144 0 0 0 0 0 0 0 0 0 0

Foreign official 7,637 2 7,611 1 3 8 2 2 1 0 0 1 6

Other7 246,759 13 53,384 0 50 603 161 190,879 12 239 1,070 280 66

Earnings remittances due to the U.S. 

Treasury8 3,066 27 1,847 58 106 140 190 162 39 20 37 135 304

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 6,450 -1,549 4,112 245 297 702 594 462 210 191 230 334 620

Total liabilities 8,623,868 210,832 4,291,593 183,618 379,994 639,187 584,371 574,730 139,555 81,675 136,962 434,283 967,067

Capital

Capital paid in 33,872 1,459 11,797 1,257 3,311 6,793 1,107 1,283 674 170 350 814 4,856

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 8,664,524 212,599 4,305,671 185,118 383,892 647,392 585,785 576,279 140,358 81,903 137,385 435,219 972,922

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, December 8, 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 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 Dec 8, 2021

Federal Reserve notes outstanding 2,431,811

Less: Notes held by F.R. Banks not subject to collateralization 261,083

Federal Reserve notes to be collateralized 2,170,728

Collateral held against Federal Reserve notes 2,170,728

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,154,491

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 8,177,436

Less: Face value of securities under reverse repurchase agreements 1,730,246

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,447,189

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.