FRB: H.4.1 Release--Factors Affecting Reserve Balances-- July 15, 2021

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks July 15, 2021

1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Jul 14, 2021
Federal Reserve Banks Jul 14, 2021 Jul 7, 2021 Jul 15, 2020

Reserve Bank credit 8,079,751 + 31,945 +1,198,548 8,162,744
Securities held outright (1) 7,546,970 + 34,402 +1,379,779 7,627,278
U.S. Treasury securities 5,213,167 + 22,584 + 972,339 5,222,570
Bills (2) 326,044 0 0 326,044
Notes and bonds, nominal (2) 4,477,266 + 21,231 + 868,914 4,484,752
Notes and bonds, inflation-indexed (2) 353,457 + 571 + 82,864 354,887
Inflation compensation (3) 56,399 + 780 + 20,560 56,887
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,331,456 + 11,819 + 407,440 2,402,362
Unamortized premiums on securities held outright (5) 351,740 + 242 + 35,253 353,359
Unamortized discounts on securities held outright (5) -14,432 - 75 - 9,160 -14,452
Repurchase agreements (6) 0 0 0 0
Foreign official 0 0 0 0
Others 0 0 0 0
Loans 88,479 - 1,359 - 4,879 88,260
Primary credit 382 - 9 - 4,409 386
Secondary credit 0 0 0 0
Seasonal credit 16 - 4 - 6 16
Primary Dealer Credit Facility 0 0 - 1,828 0
Money Market Mutual Fund Liquidity Facility 0 0 - 18,704 0
Paycheck Protection Program Liquidity Facility 88,081 - 1,346 + 20,068 87,859
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 0 0 - 12,334 0
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 22,649 - 3,257 - 20,404 22,641
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 30,556 + 8 - 6,949 30,564
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 9,757 - 983 - 6,325 9,758
Net portfolio holdings of TALF II LLC (7) 4,689 0 - 4,162 4,689
Float -92 + 31 + 154 -102
Central bank liquidity swaps (8) 476 - 45 - 153,018 476
Other Federal Reserve assets (9) 38,958 + 2,980 + 591 40,273
Foreign currency denominated assets (10) 21,270 + 68 + 246 21,258
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,740 + 14 + 467 50,740

Total factors supplying reserve funds 8,168,001 + 32,027 +1,199,259 8,250,983

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

1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Jul 14, 2021
Federal Reserve Banks Jul 14, 2021 Jul 7, 2021 Jul 15, 2020

Currency in circulation (11) 2,187,580 + 684 + 209,070 2,186,973
Reverse repurchase agreements (12) 1,049,995 + 41,744 + 828,553 1,110,967
Foreign official and international accounts 254,295 - 7,247 + 32,854 250,992
Others 795,700 + 48,991 + 795,700 859,975
Treasury cash holdings 45 + 3 - 5 46
Deposits with F.R. Banks, other than reserve balances 933,725 - 45,916 - 892,966 912,639
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 704,918 - 48,446 - 950,402 657,542
Foreign official 5,232 - 31 - 11,000 5,250
Other (13) 223,576 + 2,562 + 68,438 249,847
Treasury contributions to credit facilities (14) 40,278 0 - 73,722 40,278
Other liabilities and capital (15) 53,318 + 3,021 + 2,872 55,379

Total factors, other than reserve balances,
absorbing reserve funds 4,264,943 - 462 + 73,804 4,306,283

Reserve balances with Federal Reserve Banks 3,903,058 + 32,490 +1,125,455 3,944,700

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.

1A. Memorandum Items
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Week ended Change from week ended Jul 14, 2021
Jul 14, 2021 Jul 7, 2021 Jul 15, 2020

Securities held in custody for foreign official and
international accounts 3,538,430 + 10,045 + 133,308 3,542,632
Marketable U.S. Treasury securities (1) 3,097,108 + 9,572 + 145,266 3,098,206
Federal agency debt and mortgage-backed securities (2) 352,050 + 289 - 16,565 354,896
Other securities (3) 89,272 + 184 + 4,608 89,529
Securities lent to dealers 33,772 - 3,797 + 5,790 32,121
Overnight facility (4) 33,772 - 3,797 + 5,790 32,121
U.S. Treasury securities 33,772 - 3,797 + 5,790 32,121
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.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, July 14, 2021
Millions of dollars
Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All
days 90 days 1 year to 5 years to 10 years years

Loans (1) 199 202 13,530 74,324 4 ... 88,260
U.S. Treasury securities (2)
Holdings 75,604 301,951 653,014 2,025,519 948,634 1,217,847 5,222,570
Weekly changes - 1,049 + 6,521 - 5,416 + 22,996 - 5,799 + 3,591 + 20,845
Federal agency debt securities (3)
Holdings 0 0 0 0 2,134 213 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 16 1,880 65,494 2,334,970 2,402,362
Weekly changes 0 0 0 0 0 + 82,724 + 82,725
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 0 0 0 ... ... ... 0
Loan participations held by MS
Facilities LLC (Main Street Lending
Program) (6) 0 0 0 16,177 ... ... 16,177
Municipal notes held by Municipal
Liquidity Facility LLC (7) 0 0 0 4,373 ... ... 4,373
Loans held by TALF II LLC (8) 0 0 0 1,483 ... ... 1,483
Repurchase agreements (9) 0 0 ... ... ... ... 0
Central bank liquidity swaps (10) 138 338 0 0 0 0 476
Reverse repurchase agreements (9) 1,110,967 0 ... ... ... ... 1,110,967
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.

3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name Wednesday
Jul 14, 2021

Mortgage-backed securities held outright (1) 2,402,362
Residential mortgage-backed securities 2,392,592
Commercial mortgage-backed securities 9,770

Commitments to buy mortgage-backed securities (2) 123,017
Commitments to sell mortgage-backed securities (2) 83

Cash and cash equivalents (3) 89

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
Credit Facilities LLCs: Wednesday Jul 14, 2021
Net portfolio holdings of
Credit Facilities LLCs
Outstanding
principal Outstanding
amount amount of Treasury
of loan facility contributions
extended to asset and
the LLC (1) purchases (2)other assets (3) Total

Commercial Paper Funding Facility II LLC 0 0 0 0
Corporate Credit Facilities LLC 10,333 8,148 14,493 22,641
MS Facilities LLC (Main Street Lending Program) 16,228 13,519 17,045 30,564
Municipal Liquidity Facility LLC 4,373 4,373 5,385 9,758
TALF II LLC 1,660 1,483 3,207 4,689

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 and corporate bonds at
fair 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.

5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Jul 14, 2021 Wednesday Wednesday
consolidation Jul 7, 2021 Jul 15, 2020

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,243 + 8 - 280
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 8,054,445 + 104,851 +1,444,397
Securities held outright (1) 7,627,278 + 103,569 +1,423,313
U.S. Treasury securities 5,222,570 + 20,845 + 969,341
Bills (2) 326,044 0 0
Notes and bonds, nominal (2) 4,484,752 + 17,802 + 859,663
Notes and bonds, inflation-indexed (2) 354,887 + 2,001 + 87,973
Inflation compensation (3) 56,887 + 1,042 + 21,705
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,402,362 + 82,725 + 453,974
Unamortized premiums on securities held outright
(5) 353,359 + 1,927 + 35,402
Unamortized discounts on securities held outright
(5) -14,452 - 103 - 9,172
Repurchase agreements (6) 0 0 - 2
Loans (7) 88,260 - 542 - 5,144
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 0 0 - 10,659
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 22,641 - 3,290 - 20,782
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 30,564 + 9 - 6,951
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 9,758 - 984 - 6,326
Net portfolio holdings of TALF II LLC (8) 4,689 0 - 4,750
Items in process of collection (0) 66 - 47 + 13
Bank premises 1,874 - 6 - 324
Central bank liquidity swaps (9) 476 - 45 - 154,374
Foreign currency denominated assets (10) 21,258 + 69 + 164
Other assets (11) 38,398 + 3,310 + 2,917

Total assets (0) 8,201,651 + 103,878 +1,243,047

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

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Jul 14, 2021 Wednesday Wednesday
consolidation Jul 7, 2021 Jul 15, 2020

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,137,519 - 1,883 + 204,740
Reverse repurchase agreements (12) 1,110,967 + 61,635 + 886,738
Deposits (0) 4,857,339 + 39,260 + 219,370
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,944,700 + 88,497 +1,212,051
U.S. Treasury, General Account 657,542 - 67,356 -1,082,913
Foreign official 5,250 + 20 - 10,982
Other (13) (0) 249,847 + 18,099 + 101,214
Deferred availability cash items (0) 169 - 44 - 111
Treasury contributions to credit facilities (14) 40,278 0 - 73,722
Other liabilities and accrued dividends (15) 15,775 + 4,910 + 5,189

Total liabilities (0) 8,162,047 + 103,877 +1,242,204

Capital accounts
Capital paid in 32,819 + 1 + 883
Surplus 6,785 0 - 40
Other capital accounts 0 0 0

Total capital 39,604 + 1 + 843

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.

6. Statement of Condition of Each Federal Reserve Bank, July 14, 2021
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City 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 1,243 19 25 111 55 182 115 234 14 31 85 146 227
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 8,054,445 133,253 4,514,275 172,430 305,787 535,216 467,633 435,553 104,890 89,082 107,813 353,296 835,217
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 22,641 0 22,641 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 30,564 30,564 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 9,758 0 9,758 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 4,689 0 4,689 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 476 22 160 17 41 99 22 19 9 4 5 9 70
Foreign currency denominated
assets (4) 21,258 965 7,146 763 1,838 4,424 961 833 404 181 230 383 3,130
Other assets (5) 40,339 763 21,363 957 1,528 2,984 2,488 2,238 667 503 847 1,887 4,114
Interdistrict settlement account 0 + 7,726 - 290,483 + 20,334 + 21,846 - 21,173 + 41,809 + 77,511 + 10,138 - 13,172 + 12,089 + 34,543 + 98,832

Total assets 8,201,651 173,841 4,294,995 195,135 331,846 522,920 515,216 517,523 116,598 76,902 121,525 391,484 943,666

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

6. Statement of Condition of Each Federal Reserve Bank, July 14, 2021 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Liabilities
Federal Reserve notes, net 2,137,519 65,996 697,104 63,434 104,599 156,669 302,123 127,427 57,503 32,520 53,266 194,844 282,033
Reverse repurchase agreements (6) 1,110,967 18,565 627,981 23,465 40,424 74,444 65,094 60,626 14,484 8,596 14,753 49,129 113,408
Deposits 4,857,339 72,824 2,922,679 106,311 182,711 282,284 145,207 326,993 43,559 35,178 52,744 145,962 540,887
Depository institutions 3,944,700 72,808 2,189,244 106,309 182,670 281,807 145,075 151,701 43,550 34,952 51,790 143,933 540,861
U.S. Treasury, General Account 657,542 0 657,542 0 0 0 0 0 0 0 0 0 0
Foreign official 5,250 2 5,224 1 3 8 2 2 1 0 0 1 6
Other (7) 249,847 14 70,669 0 38 469 130 175,291 8 226 953 2,028 20
Earnings remittances due to the U.S.
Treasury (8) 3,139 49 1,791 65 112 208 187 170 39 22 36 138 322
Treasury contributions to credit
facilities (9) 40,278 16,572 23,706 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 12,805 -1,930 8,467 362 492 1,147 812 766 269 361 292 579 1,187

Total liabilities 8,162,047 172,076 4,281,729 193,635 328,339 514,751 513,423 515,983 115,855 76,677 121,091 390,652 937,836

Capital
Capital paid in 32,819 1,457 10,987 1,256 2,921 6,756 1,486 1,275 613 167 361 710 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 8,201,651 173,841 4,294,995 195,135 331,846 522,920 515,216 517,523 116,598 76,902 121,525 391,484 943,666

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

6. Statement of Condition of Each Federal Reserve Bank, July 14, 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
dollar-denominated 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).

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Jul 14, 2021

Federal Reserve notes outstanding 2,337,293
Less: Notes held by F.R. Banks not subject to collateralization 199,774
Federal Reserve notes to be collateralized 2,137,519
Collateral held against Federal Reserve notes 2,137,519
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,121,282
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 7,627,278
Less: Face value of securities under reverse repurchase agreements 1,080,472
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,546,806

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.

Statistical releases