Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

January 20, 2022

Reserve Bank credit

 8,825,644

+   88,586

+1,453,669

 8,829,738

Securities held outright1

 8,376,336

+   86,273

+1,533,864

 8,381,950

U.S. Treasury securities

 5,692,288

+   20,133

+  959,598

 5,693,341

Bills2

   326,044

         0

         0

   326,044

Notes and bonds, nominal2

 4,906,950

+   22,404

+  857,194

 4,915,211

Notes and bonds, inflation-indexed2

   385,508

-    2,275

+   71,620

   379,498

Inflation compensation3

    73,786

+        4

+   30,785

    72,589

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,681,701

+   66,139

+  574,266

 2,686,262

Unamortized premiums on securities held outright5

   353,274

+      484

+    7,575

   353,102

Unamortized discounts on securities held outright5

   -18,481

-      388

-   12,467

   -18,737

Repurchase agreements6

         0

         0

-    1,000

         1

Foreign official

         0

         0

-    1,000

         1

Others

         0

         0

         0

         0

Loans

    32,075

-    1,067

-   19,616

    31,607

Primary credit

       474

+       81

-    1,221

       469

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

         0

         0

Primary Dealer Credit Facility

         0

         0

-      485

         0

Money Market Mutual Fund Liquidity Facility

         0

         0

-    1,916

         0

Paycheck Protection Program Liquidity Facility

    31,601

-    1,147

-   15,994

    31,138

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Commercial Paper Funding Facility II LLC7

         0

         0

-    8,557

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         0

         0

-   26,310

         0

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7

    29,286

-      130

-    3,996

    28,936

Net portfolio holdings of Municipal Liquidity Facility LLC7

     7,867

+        2

-    3,738

     7,868

Net portfolio holdings of TALF II LLC7

     2,601

         0

-    4,076

     2,601

Float

      -147

-       18

-       57

      -143

Central bank liquidity swaps8

       266

-       98

-   10,643

       266

Other Federal Reserve assets9

    42,566

+    3,526

+    2,689

    42,286

Foreign currency denominated assets10

    20,476

+      141

-    1,628

    20,402

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    50,970

+       14

+      504

    50,970

Total factors supplying reserve funds

 8,913,331

+   88,741

+1,452,546

 8,917,351

Currency in circulation11

 2,232,505

-    2,110

+  137,518

 2,232,997

Reverse repurchase agreements12

 1,926,774

+   84,694

+1,716,924

 1,963,799

Foreign official and international accounts

   314,488

+    4,589

+  104,982

   307,223

Others

 1,612,286

+   80,106

+1,611,942

 1,656,576

Treasury cash holdings

        64

-        1

+       28

        25

Deposits with F.R. Banks, other than reserve balances

   748,958

+   44,427

-1,149,310

   830,057

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   488,697

+   32,296

-1,138,209

   580,171

Foreign official

     5,672

-      506

-   16,396

     7,407

Other13

   254,589

+   12,637

+    5,295

   242,478

Treasury contributions to credit facilities14

    21,258

         0

-   30,520

    21,258

Other liabilities and capital15

    51,252

+    2,765

+       11

    47,473

Total factors, other than reserve balances,
absorbing reserve funds

 4,980,810

+  129,774

+  674,649

 5,095,608

Reserve balances with Federal Reserve Banks

 3,932,521

-   41,033

+  777,897

 3,821,743

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.

Securities held in custody for foreign official and international accounts

 3,446,882

+   13,302

-   94,431

 3,453,991

Marketable U.S. Treasury securities1

 3,037,473

+    2,874

-   62,921

 3,044,251

Federal agency debt and mortgage-backed securities2

   327,462

+   10,024

-   25,103

   327,465

Other securities3

    81,947

+      404

-    6,407

    82,275

Securities lent to dealers

    42,141

+    3,266

+   12,686

    38,777

Overnight facility4

    42,141

+    3,266

+   12,686

    38,777

U.S. Treasury securities

    42,141

+    3,266

+   12,686

    38,777

Federal agency debt securities

         0

         0

         0

         0

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.

Loans1

       231

       425

     1,066

    29,885

         0

...

    31,607

U.S. Treasury securities2

Holdings

    94,164

   319,379

   722,254

 2,182,881

 1,012,038

 1,362,625

 5,693,341

Weekly changes

+   16,829

-   10,307

-    5,732

+   17,616

-   15,258

+    5,455

+    8,604

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

        34

     1,997

    60,901

 2,623,330

 2,686,262

Weekly changes

         0

         0

         0

-       12

-      548

+   71,255

+   70,695

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    15,356

...

...

    15,356

Municipal notes held by Municipal

Liquidity Facility LLC6

       291

       451

         0

     2,907

...

...

     3,649

Loans held by TALF II LLC7

         0

         0

         0

     1,345

...

...

     1,345

Repurchase agreements8

         1

         0

...

...

...

...

         1

Central bank liquidity swaps9

       216

        50

         0

         0

         0

         0

       266

Reverse repurchase agreements8

 1,963,799

         0

...

...

...

...

 1,963,799

Term deposits

         0

         0

         0

...

...

...

         0

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.

Mortgage-backed securities held outright1

 2,686,262

Residential mortgage-backed securities

 2,677,064

Commercial mortgage-backed securities

     9,198

Commitments to buy mortgage-backed securities2

    69,032

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

       452

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.

MS Facilities LLC (Main Street Lending Program)

    15,011

    13,030

    15,907

    28,936

Municipal Liquidity Facility LLC

     4,131

     3,649

     4,219

     7,868

TALF II LLC

     1,405

     1,345

     1,257

     2,601

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases:

a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

    updated as of September 30, 2021.

b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on

    a one-day lag after the transaction date.

c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the Municipal Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,233

+        5

-      341

Securities, unamortized premiums and discounts, repurchase agreements, and loans

 8,747,923

+   78,172

+1,509,878

Securities held outright1

 8,381,950

+   79,299

+1,536,202

U.S. Treasury securities

 5,693,341

+    8,604

+  949,789

Bills2

   326,044

         0

         0

Notes and bonds, nominal2

 4,915,211

+   18,405

+  853,780

Notes and bonds, inflation-indexed2

   379,498

-    8,413

+   66,280

Inflation compensation3

    72,589

-    1,387

+   29,730

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,686,262

+   70,695

+  586,413

Unamortized premiums on securities held outright5

   353,102

+      432

+    7,598

Unamortized discounts on securities held outright5

   -18,737

-      477

-   12,682

Repurchase agreements6

         1

         0

-      999

Loans7

    31,607

-    1,081

-   20,241

Net portfolio holdings of Commercial Paper Funding Facility II LLC8

         0

         0

-    8,557

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-   26,311

Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8

    28,936

-      487

-    4,354

Net portfolio holdings of Municipal Liquidity Facility LLC8

     7,868

+        2

-    3,740

Net portfolio holdings of TALF II LLC8

     2,601

         0

-    4,077

Items in process of collection

(0)

        81

+       10

-       21

Bank premises

     1,417

+        9

-      793

Central bank liquidity swaps9

       266

-       98

-   10,643

Foreign currency denominated assets10

    20,402

-       60

-    1,716

Other assets11

    40,869

+    2,000

+    3,566

Total assets

(0)

 8,867,834

+   79,556

+1,452,892

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

 2,183,281

-       19

+  134,631

Reverse repurchase agreements12

 1,963,799

+  101,754

+1,757,167

Deposits

(0)

 4,651,800

-   21,282

-  407,681

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,821,743

-  107,190

+  671,936

U.S. Treasury, General Account

   580,171

+   90,492

-1,058,160

Foreign official

     7,407

+    2,217

-   16,060

Other13

(0)

   242,478

-    6,802

-    5,397

Deferred availability cash items

(0)

       224

+       43

+       36

Treasury contributions to credit facilities14

    21,258

         0

-   30,520

Other liabilities and accrued dividends15

     6,974

-      940

-    2,033

Total liabilities

(0)

 8,827,335

+   79,554

+1,451,598

Capital accounts

Capital paid in

    33,714

+        2

+    1,334

Surplus

     6,785

         0

-       40

Other capital accounts

         0

         0

         0

Total capital

    40,499

+        2

+    1,294

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.

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

     1,233

        15

        24

       111

        47

       178

       112

       228

        18

        34

        88

       155

       225

Securities, unamortized premiums and discounts, repurchase agreements,
and loans1

 8,747,923

   145,732

 4,931,340

   184,165

   322,846

   584,566

   510,818

   475,807

   113,980

    79,012

   116,169

   385,628

   897,860

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    28,936

    28,936

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     7,868

         0

     7,868

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,601

         0

     2,601

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       266

        12

        89

        10

        23

        55

        12

        10

         5

         2

         3

         5

        39

Foreign currency denominated

assets4

    20,402

       926

     6,858

       733

     1,764

     4,245

       923

       799

       388

       173

       221

       368

     3,004

Other assets5

    42,367

       809

    22,456

       997

     1,605

     3,162

     2,612

     2,345

       704

       495

       875

     1,982

     4,323

Interdistrict settlement account

         0

+   10,686

-  318,572

+    2,136

+    1,474

+    6,774

+   61,771

+   85,860

+   24,809

+      405

+   22,820

+   58,779

+   43,058

Total assets

 8,867,834

   187,647

 4,658,085

   188,675

   328,511

   600,169

   578,435

   566,186

   140,379

    80,395

   140,631

   448,137

   950,584

Liabilities

Federal Reserve notes, net

 2,183,281

    72,832

   701,866

    61,551

   102,718

   153,731

   326,050

   121,650

    64,405

    33,182

    56,559

   191,047

   297,691

Reverse repurchase agreements6

 1,963,799

    32,817

 1,110,049

    41,477

    71,455

   131,590

   115,063

   107,165

    25,603

    15,195

    26,078

    86,842

   200,465

Deposits

 4,651,800

    66,047

 2,822,884

    83,864

   150,067

   305,705

   135,096

   335,211

    49,338

    31,586

    57,324

   168,844

   445,836

Depository institutions

 3,821,743

    66,030

 2,184,674

    83,862

   150,020

   305,227

   134,963

   145,357

    49,330

    31,333

    56,709

   168,467

   445,770

U.S. Treasury, General Account

   580,171

         0

   580,171

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     7,407

         2

     7,380

         1

         3

         8

         2

         2

         1

         0

         0

         1

         6

Other7

   242,478

        15

    50,657

         0

        44

       469

       132

   189,852

         7

       252

       614

       376

        61

Earnings remittances due to the U.S. Treasury8

     2,741

        46

     1,597

        59

        94

       160

       170

       144

        31

        25

        25

       130

       258

Treasury contributions to credit facilities9

    21,258

    15,674

     5,584

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     4,457

    -1,542

     2,028

       236

       278

       778

       656

       466

       191

       178

       224

       337

       627

Total liabilities

 8,827,335

   185,874

 4,644,008

   187,187

   324,613

   591,964

   577,035

   564,636

   139,567

    80,166

   140,209

   447,199

   944,877

Capital

Capital paid in

    33,714

     1,465

    11,797

     1,244

     3,311

     6,793

     1,093

     1,285

       682

       171

       348

       816

     4,708

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

 8,867,834

   187,647

 4,658,085

   188,675

   328,511

   600,169

   578,435

   566,186

   140,379

    80,395

   140,631

   448,137

   950,584

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 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).

Federal Reserve notes outstanding

 2,449,093

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

   265,812

Federal Reserve notes to be collateralized

 2,183,281

Collateral held against Federal Reserve notes

 2,183,281

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,167,044

Other assets pledged

         0

Memo:

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

 8,381,952

Less: Face value of securities under reverse repurchase agreements

 1,949,117

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

 6,432,834

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.