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Release Date: May 13, 2021
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FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks May 13, 2021
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended May 12, 2021
Federal Reserve Banks May 12, 2021 May 5, 2021 May 13, 2020
Reserve Bank credit 7,783,820 + 31,512 +1,041,655 7,791,401
Securities held outright (1) 7,242,922 + 24,466 +1,569,947 7,248,067
U.S. Treasury securities 5,049,250 + 24,466 +1,009,661 5,054,395
Bills (2) 326,044 0 0 326,044
Notes and bonds, nominal (2) 4,337,073 + 21,874 + 910,814 4,339,645
Notes and bonds, inflation-indexed (2) 337,426 + 1,863 + 86,660 339,656
Inflation compensation (3) 48,706 + 728 + 12,186 49,050
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,191,325 0 + 560,285 2,191,325
Unamortized premiums on securities held outright (5) 349,745 + 202 + 60,052 349,783
Unamortized discounts on securities held outright (5) -12,450 - 297 - 7,028 -12,757
Repurchase agreements (6) 0 0 - 182,487 1
Foreign official 0 0 - 1,402 1
Others 0 0 - 181,086 0
Loans 78,955 + 3,876 - 35,289 80,503
Primary credit 562 - 137 - 24,381 581
Secondary credit 0 0 0 0
Seasonal credit 0 0 - 2 0
Primary Dealer Credit Facility 0 0 - 12,044 0
Money Market Mutual Fund Liquidity Facility 0 0 - 41,333 0
Paycheck Protection Program Liquidity Facility 78,393 + 4,013 + 42,470 79,922
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 8,556 0 + 4,310 8,556
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 25,934 - 43 + 25,890 25,901
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 30,660 - 29 + 30,660 30,668
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 11,123 + 2 + 11,123 11,125
Net portfolio holdings of TALF II LLC (7) 4,922 - 51 + 4,922 4,922
Float -111 + 194 + 70 -112
Central bank liquidity swaps (8) 587 - 66 - 442,251 587
Other Federal Reserve assets (9) 42,977 + 3,258 + 1,738 44,157
Foreign currency denominated assets (10) 21,699 + 92 + 1,201 21,572
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,614 + 14 + 402 50,614
Total factors supplying reserve funds 7,872,375 + 31,619 +1,043,259 7,879,828
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
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 May 12, 2021
Federal Reserve Banks May 12, 2021 May 5, 2021 May 13, 2020
Currency in circulation (11) 2,168,220 + 3,280 + 242,583 2,169,384
Reverse repurchase agreements (12) 393,044 - 746 + 118,895 428,832
Foreign official and international accounts 220,609 - 6,966 - 50,998 219,575
Others 172,435 + 6,221 + 169,893 209,257
Treasury cash holdings 37 - 9 - 256 40
Deposits with F.R. Banks, other than reserve balances 1,259,092 - 48,881 - 131,018 1,222,637
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 898,779 - 54,910 - 278,715 864,253
Foreign official 28,103 - 131 + 11,769 28,126
Other (13) 332,210 + 6,160 + 135,928 330,258
Treasury contributions to credit facilities (14) 50,278 0 + 24,205 50,278
Other liabilities and capital (15) 54,139 + 4,137 - 1,784 52,793
Total factors, other than reserve balances,
absorbing reserve funds 3,924,810 - 42,218 + 252,624 3,923,964
Reserve balances with Federal Reserve Banks 3,947,565 + 73,837 + 790,636 3,955,864
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt
securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements.
7. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury
contributions to the facility. Refer to note on consolidation below.
8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
9. Includes bank premises, accrued interest, and other accounts receivable. Also includes net
portfolio holdings of Maiden Lane LLC.
10. Revalued daily at current foreign currency exchange rates.
11. Estimated.
12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities
13. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, designated financial market utilities, and deposits held by depository
institutions in joint accounts in connection with their participation in certain private-sector payment
arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account,
for services provided by the Reserve Banks as fiscal agents of the United States.
14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10
billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, Municipal
Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion.
15. Includes the liability for earnings remittances due to the U.S. Treasury.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Week ended Change from week ended May 12, 2021
May 12, 2021 May 5, 2021 May 13, 2020
Securities held in custody for foreign official and
international accounts 3,540,988 - 2,261 + 174,456 3,537,441
Marketable U.S. Treasury securities (1) 3,097,576 - 1,887 + 196,874 3,094,359
Federal agency debt and mortgage-backed securities (2) 354,719 - 442 - 26,339 354,307
Other securities (3) 88,692 + 67 + 3,920 88,775
Securities lent to dealers 36,342 - 4,875 + 2,950 38,122
Overnight facility (4) 36,342 - 4,875 + 2,950 38,122
U.S. Treasury securities 36,342 - 4,875 + 2,950 38,122
Federal agency debt securities 0 0 0 0
Note: Components may not sum to totals because of rounding.
1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS.
Does not include securities pledged as collateral to foreign official and international account holders
against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.
2. Face value of federal agency securities and current face value of mortgage-backed securities, which
is the remaining principal balance of the securities.
3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed
securities, and commercial paper at face value.
4. Face value. Fully collateralized by U.S. Treasury securities.
2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 12, 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) 211 370 20,636 59,286 0 ... 80,503
U.S. Treasury securities (2)
Holdings 118,774 283,706 630,986 1,948,027 910,943 1,161,958 5,054,395
Weekly changes - 6,075 + 5,501 + 623 + 5,353 + 4,705 + 3,868 + 13,977
Federal agency debt 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 13 1,911 69,319 2,120,081 2,191,325
Weekly changes 0 0 0 0 0 0 0
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 0 0 0 ... ... ... 0
Loan participations held by MS
Facilities LLC (Main Street Lending
Program) (6) 0 0 0 16,350 ... ... 16,350
Municipal notes held by Municipal
Liquidity Facility LLC (7) 0 150 0 5,358 ... ... 5,508
Loans held by TALF II LLC (8) 0 0 0 1,733 ... ... 1,733
Repurchase agreements (9) 1 0 ... ... ... ... 1
Central bank liquidity swaps (10) 107 480 0 0 0 0 587
Reverse repurchase agreements (9) 428,832 0 ... ... ... ... 428,832
Term deposits 0 0 0 ... ... ... 0
Note: Components may not sum to totals because of rounding.
...Not applicable.
1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary
Dealer Credit Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans
exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding
Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II LLC, and
from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when
preparing the FRBNY's and FRBB's statement of condition, respectively, consistent with consolidation under
generally accepted accounting principles.
2. Face value. For inflation-indexed securities, includes the original face value and compensation
that adjusts for the effect of inflation on the original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Book value of commercial paper held by Commercial Paper Funding Facility II LLC.
6. Book value of the loan participations held by the MS Facilities LLC.
7. Book value of the municipal notes held by the Municipal Liquidity Facility LLC.
8. Book value of the loans held by the TALF II LLC.
9. Cash value of agreements.
10. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name Wednesday
May 12, 2021
Mortgage-backed securities held outright (1) 2,191,325
Residential mortgage-backed securities 2,181,449
Commercial mortgage-backed securities 9,876
Commitments to buy mortgage-backed securities (2) 250,463
Commitments to sell mortgage-backed securities (2) 0
Cash and cash equivalents (3) 0
1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
2. Current face value. Includes residential and commercial mortgage-backed securities. Residential
mortgage-backed securities generally settle within 180 calendar days and include commitments associated
with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities
generally settle within three business days.
3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5
and table 6.
4. Information on Principal Accounts of Credit Facilities LLCs
Millions of dollars
Credit Facilities LLCs: Wednesday May 12, 2021
Net portfolio holdings of
Credit Facilities LLCs
Outstanding
principal Outstanding
amount amount of Treasury
of loan facility contributions
extended to asset and
the LLC (1) purchases (2)other assets (3) Total
Commercial Paper Funding Facility II LLC 0 0 8,556 8,556
Corporate Credit Facilities LLC 13,757 13,661 12,240 25,901
MS Facilities LLC (Main Street Lending Program) 16,404 13,687 16,980 30,668
Municipal Liquidity Facility LLC 5,758 5,508 5,617 11,125
TALF II LLC 1,894 1,733 3,189 4,922
Note: Components may not sum to totals because of rounding.
1. Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the note
on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC
upon settlement of the investment activity.
2. Outstanding amount of facility asset purchases:
a. For the Commercial Paper Funding Facility II LLC includes commercial paper at book value.
b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and
corporate bonds at book value. Asset balances
from trading activity are reported on a one-day lag after the transaction date.
c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face
value, net of an allowance for loan losses
updated as of March 31, 2021.
d. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances
from trading activity may be reported on
a one-day lag after the transaction date.
e. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.
3. Includes short term receivables, interest and dividend receivables, and other assets of the
facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as
investments in nonmarketable Treasury securities and the residual portion which is held as cash and
cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are
eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6.
Amounts excluded are approximately 15% of Treasury contributions to the credit facilities from the
following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC,
Municipal Liquidity Facility LLC, and TALF II LLC. Refer to the note on consolidation accompanying
table 6.
5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from May 12, 2021 Wednesday Wednesday
consolidation May 5, 2021 May 13, 2020
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,288 - 23 - 221
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 7,665,597 + 17,141 +1,257,778
Securities held outright (1) 7,248,067 + 13,977 +1,404,691
U.S. Treasury securities 5,054,395 + 13,977 + 997,127
Bills (2) 326,044 0 0
Notes and bonds, nominal (2) 4,339,645 + 9,602 + 897,029
Notes and bonds, inflation-indexed (2) 339,656 + 3,602 + 87,640
Inflation compensation (3) 49,050 + 773 + 12,458
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,191,325 0 + 407,564
Unamortized premiums on securities held outright
(5) 349,783 + 126 + 52,267
Unamortized discounts on securities held outright
(5) -12,757 - 468 - 7,403
Repurchase agreements (6) 1 + 1 - 157,353
Loans (7) 80,503 + 3,505 - 34,424
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 8,556 0 + 4,264
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 25,901 - 95 + 25,596
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 30,668 + 9 + 30,668
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 11,125 + 2 + 11,125
Net portfolio holdings of TALF II LLC (8) 4,922 0 + 4,922
Items in process of collection (0) 54 - 10 + 5
Bank premises 1,918 + 4 - 287
Central bank liquidity swaps (9) 587 - 66 - 440,347
Foreign currency denominated assets (10) 21,572 + 55 + 1,088
Other assets (11) 42,239 + 3,160 + 1,845
Total assets (0) 7,830,663 + 20,177 + 896,436
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from May 12, 2021 Wednesday Wednesday
consolidation May 5, 2021 May 13, 2020
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,120,094 + 1,718 + 238,775
Reverse repurchase agreements (12) 428,832 + 40,528 + 147,682
Deposits (0) 5,178,501 - 23,489 + 514,535
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,955,864 + 55,061 + 692,433
U.S. Treasury, General Account 864,253 - 81,881 - 273,919
Foreign official 28,126 + 39 + 11,798
Other (13) (0) 330,258 + 3,292 + 84,224
Deferred availability cash items (0) 165 - 1 - 123
Treasury contributions to credit facilities (14) 50,278 0 + 2,778
Other liabilities and accrued dividends (15) 13,401 + 1,301 - 7,713
Total liabilities (0) 7,791,272 + 20,059 + 895,936
Capital accounts
Capital paid in 32,607 + 119 + 541
Surplus 6,785 0 - 40
Other capital accounts 0 0 0
Total capital 39,392 + 119 + 501
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt
securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary
Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity
Facility, and other credit extensions.
8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury
contributions to the facility. Refer to note on consolidation below.
9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
10. Revalued daily at current foreign currency exchange rates.
11. Includes accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC.
12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
13. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, designated financial market utilities, and deposits held by depository
institutions in joint accounts in connection with their participation in certain private-sector payment
arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account,
for services provided by the Reserve Banks as fiscal agents of the United States.
14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10
billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, Municipal
Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion.
15. Includes the liability for earnings remittances due to the U.S. Treasury.
6. Statement of Condition of Each Federal Reserve Bank, May 12, 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 1,288 19 28 109 59 183 117 231 19 37 92 149 245
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 7,665,597 127,245 4,299,585 164,696 284,120 510,965 445,936 415,007 100,156 79,328 104,732 336,789 797,038
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 8,556 0 8,556 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 25,901 0 25,901 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 30,668 30,668 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 11,125 0 11,125 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 4,922 0 4,922 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 587 27 197 21 51 122 27 23 11 5 6 11 86
Foreign currency denominated
assets (4) 21,572 979 7,251 775 1,865 4,489 976 845 410 183 233 389 3,177
Other assets (5) 44,211 826 23,496 1,030 1,665 3,249 2,705 2,439 734 533 918 2,110 4,504
Interdistrict settlement account 0 + 6,889 - 242,018 + 28,504 + 17,756 + 11,963 + 10,553 + 58,764 + 9,584 - 10,647 + 7,735 + 20,097 + 80,820
Total assets 7,830,663 167,184 4,144,465 195,658 306,267 532,159 462,500 478,446 111,390 69,712 114,171 360,764 887,945
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
6. Statement of Condition of Each Federal Reserve Bank, May 12, 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 2,120,094 63,453 691,978 60,824 105,005 157,275 296,878 128,578 58,338 33,002 54,200 186,750 283,813
Reverse repurchase agreements (6) 428,832 7,166 242,400 9,057 15,604 28,735 25,126 23,401 5,591 3,318 5,695 18,964 43,775
Deposits 5,178,501 80,208 3,154,292 124,002 181,765 336,915 137,585 324,146 46,439 32,677 53,531 153,623 553,319
Depository institutions 3,955,864 80,196 2,102,428 124,001 181,726 336,188 137,437 157,304 46,433 32,344 52,215 152,299 553,292
U.S. Treasury, General Account 864,253 0 864,253 0 0 0 0 0 0 0 0 0 0
Foreign official 28,126 2 28,099 1 3 8 2 2 1 0 0 1 6
Other (7) 330,258 10 159,511 0 35 719 145 166,840 5 333 1,316 1,322 21
Earnings remittances due to the U.S.
Treasury (8) 3,045 47 1,729 62 112 206 177 160 37 22 53 132 308
Treasury contributions to credit
facilities (9) 50,278 16,572 33,706 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 10,521 -2,042 7,186 306 394 879 950 625 237 345 258 466 918
Total liabilities 7,791,272 165,405 4,131,292 194,251 302,879 524,010 460,716 476,910 110,642 69,364 113,737 359,934 882,132
Capital
Capital paid in 32,607 1,471 10,893 1,164 2,802 6,737 1,477 1,271 618 291 361 708 4,814
Surplus 6,785 308 2,280 244 587 1,412 307 266 129 58 73 122 999
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and capital 7,830,663 167,184 4,144,465 195,658 306,267 532,159 462,500 478,446 111,390 69,712 114,171 360,764 887,945
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
6. Statement of Condition of Each Federal Reserve Bank, May 12, 2021 (continued)
1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight
securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the
purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an
effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and
seasonal loans and credit extended through the Primary Dealer Credit Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.
2. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
3. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals
the market exchange rate used when the foreign currency was acquired from the foreign central bank.
4. Revalued daily at current foreign currency exchange rates.
5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio
holdings of Maiden Lane LLC; refer to the note on consolidation for additional information.
6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
7. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by
depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General
Account, for services provided by the Reserve Banks as fiscal agents of the United States.
8. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after
providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap.
9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, and
Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion.
Note on consolidation:
The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal
Reserve Act. On April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S
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
May 12, 2021
Federal Reserve notes outstanding 2,290,144
Less: Notes held by F.R. Banks not subject to collateralization 170,050
Federal Reserve notes to be collateralized 2,120,094
Collateral held against Federal Reserve notes 2,120,094
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,103,857
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 7,248,068
Less: Face value of securities under reverse repurchase agreements 407,238
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,840,829
Note: Components may not sum to totals because of rounding.
1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright,
compensation to adjust for the effect of inflation on the original face value of inflation-indexed
securities, and cash value of repurchase agreements.
2. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
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