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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

December 17, 2020

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks

Averages of daily figures

Wednesday
Dec 16, 2020

Week ended
Dec 16, 2020

Change from week ended

Dec 9, 2020

Dec 18, 2019

Reserve Bank credit

7,252,103

+   60,085

+3,164,510

7,322,422

Securities held outright1

6,681,311

+   53,479

+2,965,403

6,744,281

U.S. Treasury securities

4,643,132

+   21,298

+2,355,885

4,662,841

Bills2

   326,044

         0

+  189,738

   326,044

Notes and bonds, nominal2

3,965,226

+   19,089

+1,965,555

3,984,922

Notes and bonds, inflation-indexed2

   308,426

+    2,058

+  182,453

   308,426

Inflation compensation3

    43,436

+      151

+   18,139

    43,448

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

2,035,832

+   32,181

+  609,518

2,079,093

Unamortized premiums on securities held outright5

   342,185

+    1,614

+  216,613

   343,821

Unamortized discounts on securities held outright5

    -5,276

-      197

+    7,874

    -5,482

Repurchase agreements6

     1,000

         0

-  234,292

     1,000

Foreign official

     1,000

         0

+    1,000

     1,000

Others

         0

         0

-  235,292

         0

Loans

    58,700

-    1,305

+   58,676

    58,809

Primary credit

     1,766

-      321

+    1,751

     1,871

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

-        9

         0

Primary Dealer Credit Facility

       264

+       14

+      264

       350

Money Market Mutual Fund Liquidity Facility

     4,449

-       13

+    4,449

     4,449

Paycheck Protection Program Liquidity Facility

    52,222

-      984

+   52,222

    52,139

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Commercial Paper Funding Facility II LLC7

     8,557

-        5

+    8,557

     8,557

Net portfolio holdings of Corporate Credit Facilities LLC7

    46,202

+       79

+   46,202

    46,286

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

    46,028

+    1,823

+   46,028

    47,515

Net portfolio holdings of Municipal Liquidity Facility LLC7

    17,060

+      588

+   17,060

    21,267

Net portfolio holdings of TALF II LLC7

    12,463

+      198

+   12,463

    12,464

Float

      -186

-      114

-       80

      -106

Central bank liquidity swaps8

    10,367

+    1,034

+   10,288

    10,048

Other Federal Reserve assets9

    33,691

+    2,891

+    9,717

    33,962

Foreign currency denominated assets10

    22,117

+       19

+    1,499

    22,189

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    50,528

+       14

+      467

    50,528

Total factors supplying reserve funds

7,340,988

+   60,118

+3,166,474

7,411,380

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
reserve balances of depository institutions at
Federal Reserve Banks

Averages of daily figures

Wednesday
Dec 16, 2020

Week ended
Dec 16, 2020

Change from week ended

Dec 9, 2020

Dec 18, 2019

Currency in circulation11

2,066,480

+      113

+  273,664

2,068,090

Reverse repurchase agreements12

   191,636

+    8,484

-   68,075

   190,860

Foreign official and international accounts

   191,618

+    8,467

-   65,791

   190,834

Others

        18

+       17

-    2,284

        26

Treasury cash holdings

        38

-        3

-      137

        31

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

1,746,417

-    1,092

+1,330,217

1,813,826

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

1,529,698

-    4,545

+1,197,106

1,615,873

Foreign official

    21,823

+       25

+   16,641

    21,825

Other13

   194,895

+    3,427

+  116,469

   176,128

Treasury contributions to credit facilities14

   114,000

         0

+  114,000

   114,000

Other liabilities and capital15

    54,177

+    1,855

+    8,814

    55,747

Total factors, other than reserve balances,
absorbing reserve funds

4,172,749

+    9,358

+1,658,484

4,242,554

Reserve balances with Federal Reserve Banks

3,168,240

+   50,760

+1,507,991

3,168,826

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 $37.5 billion, MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 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
Dec 16, 2020

Week ended
Dec 16, 2020

Change from week ended

Dec 9, 2020

Dec 18, 2019

Securities held in custody for foreign official and international accounts

3,501,564

+   17,763

+   96,132

3,509,175

Marketable U.S. Treasury securities1

3,052,333

+   16,962

+   95,719

3,059,405

Federal agency debt and mortgage-backed securities2

   362,246

+      763

-    3,211

   363,130

Other securities3

    86,985

+       38

+    3,625

    86,640

Securities lent to dealers

    25,118

-    6,377

-    5,651

    23,643

Overnight facility4

    25,118

-    6,377

-    5,651

    23,643

U.S. Treasury securities

    25,118

-    6,377

-    5,651

    23,643

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, December 16, 2020

Millions of dollars

Remaining Maturity

Within 15
days

16 days to
90 days

91 days to
1 year

Over 1 year
to 5 years

Over 5 year
to 10 years

Over 10
years

All

Loans1

     2,540

     3,542

       588

    52,139

         0

...

    58,809

U.S. Treasury securities2

Holdings

    83,472

   306,309

   647,778

1,742,438

   832,286

1,050,559

4,662,841

Weekly changes

+   42,162

-   38,705

+   10,626

+    4,889

+    1,636

+   11,695

+   32,303

Federal agency debt securities3

Holdings

         0

         0

         0

         0

     1,818

       529

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         0

         4

     2,107

    73,509

2,003,473

2,079,093

Weekly changes

         0

         0

         0

-        5

-      587

+   76,030

+   75,437

Commercial paper held by Commercial

Paper Funding Facility II LLC5

         0

         0

         0

...

...

...

         0

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)6

         0

         0

         0

    10,007

...

...

    10,007

Municipal notes held by Municipal

Liquidity Facility LLC7

         0

         0

     1,003

     5,358

...

...

     6,361

Loans held by TALF II LLC8

         0

         0

         0

     3,458

...

...

     3,458

Repurchase agreements9

     1,000

         0

...

...

...

...

     1,000

Central bank liquidity swaps10

       502

     9,546

         0

         0

         0

         0

    10,048

Reverse repurchase agreements9

   190,860

         0

...

...

...

...

   190,860

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, Money Market Mutual Fund Liquidity 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

Dec 16, 2020

Mortgage-backed securities held outright1

2,079,093

Residential mortgage-backed securities

2,069,326

Commercial mortgage-backed securities

     9,766

Commitments to buy mortgage-backed securities2

   170,271

Commitments to sell mortgage-backed securities2

        89

Cash and cash equivalents3

        48

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 Dec 16, 2020

Net portfolio holdings of

Credit Facilities LLCs

Outstanding

principal

Outstanding

amount

amount of

Treasury

of loan

facility

contributions

extended to

asset

and

the LLC1

purchases2

other assets3

Total

Commercial Paper Funding Facility II LLC

         0

         0

     8,557

     8,557

Corporate Credit Facilities LLC

    13,920

    14,105

    32,182

    46,286

MS Facilities LLC (Main Street Lending Program)

    10,000

     9,911

    37,603

    47,515

Municipal Liquidity Facility LLC

     1,454

     6,361

    14,905

    21,267

TALF II LLC

     3,946

     3,458

     9,006

    12,464

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, net of an allowance for loan losses updated as of

    September 30, 2020, at face value.

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 initially 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 from consolidation

Wednesday
Dec 16, 2020

Change since

Wednesday

Wednesday

Dec 9, 2020

Dec 18, 2019

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,560

+       19

-      113

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

7,142,430

+  109,520

+3,068,097

Securities held outright1

6,744,281

+  107,740

+3,018,820

U.S. Treasury securities

4,662,841

+   32,303

+2,362,163

Bills2

   326,044

         0

+  179,022

Notes and bonds, nominal2

3,984,922

+   32,270

+1,982,564

Notes and bonds, inflation-indexed2

   308,426

         0

+  182,453

Inflation compensation3

    43,448

+       33

+   18,123

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

2,079,093

+   75,437

+  656,657

Unamortized premiums on securities held outright5

   343,821

+    2,798

+  218,423

Unamortized discounts on securities held outright5

    -5,482

-      402

+    7,755

Repurchase agreements6

     1,000

         0

-  235,662

Loans7

    58,809

-      617

+   58,761

Net portfolio holdings of Commercial Paper Funding Facility II LLC8

     8,557

         0

+    8,557

Net portfolio holdings of Corporate Credit Facilities LLC8

    46,286

+      148

+   46,286

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

    47,515

+    2,694

+   47,515

Net portfolio holdings of Municipal Liquidity Facility LLC8

    21,267

+    4,908

+   21,267

Net portfolio holdings of TALF II LLC8

    12,464

+        1

+   12,464

Items in process of collection

(0)

        78

-        2

+       24

Bank premises

     2,201

+        2

+        6

Central bank liquidity swaps9

    10,048

+      483

+    9,969

Foreign currency denominated assets10

    22,189

+      162

+    1,602

Other assets11

    31,761

+    1,999

+    9,866

Total assets

(0)

7,362,592

+  119,934

+3,225,540

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 from consolidation

Wednesday
Dec 16, 2020

Change since

Wednesday

Wednesday

Dec 9, 2020

Dec 18, 2019

Liabilities

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

2,019,149

+    1,327

+  271,415

Reverse repurchase agreements12

   190,860

-    1,397

-   73,121

Deposits

(0)

4,982,652

+  116,105

+2,901,964

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

3,168,826

+   21,170

+1,537,378

U.S. Treasury, General Account

1,615,873

+  113,512

+1,237,300

Foreign official

    21,825

+        2

+   16,643

Other13

(0)

   176,128

-   18,580

+  110,643

Deferred availability cash items

(0)

       184

+       11

+       36

Treasury contributions to credit facilities14

   114,000

         0

+  114,000

Other liabilities and accrued dividends15

    16,508

+    3,878

+   10,523

Total liabilities

(0)

7,323,353

+  119,925

+3,224,818

Capital accounts

Capital paid in

    32,414

+       10

+      722

Surplus

     6,825

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    39,239

+       10

+      722

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 $37.5 billion, MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.


6. Statement of Condition of Each Federal Reserve Bank, December 16, 2020

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

       533

     5,483

       529

       761

     1,165

     2,183

     1,137

       479

       270

       450

     1,202

     2,045

Coin

     1,560

        30

        36

       134

        87

       206

       152

       259

        33

        45

       105

       181

       292

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

7,142,430

   164,977

3,677,736

   167,464

   223,210

   447,197

   524,450

   397,438

   113,393

    74,908

   117,406

   343,412

   890,840

Net portfolio holdings of Commercial Paper Funding Facility II LLC2

     8,557

         0

     8,557

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Corporate Credit Facilities LLC2

    46,286

         0

    46,286

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    47,515

    47,515

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

    21,267

         0

    21,267

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

    12,464

         0

    12,464

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

    10,048

       477

     3,377

       362

       859

     2,121

       498

       390

       165

        79

       106

       119

     1,496

Foreign currency denominated

assets4

    22,189

     1,053

     7,459

       798

     1,896

     4,683

     1,100

       862

       364

       174

       234

       263

     3,303

Other assets5

    34,040

     2,360

    14,762

       846

     1,110

     2,406

     2,578

     1,915

       822

       436

       832

     1,881

     4,092

Interdistrict settlement account

         0

-   34,908

+  261,241

-   19,515

+   75,108

+  118,302

-  120,272

-   20,145

-   20,245

-   13,964

-   20,769

-   50,305

-  154,528

Total assets

7,362,592

   182,037

4,058,668

   150,618

   303,031

   576,080

   410,689

   381,856

    95,011

    61,947

    98,363

   296,753

   747,541

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, December 16, 2020 (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

2,019,149

    61,617

   674,503

    55,267

    92,245

   147,801

   278,190

   131,564

    58,646

    33,284

    54,544

   168,553

   262,935

Reverse repurchase agreements6

   190,860

     4,286

    98,819

     4,354

     5,971

    11,962

    14,066

    10,660

     3,016

     1,804

     3,035

     9,198

    23,688

Deposits

4,982,652

    74,810

3,187,198

    89,243

   200,996

   407,135

   115,722

   237,381

    32,353

    26,170

    40,072

   117,761

   453,811

Depository institutions

3,168,826

    74,783

1,485,734

    89,242

   200,958

   406,749

   115,656

   126,777

    32,348

    26,116

    40,037

   116,640

   453,785

U.S. Treasury, General Account

1,615,873

         0

1,615,873

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

    21,825

         2

    21,799

         1

         3

         8

         2

         2

         1

         0

         0

         0

         6

Other7

   176,128

        25

    63,791

         0

        35

       377

        64

   110,602

         3

        54

        35

     1,121

        20

Earnings remittances due to the U.S. Treasury8

     2,040

        48

     1,085

        39

        67

       119

       152

       110

        29

        19

        27

        90

       254

Treasury contributions to credit facilities9

   114,000

    39,000

    75,000

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

    14,652

       443

     8,889

       306

       369

       884

       759

       606

       238

       341

       263

       486

     1,067

Total liabilities

7,323,353

   180,204

4,045,494

   149,209

   299,649

   567,901

   408,889

   380,322

    94,281

    61,618

    97,941

   296,089

   741,756

Capital

Capital paid in

    32,414

     1,509

    10,880

     1,163

     2,800

     6,738

     1,461

     1,269

       618

       275

       350

       583

     4,768

Surplus

     6,825

       324

     2,294

       246

       583

     1,441

       338

       265

       112

        53

        72

        81

     1,016

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

7,362,592

   182,037

4,058,668

   150,618

   303,031

   576,080

   410,689

   381,856

    95,011

    61,947

    98,363

   296,753

   747,541

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, December 16, 2020 (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, Money Market Mutual Fund Liquidity 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 a $6.825 billion surplus.

9.

Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS Facilities LLC of $37.5 billion, and Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 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

Dec 16, 2020

Federal Reserve notes outstanding

2,182,929

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

   163,780

Federal Reserve notes to be collateralized

2,019,149

Collateral held against Federal Reserve notes

2,019,149

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

2,002,912

Other assets pledged

         0

Memo:

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

6,745,281

Less: Face value of securities under reverse repurchase agreements

   182,781

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

6,562,500

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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