FRB: H.4.1 Release--Factors Affecting Reserve Balances-- December 28, 2020

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks December 28, 2020

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 Dec 23, 2020
Federal Reserve Banks Dec 23, 2020 Dec 16, 2020 Dec 25, 2019

Reserve Bank credit 7,345,583 + 93,480 +3,225,221 7,363,749
Securities held outright (1) 6,757,273 + 75,962 +3,012,364 6,771,803
U.S. Treasury securities 4,672,583 + 29,451 +2,350,907 4,682,881
Bills (2) 326,044 0 + 161,877 326,044
Notes and bonds, nominal (2) 3,992,143 + 26,917 +1,985,982 4,001,192
Notes and bonds, inflation-indexed (2) 310,825 + 2,399 + 184,852 312,024
Inflation compensation (3) 43,571 + 135 + 18,195 43,621
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,082,343 + 46,511 + 661,457 2,086,574
Unamortized premiums on securities held outright (5) 344,289 + 2,104 + 219,119 345,019
Unamortized discounts on securities held outright (5) -5,461 - 185 + 7,855 -5,443
Repurchase agreements (6) 1,001 + 1 - 234,211 1,000
Foreign official 1,001 + 1 + 1,001 1,000
Others 0 0 - 235,212 0
Loans 58,224 - 476 + 58,210 57,761
Primary credit 2,145 + 379 + 2,143 2,134
Secondary credit 0 0 0 0
Seasonal credit 0 0 - 11 0
Primary Dealer Credit Facility 419 + 155 + 419 485
Money Market Mutual Fund Liquidity Facility 4,389 - 60 + 4,389 4,212
Paycheck Protection Program Liquidity Facility 51,271 - 951 + 51,271 50,930
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 8,557 0 + 8,557 8,557
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 46,348 + 146 + 46,348 46,410
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 49,885 + 3,857 + 49,885 52,154
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 21,268 + 4,208 + 21,268 21,275
Net portfolio holdings of TALF II LLC (7) 12,549 + 86 + 12,549 12,663
Float -123 + 63 - 13 -202
Central bank liquidity swaps (8) 16,378 + 6,011 + 12,649 16,833
Other Federal Reserve assets (9) 35,396 + 1,705 + 10,643 35,919
Foreign currency denominated assets (10) 22,257 + 140 + 1,682 22,214
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,507 + 14 + 441 50,507

Total factors supplying reserve funds 7,434,588 + 93,634 +3,227,345 7,452,711

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 Dec 23, 2020
Federal Reserve Banks Dec 23, 2020 Dec 16, 2020 Dec 25, 2019

Currency in circulation (11) 2,071,410 + 4,965 + 272,305 2,077,130
Reverse repurchase agreements (12) 196,155 + 4,519 - 62,568 198,524
Foreign official and international accounts 195,897 + 4,279 - 53,600 197,667
Others 258 + 240 - 8,969 857
Treasury cash holdings 31 - 7 - 140 30
Deposits with F.R. Banks, other than reserve balances 1,858,777 + 112,360 +1,406,156 1,836,213
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,602,407 + 72,709 +1,234,587 1,583,308
Foreign official 21,826 + 3 + 16,644 21,826
Other (13) 234,545 + 39,650 + 154,926 231,079
Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000
Other liabilities and capital (15) 51,174 - 3,003 + 6,478 49,508

Total factors, other than reserve balances,
absorbing reserve funds 4,291,548 + 118,834 +1,736,232 4,275,406

Reserve balances with Federal Reserve Banks 3,143,041 - 25,199 +1,491,114 3,177,306

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
Week ended Change from week ended Dec 23, 2020
Dec 23, 2020 Dec 16, 2020 Dec 25, 2019

Securities held in custody for foreign official and
international accounts 3,499,091 - 2,473 + 89,890 3,492,793
Marketable U.S. Treasury securities (1) 3,051,264 - 1,069 + 87,220 3,046,792
Federal agency debt and mortgage-backed securities (2) 361,247 - 999 - 802 359,414
Other securities (3) 86,579 - 406 + 3,470 86,588
Securities lent to dealers 27,603 + 2,485 - 5,448 29,462
Overnight facility (4) 27,603 + 2,485 - 5,448 29,462
U.S. Treasury securities 27,603 + 2,485 - 5,448 29,462
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 23, 2020
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) 3,256 3,060 516 50,930 0 ... 57,761
U.S. Treasury securities (2)
Holdings 85,295 303,338 650,885 1,755,671 833,243 1,054,449 4,682,881
Weekly changes + 1,823 - 2,971 + 3,107 + 13,233 + 957 + 3,890 + 20,040
Federal agency debt securities (3)
Holdings 0 0 0 0 1,818 529 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 4 2,107 73,512 2,010,952 2,086,574
Weekly changes 0 0 0 0 + 3 + 7,479 + 7,481
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 14,597 ... ... 14,597
Municipal notes held by Municipal
Liquidity Facility LLC (7) 0 0 1,003 5,358 ... ... 6,361
Loans held by TALF II LLC (8) 0 0 0 3,656 ... ... 3,656
Repurchase agreements (9) 1,000 0 ... ... ... ... 1,000
Central bank liquidity swaps (10) 6,106 10,727 0 0 0 0 16,833
Reverse repurchase agreements (9) 198,524 0 ... ... ... ... 198,524
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 23, 2020

Mortgage-backed securities held outright (1) 2,086,574
Residential mortgage-backed securities 2,076,732
Commercial mortgage-backed securities 9,842

Commitments to buy mortgage-backed securities (2) 175,483
Commitments to sell mortgage-backed securities (2) 84

Cash and cash equivalents (3) 61

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 23, 2020
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 8,557 8,557
Corporate Credit Facilities LLC 14,029 14,202 32,207 46,410
MS Facilities LLC (Main Street Lending Program) 14,589 14,501 37,653 52,154
Municipal Liquidity Facility LLC 6,361 6,361 14,913 21,275
TALF II LLC 4,144 3,656 9,007 12,663

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 Wednesday Change since
from Dec 23, 2020 Wednesday Wednesday
consolidation Dec 16, 2020 Dec 25, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,570 + 10 - 91
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 7,170,140 + 27,710 +3,072,204
Securities held outright (1) 6,771,803 + 27,522 +3,020,614
U.S. Treasury securities 4,682,881 + 20,040 +2,354,019
Bills (2) 326,044 0 + 156,519
Notes and bonds, nominal (2) 4,001,192 + 16,270 +1,993,231
Notes and bonds, inflation-indexed (2) 312,024 + 3,598 + 186,051
Inflation compensation (3) 43,621 + 173 + 18,218
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,086,574 + 7,481 + 666,594
Unamortized premiums on securities held outright
(5) 345,019 + 1,198 + 219,939
Unamortized discounts on securities held outright
(5) -5,443 + 39 + 7,873
Repurchase agreements (6) 1,000 0 - 233,969
Loans (7) 57,761 - 1,048 + 57,748
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 8,557 0 + 8,557
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 46,410 + 124 + 46,410
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 52,154 + 4,639 + 52,154
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 21,275 + 8 + 21,275
Net portfolio holdings of TALF II LLC (8) 12,663 + 199 + 12,663
Items in process of collection (0) 61 - 17 - 42
Bank premises 2,206 + 5 - 1
Central bank liquidity swaps (9) 16,833 + 6,785 + 13,104
Foreign currency denominated assets (10) 22,214 + 25 + 1,643
Other assets (11) 33,718 + 1,957 + 10,572

Total assets (0) 7,404,039 + 41,447 +3,238,448

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 Dec 23, 2020 Wednesday Wednesday
consolidation Dec 16, 2020 Dec 25, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,028,219 + 9,070 + 274,153
Reverse repurchase agreements (12) 198,524 + 7,664 - 54,966
Deposits (0) 5,013,524 + 30,872 +2,900,944
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,177,310 + 8,484 +1,529,072
U.S. Treasury, General Account 1,583,308 - 32,565 +1,231,374
Foreign official 21,826 + 1 + 16,644
Other (13) (0) 231,079 + 54,951 + 123,853
Deferred availability cash items (0) 263 + 79 + 96
Treasury contributions to credit facilities (14) 114,000 0 + 114,000
Other liabilities and accrued dividends (15) 10,269 - 6,239 + 3,504

Total liabilities (0) 7,364,800 + 41,447 +3,237,731

Capital accounts
Capital paid in 32,414 0 + 717
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 39,239 0 + 717

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 23, 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 1,570 30 38 134 87 208 152 258 33 44 106 184 295
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 7,170,140 165,180 3,692,462 168,140 224,121 448,910 526,254 399,134 113,795 75,230 117,725 344,751 894,439
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 8,557 0 8,557 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 46,410 0 46,410 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 52,154 52,154 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 21,275 0 21,275 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 12,663 0 12,663 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 16,833 799 5,657 606 1,438 3,553 835 654 276 132 178 200 2,506
Foreign currency denominated
assets (4) 22,214 1,054 7,467 799 1,898 4,688 1,102 863 364 174 234 264 3,307
Other assets (5) 35,985 2,405 15,818 893 1,178 2,543 2,712 2,030 683 468 865 2,044 4,346
Interdistrict settlement account 0 - 42,501 + 260,294 - 15,031 + 73,605 + 149,187 - 128,810 - 14,527 - 21,136 - 13,488 - 20,420 - 52,420 - 174,753

Total assets 7,404,039 179,655 4,076,124 156,071 303,089 610,254 404,429 389,548 94,495 62,829 99,137 296,224 732,185

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 23, 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 2,028,219 61,969 674,774 55,581 92,730 149,284 279,344 132,506 58,617 33,390 54,759 170,642 264,623
Reverse repurchase agreements (6) 198,524 4,458 102,787 4,529 6,211 12,442 14,631 11,089 3,137 1,876 3,157 9,568 24,639
Deposits 5,013,524 71,884 3,206,152 94,228 200,372 439,370 107,833 243,773 31,785 26,802 40,523 114,824 435,978
Depository institutions 3,177,310 71,862 1,489,677 94,226 199,564 438,374 107,747 127,971 31,783 26,703 40,473 112,979 435,951
U.S. Treasury, General Account 1,583,308 0 1,583,308 0 0 0 0 0 0 0 0 0 0
Foreign official 21,826 2 21,799 1 3 8 2 2 1 0 0 0 6
Other (7) 231,079 20 111,367 0 804 987 84 115,801 1 99 50 1,844 21
Earnings remittances due to the U.S.
Treasury (8) 1,574 31 820 42 47 119 117 86 7 9 24 79 193
Treasury contributions to credit
facilities (9) 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 8,958 480 3,416 282 347 860 701 560 224 422 253 447 967

Total liabilities 7,364,800 177,822 4,062,950 154,662 299,706 602,075 402,626 388,014 93,768 62,500 98,715 295,560 726,400

Capital
Capital paid in 32,414 1,509 10,880 1,163 2,800 6,738 1,464 1,269 615 275 350 583 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 7,404,039 179,655 4,076,124 156,071 303,089 610,254 404,429 389,548 94,495 62,829 99,137 296,224 732,185

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 23, 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 23, 2020

Federal Reserve notes outstanding 2,188,305
Less: Notes held by F.R. Banks not subject to collateralization 160,085
Federal Reserve notes to be collateralized 2,028,219
Collateral held against Federal Reserve notes 2,028,219
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,011,982
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,772,803
Less: Face value of securities under reverse repurchase agreements 192,834
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,579,968

Note: Components may not sum to totals because of rounding.

1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright,
compensation to adjust for the effect of inflation on the original face value of inflation-indexed
securities, and cash value of repurchase agreements.
2. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.

Statistical releases