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.