FRB: H.4.1 Release--Factors Affecting Reserve Balances-- January 28, 2021

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks January 28, 2021

1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Jan 27, 2021
Federal Reserve Banks Jan 27, 2021 Jan 20, 2021 Jan 29, 2020

Reserve Bank credit 7,384,854 + 12,879 +3,269,646 7,364,432
Securities held outright (1) 6,856,549 + 14,077 +3,063,065 6,838,223
U.S. Treasury securities 4,754,809 + 22,119 +2,357,454 4,766,107
Bills (2) 326,044 0 + 103,154 326,044
Notes and bonds, nominal (2) 4,070,251 + 20,495 +2,049,246 4,081,568
Notes and bonds, inflation-indexed (2) 315,619 + 1,731 + 187,614 315,619
Inflation compensation (3) 42,895 - 106 + 17,440 42,876
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,099,392 - 8,043 + 705,611 2,069,769
Unamortized premiums on securities held outright (5) 345,682 - 17 + 221,952 344,999
Unamortized discounts on securities held outright (5) -6,149 - 135 + 7,145 -6,169
Repurchase agreements (6) 1,000 0 - 181,311 1,000
Foreign official 1,000 0 + 1,000 1,000
Others 0 0 - 182,311 0
Loans 51,420 - 271 + 51,414 51,098
Primary credit 2,029 + 334 + 2,023 1,989
Secondary credit 0 0 0 0
Seasonal credit 0 0 0 0
Primary Dealer Credit Facility 485 0 + 485 485
Money Market Mutual Fund Liquidity Facility 1,905 - 11 + 1,905 1,905
Paycheck Protection Program Liquidity Facility 47,001 - 594 + 47,001 46,718
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 8,557 0 + 8,557 8,558
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 26,310 0 + 26,310 26,300
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 33,292 + 10 + 33,292 33,301
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 11,608 + 3 + 11,608 11,611
Net portfolio holdings of TALF II LLC (7) 6,678 + 1 + 6,678 6,678
Float -154 - 64 + 31 -545
Central bank liquidity swaps (8) 9,781 - 1,128 + 9,730 9,567
Other Federal Reserve assets (9) 40,282 + 405 + 11,178 39,813
Foreign currency denominated assets (10) 22,144 + 40 + 1,632 22,060
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,577 + 14 + 477 50,577

Total factors supplying reserve funds 7,473,816 + 12,933 +3,271,756 7,453,310

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 Jan 27, 2021
Federal Reserve Banks Jan 27, 2021 Jan 20, 2021 Jan 29, 2020

Currency in circulation (11) 2,097,171 + 2,086 + 304,995 2,097,472
Reverse repurchase agreements (12) 207,383 - 2,467 - 28,240 210,578
Foreign official and international accounts 206,500 - 3,006 - 27,236 209,426
Others 883 + 539 - 1,004 1,152
Treasury cash holdings 43 + 7 - 165 48
Deposits with F.R. Banks, other than reserve balances 1,904,558 + 6,290 +1,391,452 1,816,435
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,633,540 + 6,634 +1,201,479 1,613,377
Foreign official 21,957 - 111 + 16,777 21,836
Other (13) 249,062 - 232 + 173,198 181,223
Treasury contributions to credit facilities (14) 51,778 0 + 51,778 51,778
Other liabilities and capital (15) 49,874 - 1,367 + 5,268 48,247

Total factors, other than reserve balances,
absorbing reserve funds 4,310,808 + 4,549 +1,725,089 4,224,559

Reserve balances with Federal Reserve Banks 3,163,008 + 8,384 +1,546,666 3,228,751

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

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt
securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements.
7. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury
contributions to the facility. Refer to note on consolidation below.
8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
9. Includes bank premises, accrued interest, and other accounts receivable. Also includes net
portfolio holdings of Maiden Lane LLC.
10. Revalued daily at current foreign currency exchange rates.
11. Estimated.
12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities
13. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, designated financial market utilities, and deposits held by depository
institutions in joint accounts in connection with their participation in certain private-sector payment
arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account,
for services provided by the Reserve Banks as fiscal agents of the United States.
14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10
billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, Municipal
Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion, 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 Jan 27, 2021
Jan 27, 2021 Jan 20, 2021 Jan 29, 2020

Securities held in custody for foreign official and
international accounts 3,532,932 - 8,381 + 98,559 3,533,679
Marketable U.S. Treasury securities (1) 3,082,293 - 18,101 + 96,809 3,085,902
Federal agency debt and mortgage-backed securities (2) 361,977 + 9,412 - 3,230 359,146
Other securities (3) 88,661 + 307 + 4,980 88,632
Securities lent to dealers 30,212 + 757 + 1,514 36,524
Overnight facility (4) 30,212 + 757 + 1,514 36,524
U.S. Treasury securities 30,212 + 757 + 1,514 36,524
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, January 27, 2021
Millions of dollars
Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All
days 90 days 1 year to 5 years to 10 years years

Loans (1) 1,453 2,927 0 46,718 0 ... 51,098
U.S. Treasury securities (2)
Holdings 88,243 307,379 648,172 1,815,819 834,222 1,072,272 4,766,107
Weekly changes - 3,042 + 5,325 - 2,288 + 12,202 + 8,072 + 2,286 + 22,555
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 2,000 69,988 1,997,776 2,069,769
Weekly changes 0 0 - 1 - 96 - 1,555 - 28,428 - 30,080
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 0 0 0 ... ... ... 0
Loan participations held by MS
Facilities LLC (Main Street Lending
Program) (6) 0 0 0 16,544 ... ... 16,544
Municipal notes held by Municipal
Liquidity Facility LLC (7) 0 0 845 5,358 ... ... 6,203
Loans held by TALF II LLC (8) 0 0 0 3,343 ... ... 3,343
Repurchase agreements (9) 1,000 0 ... ... ... ... 1,000
Central bank liquidity swaps (10) 1,630 7,937 0 0 0 0 9,567
Reverse repurchase agreements (9) 210,578 0 ... ... ... ... 210,578
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
Jan 27, 2021

Mortgage-backed securities held outright (1) 2,069,769
Residential mortgage-backed securities 2,059,890
Commercial mortgage-backed securities 9,878

Commitments to buy mortgage-backed securities (2) 181,960
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 18

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 Jan 27, 2021
Net portfolio holdings of
Credit Facilities LLCs
Outstanding
principal Outstanding
amount amount of Treasury
of loan facility contributions
extended to asset and
the LLC (1) purchases (2)other assets (3) Total

Commercial Paper Funding Facility II LLC 0 0 8,558 8,558
Corporate Credit Facilities LLC 14,058 14,212 12,088 26,300
MS Facilities LLC (Main Street Lending Program) 16,585 16,448 16,853 33,301
Municipal Liquidity Facility LLC 6,283 6,203 5,408 11,611
TALF II LLC 3,656 3,343 3,335 6,678

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 approximately 15% of Treasury contributions to the credit facilities from the
following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC,
Municipal Liquidity Facility LLC, and TALF II LLC. Refer to the note on consolidation accompanying
table 6.

5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Jan 27, 2021 Wednesday Wednesday
consolidation Jan 20, 2021 Jan 29, 2020

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,578 + 4 - 189
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 7,229,151 - 8,894 +3,145,028
Securities held outright (1) 6,838,223 - 7,525 +3,039,480
U.S. Treasury securities 4,766,107 + 22,555 +2,356,999
Bills (2) 326,044 0 + 93,510
Notes and bonds, nominal (2) 4,081,568 + 20,137 +2,058,447
Notes and bonds, inflation-indexed (2) 315,619 + 2,401 + 187,614
Inflation compensation (3) 42,876 + 17 + 17,428
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,069,769 - 30,080 + 682,481
Unamortized premiums on securities held outright
(5) 344,999 - 505 + 221,472
Unamortized discounts on securities held outright
(5) -6,169 - 114 + 7,137
Repurchase agreements (6) 1,000 0 - 174,125
Loans (7) 51,098 - 750 + 51,064
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 8,558 + 1 + 8,558
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 26,300 - 11 + 26,300
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 33,301 + 11 + 33,301
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 11,611 + 3 + 11,611
Net portfolio holdings of TALF II LLC (8) 6,678 0 + 6,678
Items in process of collection (0) 74 - 28 + 20
Bank premises 2,213 + 3 + 3
Central bank liquidity swaps (9) 9,567 - 1,342 + 9,516
Foreign currency denominated assets (10) 22,060 - 58 + 1,561
Other assets (11) 37,599 + 296 + 10,910

Total assets (0) 7,404,926 - 10,016 +3,253,296

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 Jan 27, 2021 Wednesday Wednesday
consolidation Jan 20, 2021 Jan 29, 2020

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,048,517 - 133 + 303,920
Reverse repurchase agreements (12) 210,578 + 3,946 - 22,826
Deposits (0) 5,045,187 - 14,294 +2,916,423
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,228,751 + 78,944 +1,616,528
U.S. Treasury, General Account 1,613,377 - 24,954 +1,162,840
Foreign official 21,836 - 1,631 + 16,655
Other (13) (0) 181,223 - 66,652 + 120,400
Deferred availability cash items (0) 619 + 431 - 110
Treasury contributions to credit facilities (14) 51,778 0 + 51,778
Other liabilities and accrued dividends (15) 9,042 + 35 + 3,429

Total liabilities (0) 7,365,721 - 10,016 +3,252,613

Capital accounts
Capital paid in 32,380 0 + 683
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 39,205 0 + 683

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

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt
securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary
Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity
Facility, and other credit extensions.
8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury
contributions to the facility. Refer to note on consolidation below.
9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
10. Revalued daily at current foreign currency exchange rates.
11. Includes accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC.
12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
13. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, designated financial market utilities, and deposits held by depository
institutions in joint accounts in connection with their participation in certain private-sector payment
arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account,
for services provided by the Reserve Banks as fiscal agents of the United States.
14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10
billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, Municipal
Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion, 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, January 27, 2021
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Assets
Gold certificates and special drawing
rights certificates 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045
Coin 1,578 33 41 135 75 210 156 263 32 43 106 191 295
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 7,229,151 164,206 3,725,481 169,082 225,975 452,798 530,737 402,568 114,668 75,596 118,336 347,677 902,029
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 8,558 0 8,558 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 26,300 0 26,300 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 33,301 33,301 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 11,611 0 11,611 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 6,678 0 6,678 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 9,567 454 3,215 344 818 2,019 474 372 157 75 101 114 1,424
Foreign currency denominated
assets (4) 22,060 1,047 7,415 794 1,885 4,656 1,094 857 362 173 233 262 3,284
Other assets (5) 39,887 2,474 17,828 992 1,313 2,783 3,014 2,254 766 510 948 2,164 4,841
Interdistrict settlement account 0 - 41,205 + 295,969 + 9,892 + 61,224 + 46,136 - 126,949 + 4,382 - 17,021 - 8,860 - 19,054 - 36,430 - 168,085

Total assets 7,404,926 160,843 4,108,578 181,767 292,050 509,766 410,709 411,832 99,442 67,807 101,120 315,179 745,834

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, January 27, 2021 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Liabilities
Federal Reserve notes, net 2,048,517 61,749 674,079 55,722 93,507 154,929 281,967 132,619 59,162 33,363 55,043 175,713 270,664
Reverse repurchase agreements (6) 210,578 4,729 109,028 4,804 6,588 13,198 15,519 11,762 3,327 1,990 3,349 10,149 26,135
Deposits 5,045,187 73,942 3,275,242 119,525 188,215 332,580 110,675 265,282 35,998 31,360 42,024 128,136 442,207
Depository institutions 3,228,751 73,922 1,586,839 119,524 188,174 332,097 110,591 139,058 35,996 31,296 41,869 127,203 442,181
U.S. Treasury, General Account 1,613,377 0 1,613,377 0 0 0 0 0 0 0 0 0 0
Foreign official 21,836 2 21,809 1 3 8 2 2 1 0 0 0 6
Other (7) 181,223 19 53,217 0 37 474 82 126,223 1 63 154 932 20
Earnings remittances due to the U.S.
Treasury (8) 64 -3 149 0 -2 68 13 13 -33 -147 -19 1 24
Treasury contributions to credit
facilities (9) 51,778 18,072 33,706 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 9,597 573 3,200 308 352 832 760 620 241 907 300 475 1,028

Total liabilities 7,365,721 159,063 4,095,404 180,359 288,660 501,607 408,934 410,296 98,696 67,473 100,695 314,473 740,059

Capital
Capital paid in 32,380 1,470 10,880 1,163 2,800 6,739 1,467 1,269 616 275 350 584 4,769
Surplus 6,825 310 2,294 245 590 1,420 309 267 130 58 74 123 1,005
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 7,404,926 160,843 4,108,578 181,767 292,050 509,766 410,709 411,832 99,442 67,807 101,120 315,179 745,834

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, January 27, 2021 (continued)

1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight
securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the
purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an
effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and
seasonal loans and credit extended through the Primary Dealer Credit Facility, 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 $13.9 billion, MS Facilities LLC of $16.6 billion, and
Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion, 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
Jan 27, 2021

Federal Reserve notes outstanding 2,205,950
Less: Notes held by F.R. Banks not subject to collateralization 157,433
Federal Reserve notes to be collateralized 2,048,517
Collateral held against Federal Reserve notes 2,048,517
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,032,280
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,839,223
Less: Face value of securities under reverse repurchase agreements 199,981
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,639,242

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