FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, May 6, 2021

FEDERAL RESERVE statistical release

For Release at

4:30 P.M. EDT

May 6, 2021

In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of March 31, 2021 and does not indicate actual losses experienced by the program.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	May 6, 2021

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday May 5, 2021
	Week ended May 5, 2021	Change from week ended
	Week ended May 5, 2021	Apr 28, 2021	May 6, 2020
Reserve Bank credit	7,752,308	- 17,479	+1,088,608	7,771,255
Securities held outright¹	7,218,456	- 17,335	+1,612,954	7,234,090
U.S. Treasury securities	5,024,784	+ 14,526	+1,026,770	5,040,418
Bills²	326,044	0	0	326,044
Notes and bonds, nominal²	4,315,199	+ 9,608	+ 924,787	4,330,043
Notes and bonds, inflation-indexed²	335,563	+ 4,319	+ 90,154	336,054
Inflation compensation³	47,978	+ 600	+ 11,829	48,277
Federal agency debt securities²	2,347	0	0	2,347
Mortgage-backed securities⁴	2,191,325	- 31,861	+ 586,184	2,191,325
Unamortized premiums on securities held outright⁵	349,543	- 1,022	+ 64,114	349,657
Unamortized discounts on securities held outright⁵	-12,153	- 675	- 6,522	-12,289
Repurchase agreements⁶	0	0	- 172,929	0
Foreign official	0	0	0	0
Others	0	0	- 172,929	0
Loans	75,079	+ 3,305	- 43,651	76,998
Primary credit	699	- 359	- 29,214	545
Secondary credit	0	0	0	0
Seasonal credit	0	0	0	0
Primary Dealer Credit Facility	0	0	- 19,070	0
Money Market Mutual Fund Liquidity Facility	0	0	- 44,695	0
Paycheck Protection Program Liquidity Facility	74,380	+ 3,664	+ 49,328	76,453
Other credit extensions	0	0	0	0
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁷	8,556	0	+ 4,582	8,556
Net portfolio holdings of Corporate Credit Facilities LLC⁷	25,977	+ 3	+ 25,977	25,996
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁷	30,689	- 203	+ 30,689	30,659
Net portfolio holdings of Municipal Liquidity Facility LLC⁷	11,121	- 212	+ 11,121	11,123
Net portfolio holdings of TALF II LLC⁷	4,973	- 310	+ 4,973	4,922
Float	-305	- 91	- 30	-101
Central bank liquidity swaps⁸	653	- 50	- 444,312	653
Other Federal Reserve assets⁹	39,719	- 890	+ 1,642	40,993
Foreign currency denominated assets¹⁰	21,607	- 66	+ 954	21,517
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	50,630	+ 14	+ 423	50,630

Total factors supplying reserve funds	7,840,787	- 17,530	+1,089,986	7,859,644

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday May 5, 2021
	Week ended May 5, 2021	Change from week ended
	Week ended May 5, 2021	Apr 28, 2021	May 6, 2020
Currency in circulation¹¹	2,164,971	+ 3,827	+ 248,970	2,167,663
Reverse repurchase agreements¹²	393,790	+ 66,755	+ 123,116	388,304
Foreign official and international accounts	227,575	+ 5,375	- 41,602	225,504
Others	166,214	+ 61,379	+ 164,717	162,800
Treasury cash holdings	46	- 13	- 255	36
Deposits with F.R. Banks, other than reserve balances	1,307,973	- 132,507	- 32,008	1,301,187
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	953,689	- 14,000	- 173,801	946,134
Foreign official	28,234	- 837	+ 11,884	28,087
Other¹³	326,050	- 117,670	+ 129,908	326,966
Treasury contributions to credit facilities¹⁴	50,278	0	+ 50,278	50,278
Other liabilities and capital¹⁵	50,002	- 49	- 14,903	51,373

Total factors, other than reserve balances, absorbing reserve funds	3,967,059	- 61,989	+ 375,197	3,958,841

Reserve balances with Federal Reserve Banks	3,873,728	+ 44,459	+ 714,790	3,900,803

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

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

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday May 5, 2021
	Week ended May 5, 2021	Change from week ended
	Week ended May 5, 2021	Apr 28, 2021	May 6, 2020
Securities held in custody for foreign official and international accounts	3,543,249	- 3,349	+ 197,856	3,546,275
Marketable U.S. Treasury securities¹	3,099,463	- 972	+ 219,972	3,102,733
Federal agency debt and mortgage-backed securities²	355,161	- 2,294	- 25,295	354,954
Other securities³	88,625	- 84	+ 3,178	88,589
Securities lent to dealers	41,217	+ 4,519	+ 2,767	42,355
Overnight facility⁴	41,217	+ 4,519	+ 2,767	42,355
U.S. Treasury securities	41,217	+ 4,519	+ 2,767	42,355
Federal agency debt securities	0	0	0	0

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

1.	Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.
2.	Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.
3.	Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4.	Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 5, 2021

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans¹	167	378	17,440	59,013	0	...	76,998
U.S. Treasury securities²
Holdings	124,849	278,205	630,363	1,942,674	906,238	1,158,090	5,040,418
Weekly changes	+ 24,681	- 49,347	+ 1,886	+ 40,041	+ 191	+ 8,204	+ 25,656
Federal agency debt securities³
Holdings	0	0	0	0	2,134	213	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities⁴
Holdings	0	0	13	1,911	69,319	2,120,081	2,191,325
Weekly changes	0	0	+ 3	+ 58	+ 2,521	- 2,563	+ 20
Commercial paper held by Commercial
Paper Funding Facility II LLC⁵	0	0	0	...	...	...	0
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)⁶	0	0	0	16,365	...	...	16,365
Municipal notes held by Municipal
Liquidity Facility LLC⁷	0	400	0	5,358	...	...	5,758
Loans held by TALF II LLC⁸	0	0	0	1,745	...	...	1,745
Repurchase agreements⁹	0	0	...	...	...	...	0
Central bank liquidity swaps¹⁰	158	495	0	0	0	0	653
Reverse repurchase agreements⁹	388,304	0	...	...	...	...	388,304
Term deposits	0	0	0	...	...	...	0

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

1.	Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II LLC, and from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB's statement of condition, respectively, consistent with consolidation under generally accepted accounting principles.
2.	Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.
3.	Face value.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Book value of commercial paper held by Commercial Paper Funding Facility II LLC.
6.	Book value of the loan participations held by the MS Facilities LLC.
7.	Book value of the municipal notes held by the Municipal Liquidity Facility LLC.
8.	Book value of the loans held by the TALF II LLC.
9.	Cash value of agreements.
10.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	May 5, 2021
Mortgage-backed securities held outright¹	2,191,325
Residential mortgage-backed securities	2,181,449
Commercial mortgage-backed securities	9,876

Commitments to buy mortgage-backed securities²	218,078
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	0

1.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2.	Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.
3.	This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Credit Facilities LLCs:	Wednesday May 5, 2021
		Net portfolio holdings of
		Credit Facilities LLCs
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC¹	purchases²	other assets³	Total
Commercial Paper Funding Facility II LLC	0	0	8,556	8,556
Corporate Credit Facilities LLC	13,825	13,757	12,238	25,996
MS Facilities LLC (Main Street Lending Program)	16,404	13,703	16,956	30,659
Municipal Liquidity Facility LLC	5,758	5,758	5,365	11,123
TALF II LLC	1,894	1,745	3,176	4,922

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

1.	Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.
2.	Outstanding amount of facility asset purchases:
	a. For the Commercial Paper Funding Facility II LLC includes commercial paper at book value.
	b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and corporate bonds at book value. Asset balances
	from trading activity are reported on a one-day lag after the transaction date.
	c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses
	updated as of March 31, 2021.
	d. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on
	a one-day lag after the transaction date.
	e. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.
3.	Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the credit facilities from the following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II LLC. Refer to the note on consolidation accompanying table 6.

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday May 5, 2021	Change since
			Wednesday	Wednesday
			Apr 28, 2021	May 6, 2020
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,311	- 73	- 246
Securities, unamortized premiums and discounts, repurchase agreements, and loans		7,648,456	+ 29,414	+1,453,528
Securities held outright¹		7,234,090	+ 25,676	+1,606,172
U.S. Treasury securities		5,040,418	+ 25,656	+1,020,227
Bills²		326,044	0	0
Notes and bonds, nominal²		4,330,043	+ 21,632	+ 920,527
Notes and bonds, inflation-indexed²		336,054	+ 3,438	+ 87,788
Inflation compensation³		48,277	+ 586	+ 11,912
Federal agency debt securities²		2,347	0	0
Mortgage-backed securities⁴		2,191,325	+ 20	+ 585,945
Unamortized premiums on securities held outright⁵		349,657	+ 349	+ 63,155
Unamortized discounts on securities held outright⁵		-12,289	- 485	- 6,755
Repurchase agreements⁶		0	0	- 172,700
Loans⁷		76,998	+ 3,874	- 36,344
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁸		8,556	0	+ 4,568
Net portfolio holdings of Corporate Credit Facilities LLC⁸		25,996	+ 26	+ 25,996
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁸		30,659	- 236	+ 30,659
Net portfolio holdings of Municipal Liquidity Facility LLC⁸		11,123	+ 2	+ 11,123
Net portfolio holdings of TALF II LLC⁸		4,922	- 362	+ 4,922
Items in process of collection	(0)	64	- 11	+ 34
Bank premises		1,914	- 11	- 289
Central bank liquidity swaps⁹		653	- 50	- 444,232
Foreign currency denominated assets¹⁰		21,517	- 139	+ 996
Other assets¹¹		39,079	+ 964	+ 2,010

Total assets	(0)	7,810,486	+ 29,524	+1,089,066

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday May 5, 2021	Change since
			Wednesday	Wednesday
			Apr 28, 2021	May 6, 2020
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,118,376	+ 4,100	+ 245,051
Reverse repurchase agreements¹²		388,304	+ 5,413	+ 123,098
Deposits	(0)	5,201,990	+ 17,767	+ 683,451
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,900,803	+ 11,785	+ 735,197
U.S. Treasury, General Account		946,134	+ 13,847	- 197,134
Foreign official		28,087	- 1,005	+ 11,751
Other¹³	(0)	326,966	- 6,861	+ 133,637
Deferred availability cash items	(0)	166	- 742	- 106
Treasury contributions to credit facilities¹⁴		50,278	0	+ 50,278
Other liabilities and accrued dividends¹⁵		12,100	+ 2,984	- 13,108

Total liabilities	(0)	7,771,213	+ 29,520	+1,088,664

Capital accounts
Capital paid in		32,488	+ 4	+ 442
Surplus		6,785	0	- 40
Other capital accounts		0	0	0

Total capital		39,273	+ 4	+ 402

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

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

6. Statement of Condition of Each Federal Reserve Bank, May 5, 2021

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Assets
Gold certificates and special drawing rights certificates	16,237	531	5,422	523	752	1,187	2,188	1,136	475	273	455	1,220	2,075
Coin	1,311	21	30	109	62	186	120	230	22	39	93	148	253
Securities, unamortized premiums and discounts, repurchase agreements, and loans¹	7,648,456	126,981	4,292,298	164,446	282,010	510,141	445,418	414,274	100,030	77,673	104,726	336,210	794,248
Net portfolio holdings of Commercial Paper Funding Facility II LLC²	8,556	0	8,556	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Corporate Credit Facilities LLC²	25,996	0	25,996	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)²	30,659	30,659	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC²	11,123	0	11,123	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC²	4,922	0	4,922	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps³	653	30	219	23	56	136	30	26	12	6	7	12	96
Foreign currency denominated
assets⁴	21,517	977	7,233	773	1,860	4,478	973	843	409	183	233	388	3,169
Other assets⁵	41,057	775	21,736	961	1,551	3,040	2,533	2,273	696	497	870	1,939	4,185
Interdistrict settlement account	0	+ 19,105	- 247,536	+ 30,006	+ 16,530	+ 1,813	+ 9,737	+ 62,590	+ 8,829	- 9,657	+ 6,189	+ 16,392	+ 86,002

Total assets	7,810,486	179,078	4,129,998	196,841	302,821	520,980	460,998	481,373	110,474	69,014	112,574	356,308	890,027

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, May 5, 2021 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes, net	2,118,376	63,520	690,165	60,147	105,039	156,996	296,164	128,949	58,325	33,033	54,203	186,865	284,970
Reverse repurchase agreements⁶	388,304	6,489	219,491	8,201	14,129	26,019	22,752	21,190	5,062	3,005	5,156	17,171	39,638
Deposits	5,201,990	92,733	3,165,273	126,736	179,786	328,796	139,485	328,932	46,066	32,274	52,493	150,973	558,443
Depository institutions	3,900,803	92,716	2,035,503	126,735	179,039	327,936	139,348	160,543	46,060	32,034	51,776	150,695	558,417
U.S. Treasury, General Account	946,134	0	946,134	0	0	0	0	0	0	0	0	0	0
Foreign official	28,087	2	28,060	1	3	8	2	2	1	0	0	1	6
Other⁷	326,966	14	155,575	0	743	851	135	168,388	5	240	717	278	20
Earnings remittances due to the U.S. Treasury⁸	2,625	38	1,555	48	87	142	152	145	37	24	29	115	253
Treasury contributions to credit facilities⁹	50,278	16,572	33,706	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	9,641	-2,053	6,636	301	393	879	662	621	236	329	259	463	916

Total liabilities	7,771,213	177,299	4,116,826	195,434	299,433	512,832	459,214	479,836	109,726	68,665	112,140	355,587	884,220

Capital
Capital paid in	32,488	1,471	10,892	1,164	2,801	6,736	1,477	1,270	618	291	361	599	4,807
Surplus	6,785	308	2,280	244	587	1,412	307	266	129	58	73	122	999
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	7,810,486	179,078	4,129,998	196,841	302,821	520,980	460,998	481,373	110,474	69,014	112,574	356,308	890,027

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, May 5, 2021 (continued)

1.	Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.
2.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
3.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
4.	Revalued daily at current foreign currency exchange rates.
5.	Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio holdings of Maiden Lane LLC; refer to the note on consolidation for additional information.
6.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
7.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
8.	Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap.
9.	Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, and Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion.

	Note on consolidation:
	The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S dollar-denominated commercial paper by eligible issuers. The assets of the CPFF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.
	The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

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
Federal Reserve notes and collateral	May 5, 2021
Federal Reserve notes outstanding	2,283,780
Less: Notes held by F.R. Banks not subject to collateralization	165,404
Federal Reserve notes to be collateralized	2,118,376
Collateral held against Federal Reserve notes	2,118,376
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	2,102,139
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	7,234,090
Less: Face value of securities under reverse repurchase agreements	367,438
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	6,866,652

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