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FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

May 20, 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 19, 2021

Week ended
May 19, 2021

Change from week ended

May 12, 2021

May 20, 2020

Reserve Bank credit

7,875,080

+   91,260

+  953,044

7,883,429

Securities held outright1

7,335,912

+   92,990

+1,463,342

7,351,729

U.S. Treasury securities

5,062,418

+   13,168

+  988,343

5,071,821

Bills2

   326,044

         0

         0

   326,044

Notes and bonds, nominal2

4,347,095

+   10,022

+  889,972

4,355,182

Notes and bonds, inflation-indexed2

   339,827

+    2,401

+   85,633

   340,855

Inflation compensation3

    49,452

+      746

+   12,738

    49,740

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

2,271,147

+   79,822

+  474,999

2,277,561

Unamortized premiums on securities held outright5

   350,137

+      392

+   49,970

   350,289

Unamortized discounts on securities held outright5

   -13,139

-      689

-    7,468

   -13,320

Repurchase agreements6

         0

         0

-  161,729

         0

Foreign official

         0

         0

         0

         0

Others

         0

         0

-  161,729

         0

Loans

    81,678

+    2,723

-   30,111

    83,297

Primary credit

       616

+       54

-   20,866

       661

Secondary credit

         0

         0

         0

         0

Seasonal credit

         1

+        1

-        1

         2

Primary Dealer Credit Facility

         0

         0

-    8,969

         0

Money Market Mutual Fund Liquidity Facility

         0

         0

-   38,047

         0

Paycheck Protection Program Liquidity Facility

    81,060

+    2,667

+   37,771

    82,635

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Commercial Paper Funding Facility II LLC7

     8,556

         0

+    4,264

     8,554

Net portfolio holdings of Corporate Credit Facilities LLC7

    25,910

-       24

+   24,727

    25,966

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

    30,616

-       44

+   30,616

    30,550

Net portfolio holdings of Municipal Liquidity Facility LLC7

    11,125

+        2

+   11,125

    11,127

Net portfolio holdings of TALF II LLC7

     4,922

         0

+    4,922

     4,922

Float

      -106

+        5

+       68

      -106

Central bank liquidity swaps8

       636

+       49

-  445,663

       652

Other Federal Reserve assets9

    38,834

-    4,143

+    8,982

    29,766

Foreign currency denominated assets10

    21,680

-       19

+    1,199

    21,785

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    50,628

+       14

+      411

    50,628

Total factors supplying reserve funds

7,963,629

+   91,254

+  954,654

7,972,082

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 19, 2021

Week ended
May 19, 2021

Change from week ended

May 12, 2021

May 20, 2020

Currency in circulation11

2,168,626

+      406

+  235,459

2,169,173

Reverse repurchase agreements12

   462,719

+   69,675

+  201,871

   522,156

Foreign official and international accounts

   219,119

-    1,490

-   39,732

   228,158

Others

   243,600

+   71,165

+  241,603

   293,998

Treasury cash holdings

        39

+        2

-      234

        34

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

1,308,661

+   49,569

-  132,912

1,356,199

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   866,119

-   32,660

-  328,291

   860,833

Foreign official

    28,161

+       58

+   11,843

    27,750

Other13

   414,381

+   82,171

+  183,536

   467,616

Treasury contributions to credit facilities14

    50,278

         0

+    2,564

    50,278

Other liabilities and capital15

    53,499

-      640

+    1,402

    50,264

Total factors, other than reserve balances,
absorbing reserve funds

4,043,822

+  119,012

+  308,150

4,148,104

Reserve balances with Federal Reserve Banks

3,919,807

-   27,758

+  646,504

3,823,979

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 19, 2021

Week ended
May 19, 2021

Change from week ended

May 12, 2021

May 20, 2020

Securities held in custody for foreign official and international accounts

3,531,218

-    9,770

+  142,810

3,530,012

Marketable U.S. Treasury securities1

3,087,447

-   10,129

+  167,701

3,086,367

Federal agency debt and mortgage-backed securities2

   355,518

+      799

-   28,199

   355,020

Other securities3

    88,253

-      439

+    3,308

    88,625

Securities lent to dealers

    36,549

+      207

+    4,202

    37,599

Overnight facility4

    36,549

+      207

+    4,202

    37,599

U.S. Treasury securities

    36,549

+      207

+    4,202

    37,599

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 19, 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

       298

       364

    21,622

    61,012

         1

...

    83,297

U.S. Treasury securities2

Holdings

    95,705

   300,258

   643,626

1,933,283

   918,938

1,180,011

5,071,821

Weekly changes

-   23,069

+   16,552

+   12,640

-   14,744

+    7,995

+   18,053

+   17,426

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

     1,905

    68,583

2,207,060

2,277,561

Weekly changes

         0

         0

         0

-        6

-      736

+   86,979

+   86,236

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

    16,342

...

...

    16,342

Municipal notes held by Municipal

Liquidity Facility LLC7

         0

       150

         0

     5,358

...

...

     5,508

Loans held by TALF II LLC8

         0

         0

         0

     1,679

...

...

     1,679

Repurchase agreements9

         0

         0

...

...

...

...

         0

Central bank liquidity swaps10

       527

       125

         0

         0

         0

         0

       652

Reverse repurchase agreements9

   522,156

         0

...

...

...

...

   522,156

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

May 19, 2021

Mortgage-backed securities held outright1

2,277,561

Residential mortgage-backed securities

2,267,736

Commercial mortgage-backed securities

     9,826

Commitments to buy mortgage-backed securities2

   176,772

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

        52

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 19, 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

     8,554

     8,554

Corporate Credit Facilities LLC

    13,757

    13,629

    12,337

    25,966

MS Facilities LLC (Main Street Lending Program)

    16,282

    13,684

    16,867

    30,550

Municipal Liquidity Facility LLC

     5,758

     5,508

     5,619

    11,127

TALF II LLC

     1,894

     1,679

     3,243

     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 19, 2021

Change since

Wednesday

Wednesday

May 12, 2021

May 20, 2020

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,270

-       18

-      208

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

7,771,996

+  106,399

+1,253,137

Securities held outright1

7,351,729

+  103,662

+1,397,211

U.S. Treasury securities

5,071,821

+   17,426

+  982,490

Bills2

   326,044

         0

         0

Notes and bonds, nominal2

4,355,182

+   15,537

+  883,958

Notes and bonds, inflation-indexed2

   340,855

+    1,199

+   85,589

Inflation compensation3

    49,740

+      690

+   12,943

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

2,277,561

+   86,236

+  414,720

Unamortized premiums on securities held outright5

   350,289

+      506

+   46,185

Unamortized discounts on securities held outright5

   -13,320

-      563

-    7,629

Repurchase agreements6

         0

-        1

-  157,351

Loans7

    83,297

+    2,794

-   25,280

Net portfolio holdings of Commercial Paper Funding Facility II LLC8

     8,554

-        2

+    4,261

Net portfolio holdings of Corporate Credit Facilities LLC8

    25,966

+       65

+   24,165

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

    30,550

-      118

+   30,550

Net portfolio holdings of Municipal Liquidity Facility LLC8

    11,127

+        2

+   11,127

Net portfolio holdings of TALF II LLC8

     4,922

         0

+    4,922

Items in process of collection

(0)

        55

+        1

+        4

Bank premises

     1,919

+        1

-      287

Central bank liquidity swaps9

       652

+       65

-  445,451

Foreign currency denominated assets10

    21,785

+      213

+    1,190

Other assets11

    27,850

-   14,389

+    2,215

Total assets

(0)

7,922,883

+   92,220

+  885,625

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 19, 2021

Change since

Wednesday

Wednesday

May 12, 2021

May 20, 2020

Liabilities

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

2,119,844

-      250

+  229,844

Reverse repurchase agreements12

   522,156

+   93,324

+  255,507

Deposits

(0)

5,180,180

+    1,679

+  399,368

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

3,823,981

-  131,883

+  519,760

U.S. Treasury, General Account

   860,833

-    3,420

-  332,464

Foreign official

    27,750

-      376

+   11,522

Other13

(0)

   467,616

+  137,358

+  200,550

Deferred availability cash items

(0)

       161

-        4

-      100

Treasury contributions to credit facilities14

    50,278

         0

+    1,278

Other liabilities and accrued dividends15

    10,842

-    2,559

-      802

Total liabilities

(0)

7,883,462

+   92,190

+  885,097

Capital accounts

Capital paid in

    32,637

+       30

+      568

Surplus

     6,785

         0

-       40

Other capital accounts

         0

         0

         0

Total capital

    39,422

+       30

+      528

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 19, 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

       531

     5,422

       523

       752

     1,187

     2,188

     1,136

       475

       273

       455

     1,220

     2,075

Coin

     1,270

        18

        25

       109

        59

       183

       116

       230

        18

        35

        89

       149

       240

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

7,771,996

   129,023

4,358,127

   167,118

   289,624

   517,982

   451,916

   420,786

   101,489

    80,646

   106,147

   341,351

   807,787

Net portfolio holdings of Commercial Paper Funding Facility II LLC2

     8,554

         0

     8,554

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Corporate Credit Facilities LLC2

    25,966

         0

    25,966

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    30,550

    30,550

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

    11,127

         0

    11,127

         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

       652

        30

       219

        23

        56

       136

        29

        26

        12

         6

         7

        12

        96

Foreign currency denominated

assets4

    21,785

       989

     7,323

       782

     1,884

     4,533

       985

       854

       414

       185

       236

       392

     3,208

Other assets5

    29,824

       588

    15,360

       726

     1,142

     2,287

     1,864

     1,654

       547

       386

       727

     1,505

     3,038

Interdistrict settlement account

         0

-      240

-  139,043

+   26,570

+    4,947

-   24,847

+    3,069

+   59,395

+    6,585

-   13,172

+    6,278

+   14,151

+   56,307

Total assets

7,922,883

   161,488

4,298,003

   195,852

   298,464

   501,461

   460,167

   484,081

   109,541

    68,358

   113,939

   358,779

   872,751

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 19, 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

2,119,844

    63,362

   693,283

    60,788

   104,740

   157,935

   296,845

   128,768

    58,072

    32,711

    54,120

   187,506

   281,713

Reverse repurchase agreements6

   522,156

     8,726

   295,152

    11,028

    18,999

    34,989

    30,594

    28,494

     6,808

     4,040

     6,934

    23,091

    53,302

Deposits

5,180,180

    73,023

3,256,272

   122,248

   170,803

   299,232

   130,072

   324,466

    43,641

    30,896

    52,154

   146,739

   530,634

Depository institutions

3,823,981

    73,006

2,073,966

   122,246

   170,764

   298,285

   129,933

   156,135

    43,634

    30,193

    48,803

   146,409

   530,608

U.S. Treasury, General Account

   860,833

         0

   860,833

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

    27,750

         2

    27,723

         1

         3

         8

         2

         2

         1

         0

         0

         1

         6

Other7

   467,616

        15

   293,749

         0

        36

       940

       137

   168,330

         6

       703

     3,351

       329

        20

Earnings remittances due to the U.S. Treasury8

     2,851

        47

     1,604

        61

       115

       218

       166

       149

        27

        20

        19

       121

       302

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

     8,152

    -2,021

     4,812

       320

       416

       918

       697

       661

       250

       342

       278

       492

       987

Total liabilities

7,883,462

   159,708

4,284,829

   194,445

   295,074

   493,293

   458,374

   482,540

   108,799

    68,009

   113,505

   357,949

   866,937

Capital

Capital paid in

    32,637

     1,472

    10,894

     1,164

     2,804

     6,756

     1,486

     1,275

       613

       291

       361

       708

     4,814

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

7,922,883

   161,488

4,298,003

   195,852

   298,464

   501,461

   460,167

   484,081

   109,541

    68,358

   113,939

   358,779

   872,751

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 19, 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).

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Federal Reserve notes and collateral

Wednesday

May 19, 2021

Federal Reserve notes outstanding

2,296,054

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

   176,210

Federal Reserve notes to be collateralized

2,119,844

Collateral held against Federal Reserve notes

2,119,844

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

2,103,607

Other assets pledged

         0

Memo:

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

7,351,729

Less: Face value of securities under reverse repurchase agreements

   497,199

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

6,854,530

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

1.

Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.

2.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.


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