FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, May 27, 2021

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	May 27, 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 26, 2021
	Week ended May 26, 2021	Change from week ended
	Week ended May 26, 2021	May 19, 2021	May 27, 2020
Reserve Bank credit	7,889,230	+ 14,150	+ 829,669	7,864,068
Securities held outright¹	7,357,676	+ 21,764	+1,398,951	7,333,769
U.S. Treasury securities	5,082,105	+ 19,687	+ 980,997	5,087,157
Bills²	326,044	0	0	326,044
Notes and bonds, nominal²	4,364,470	+ 17,375	+ 882,789	4,367,786
Notes and bonds, inflation-indexed²	341,427	+ 1,600	+ 84,833	342,856
Inflation compensation³	50,164	+ 712	+ 13,375	50,471
Federal agency debt securities²	2,347	0	0	2,347
Mortgage-backed securities⁴	2,273,224	+ 2,077	+ 417,954	2,244,265
Unamortized premiums on securities held outright⁵	349,749	- 388	+ 45,140	348,761
Unamortized discounts on securities held outright⁵	-13,427	- 288	- 7,883	-13,622
Repurchase agreements⁶	7	+ 7	- 174,923	46
Foreign official	0	0	- 1	0
Others	7	+ 7	- 174,922	46
Loans	83,993	+ 2,315	- 23,313	84,894
Primary credit	626	+ 10	- 18,205	633
Secondary credit	0	0	0	0
Seasonal credit	2	+ 1	0	3
Primary Dealer Credit Facility	0	0	- 6,961	0
Money Market Mutual Fund Liquidity Facility	0	0	- 34,321	0
Paycheck Protection Program Liquidity Facility	83,365	+ 2,305	+ 36,173	84,258
Other credit extensions	0	0	0	0
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁷	8,554	- 2	- 3,024	8,554
Net portfolio holdings of Corporate Credit Facilities LLC⁷	25,976	+ 66	- 3,876	26,037
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁷	30,552	- 64	+ 30,552	30,559
Net portfolio holdings of Municipal Liquidity Facility LLC⁷	10,913	- 212	+ 10,913	10,879
Net portfolio holdings of TALF II LLC⁷	4,922	0	+ 4,922	4,923
Float	-124	- 18	+ 88	-160
Central bank liquidity swaps⁸	678	+ 42	- 448,058	678
Other Federal Reserve assets⁹	29,762	- 9,072	+ 181	28,750
Foreign currency denominated assets¹⁰	21,755	+ 75	+ 1,230	21,745
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	50,642	+ 14	+ 420	50,642

Total factors supplying reserve funds	7,977,868	+ 14,239	+ 831,319	7,952,696

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 26, 2021
	Week ended May 26, 2021	Change from week ended
	Week ended May 26, 2021	May 19, 2021	May 27, 2020
Currency in circulation¹¹	2,170,156	+ 1,530	+ 226,047	2,172,925
Reverse repurchase agreements¹²	615,000	+ 152,281	+ 369,494	670,433
Foreign official and international accounts	224,080	+ 4,961	- 20,807	220,150
Others	390,920	+ 147,320	+ 390,301	450,283
Treasury cash holdings	34	- 5	- 205	37
Deposits with F.R. Banks, other than reserve balances	1,286,963	- 21,698	- 298,602	1,159,225
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	812,473	- 53,646	- 498,018	778,912
Foreign official	27,015	- 1,146	+ 10,769	27,076
Other¹³	447,475	+ 33,094	+ 188,647	353,237
Treasury contributions to credit facilities¹⁴	50,278	0	- 3,722	50,278
Other liabilities and capital¹⁵	50,257	- 3,242	+ 1,272	48,175

Total factors, other than reserve balances, absorbing reserve funds	4,172,690	+ 128,868	+ 294,286	4,101,073

Reserve balances with Federal Reserve Banks	3,805,178	- 114,629	+ 537,034	3,851,623

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 26, 2021
	Week ended May 26, 2021	Change from week ended
	Week ended May 26, 2021	May 19, 2021	May 27, 2020
Securities held in custody for foreign official and international accounts	3,535,183	+ 3,965	+ 143,947	3,530,826
Marketable U.S. Treasury securities¹	3,087,012	- 435	+ 162,037	3,086,344
Federal agency debt and mortgage-backed securities²	359,655	+ 4,137	- 21,186	355,754
Other securities³	88,516	+ 263	+ 3,096	88,727
Securities lent to dealers	36,312	- 237	+ 3,618	39,807
Overnight facility⁴	36,312	- 237	+ 3,618	39,807
U.S. Treasury securities	36,312	- 237	+ 3,618	39,807
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 26, 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	154	482	21,189	63,067	1	...	84,894
U.S. Treasury securities²
Holdings	88,013	303,665	647,962	1,937,380	926,562	1,183,576	5,087,157
Weekly changes	- 7,692	+ 3,407	+ 4,336	+ 4,097	+ 7,624	+ 3,565	+ 15,336
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	11	1,844	67,138	2,175,272	2,244,265
Weekly changes	0	0	- 2	- 61	- 1,445	- 31,788	- 33,296
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	16,336	...	...	16,336
Municipal notes held by Municipal
Liquidity Facility LLC⁷	150	0	0	5,358	...	...	5,508
Loans held by TALF II LLC⁸	0	0	0	1,676	...	...	1,676
Repurchase agreements⁹	46	0	...	...	...	...	46
Central bank liquidity swaps¹⁰	590	88	0	0	0	0	678
Reverse repurchase agreements⁹	670,433	0	...	...	...	...	670,433
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 26, 2021
Mortgage-backed securities held outright¹	2,244,265
Residential mortgage-backed securities	2,234,442
Commercial mortgage-backed securities	9,823

Commitments to buy mortgage-backed securities²	180,416
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	87

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 26, 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	13,658	12,379	26,037
MS Facilities LLC (Main Street Lending Program)	16,282	13,678	16,881	30,559
Municipal Liquidity Facility LLC	5,508	5,508	5,371	10,879
TALF II LLC	1,894	1,676	3,247	4,923

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 26, 2021	Change since
			Wednesday	Wednesday
			May 19, 2021	May 27, 2020
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,259	- 11	- 188
Securities, unamortized premiums and discounts, repurchase agreements, and loans		7,753,848	- 18,148	+1,220,126
Securities held outright¹		7,333,769	- 17,960	+1,386,800
U.S. Treasury securities		5,087,157	+ 15,336	+ 977,645
Bills²		326,044	0	0
Notes and bonds, nominal²		4,367,786	+ 12,604	+ 878,612
Notes and bonds, inflation-indexed²		342,856	+ 2,001	+ 85,405
Inflation compensation³		50,471	+ 731	+ 13,628
Federal agency debt securities²		2,347	0	0
Mortgage-backed securities⁴		2,244,265	- 33,296	+ 409,155
Unamortized premiums on securities held outright⁵		348,761	- 1,528	+ 44,505
Unamortized discounts on securities held outright⁵		-13,622	- 302	- 8,122
Repurchase agreements⁶		46	+ 46	- 181,055
Loans⁷		84,894	+ 1,597	- 22,002
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁸		8,554	0	- 4,240
Net portfolio holdings of Corporate Credit Facilities LLC⁸		26,037	+ 71	- 8,816
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁸		30,559	+ 9	+ 30,559
Net portfolio holdings of Municipal Liquidity Facility LLC⁸		10,879	- 248	+ 10,879
Net portfolio holdings of TALF II LLC⁸		4,923	+ 1	+ 4,923
Items in process of collection	(0)	72	+ 17	+ 5
Bank premises		1,920	+ 1	- 285
Central bank liquidity swaps⁹		678	+ 26	- 448,268
Foreign currency denominated assets¹⁰		21,745	- 40	+ 1,181
Other assets¹¹		26,830	- 1,020	+ 348

Total assets	(0)	7,903,541	- 19,342	+ 806,225

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 26, 2021	Change since
			Wednesday	Wednesday
			May 19, 2021	May 27, 2020
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,123,575	+ 3,731	+ 224,061
Reverse repurchase agreements¹²		670,433	+ 148,277	+ 426,457
Deposits	(0)	5,010,847	- 169,333	+ 170,950
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,851,623	+ 27,642	+ 533,935
U.S. Treasury, General Account		778,912	- 81,921	- 547,985
Foreign official		27,076	- 674	+ 10,825
Other¹³	(0)	353,237	- 114,379	+ 174,175
Deferred availability cash items	(0)	232	+ 71	- 123
Treasury contributions to credit facilities¹⁴		50,278	0	- 16,222
Other liabilities and accrued dividends¹⁵		8,667	- 2,175	+ 507

Total liabilities	(0)	7,864,034	- 19,428	+ 805,632

Capital accounts
Capital paid in		32,723	+ 86	+ 634
Surplus		6,785	0	- 40
Other capital accounts		0	0	0

Total capital		39,508	+ 86	+ 594

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 26, 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	1,259	18	29	109	58	178	116	226	17	34	88	149	237
Securities, unamortized premiums and discounts, repurchase agreements, and loans¹	7,753,848	128,409	4,346,765	166,956	290,598	516,656	450,729	419,537	101,203	80,933	105,734	340,422	805,905
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	26,037	0	26,037	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)²	30,559	30,559	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC²	10,879	0	10,879	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC²	4,923	0	4,923	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps³	678	31	228	24	59	141	31	27	13	6	7	12	100
Foreign currency denominated
assets⁴	21,745	987	7,309	781	1,880	4,525	983	852	413	185	235	392	3,202
Other assets⁵	28,822	569	14,742	704	1,088	2,188	1,812	1,596	639	377	688	1,488	2,930
Interdistrict settlement account	0	+ 25,464	- 236,525	+ 28,315	+ 4,833	+ 4,983	+ 16,367	+ 70,222	+ 7,075	- 12,479	+ 8,982	+ 24,232	+ 58,529

Total assets	7,903,541	186,569	4,188,363	197,413	299,267	529,859	472,227	493,596	109,835	69,329	116,190	367,916	872,977

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 26, 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	2,123,575	63,019	694,718	62,373	104,484	157,466	299,598	128,555	58,120	32,692	53,467	187,574	281,509
Reverse repurchase agreements⁶	670,433	11,204	378,966	14,160	24,394	44,924	39,282	36,586	8,741	5,188	8,903	29,648	68,438
Deposits	5,010,847	96,007	3,062,273	119,150	166,586	318,388	130,840	326,248	41,982	30,686	53,107	149,364	516,215
Depository institutions	3,851,623	95,997	2,080,116	119,149	166,056	317,882	130,708	155,397	41,975	30,163	49,451	148,539	516,188
U.S. Treasury, General Account	778,912	0	778,912	0	0	0	0	0	0	0	0	0	0
Foreign official	27,076	2	27,049	1	3	8	2	2	1	0	0	1	6
Other⁷	353,237	9	176,197	0	527	497	131	170,849	6	523	3,655	824	21
Earnings remittances due to the U.S. Treasury⁸	569	1	368	10	16	10	34	26	14	2	5	26	58
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	8,330	-2,014	5,066	313	404	902	680	641	236	413	274	474	943

Total liabilities	7,864,034	184,789	4,175,097	196,006	295,884	521,690	470,434	492,056	109,093	68,980	115,756	367,085	867,163

Capital
Capital paid in	32,723	1,472	10,986	1,164	2,796	6,756	1,486	1,275	613	291	361	708	4,815
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	7,903,541	186,569	4,188,363	197,413	299,267	529,859	472,227	493,596	109,835	69,329	116,190	367,916	872,977

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 26, 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 26, 2021
Federal Reserve notes outstanding	2,301,694
Less: Notes held by F.R. Banks not subject to collateralization	178,119
Federal Reserve notes to be collateralized	2,123,575
Collateral held against Federal Reserve notes	2,123,575
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	2,107,338
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	7,333,815
Less: Face value of securities under reverse repurchase agreements	633,720
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	6,700,095

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