FRB: H.4.1 Release--Factors Affecting Reserve Balances-- July 22, 2021

FEDERAL RESERVE statistical release

For Release at
4:30 P.M. Eastern Time
July 22, 2021

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks," has been modified to reflect closing the Commercial Paper Funding
Facility II LLC (CPFF II LLC). CPFF II LLC related lines were removed from table 2, table 4, and table 6.
Footnote 1 in Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities (table 2) and
Footnotes 2 and 3 in Information on Principal Amounts of Credit Facilities LLCs (table 4) were revised
accordingly.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks July 22, 2021

1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Jul 21, 2021
Federal Reserve Banks Jul 21, 2021 Jul 14, 2021 Jul 22, 2020

Reserve Bank credit 8,174,231 + 94,480 +1,262,072 8,201,670
Securities held outright (1) 7,639,983 + 93,013 +1,417,077 7,667,510
U.S. Treasury securities 5,237,014 + 23,847 + 977,706 5,242,987
Bills (2) 326,044 0 0 326,044
Notes and bonds, nominal (2) 4,509,425 + 32,159 + 879,382 4,514,027
Notes and bonds, inflation-indexed (2) 345,916 - 7,541 + 77,975 346,944
Inflation compensation (3) 55,628 - 771 + 20,348 55,972
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,400,622 + 69,166 + 439,371 2,422,177
Unamortized premiums on securities held outright (5) 353,299 + 1,559 + 34,216 353,639
Unamortized discounts on securities held outright (5) -14,538 - 106 - 9,311 -14,621
Repurchase agreements (6) 0 0 0 0
Foreign official 0 0 0 0
Others 0 0 0 0
Loans 87,456 - 1,023 - 5,327 86,848
Primary credit 478 + 96 - 4,127 554
Secondary credit 0 0 0 0
Seasonal credit 16 0 - 12 16
Primary Dealer Credit Facility 0 0 - 1,873 0
Money Market Mutual Fund Liquidity Facility 0 0 - 17,952 0
Paycheck Protection Program Liquidity Facility 86,963 - 1,118 + 18,637 86,278
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 0 0 - 10,299 0
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 22,642 - 7 - 21,152 22,648
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 30,433 - 123 - 7,083 30,439
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 9,758 + 1 - 6,326 9,760
Net portfolio holdings of TALF II LLC (7) 4,690 + 1 - 4,749 4,690
Float -110 - 18 + 64 -108
Central bank liquidity swaps (8) 475 - 1 - 125,847 475
Other Federal Reserve assets (9) 40,142 + 1,184 + 809 40,391
Foreign currency denominated assets (10) 21,234 - 36 + 86 21,213
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,754 + 14 + 472 50,754

Total factors supplying reserve funds 8,262,459 + 94,458 +1,262,630 8,289,878

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

1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Jul 21, 2021
Federal Reserve Banks Jul 21, 2021 Jul 14, 2021 Jul 22, 2020

Currency in circulation (11) 2,185,342 - 2,238 + 202,469 2,185,216
Reverse repurchase agreements (12) 1,086,193 + 36,198 + 869,247 1,136,878
Foreign official and international accounts 254,231 - 64 + 37,286 250,672
Others 831,962 + 36,262 + 831,961 886,206
Treasury cash holdings 47 + 2 + 2 50
Deposits with F.R. Banks, other than reserve balances 926,214 - 7,511 -1,078,813 902,670
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 678,103 - 26,815 -1,126,841 616,294
Foreign official 5,804 + 572 - 10,427 5,837
Other (13) 242,307 + 18,731 + 58,455 280,539
Treasury contributions to credit facilities (14) 40,278 0 - 73,722 40,278
Other liabilities and capital (15) 51,445 - 1,873 + 2,287 50,238

Total factors, other than reserve balances,
absorbing reserve funds 4,289,520 + 24,577 - 78,529 4,315,331

Reserve balances with Federal Reserve Banks 3,972,940 + 69,882 +1,341,160 3,974,547

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.
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 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
Week ended Change from week ended Jul 21, 2021
Jul 21, 2021 Jul 14, 2021 Jul 22, 2020

Securities held in custody for foreign official and
international accounts 3,526,474 - 11,956 + 124,161 3,522,825
Marketable U.S. Treasury securities (1) 3,082,508 - 14,600 + 130,233 3,078,752
Federal agency debt and mortgage-backed securities (2) 353,988 + 1,938 - 11,067 353,597
Other securities (3) 89,978 + 706 + 4,995 90,475
Securities lent to dealers 31,270 - 2,502 + 7,888 27,364
Overnight facility (4) 31,270 - 2,502 + 7,888 27,364
U.S. Treasury securities 31,270 - 2,502 + 7,888 27,364
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, July 21, 2021
Millions of dollars
Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All
days 90 days 1 year to 5 years to 10 years years

Loans (1) 331 238 12,537 73,741 0 ... 86,848
U.S. Treasury securities (2)
Holdings 77,002 285,248 675,957 2,020,368 959,414 1,224,998 5,242,987
Weekly changes + 1,398 - 16,703 + 22,943 - 5,151 + 10,780 + 7,151 + 20,417
Federal agency debt securities (3)
Holdings 0 0 0 0 2,134 213 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 16 1,875 64,848 2,355,437 2,422,177
Weekly changes 0 0 0 - 5 - 646 + 20,467 + 19,815
Loan participations held by MS
Facilities LLC (Main Street Lending
Program) (5) 0 0 0 16,175 ... ... 16,175
Municipal notes held by Municipal
Liquidity Facility LLC (6) 0 0 0 4,373 ... ... 4,373
Loans held by TALF II LLC (7) 0 0 0 1,481 ... ... 1,481
Repurchase agreements (8) 0 0 ... ... ... ... 0
Central bank liquidity swaps (9) 187 288 0 0 0 0 475
Reverse repurchase agreements (8) 1,136,878 0 ... ... ... ... 1,136,878
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 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 the loan participations held by the MS Facilities LLC.
6. Book value of the municipal notes held by the Municipal Liquidity Facility LLC.
7. Book value of the loans held by the TALF II LLC.
8. Cash value of agreements.
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.

3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name Wednesday
Jul 21, 2021

Mortgage-backed securities held outright (1) 2,422,177
Residential mortgage-backed securities 2,412,441
Commercial mortgage-backed securities 9,736

Commitments to buy mortgage-backed securities (2) 102,643
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 37

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 Jul 21, 2021
Net portfolio holdings of
Credit Facilities LLCs
Outstanding
principal Outstanding
amount amount of Treasury
of loan facility contributions
extended to asset and
the LLC (1) purchases (2)other assets (3) Total

Corporate Credit Facilities LLC 10,333 6,713 15,935 22,648
MS Facilities LLC (Main Street Lending Program) 16,097 13,517 16,922 30,439
Municipal Liquidity Facility LLC 4,373 4,373 5,387 9,760
TALF II LLC 1,660 1,481 3,209 4,690

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 Corporate Credit Facilities LLC includes exchange traded-funds and corporate bonds at
fair value. Asset balances from trading activity are
reported on a one-day lag after the transaction date.
b. 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.
c. 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.
d. 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: Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF
II LLC. Refer to the note on consolidation accompanying table 6.

5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Jul 21, 2021 Wednesday Wednesday
consolidation Jul 14, 2021 Jul 22, 2020

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,248 + 5 - 274
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 8,093,376 + 38,931 +1,446,662
Securities held outright (1) 7,667,510 + 40,232 +1,428,685
U.S. Treasury securities 5,242,987 + 20,417 + 977,109
Bills (2) 326,044 0 0
Notes and bonds, nominal (2) 4,514,027 + 29,275 + 877,602
Notes and bonds, inflation-indexed (2) 346,944 - 7,943 + 78,831
Inflation compensation (3) 55,972 - 915 + 20,676
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,422,177 + 19,815 + 451,577
Unamortized premiums on securities held outright
(5) 353,639 + 280 + 33,141
Unamortized discounts on securities held outright
(5) -14,621 - 169 - 9,460
Repurchase agreements (6) 0 0 0
Loans (7) 86,848 - 1,412 - 5,704
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 0 0 - 10,105
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 22,648 + 7 - 21,398
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 30,439 - 125 - 7,079
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 9,760 + 2 - 6,325
Net portfolio holdings of TALF II LLC (8) 4,690 + 1 - 4,749
Items in process of collection (0) 53 - 13 + 1
Bank premises 1,867 - 7 - 332
Central bank liquidity swaps (9) 475 - 1 - 121,517
Foreign currency denominated assets (10) 21,213 - 45 - 54
Other assets (11) 38,523 + 125 + 944

Total assets (0) 8,240,530 + 38,879 +1,275,775

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

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Jul 21, 2021 Wednesday Wednesday
consolidation Jul 14, 2021 Jul 22, 2020

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,135,757 - 1,762 + 198,742
Reverse repurchase agreements (12) 1,136,878 + 25,911 + 922,213
Deposits (0) 4,877,216 + 19,877 + 226,321
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,974,547 + 29,847 +1,314,889
U.S. Treasury, General Account 616,294 - 41,248 -1,160,886
Foreign official 5,837 + 587 - 10,387
Other (13) (0) 280,539 + 30,692 + 82,706
Deferred availability cash items (0) 162 - 7 - 145
Treasury contributions to credit facilities (14) 40,278 0 - 73,722
Other liabilities and accrued dividends (15) 10,633 - 5,142 + 1,520

Total liabilities (0) 8,200,924 + 38,877 +1,274,930

Capital accounts
Capital paid in 32,820 + 1 + 884
Surplus 6,785 0 - 40
Other capital accounts 0 0 0

Total capital 39,605 + 1 + 844

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.
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 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, July 21, 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 1,248 20 25 113 56 181 115 233 15 31 86 148 224
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 8,093,376 133,921 4,536,885 173,289 307,191 537,870 469,946 437,805 105,306 88,978 108,267 355,062 838,857
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 22,648 0 22,648 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 30,439 30,439 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 9,760 0 9,760 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 4,690 0 4,690 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 475 22 160 17 41 99 21 19 9 4 5 9 70
Foreign currency denominated
assets (4) 21,213 963 7,130 762 1,834 4,414 959 831 403 180 229 382 3,124
Other assets (5) 40,444 771 21,452 956 1,536 2,996 2,485 2,241 666 472 846 1,894 4,129
Interdistrict settlement account 0 + 27,403 - 270,175 + 16,402 + 2,493 - 15,547 + 37,559 + 83,603 + 9,818 - 12,026 + 12,309 + 29,783 + 78,380

Total assets 8,240,530 194,069 4,337,996 192,062 313,903 531,200 513,274 525,868 116,692 77,913 122,197 388,497 926,859

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, July 21, 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 2,135,757 66,002 694,812 63,462 104,032 155,757 303,451 127,068 57,552 32,450 53,076 195,653 282,443
Reverse repurchase agreements (6) 1,136,878 18,998 642,627 24,012 41,367 76,180 66,612 62,040 14,822 8,797 15,097 50,275 116,053
Deposits 4,877,216 92,661 2,956,851 102,744 164,519 290,067 140,618 334,480 43,314 36,097 53,302 141,171 521,393
Depository institutions 3,974,547 92,650 2,234,406 102,742 164,474 289,535 140,505 157,080 43,305 35,869 51,771 140,844 521,366
U.S. Treasury, General Account 616,294 0 616,294 0 0 0 0 0 0 0 0 0 0
Foreign official 5,837 2 5,810 1 3 8 2 2 1 0 0 1 6
Other (7) 280,539 9 100,341 0 42 523 111 177,399 8 228 1,531 327 21
Earnings remittances due to the U.S.
Treasury (8) 1,980 22 1,163 38 75 125 116 95 23 13 26 87 197
Treasury contributions to credit
facilities (9) 40,278 16,572 23,706 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 8,815 -1,951 5,570 307 403 903 685 645 238 332 261 479 943

Total liabilities 8,200,924 192,304 4,324,729 190,562 310,395 523,032 511,481 524,327 115,950 77,688 121,762 387,665 921,029

Capital
Capital paid in 32,820 1,457 10,987 1,256 2,921 6,756 1,486 1,275 613 167 362 710 4,831
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 8,240,530 194,069 4,337,996 192,062 313,903 531,200 513,274 525,868 116,692 77,913 122,197 388,497 926,859

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, July 21, 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.
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 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
Jul 21, 2021

Federal Reserve notes outstanding 2,343,005
Less: Notes held by F.R. Banks not subject to collateralization 207,248
Federal Reserve notes to be collateralized 2,135,757
Collateral held against Federal Reserve notes 2,135,757
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,119,520
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 7,667,510
Less: Face value of securities under reverse repurchase agreements 1,080,585
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,586,925

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