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

November 18, 2021

Reserve Bank credit

 8,626,528

+   68,070

+1,436,638

 8,636,972

Securities held outright1

 8,157,788

+   74,157

+1,542,688

 8,179,303

U.S. Treasury securities

 5,559,516

+   15,419

+  993,994

 5,573,525

Bills2

   326,044

         0

         0

   326,044

Notes and bonds, nominal2

 4,792,349

+   14,059

+  895,005

 4,806,255

Notes and bonds, inflation-indexed2

   374,042

+    1,028

+   74,480

   374,042

Inflation compensation3

    67,082

+      334

+   24,509

    67,184

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,595,925

+   58,738

+  548,695

 2,603,431

Unamortized premiums on securities held outright5

   355,601

+      736

+   14,706

   355,649

Unamortized discounts on securities held outright5

   -16,996

-      273

-   12,231

   -17,321

Repurchase agreements6

         0

         0

-    1,000

         0

Foreign official

         0

         0

-    1,000

         0

Others

         0

         0

         0

         0

Loans

    45,781

-    1,979

-   20,413

    44,040

Primary credit

       349

+       11

-    1,839

       355

Secondary credit

         0

         0

         0

         0

Seasonal credit

         6

-        4

+        6

         5

Primary Dealer Credit Facility

         0

         0

-      261

         0

Money Market Mutual Fund Liquidity Facility

         0

         0

-    5,387

         0

Paycheck Protection Program Liquidity Facility

    45,426

-    1,986

-   12,934

    43,681

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Commercial Paper Funding Facility II LLC7

         0

         0

-    8,557

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

       515

         0

-   45,242

       515

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

    30,494

-       15

-   12,067

    30,466

Net portfolio holdings of Municipal Liquidity Facility LLC7

     9,785

+        1

-    6,768

     9,786

Net portfolio holdings of TALF II LLC7

     4,491

+        1

-    7,783

     4,491

Float

      -160

-       36

-       66

      -114

Central bank liquidity swaps8

       274

-       54

-    7,238

       265

Other Federal Reserve assets9

    38,954

-    4,470

+      608

    29,892

Foreign currency denominated assets10

    20,501

-      200

-    1,248

    20,379

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    50,866

+       14

+      443

    50,866

Total factors supplying reserve funds

 8,714,136

+   67,884

+1,435,833

 8,724,458

Currency in circulation11

 2,214,649

+    4,663

+  155,110

 2,215,367

Reverse repurchase agreements12

 1,737,690

+   62,369

+1,545,456

 1,814,292

Foreign official and international accounts

   297,680

-    7,510

+  105,464

   294,292

Others

 1,440,009

+   69,878

+1,439,991

 1,520,000

Treasury cash holdings

        62

+       12

+       10

        60

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

   473,587

-   39,986

-1,341,917

   430,325

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   211,453

-   47,840

-1,345,439

   178,972

Foreign official

     7,008

+    1,390

-   14,277

     7,768

Other13

   255,126

+    6,464

+   17,799

   243,585

Treasury contributions to credit facilities14

    26,397

         0

-   87,603

    26,397

Other liabilities and capital15

    51,950

+       66

-    1,202

    49,180

Total factors, other than reserve balances,
absorbing reserve funds

 4,504,334

+   27,123

+  269,852

 4,535,621

Reserve balances with Federal Reserve Banks

 4,209,802

+   40,761

+1,165,980

 4,188,837

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 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.

Securities held in custody for foreign official and international accounts

 3,467,890

-   12,119

+   26,047

 3,473,619

Marketable U.S. Treasury securities1

 3,056,185

-   12,287

+   60,852

 3,061,844

Federal agency debt and mortgage-backed securities2

   328,662

+       98

-   32,653

   328,671

Other securities3

    83,043

+       70

-    2,151

    83,103

Securities lent to dealers

    41,754

+    4,891

+   12,011

    40,366

Overnight facility4

    41,754

+    4,891

+   12,011

    40,366

U.S. Treasury securities

    41,754

+    4,891

+   12,011

    40,366

Federal agency debt securities

         0

         0

         0

         0

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.

Loans1

       146

       214

     2,441

    41,240

         0

...

    44,040

U.S. Treasury securities2

Holdings

    77,857

   315,439

   715,588

 2,127,892

 1,008,848

 1,327,901

 5,573,525

Weekly changes

-   32,240

+   29,761

+    8,240

-    4,064

+    3,297

+   15,923

+   20,918

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

        27

     1,672

    62,713

 2,539,018

 2,603,431

Weekly changes

         0

         0

         0

-        5

-      267

+   10,337

+   10,065

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    15,823

...

...

    15,823

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     4,228

...

...

     4,228

Loans held by TALF II LLC7

         0

         0

         0

     1,368

...

...

     1,368

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       215

        50

         0

         0

         0

         0

       265

Reverse repurchase agreements8

 1,814,292

         0

...

...

...

...

 1,814,292

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to 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.

Mortgage-backed securities held outright1

 2,603,431

Residential mortgage-backed securities

 2,594,065

Commercial mortgage-backed securities

     9,366

Commitments to buy mortgage-backed securities2

    90,445

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

        40

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.

Corporate Credit Facilities LLC

         0

         0

       515

       515

MS Facilities LLC (Main Street Lending Program)

    15,684

    13,493

    16,973

    30,466

Municipal Liquidity Facility LLC

     4,373

     4,228

     5,559

     9,786

TALF II LLC

     1,456

     1,368

     3,123

     4,491

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.

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 September 30, 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 Municipal Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,199

-        5

-      305

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

 8,561,671

+   27,379

+1,520,997

Securities held outright1

 8,179,303

+   30,983

+1,541,357

U.S. Treasury securities

 5,573,525

+   20,918

+  989,102

Bills2

   326,044

         0

         0

Notes and bonds, nominal2

 4,806,255

+   20,679

+  890,051

Notes and bonds, inflation-indexed2

   374,042

         0

+   74,480

Inflation compensation3

    67,184

+      239

+   24,571

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,603,431

+   10,065

+  552,255

Unamortized premiums on securities held outright5

   355,649

-      159

+   14,193

Unamortized discounts on securities held outright5

   -17,321

-      554

-   12,406

Repurchase agreements6

         0

         0

-    1,000

Loans7

    44,040

-    2,890

-   21,147

Net portfolio holdings of Commercial Paper Funding Facility II LLC8

         0

         0

-    8,557

Net portfolio holdings of Corporate Credit Facilities LLC8

       515

         0

-   45,323

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

    30,466

-       50

-   12,428

Net portfolio holdings of Municipal Liquidity Facility LLC8

     9,786

+        1

-    6,768

Net portfolio holdings of TALF II LLC8

     4,491

         0

-    7,802

Items in process of collection

(0)

        69

-        3

+       16

Bank premises

     1,462

+        7

-      735

Central bank liquidity swaps9

       265

-       63

-    6,876

Foreign currency denominated assets10

    20,379

-      243

-    1,471

Other assets11

    28,430

-   15,169

+    1,141

Total assets

(0)

 8,674,970

+   11,853

+1,431,890

Liabilities

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

 2,165,755

+    1,474

+  154,366

Reverse repurchase agreements12

 1,814,292

+   61,315

+1,624,055

Deposits

(0)

 4,619,162

-   43,528

-  258,408

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 4,188,837

+   10,251

+1,155,608

U.S. Treasury, General Account

   178,972

-   52,449

-1,367,952

Foreign official

     7,768

+    1,176

-   13,506

Other13

(0)

   243,585

-    2,506

-   32,558

Deferred availability cash items

(0)

       183

-       88

+       50

Treasury contributions to credit facilities14

    26,397

         0

-   87,603

Other liabilities and accrued dividends15

     8,540

-    8,052

-    1,987

Total liabilities

(0)

 8,634,330

+   11,122

+1,430,475

Capital accounts

Capital paid in

    33,855

+      732

+    1,455

Surplus

     6,785

         0

-       40

Other capital accounts

         0

         0

         0

Total capital

    40,640

+      732

+    1,415

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 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.

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

     1,199

        12

        21

       115

        45

       175

       104

       227

        17

        31

        86

       147

       218

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

 8,561,671

   142,376

 4,820,743

   180,074

   318,140

   571,414

   499,357

   465,129

   111,534

    80,595

   113,679

   377,054

   881,575

Net portfolio holdings of Corporate Credit Facilities LLC2

       515

         0

       515

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    30,466

    30,466

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     9,786

         0

     9,786

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     4,491

         0

     4,491

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       265

        12

        89

        10

        23

        55

        12

        10

         5

         2

         3

         5

        39

Foreign currency denominated

assets4

    20,379

       925

     6,850

       732

     1,762

     4,241

       922

       798

       387

       173

       220

       367

     3,001

Other assets5

    29,961

       596

    15,488

       731

     1,160

     2,298

     1,874

     1,662

       553

       400

       714

     1,429

     3,055

Interdistrict settlement account

         0

+   31,453

-  501,816

+    8,318

+   49,569

+   24,833

+   78,071

+  120,565

+   27,396

+      339

+   20,568

+   57,393

+   83,311

Total assets

 8,674,970

   206,370

 4,361,590

   190,503

   371,451

   604,203

   582,528

   589,528

   140,368

    81,814

   135,726

   437,616

   973,273

Liabilities

Federal Reserve notes, net

 2,165,755

    71,123

   691,960

    61,366

   103,833

   153,629

   320,483

   121,248

    64,571

    33,007

    55,051

   193,212

   296,273

Reverse repurchase agreements6

 1,814,292

    30,318

 1,025,539

    38,319

    66,015

   121,572

   106,303

    99,006

    23,654

    14,038

    24,092

    80,231

   185,203

Deposits

 4,619,162

    88,127

 2,615,080

    89,019

   197,316

   319,837

   153,527

   367,107

    51,111

    34,330

    55,894

   162,770

   485,043

Depository institutions

 4,188,837

    88,113

 2,383,647

    89,018

   197,240

   319,215

   153,394

   171,179

    51,099

    34,096

    54,349

   162,509

   484,978

U.S. Treasury, General Account

   178,972

         0

   178,972

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     7,768

         2

     7,742

         1

         3

         8

         2

         2

         1

         0

         0

         1

         6

Other7

   243,585

        12

    44,720

         0

        72

       614

       131

   195,927

        11

       233

     1,545

       261

        59

Earnings remittances due to the U.S. Treasury8

     1,848

        27

     1,083

        36

        57

        91

       119

       100

        25

        16

        24

        90

       179

Treasury contributions to credit facilities9

    26,397

    16,572

     9,825

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     6,875

    -1,564

     4,033

       263

       335

       868

       680

       517

       206

       194

       241

       377

       725

Total liabilities

 8,634,330

   204,603

 4,347,520

   189,003

   367,555

   595,998

   581,113

   587,979

   139,566

    81,586

   135,303

   436,680

   967,423

Capital

Capital paid in

    33,855

     1,459

    11,789

     1,256

     3,310

     6,793

     1,107

     1,284

       673

       170

       349

       813

     4,850

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

 8,674,970

   206,370

 4,361,590

   190,503

   371,451

   604,203

   582,528

   589,528

   140,368

    81,814

   135,726

   437,616

   973,273

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 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 MS Facilities LLC of $16.6 billion, 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).

Federal Reserve notes outstanding

 2,418,556

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

   252,800

Federal Reserve notes to be collateralized

 2,165,755

Collateral held against Federal Reserve notes

 2,165,755

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,149,519

Other assets pledged

         0

Memo:

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

 8,179,303

Less: Face value of securities under reverse repurchase agreements

 1,772,356

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

 6,406,947

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.