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

December 9, 2021

Reserve Bank credit

 8,621,656

+   11,284

+1,429,638

 8,626,506

Securities held outright1

 8,173,479

+   11,960

+1,545,647

 8,177,435

U.S. Treasury securities

 5,600,218

+   17,454

+  978,384

 5,604,169

Bills2

   326,044

         0

         0

   326,044

Notes and bonds, nominal2

 4,825,880

+   14,253

+  879,743

 4,828,030

Notes and bonds, inflation-indexed2

   379,399

+    2,376

+   73,031

   380,800

Inflation compensation3

    68,895

+      825

+   25,610

    69,296

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,570,914

-    5,493

+  567,263

 2,570,918

Unamortized premiums on securities held outright5

   353,918

+        3

+   13,347

   354,122

Unamortized discounts on securities held outright5

   -17,501

-      171

-   12,422

   -17,494

Repurchase agreements6

         0

         0

-    1,000

         1

Foreign official

         0

         0

-    1,000

         0

Others

         0

         0

         0

         1

Loans

    40,223

-    1,676

-   19,782

    39,685

Primary credit

       301

-       91

-    1,786

       378

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

-        4

         0

         0

Primary Dealer Credit Facility

         0

         0

-      250

         0

Money Market Mutual Fund Liquidity Facility

         0

         0

-    4,462

         0

Paycheck Protection Program Liquidity Facility

    39,921

-    1,582

-   13,285

    39,307

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Commercial Paper Funding Facility II LLC7

         0

         0

-    8,562

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         2

         0

-   46,121

         2

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

    29,586

+        8

-   14,619

    29,592

Net portfolio holdings of Municipal Liquidity Facility LLC7

     7,955

+        2

-    8,517

     7,956

Net portfolio holdings of TALF II LLC7

     2,626

-       17

-    9,639

     2,626

Float

      -128

+      218

-       56

       -87

Central bank liquidity swaps8

       272

+        4

-    9,061

       272

Other Federal Reserve assets9

    31,226

+      955

+      426

    32,397

Foreign currency denominated assets10

    20,447

+       60

-    1,651

    20,425

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    50,886

+       14

+      445

    50,886

Total factors supplying reserve funds

 8,709,231

+   11,359

+1,428,433

 8,714,058

Currency in circulation11

 2,220,582

-      215

+  154,288

 2,220,363

Reverse repurchase agreements12

 1,773,919

+    9,712

+1,590,767

 1,787,227

Foreign official and international accounts

   302,176

-    3,336

+  119,025

   303,035

Others

 1,471,743

+   13,048

+1,471,742

 1,484,192

Treasury cash holdings

        69

-        1

+       28

        68

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

   367,782

-   50,684

-1,379,727

   379,539

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   115,117

-   37,534

-1,419,126

   125,144

Foreign official

     6,904

-      516

-   14,894

     7,637

Other13

   245,761

-   12,634

+   54,293

   246,759

Treasury contributions to credit facilities14

    21,258

         0

-   92,742

    21,258

Other liabilities and capital15

    49,815

+    1,606

-    2,507

    50,003

Total factors, other than reserve balances,
absorbing reserve funds

 4,433,425

-   39,582

+  270,107

 4,458,459

Reserve balances with Federal Reserve Banks

 4,275,806

+   50,941

+1,158,326

 4,255,599

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 $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 3,445,719

-   12,837

-   38,082

 3,432,642

Marketable U.S. Treasury securities1

 3,040,294

-   12,469

+    4,923

 3,027,412

Federal agency debt and mortgage-backed securities2

   323,227

+       46

-   38,256

   323,255

Other securities3

    82,199

-      413

-    4,748

    81,974

Securities lent to dealers

    35,252

+    2,497

+    3,757

    35,791

Overnight facility4

    35,252

+    2,497

+    3,757

    35,791

U.S. Treasury securities

    35,252

+    2,497

+    3,757

    35,791

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

       204

       174

     2,123

    37,184

         0

...

    39,685

U.S. Treasury securities2

Holdings

    49,217

   355,839

   716,309

 2,134,549

 1,009,697

 1,338,558

 5,604,169

Weekly changes

-   16,613

+   11,901

+    4,773

+    4,731

+    3,559

+    3,699

+   12,050

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

         1

        29

     1,895

    61,735

 2,507,258

 2,570,918

Weekly changes

         0

         0

         0

+      309

+      340

-      615

+       34

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    15,767

...

...

    15,767

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

         0

         0

     4,228

...

...

     4,228

Loans held by TALF II LLC7

         0

         0

         0

     1,360

...

...

     1,360

Repurchase agreements8

         1

         0

...

...

...

...

         1

Central bank liquidity swaps9

       222

        50

         0

         0

         0

         0

       272

Reverse repurchase agreements8

 1,787,227

         0

...

...

...

...

 1,787,227

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

 2,570,918

Residential mortgage-backed securities

 2,561,631

Commercial mortgage-backed securities

     9,287

Commitments to buy mortgage-backed securities2

   134,170

Commitments to sell mortgage-backed securities2

        20

Cash and cash equivalents3

         3

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

         2

         2

MS Facilities LLC (Main Street Lending Program)

    15,684

    13,437

    16,155

    29,592

Municipal Liquidity Facility LLC

     4,228

     4,228

     3,728

     7,956

TALF II LLC

     1,431

     1,360

     1,266

     2,626

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

     1,187

         0

-      354

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

 8,553,748

+   10,937

+1,520,838

Securities held outright1

 8,177,435

+   12,084

+1,540,894

U.S. Treasury securities

 5,604,169

+   12,050

+  973,631

Bills2

   326,044

         0

         0

Notes and bonds, nominal2

 4,828,030

+    8,226

+  875,378

Notes and bonds, inflation-indexed2

   380,800

+    2,802

+   72,374

Inflation compensation3

    69,296

+    1,022

+   25,881

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,570,918

+       34

+  567,262

Unamortized premiums on securities held outright5

   354,122

+      203

+   13,099

Unamortized discounts on securities held outright5

   -17,494

-       44

-   12,414

Repurchase agreements6

         1

         0

-      999

Loans7

    39,685

-    1,305

-   19,741

Net portfolio holdings of Commercial Paper Funding Facility II LLC8

         0

         0

-    8,557

Net portfolio holdings of Corporate Credit Facilities LLC8

         2

         0

-   46,136

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

    29,592

+        8

-   15,229

Net portfolio holdings of Municipal Liquidity Facility LLC8

     7,956

+        2

-    8,403

Net portfolio holdings of TALF II LLC8

     2,626

         0

-    9,837

Items in process of collection

(0)

        82

+       23

+        2

Bank premises

     1,383

+        4

-      816

Central bank liquidity swaps9

       272

+        4

-    9,293

Foreign currency denominated assets10

    20,425

-       63

-    1,602

Other assets11

    31,015

+    3,208

+    1,253

Total assets

(0)

 8,664,524

+   14,122

+1,421,866

Liabilities

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

 2,170,728

-    1,419

+  152,906

Reverse repurchase agreements12

 1,787,227

+   57,950

+1,594,970

Deposits

(0)

 4,635,139

-   43,891

-  231,408

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 4,255,600

-   10,422

+1,107,944

U.S. Treasury, General Account

   125,144

-   34,004

-1,377,217

Foreign official

     7,637

+    1,843

-   14,186

Other13

(0)

   246,759

-    1,308

+   52,051

Deferred availability cash items

(0)

       169

-      471

-        4

Treasury contributions to credit facilities14

    21,258

         0

-   92,742

Other liabilities and accrued dividends15

     9,346

+    1,950

-    3,284

Total liabilities

(0)

 8,623,868

+   14,119

+1,420,440

Capital accounts

Capital paid in

    33,872

+        4

+    1,468

Surplus

     6,785

         0

-       40

Other capital accounts

         0

         0

         0

Total capital

    40,657

+        4

+    1,428

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 $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 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

     1,187

        13

        21

       114

        45

       173

       102

       222

        16

        32

        85

       147

       217

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

 8,553,748

   142,325

 4,818,387

   179,965

   316,815

   571,089

   499,095

   464,823

   111,465

    79,317

   113,594

   376,826

   880,047

Net portfolio holdings of Corporate Credit Facilities LLC2

         2

         0

         2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    29,592

    29,592

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     7,956

         0

     7,956

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,626

         0

     2,626

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

       272

        12

        91

        10

        23

        57

        12

        11

         5

         2

         3

         5

        40

Foreign currency denominated

assets4

    20,425

       927

     6,866

       733

     1,766

     4,250

       924

       800

       388

       174

       221

       368

     3,008

Other assets5

    32,480

       635

    16,840

       783

     1,234

     2,442

     2,025

     1,796

       718

       442

       725

     1,535

     3,305

Interdistrict settlement account

         0

+   38,563

-  552,541

+    2,990

+   63,258

+   68,195

+   81,440

+  107,492

+   27,290

+    1,663

+   22,301

+   55,118

+   84,230

Total assets

 8,664,524

   212,599

 4,305,671

   185,118

   383,892

   647,392

   585,785

   576,279

   140,358

    81,903

   137,385

   435,219

   972,922

Liabilities

Federal Reserve notes, net

 2,170,728

    72,152

   692,681

    61,737

   103,562

   154,005

   323,007

   121,380

    64,589

    33,014

    55,480

   192,615

   296,504

Reverse repurchase agreements6

 1,787,227

    29,866

 1,010,241

    37,748

    65,030

   119,759

   104,717

    97,529

    23,301

    13,829

    23,733

    79,034

   182,440

Deposits

 4,635,139

    94,661

 2,577,130

    83,830

   210,998

   364,581

   155,862

   355,196

    51,417

    34,620

    57,482

   162,164

   487,198

Depository institutions

 4,255,600

    94,646

 2,390,991

    83,829

   210,945

   363,970

   155,698

   164,316

    51,404

    34,380

    56,411

   161,883

   487,126

U.S. Treasury, General Account

   125,144

         0

   125,144

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     7,637

         2

     7,611

         1

         3

         8

         2

         2

         1

         0

         0

         1

         6

Other7

   246,759

        13

    53,384

         0

        50

       603

       161

   190,879

        12

       239

     1,070

       280

        66

Earnings remittances due to the U.S. Treasury8

     3,066

        27

     1,847

        58

       106

       140

       190

       162

        39

        20

        37

       135

       304

Treasury contributions to credit facilities9

    21,258

    15,674

     5,584

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     6,450

    -1,549

     4,112

       245

       297

       702

       594

       462

       210

       191

       230

       334

       620

Total liabilities

 8,623,868

   210,832

 4,291,593

   183,618

   379,994

   639,187

   584,371

   574,730

   139,555

    81,675

   136,962

   434,283

   967,067

Capital

Capital paid in

    33,872

     1,459

    11,797

     1,257

     3,311

     6,793

     1,107

     1,283

       674

       170

       350

       814

     4,856

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

 8,664,524

   212,599

 4,305,671

   185,118

   383,892

   647,392

   585,785

   576,279

   140,358

    81,903

   137,385

   435,219

   972,922

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 $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 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

 2,431,811

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

   261,083

Federal Reserve notes to be collateralized

 2,170,728

Collateral held against Federal Reserve notes

 2,170,728

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,154,491

Other assets pledged

         0

Memo:

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

 8,177,436

Less: Face value of securities under reverse repurchase agreements

 1,730,246

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

 6,447,189

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.