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

January 27, 2022

Reserve Bank credit

 8,838,501

+   12,857

+1,453,647

 8,822,109

Securities held outright1

 8,392,869

+   16,533

+1,536,320

 8,379,384

U.S. Treasury securities

 5,706,684

+   14,396

+  951,875

 5,716,217

Bills2

   326,044

         0

         0

   326,044

Notes and bonds, nominal2

 4,927,899

+   20,949

+  857,648

 4,935,214

Notes and bonds, inflation-indexed2

   379,784

-    5,724

+   64,165

   381,497

Inflation compensation3

    72,958

-      828

+   30,063

    73,463

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,683,837

+    2,136

+  584,445

 2,660,820

Unamortized premiums on securities held outright5

   352,342

-      932

+    6,660

   351,610

Unamortized discounts on securities held outright5

   -18,956

-      475

-   12,807

   -18,971

Repurchase agreements6

         0

         0

-    1,000

         0

Foreign official

         0

         0

-    1,000

         0

Others

         0

         0

         0

         0

Loans

    31,026

-    1,049

-   20,394

    30,571

Primary credit

       422

-       52

-    1,607

       345

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

         0

         0

Primary Dealer Credit Facility

         0

         0

-      485

         0

Money Market Mutual Fund Liquidity Facility

         0

         0

-    1,905

         0

Paycheck Protection Program Liquidity Facility

    30,605

-      996

-   16,396

    30,226

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

         0

         0

-   26,310

         0

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

    28,938

-      348

-    4,354

    28,945

Net portfolio holdings of Municipal Liquidity Facility LLC7

     7,868

+        1

-    3,740

     7,869

Net portfolio holdings of TALF II LLC7

     2,601

         0

-    4,077

     2,602

Float

      -200

-       53

-       46

      -522

Central bank liquidity swaps8

       265

-        1

-    9,516

       265

Other Federal Reserve assets9

    41,748

-      818

+    1,466

    40,357

Foreign currency denominated assets10

    20,402

-       74

-    1,742

    20,325

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    50,984

+       14

+      513

    50,984

Total factors supplying reserve funds

 8,926,128

+   12,797

+1,452,418

 8,909,659

Currency in circulation11

 2,230,865

-    1,640

+  133,800

 2,229,989

Reverse repurchase agreements12

 1,940,977

+   14,203

+1,733,594

 1,891,190

Foreign official and international accounts

   280,425

-   34,063

+   73,925

   278,144

Others

 1,660,552

+   48,266

+1,659,669

 1,613,046

Treasury cash holdings

        25

-       39

-       18

        27

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

   888,616

+  139,658

-1,015,942

   895,818

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   614,877

+  126,180

-1,018,663

   639,620

Foreign official

     7,923

+    2,251

-   14,034

     6,670

Other13

   265,816

+   11,227

+   16,754

   249,528

Treasury contributions to credit facilities14

    21,258

         0

-   30,520

    21,258

Other liabilities and capital15

    48,213

-    3,039

-    1,661

    46,301

Total factors, other than reserve balances,
absorbing reserve funds

 5,129,954

+  149,144

+  819,252

 5,084,583

Reserve balances with Federal Reserve Banks

 3,796,174

-  136,347

+  633,166

 3,825,076

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

 3,458,192

+   11,310

-   74,740

 3,450,969

Marketable U.S. Treasury securities1

 3,052,499

+   15,026

-   29,794

 3,046,318

Federal agency debt and mortgage-backed securities2

   323,558

-    3,904

-   38,419

   322,774

Other securities3

    82,135

+      188

-    6,526

    81,876

Securities lent to dealers

    37,619

-    4,522

+    7,407

    40,523

Overnight facility4

    37,619

-    4,522

+    7,407

    40,523

U.S. Treasury securities

    37,619

-    4,522

+    7,407

    40,523

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

       156

       489

       887

    29,039

         0

...

    30,571

U.S. Treasury securities2

Holdings

    91,232

   326,564

   721,944

 2,197,647

 1,014,477

 1,364,352

 5,716,217

Weekly changes

-    2,932

+    7,185

-      310

+   14,766

+    2,439

+    1,727

+   22,876

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

     1,900

    59,656

 2,599,235

 2,660,820

Weekly changes

         0

         0

-        5

-       97

-    1,245

-   24,095

-   25,442

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    15,332

...

...

    15,332

Municipal notes held by Municipal

Liquidity Facility LLC6

         0

       451

         0

     2,907

...

...

     3,358

Loans held by TALF II LLC7

         0

         0

         0

     1,291

...

...

     1,291

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

       265

         0

         0

         0

         0

         0

       265

Reverse repurchase agreements8

 1,891,190

         0

...

...

...

...

 1,891,190

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

 2,660,820

Residential mortgage-backed securities

 2,651,722

Commercial mortgage-backed securities

     9,098

Commitments to buy mortgage-backed securities2

    66,596

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

        11

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.

MS Facilities LLC (Main Street Lending Program)

    15,011

    13,006

    15,938

    28,945

Municipal Liquidity Facility LLC

     4,131

     3,358

     4,511

     7,869

TALF II LLC

     1,405

     1,291

     1,311

     2,602

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 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.

b. 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.

c. 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

     1,244

+       11

-      334

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

 8,742,593

-    5,330

+1,513,442

Securities held outright1

 8,379,384

-    2,566

+1,541,161

U.S. Treasury securities

 5,716,217

+   22,876

+  950,110

Bills2

   326,044

         0

         0

Notes and bonds, nominal2

 4,935,214

+   20,003

+  853,646

Notes and bonds, inflation-indexed2

   381,497

+    1,999

+   65,878

Inflation compensation3

    73,463

+      874

+   30,587

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,660,820

-   25,442

+  591,051

Unamortized premiums on securities held outright5

   351,610

-    1,492

+    6,611

Unamortized discounts on securities held outright5

   -18,971

-      234

-   12,802

Repurchase agreements6

         0

-        1

-    1,000

Loans7

    30,571

-    1,036

-   20,527

Net portfolio holdings of Commercial Paper Funding Facility II LLC8

         0

         0

-    8,558

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-   26,300

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

    28,945

+        9

-    4,356

Net portfolio holdings of Municipal Liquidity Facility LLC8

     7,869

+        1

-    3,742

Net portfolio holdings of TALF II LLC8

     2,602

+        1

-    4,076

Items in process of collection

(0)

        49

-       32

-       25

Bank premises

     1,383

-       34

-      830

Central bank liquidity swaps9

       265

-        1

-    9,302

Foreign currency denominated assets10

    20,325

-       77

-    1,735

Other assets11

    38,974

-    1,895

+    1,375

Total assets

(0)

 8,860,485

-    7,349

+1,455,559

Liabilities

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

 2,180,271

-    3,010

+  131,754

Reverse repurchase agreements12

 1,891,190

-   72,609

+1,680,612

Deposits

(0)

 4,720,894

+   69,094

-  324,293

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 3,825,076

+    3,333

+  596,325

U.S. Treasury, General Account

   639,620

+   59,449

-  973,757

Foreign official

     6,670

-      737

-   15,166

Other13

(0)

   249,528

+    7,050

+   68,305

Deferred availability cash items

(0)

       571

+      347

-       48

Treasury contributions to credit facilities14

    21,258

         0

-   30,520

Other liabilities and accrued dividends15

     5,794

-    1,180

-    3,248

Total liabilities

(0)

 8,819,978

-    7,357

+1,454,257

Capital accounts

Capital paid in

    33,722

+        8

+    1,342

Surplus

     6,785

         0

-       40

Other capital accounts

         0

         0

         0

Total capital

    40,507

+        8

+    1,302

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

     1,244

        16

        25

       111

        50

       179

       112

       230

        19

        34

        88

       158

       222

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

 8,742,593

   145,675

 4,928,793

   184,072

   322,612

   584,228

   510,527

   475,492

   113,878

    78,554

   116,104

   385,430

   897,230

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    28,945

    28,945

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     7,869

         0

     7,869

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,602

         0

     2,602

         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

    20,325

       923

     6,832

       730

     1,757

     4,230

       919

       796

       386

       173

       220

       366

     2,993

Other assets5

    40,406

       778

    21,336

       956

     1,543

     3,041

     2,467

     2,238

       679

       491

       863

     1,895

     4,119

Interdistrict settlement account

         0

+    8,732

-  251,666

+        6

-    4,856

-    9,566

+   57,333

+   84,736

+   22,504

-      785

+   22,509

+   64,778

+    6,275

Total assets

 8,860,485

   185,611

 4,721,302

   186,407

   321,880

   583,354

   573,558

   564,638

   137,946

    78,742

   140,241

   453,852

   912,953

Liabilities

Federal Reserve notes, net

 2,180,271

    72,423

   701,997

    61,035

   102,481

   153,167

   325,221

   122,680

    64,168

    32,675

    56,470

   190,599

   297,356

Reverse repurchase agreements6

 1,891,190

    31,603

 1,069,007

    39,943

    68,813

   126,725

   110,809

   103,203

    24,656

    14,633

    25,113

    83,631

   193,053

Deposits

 4,720,894

    65,665

 2,927,422

    83,692

   146,353

   294,392

   135,083

   336,700

    48,114

    31,023

    57,991

   178,314

   416,145

Depository institutions

 3,825,076

    65,640

 2,225,199

    83,691

   146,309

   293,445

   134,952

   145,624

    48,107

    30,539

    57,455

   178,039

   416,078

U.S. Treasury, General Account

   639,620

         0

   639,620

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     6,670

         2

     6,643

         1

         3

         8

         2

         2

         1

         0

         0

         1

         6

Other7

   249,528

        24

    55,961

         0

        40

       938

       129

   191,075

         6

       484

       536

       275

        61

Earnings remittances due to the U.S. Treasury8

     1,462

        27

       746

        25

         2

       174

       168

        80

         7

        41

        34

        27

       130

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

     4,903

    -1,539

     2,387

       216

       249

       743

       964

       433

       182

       165

       214

       302

       589

Total liabilities

 8,819,978

   183,854

 4,707,142

   184,911

   317,898

   575,200

   572,244

   563,096

   137,127

    78,537

   139,822

   452,873

   907,273

Capital

Capital paid in

    33,722

     1,465

    11,797

     1,244

     3,319

     6,793

     1,094

     1,285

       682

       171

       348

       816

     4,708

Surplus

     6,785

       292

     2,363

       252

       663

     1,361

       221

       257

       137

        34

        70

       163

       973

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

 8,860,485

   185,611

 4,721,302

   186,407

   321,880

   583,354

   573,558

   564,638

   137,946

    78,742

   140,241

   453,852

   912,953

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

 2,454,332

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

   274,061

Federal Reserve notes to be collateralized

 2,180,271

Collateral held against Federal Reserve notes

 2,180,271

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,164,034

Other assets pledged

         0

Memo:

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

 8,379,384

Less: Face value of securities under reverse repurchase agreements

 1,873,334

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

 6,506,050

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.