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Release Date: May 27, 2021
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FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks May 27, 2021
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended May 26, 2021
Federal Reserve Banks May 26, 2021 May 19, 2021 May 27, 2020
Reserve Bank credit 7,889,230 + 14,150 + 829,669 7,864,068
Securities held outright (1) 7,357,676 + 21,764 +1,398,951 7,333,769
U.S. Treasury securities 5,082,105 + 19,687 + 980,997 5,087,157
Bills (2) 326,044 0 0 326,044
Notes and bonds, nominal (2) 4,364,470 + 17,375 + 882,789 4,367,786
Notes and bonds, inflation-indexed (2) 341,427 + 1,600 + 84,833 342,856
Inflation compensation (3) 50,164 + 712 + 13,375 50,471
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,273,224 + 2,077 + 417,954 2,244,265
Unamortized premiums on securities held outright (5) 349,749 - 388 + 45,140 348,761
Unamortized discounts on securities held outright (5) -13,427 - 288 - 7,883 -13,622
Repurchase agreements (6) 7 + 7 - 174,923 46
Foreign official 0 0 - 1 0
Others 7 + 7 - 174,922 46
Loans 83,993 + 2,315 - 23,313 84,894
Primary credit 626 + 10 - 18,205 633
Secondary credit 0 0 0 0
Seasonal credit 2 + 1 0 3
Primary Dealer Credit Facility 0 0 - 6,961 0
Money Market Mutual Fund Liquidity Facility 0 0 - 34,321 0
Paycheck Protection Program Liquidity Facility 83,365 + 2,305 + 36,173 84,258
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 8,554 - 2 - 3,024 8,554
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 25,976 + 66 - 3,876 26,037
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 30,552 - 64 + 30,552 30,559
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 10,913 - 212 + 10,913 10,879
Net portfolio holdings of TALF II LLC (7) 4,922 0 + 4,922 4,923
Float -124 - 18 + 88 -160
Central bank liquidity swaps (8) 678 + 42 - 448,058 678
Other Federal Reserve assets (9) 29,762 - 9,072 + 181 28,750
Foreign currency denominated assets (10) 21,755 + 75 + 1,230 21,745
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,642 + 14 + 420 50,642
Total factors supplying reserve funds 7,977,868 + 14,239 + 831,319 7,952,696
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended May 26, 2021
Federal Reserve Banks May 26, 2021 May 19, 2021 May 27, 2020
Currency in circulation (11) 2,170,156 + 1,530 + 226,047 2,172,925
Reverse repurchase agreements (12) 615,000 + 152,281 + 369,494 670,433
Foreign official and international accounts 224,080 + 4,961 - 20,807 220,150
Others 390,920 + 147,320 + 390,301 450,283
Treasury cash holdings 34 - 5 - 205 37
Deposits with F.R. Banks, other than reserve balances 1,286,963 - 21,698 - 298,602 1,159,225
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 812,473 - 53,646 - 498,018 778,912
Foreign official 27,015 - 1,146 + 10,769 27,076
Other (13) 447,475 + 33,094 + 188,647 353,237
Treasury contributions to credit facilities (14) 50,278 0 - 3,722 50,278
Other liabilities and capital (15) 50,257 - 3,242 + 1,272 48,175
Total factors, other than reserve balances,
absorbing reserve funds 4,172,690 + 128,868 + 294,286 4,101,073
Reserve balances with Federal Reserve Banks 3,805,178 - 114,629 + 537,034 3,851,623
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt
securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements.
7. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury
contributions to the facility. Refer to note on consolidation below.
8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
9. Includes bank premises, accrued interest, and other accounts receivable. Also includes net
portfolio holdings of Maiden Lane LLC.
10. Revalued daily at current foreign currency exchange rates.
11. Estimated.
12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities
13. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, designated financial market utilities, and deposits held by depository
institutions in joint accounts in connection with their participation in certain private-sector payment
arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account,
for services provided by the Reserve Banks as fiscal agents of the United States.
14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10
billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, Municipal
Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion.
15. Includes the liability for earnings remittances due to the U.S. Treasury.
Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
1A. Memorandum Items
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Week ended Change from week ended May 26, 2021
May 26, 2021 May 19, 2021 May 27, 2020
Securities held in custody for foreign official and
international accounts 3,535,183 + 3,965 + 143,947 3,530,826
Marketable U.S. Treasury securities (1) 3,087,012 - 435 + 162,037 3,086,344
Federal agency debt and mortgage-backed securities (2) 359,655 + 4,137 - 21,186 355,754
Other securities (3) 88,516 + 263 + 3,096 88,727
Securities lent to dealers 36,312 - 237 + 3,618 39,807
Overnight facility (4) 36,312 - 237 + 3,618 39,807
U.S. Treasury securities 36,312 - 237 + 3,618 39,807
Federal agency debt securities 0 0 0 0
Note: Components may not sum to totals because of rounding.
1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS.
Does not include securities pledged as collateral to foreign official and international account holders
against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.
2. Face value of federal agency securities and current face value of mortgage-backed securities, which
is the remaining principal balance of the securities.
3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed
securities, and commercial paper at face value.
4. Face value. Fully collateralized by U.S. Treasury securities.
2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 26, 2021
Millions of dollars
Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All
days 90 days 1 year to 5 years to 10 years years
Loans (1) 154 482 21,189 63,067 1 ... 84,894
U.S. Treasury securities (2)
Holdings 88,013 303,665 647,962 1,937,380 926,562 1,183,576 5,087,157
Weekly changes - 7,692 + 3,407 + 4,336 + 4,097 + 7,624 + 3,565 + 15,336
Federal agency debt securities (3)
Holdings 0 0 0 0 2,134 213 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 11 1,844 67,138 2,175,272 2,244,265
Weekly changes 0 0 - 2 - 61 - 1,445 - 31,788 - 33,296
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 0 0 0 ... ... ... 0
Loan participations held by MS
Facilities LLC (Main Street Lending
Program) (6) 0 0 0 16,336 ... ... 16,336
Municipal notes held by Municipal
Liquidity Facility LLC (7) 150 0 0 5,358 ... ... 5,508
Loans held by TALF II LLC (8) 0 0 0 1,676 ... ... 1,676
Repurchase agreements (9) 46 0 ... ... ... ... 46
Central bank liquidity swaps (10) 590 88 0 0 0 0 678
Reverse repurchase agreements (9) 670,433 0 ... ... ... ... 670,433
Term deposits 0 0 0 ... ... ... 0
Note: Components may not sum to totals because of rounding.
...Not applicable.
1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary
Dealer Credit Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans
exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding
Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II LLC, and
from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when
preparing the FRBNY's and FRBB's statement of condition, respectively, consistent with consolidation under
generally accepted accounting principles.
2. Face value. For inflation-indexed securities, includes the original face value and compensation
that adjusts for the effect of inflation on the original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Book value of commercial paper held by Commercial Paper Funding Facility II LLC.
6. Book value of the loan participations held by the MS Facilities LLC.
7. Book value of the municipal notes held by the Municipal Liquidity Facility LLC.
8. Book value of the loans held by the TALF II LLC.
9. Cash value of agreements.
10. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name Wednesday
May 26, 2021
Mortgage-backed securities held outright (1) 2,244,265
Residential mortgage-backed securities 2,234,442
Commercial mortgage-backed securities 9,823
Commitments to buy mortgage-backed securities (2) 180,416
Commitments to sell mortgage-backed securities (2) 0
Cash and cash equivalents (3) 87
1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
2. Current face value. Includes residential and commercial mortgage-backed securities. Residential
mortgage-backed securities generally settle within 180 calendar days and include commitments associated
with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities
generally settle within three business days.
3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5
and table 6.
4. Information on Principal Accounts of Credit Facilities LLCs
Millions of dollars
Credit Facilities LLCs: Wednesday May 26, 2021
Net portfolio holdings of
Credit Facilities LLCs
Outstanding
principal Outstanding
amount amount of Treasury
of loan facility contributions
extended to asset and
the LLC (1) purchases (2)other assets (3) Total
Commercial Paper Funding Facility II LLC 0 0 8,554 8,554
Corporate Credit Facilities LLC 13,757 13,658 12,379 26,037
MS Facilities LLC (Main Street Lending Program) 16,282 13,678 16,881 30,559
Municipal Liquidity Facility LLC 5,508 5,508 5,371 10,879
TALF II LLC 1,894 1,676 3,247 4,923
Note: Components may not sum to totals because of rounding.
1. Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the note
on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC
upon settlement of the investment activity.
2. Outstanding amount of facility asset purchases:
a. For the Commercial Paper Funding Facility II LLC includes commercial paper at book value.
b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and
corporate bonds at book value. Asset balances
from trading activity are reported on a one-day lag after the transaction date.
c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face
value, net of an allowance for loan losses
updated as of March 31, 2021.
d. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances
from trading activity may be reported on
a one-day lag after the transaction date.
e. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.
3. Includes short term receivables, interest and dividend receivables, and other assets of the
facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as
investments in nonmarketable Treasury securities and the residual portion which is held as cash and
cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are
eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6.
Amounts excluded are approximately 15% of Treasury contributions to the credit facilities from the
following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC,
Municipal Liquidity Facility LLC, and TALF II LLC. Refer to the note on consolidation accompanying
table 6.
5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from May 26, 2021 Wednesday Wednesday
consolidation May 19, 2021 May 27, 2020
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,259 - 11 - 188
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 7,753,848 - 18,148 +1,220,126
Securities held outright (1) 7,333,769 - 17,960 +1,386,800
U.S. Treasury securities 5,087,157 + 15,336 + 977,645
Bills (2) 326,044 0 0
Notes and bonds, nominal (2) 4,367,786 + 12,604 + 878,612
Notes and bonds, inflation-indexed (2) 342,856 + 2,001 + 85,405
Inflation compensation (3) 50,471 + 731 + 13,628
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,244,265 - 33,296 + 409,155
Unamortized premiums on securities held outright
(5) 348,761 - 1,528 + 44,505
Unamortized discounts on securities held outright
(5) -13,622 - 302 - 8,122
Repurchase agreements (6) 46 + 46 - 181,055
Loans (7) 84,894 + 1,597 - 22,002
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 8,554 0 - 4,240
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 26,037 + 71 - 8,816
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 30,559 + 9 + 30,559
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 10,879 - 248 + 10,879
Net portfolio holdings of TALF II LLC (8) 4,923 + 1 + 4,923
Items in process of collection (0) 72 + 17 + 5
Bank premises 1,920 + 1 - 285
Central bank liquidity swaps (9) 678 + 26 - 448,268
Foreign currency denominated assets (10) 21,745 - 40 + 1,181
Other assets (11) 26,830 - 1,020 + 348
Total assets (0) 7,903,541 - 19,342 + 806,225
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from May 26, 2021 Wednesday Wednesday
consolidation May 19, 2021 May 27, 2020
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,123,575 + 3,731 + 224,061
Reverse repurchase agreements (12) 670,433 + 148,277 + 426,457
Deposits (0) 5,010,847 - 169,333 + 170,950
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,851,623 + 27,642 + 533,935
U.S. Treasury, General Account 778,912 - 81,921 - 547,985
Foreign official 27,076 - 674 + 10,825
Other (13) (0) 353,237 - 114,379 + 174,175
Deferred availability cash items (0) 232 + 71 - 123
Treasury contributions to credit facilities (14) 50,278 0 - 16,222
Other liabilities and accrued dividends (15) 8,667 - 2,175 + 507
Total liabilities (0) 7,864,034 - 19,428 + 805,632
Capital accounts
Capital paid in 32,723 + 86 + 634
Surplus 6,785 0 - 40
Other capital accounts 0 0 0
Total capital 39,508 + 86 + 594
Note: Components may not sum to totals because of rounding.
1. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt
securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary
Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity
Facility, and other credit extensions.
8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury
contributions to the facility. Refer to note on consolidation below.
9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
10. Revalued daily at current foreign currency exchange rates.
11. Includes accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC.
12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
13. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, designated financial market utilities, and deposits held by depository
institutions in joint accounts in connection with their participation in certain private-sector payment
arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account,
for services provided by the Reserve Banks as fiscal agents of the United States.
14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10
billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, Municipal
Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion.
15. Includes the liability for earnings remittances due to the U.S. Treasury.
6. Statement of Condition of Each Federal Reserve Bank, May 26, 2021
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco
Assets
Gold certificates and special drawing
rights certificates 16,237 531 5,422 523 752 1,187 2,188 1,136 475 273 455 1,220 2,075
Coin 1,259 18 29 109 58 178 116 226 17 34 88 149 237
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 7,753,848 128,409 4,346,765 166,956 290,598 516,656 450,729 419,537 101,203 80,933 105,734 340,422 805,905
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 8,554 0 8,554 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 26,037 0 26,037 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 30,559 30,559 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 10,879 0 10,879 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 4,923 0 4,923 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 678 31 228 24 59 141 31 27 13 6 7 12 100
Foreign currency denominated
assets (4) 21,745 987 7,309 781 1,880 4,525 983 852 413 185 235 392 3,202
Other assets (5) 28,822 569 14,742 704 1,088 2,188 1,812 1,596 639 377 688 1,488 2,930
Interdistrict settlement account 0 + 25,464 - 236,525 + 28,315 + 4,833 + 4,983 + 16,367 + 70,222 + 7,075 - 12,479 + 8,982 + 24,232 + 58,529
Total assets 7,903,541 186,569 4,188,363 197,413 299,267 529,859 472,227 493,596 109,835 69,329 116,190 367,916 872,977
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
6. Statement of Condition of Each Federal Reserve Bank, May 26, 2021 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco
Liabilities
Federal Reserve notes, net 2,123,575 63,019 694,718 62,373 104,484 157,466 299,598 128,555 58,120 32,692 53,467 187,574 281,509
Reverse repurchase agreements (6) 670,433 11,204 378,966 14,160 24,394 44,924 39,282 36,586 8,741 5,188 8,903 29,648 68,438
Deposits 5,010,847 96,007 3,062,273 119,150 166,586 318,388 130,840 326,248 41,982 30,686 53,107 149,364 516,215
Depository institutions 3,851,623 95,997 2,080,116 119,149 166,056 317,882 130,708 155,397 41,975 30,163 49,451 148,539 516,188
U.S. Treasury, General Account 778,912 0 778,912 0 0 0 0 0 0 0 0 0 0
Foreign official 27,076 2 27,049 1 3 8 2 2 1 0 0 1 6
Other (7) 353,237 9 176,197 0 527 497 131 170,849 6 523 3,655 824 21
Earnings remittances due to the U.S.
Treasury (8) 569 1 368 10 16 10 34 26 14 2 5 26 58
Treasury contributions to credit
facilities (9) 50,278 16,572 33,706 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 8,330 -2,014 5,066 313 404 902 680 641 236 413 274 474 943
Total liabilities 7,864,034 184,789 4,175,097 196,006 295,884 521,690 470,434 492,056 109,093 68,980 115,756 367,085 867,163
Capital
Capital paid in 32,723 1,472 10,986 1,164 2,796 6,756 1,486 1,275 613 291 361 708 4,815
Surplus 6,785 308 2,280 244 587 1,412 307 266 129 58 73 122 999
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and capital 7,903,541 186,569 4,188,363 197,413 299,267 529,859 472,227 493,596 109,835 69,329 116,190 367,916 872,977
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
6. Statement of Condition of Each Federal Reserve Bank, May 26, 2021 (continued)
1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight
securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the
purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an
effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and
seasonal loans and credit extended through the Primary Dealer Credit Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.
2. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
3. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals
the market exchange rate used when the foreign currency was acquired from the foreign central bank.
4. Revalued daily at current foreign currency exchange rates.
5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio
holdings of Maiden Lane LLC; refer to the note on consolidation for additional information.
6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
7. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by
depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General
Account, for services provided by the Reserve Banks as fiscal agents of the United States.
8. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after
providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap.
9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, and
Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion.
Note on consolidation:
The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal
Reserve Act. On April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S
dollar-denominated commercial paper by eligible issuers. The assets of the CPFF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On
May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at
issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility.
The assets of the CCF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, FRBNY began extending loans to the
Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury
as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help
support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the
FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and
medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the
FRBB.
The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally
accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the
statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated
to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and
table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this
table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).
7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
May 26, 2021
Federal Reserve notes outstanding 2,301,694
Less: Notes held by F.R. Banks not subject to collateralization 178,119
Federal Reserve notes to be collateralized 2,123,575
Collateral held against Federal Reserve notes 2,123,575
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,107,338
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 7,333,815
Less: Face value of securities under reverse repurchase agreements 633,720
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,700,095
Note: Components may not sum to totals because of rounding.
1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright,
compensation to adjust for the effect of inflation on the original face value of inflation-indexed
securities, and cash value of repurchase agreements.
2. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
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