FRB: H.4.1 Release--Factors Affecting Reserve Balances-- January 21, 2021

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks January 21, 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 Jan 20, 2021
Federal Reserve Banks Jan 20, 2021 Jan 13, 2021 Jan 22, 2020

Reserve Bank credit 7,371,975 + 90,568 +3,257,673 7,374,824
Securities held outright (1) 6,842,472 + 91,406 +3,064,111 6,845,748
U.S. Treasury securities 4,732,690 + 23,502 +2,359,637 4,743,552
Bills (2) 326,044 0 + 122,442 326,044
Notes and bonds, nominal (2) 4,049,756 + 26,481 +2,033,782 4,061,431
Notes and bonds, inflation-indexed (2) 313,888 - 2,306 + 185,883 313,218
Inflation compensation (3) 43,001 - 674 + 17,529 42,859
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,107,435 + 67,903 + 704,474 2,099,849
Unamortized premiums on securities held outright (5) 345,699 + 2,332 + 221,497 345,504
Unamortized discounts on securities held outright (5) -6,014 - 463 + 7,240 -6,055
Repurchase agreements (6) 1,000 0 - 195,617 1,000
Foreign official 1,000 0 + 1,000 1,000
Others 0 0 - 196,617 0
Loans 51,691 - 1,045 + 51,685 51,848
Primary credit 1,695 + 234 + 1,689 2,049
Secondary credit 0 0 0 0
Seasonal credit 0 0 0 0
Primary Dealer Credit Facility 485 0 + 485 485
Money Market Mutual Fund Liquidity Facility 1,916 - 213 + 1,916 1,905
Paycheck Protection Program Liquidity Facility 47,595 - 1,066 + 47,595 47,408
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 8,557 0 + 8,557 8,557
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 26,310 + 4 + 26,310 26,311
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 33,282 - 2,981 + 33,282 33,290
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 11,605 + 3 + 11,605 11,608
Net portfolio holdings of TALF II LLC (7) 6,677 + 1 + 6,677 6,678
Float -90 - 1 + 26 -86
Central bank liquidity swaps (8) 10,909 - 241 + 10,855 10,909
Other Federal Reserve assets (9) 39,877 + 1,554 + 11,446 39,513
Foreign currency denominated assets (10) 22,104 - 96 + 1,577 22,118
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,563 + 14 + 470 50,563

Total factors supplying reserve funds 7,460,883 + 90,486 +3,259,720 7,463,747

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 Jan 20, 2021
Federal Reserve Banks Jan 20, 2021 Jan 13, 2021 Jan 22, 2020

Currency in circulation (11) 2,095,085 + 3,322 + 300,400 2,097,601
Reverse repurchase agreements (12) 209,850 + 6,984 - 52,719 206,632
Foreign official and international accounts 209,506 + 6,640 - 39,651 204,826
Others 344 + 344 - 13,068 1,806
Treasury cash holdings 36 + 4 - 155 42
Deposits with F.R. Banks, other than reserve balances 1,898,268 + 112,358 +1,420,415 1,909,674
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,626,906 + 37,485 +1,222,965 1,638,331
Foreign official 22,068 + 220 + 16,887 23,467
Other (13) 249,294 + 74,653 + 180,563 247,875
Treasury contributions to credit facilities (14) 51,778 - 2,990 + 51,778 51,778
Other liabilities and capital (15) 51,241 + 101 + 7,066 48,213

Total factors, other than reserve balances,
absorbing reserve funds 4,306,259 + 119,779 +1,726,785 4,313,940

Reserve balances with Federal Reserve Banks 3,154,624 - 29,293 +1,532,935 3,149,807

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, and credit protection in the
Money Market Mutual Fund Liquidity Facility of $1.5 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 Jan 20, 2021
Jan 20, 2021 Jan 13, 2021 Jan 22, 2020

Securities held in custody for foreign official and
international accounts 3,541,313 + 24,422 + 128,192 3,536,054
Marketable U.S. Treasury securities (1) 3,100,394 + 24,898 + 130,811 3,103,889
Federal agency debt and mortgage-backed securities (2) 352,565 - 1,989 - 7,341 343,776
Other securities (3) 88,354 + 1,512 + 4,722 88,388
Securities lent to dealers 29,455 - 1,546 + 1,148 27,290
Overnight facility (4) 29,455 - 1,546 + 1,148 27,290
U.S. Treasury securities 29,455 - 1,546 + 1,148 27,290
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, January 20, 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) 1,224 3,215 0 47,408 0 ... 51,848
U.S. Treasury securities (2)
Holdings 91,285 302,054 650,460 1,803,617 826,150 1,069,986 4,743,552
Weekly changes + 20,160 - 14,322 + 879 + 21,966 - 17,024 + 8,160 + 19,819
Federal agency debt securities (3)
Holdings 0 0 0 0 1,818 529 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 5 2,096 71,543 2,026,204 2,099,849
Weekly changes 0 0 0 0 - 573 + 60,880 + 60,307
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 16,590 ... ... 16,590
Municipal notes held by Municipal
Liquidity Facility LLC (7) 0 0 925 5,358 ... ... 6,283
Loans held by TALF II LLC (8) 0 0 0 3,352 ... ... 3,352
Repurchase agreements (9) 1,000 0 ... ... ... ... 1,000
Central bank liquidity swaps (10) 2,623 8,286 0 0 0 0 10,909
Reverse repurchase agreements (9) 206,632 0 ... ... ... ... 206,632
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, Money Market Mutual Fund Liquidity 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
Jan 20, 2021

Mortgage-backed securities held outright (1) 2,099,849
Residential mortgage-backed securities 2,090,006
Commercial mortgage-backed securities 9,843

Commitments to buy mortgage-backed securities (2) 167,982
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 0

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 Jan 20, 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 8,557 8,557
Corporate Credit Facilities LLC 14,058 14,227 12,085 26,311
MS Facilities LLC (Main Street Lending Program) 16,585 16,494 16,796 33,290
Municipal Liquidity Facility LLC 6,283 6,283 5,325 11,608
TALF II LLC 3,656 3,352 3,325 6,678

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, net of an
allowance for loan losses updated as of
September 30, 2020, at face value.
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 Jan 20, 2021 Wednesday Wednesday
consolidation Jan 13, 2021 Jan 22, 2020

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,574 + 2 - 170
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 7,238,045 + 81,209 +3,159,258
Securities held outright (1) 6,845,748 + 80,126 +3,063,738
U.S. Treasury securities 4,743,552 + 19,819 +2,362,532
Bills (2) 326,044 0 + 116,013
Notes and bonds, nominal (2) 4,061,431 + 25,450 +2,043,913
Notes and bonds, inflation-indexed (2) 313,218 - 4,691 + 185,213
Inflation compensation (3) 42,859 - 941 + 17,392
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,099,849 + 60,307 + 701,207
Unamortized premiums on securities held outright
(5) 345,504 + 1,872 + 221,530
Unamortized discounts on securities held outright
(5) -6,055 - 485 + 7,217
Repurchase agreements (6) 1,000 0 - 185,076
Loans (7) 51,848 - 304 + 51,848
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 8,557 0 + 8,557
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 26,311 + 1 + 26,311
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 33,290 + 8 + 33,290
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 11,608 + 3 + 11,608
Net portfolio holdings of TALF II LLC (8) 6,678 + 1 + 6,678
Items in process of collection (0) 102 + 9 + 18
Bank premises 2,210 0 + 10
Central bank liquidity swaps (9) 10,909 - 241 + 10,855
Foreign currency denominated assets (10) 22,118 - 23 + 1,592
Other assets (11) 37,303 + 6 + 11,023

Total assets (0) 7,414,942 + 80,974 +3,269,030

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 Jan 20, 2021 Wednesday Wednesday
consolidation Jan 13, 2021 Jan 22, 2020

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,048,650 + 5,263 + 302,101
Reverse repurchase agreements (12) 206,632 - 7,541 - 58,725
Deposits (0) 5,059,481 + 84,995 +2,969,394
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,149,807 - 51,062 +1,540,213
U.S. Treasury, General Account 1,638,331 + 62,456 +1,226,623
Foreign official 23,467 + 1,625 + 18,287
Other (13) (0) 247,875 + 71,975 + 184,270
Deferred availability cash items (0) 188 + 1 - 54
Treasury contributions to credit facilities (14) 51,778 0 + 51,778
Other liabilities and accrued dividends (15) 9,007 - 1,745 + 3,854

Total liabilities (0) 7,375,737 + 80,974 +3,268,347

Capital accounts
Capital paid in 32,380 0 + 682
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 39,205 0 + 682

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, and credit protection in the
Money Market Mutual Fund Liquidity Facility of $1.5 billion.
15. Includes the liability for earnings remittances due to the U.S. Treasury.

6. Statement of Condition of Each Federal Reserve Bank, January 20, 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 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045
Coin 1,574 32 40 134 79 207 158 257 32 44 106 187 296
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 7,238,045 164,434 3,729,869 169,446 226,254 453,355 531,374 403,168 114,824 75,731 118,447 348,052 903,092
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 8,557 0 8,557 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 26,311 0 26,311 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 33,290 33,290 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 11,608 0 11,608 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 6,678 0 6,678 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 10,909 518 3,666 393 932 2,302 541 424 179 85 115 130 1,624
Foreign currency denominated
assets (4) 22,118 1,050 7,435 796 1,890 4,668 1,097 859 363 173 233 263 3,293
Other assets (5) 39,615 2,469 17,705 982 1,304 2,778 3,022 2,234 762 497 942 2,106 4,812
Interdistrict settlement account 0 - 36,322 + 304,822 + 1,169 + 61,299 + 68,145 - 132,407 - 5,779 - 18,940 - 6,084 - 18,985 - 42,462 - 174,456

Total assets 7,414,942 166,003 4,122,174 173,448 292,520 532,621 405,968 402,300 97,699 70,717 101,309 309,478 740,707

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, January 20, 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 2,048,650 62,121 674,642 56,154 93,556 154,448 281,875 132,432 59,268 33,543 55,058 175,048 270,504
Reverse repurchase agreements (6) 206,632 4,640 106,985 4,714 6,465 12,950 15,228 11,541 3,265 1,953 3,286 9,958 25,646
Deposits 5,059,481 78,811 3,290,585 110,863 188,736 356,157 106,218 256,149 34,195 34,567 42,258 123,289 437,653
Depository institutions 3,149,807 78,793 1,502,685 110,861 188,695 355,673 106,198 138,467 34,193 34,516 41,659 120,440 437,626
U.S. Treasury, General Account 1,638,331 0 1,638,331 0 0 0 0 0 0 0 0 0 0
Foreign official 23,467 2 23,441 1 3 8 2 2 1 0 0 0 6
Other (7) 247,875 16 126,128 0 38 475 19 117,680 1 51 598 2,849 20
Earnings remittances due to the U.S.
Treasury (8) 598 16 364 4 20 54 93 13 -19 -12 -4 -9 79
Treasury contributions to credit
facilities (9) 51,778 18,072 33,706 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 8,598 563 2,718 305 353 853 778 629 244 332 287 484 1,051

Total liabilities 7,375,737 164,223 4,109,001 172,040 289,130 524,462 404,193 400,763 96,953 70,384 100,884 308,771 734,932

Capital
Capital paid in 32,380 1,470 10,880 1,163 2,800 6,739 1,467 1,269 616 275 350 583 4,769
Surplus 6,825 310 2,294 245 590 1,420 309 267 130 58 74 123 1,005
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 7,414,942 166,003 4,122,174 173,448 292,520 532,621 405,968 402,300 97,699 70,717 101,309 309,478 740,707

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, January 20, 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, Money Market Mutual Fund Liquidity 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 a $6.825 billion surplus.
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, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 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
Jan 20, 2021

Federal Reserve notes outstanding 2,201,011
Less: Notes held by F.R. Banks not subject to collateralization 152,362
Federal Reserve notes to be collateralized 2,048,650
Collateral held against Federal Reserve notes 2,048,650
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,032,413
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,846,748
Less: Face value of securities under reverse repurchase agreements 198,669
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,648,079

Note: Components may not sum to totals because of rounding.

1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright,
compensation to adjust for the effect of inflation on the original face value of inflation-indexed
securities, and cash value of repurchase agreements.
2. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.

Statistical releases