FRB: H.4.1 Release--Factors Affecting Reserve Balances-- March 18, 2021

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks March 18, 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 Mar 17, 2021
Federal Reserve Banks Mar 17, 2021 Mar 10, 2021 Mar 18, 2020

Reserve Bank credit 7,636,348 + 105,423 +3,173,307 7,654,172
Securities held outright (1) 7,117,402 + 102,023 +3,188,377 7,135,409
U.S. Treasury securities 4,897,807 + 18,176 +2,341,560 4,911,633
Bills (2) 326,044 0 + 5,001 326,044
Notes and bonds, nominal (2) 4,199,360 + 16,937 +2,124,160 4,213,056
Notes and bonds, inflation-indexed (2) 327,623 + 857 + 193,684 327,623
Inflation compensation (3) 44,779 + 381 + 18,713 44,910
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,217,249 + 83,847 + 846,819 2,221,429
Unamortized premiums on securities held outright (5) 351,745 + 2,068 + 223,208 352,195
Unamortized discounts on securities held outright (5) -8,190 - 601 + 4,697 -8,355
Repurchase agreements (6) 429 - 71 - 388,377 0
Foreign official 429 - 71 + 429 0
Others 0 0 - 388,806 0
Loans 57,034 + 609 + 50,347 57,164
Primary credit 1,175 - 276 - 5,512 851
Secondary credit 0 0 0 0
Seasonal credit 0 0 0 0
Primary Dealer Credit Facility 188 - 63 + 188 145
Money Market Mutual Fund Liquidity Facility 591 - 74 + 591 588
Paycheck Protection Program Liquidity Facility 55,080 + 1,023 + 55,080 55,580
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 8,557 + 1 + 8,557 8,563
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 26,024 - 51 + 26,024 26,010
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 30,963 - 6 + 30,963 30,940
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 11,548 + 3 + 11,548 11,550
Net portfolio holdings of TALF II LLC (7) 5,648 + 1 + 5,648 5,648
Float -115 - 12 + 115 -85
Central bank liquidity swaps (8) 1,245 - 1,931 + 1,200 790
Other Federal Reserve assets (9) 34,058 + 3,391 + 10,999 34,341
Foreign currency denominated assets (10) 21,479 - 26 + 779 21,420
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,595 + 14 + 432 50,595

Total factors supplying reserve funds 7,724,663 + 105,411 +3,174,517 7,742,428

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 Mar 17, 2021
Federal Reserve Banks Mar 17, 2021 Mar 10, 2021 Mar 18, 2020

Currency in circulation (11) 2,109,534 + 5,282 + 282,448 2,114,334
Reverse repurchase agreements (12) 209,514 + 13,320 - 32,542 205,516
Foreign official and international accounts 204,920 + 9,472 - 26,572 205,516
Others 4,594 + 3,848 - 5,971 0
Treasury cash holdings 108 + 12 - 209 100
Deposits with F.R. Banks, other than reserve balances 1,620,468 - 7,724 +1,080,227 1,449,173
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,272,583 - 87,481 + 910,007 1,089,501
Foreign official 26,310 + 2,908 + 19,951 30,202
Other (13) 321,576 + 76,849 + 150,270 329,470
Treasury contributions to credit facilities (14) 51,778 0 + 51,778 51,778
Other liabilities and capital (15) 52,231 + 5,502 + 7,374 48,203

Total factors, other than reserve balances,
absorbing reserve funds 4,043,633 + 16,391 +1,389,075 3,869,105

Reserve balances with Federal Reserve Banks 3,681,030 + 89,020 +1,785,442 3,873,323

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 Mar 17, 2021
Mar 17, 2021 Mar 10, 2021 Mar 18, 2020

Securities held in custody for foreign official and
international accounts 3,576,051 + 6,472 + 165,362 3,569,174
Marketable U.S. Treasury securities (1) 3,133,675 + 6,285 + 185,026 3,128,086
Federal agency debt and mortgage-backed securities (2) 354,222 + 1,122 - 24,597 353,837
Other securities (3) 88,153 - 937 + 4,931 87,252
Securities lent to dealers 39,581 + 3,385 + 4,554 33,013
Overnight facility (4) 39,581 + 3,385 + 4,554 33,013
U.S. Treasury securities 39,581 + 3,385 + 4,554 33,013
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, March 17, 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) 910 675 13 55,567 0 ... 57,164
U.S. Treasury securities (2)
Holdings 79,217 345,726 630,172 1,864,799 877,115 1,114,604 4,911,633
Weekly changes + 34,474 - 31,359 + 6,068 + 2,179 + 6,213 + 5,051 + 22,626
Federal agency debt securities (3)
Holdings 0 0 0 0 2,134 213 2,347
Weekly changes 0 0 0 0 + 316 - 316 0
Mortgage-backed securities (4)
Holdings 0 0 8 2,026 70,211 2,149,182 2,221,429
Weekly changes 0 0 - 1 - 3 - 583 + 88,578 + 87,993
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 16,536 ... ... 16,536
Municipal notes held by Municipal
Liquidity Facility LLC (7) 0 845 0 5,358 ... ... 6,203
Loans held by TALF II LLC (8) 0 0 0 2,227 ... ... 2,227
Repurchase agreements (9) 0 0 ... ... ... ... 0
Central bank liquidity swaps (10) 190 600 0 0 0 0 790
Reverse repurchase agreements (9) 205,516 0 ... ... ... ... 205,516
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
Mar 17, 2021

Mortgage-backed securities held outright (1) 2,221,429
Residential mortgage-backed securities 2,211,509
Commercial mortgage-backed securities 9,920

Commitments to buy mortgage-backed securities (2) 153,052
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 791

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 Mar 17, 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 8,563 8,563
Corporate Credit Facilities LLC 13,956 13,817 12,193 26,010
MS Facilities LLC (Main Street Lending Program) 16,488 14,123 16,818 30,940
Municipal Liquidity Facility LLC 6,203 6,203 5,347 11,550
TALF II LLC 2,623 2,227 3,421 5,648

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
December 31, 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 Mar 17, 2021 Wednesday Wednesday
consolidation Mar 10, 2021 Mar 18, 2020

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,534 - 6 - 141
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 7,536,413 + 113,179 +2,930,192
Securities held outright (1) 7,135,409 + 110,619 +3,125,615
U.S. Treasury securities 4,911,633 + 22,626 +2,270,862
Bills (2) 326,044 0 + 5,001
Notes and bonds, nominal (2) 4,213,056 + 22,269 +2,058,560
Notes and bonds, inflation-indexed (2) 327,623 0 + 188,970
Inflation compensation (3) 44,910 + 357 + 18,331
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,221,429 + 87,993 + 854,753
Unamortized premiums on securities held outright
(5) 352,195 + 2,475 + 213,901
Unamortized discounts on securities held outright
(5) -8,355 - 278 + 3,681
Repurchase agreements (6) 0 - 500 - 441,945
Loans (7) 57,164 + 863 + 28,940
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 8,563 + 7 + 8,563
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 26,010 - 17 + 26,010
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 30,940 - 38 + 30,940
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 11,550 + 2 + 11,550
Net portfolio holdings of TALF II LLC (8) 5,648 0 + 5,648
Items in process of collection (0) 58 - 5 + 7
Bank premises 1,918 + 2 - 284
Central bank liquidity swaps (9) 790 - 1,984 + 745
Foreign currency denominated assets (10) 21,420 - 47 + 1,057
Other assets (11) 32,423 + 2,508 + 11,005

Total assets (0) 7,693,506 + 113,605 +3,025,294

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 Mar 17, 2021 Wednesday Wednesday
consolidation Mar 10, 2021 Mar 18, 2020

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,065,369 + 7,750 + 270,345
Reverse repurchase agreements (12) 205,516 + 11,766 - 28,430
Deposits (0) 5,322,496 + 93,335 +2,727,369
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,873,323 + 226,591 +1,927,929
U.S. Treasury, General Account 1,089,501 - 220,772 + 688,147
Foreign official 30,202 + 6,728 + 23,315
Other (13) (0) 329,470 + 80,788 + 87,979
Deferred availability cash items (0) 142 - 32 - 136
Treasury contributions to credit facilities (14) 51,778 0 + 51,778
Other liabilities and accrued dividends (15) 8,985 + 775 + 3,756

Total liabilities (0) 7,654,287 + 113,594 +3,024,683

Capital accounts
Capital paid in 32,434 + 10 + 650
Surplus 6,785 0 - 40
Other capital accounts 0 0 0

Total capital 39,219 + 10 + 610

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, March 17, 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 1,534 35 44 124 76 211 147 251 29 44 106 169 300
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 7,536,413 169,203 3,882,176 175,096 235,964 471,567 553,162 419,107 119,605 81,486 122,489 362,119 944,440
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 8,563 0 8,563 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 26,010 0 26,010 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 30,940 30,940 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 11,550 0 11,550 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 5,648 0 5,648 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 790 37 265 28 68 167 39 31 13 6 8 9 118
Foreign currency denominated
assets (4) 21,420 1,017 7,200 771 1,830 4,521 1,062 832 351 168 226 254 3,189
Other assets (5) 34,399 2,340 15,011 874 1,140 2,475 2,600 1,950 656 459 851 1,860 4,183
Interdistrict settlement account 0 - 29,459 + 152,913 + 17,211 + 74,049 + 49,279 - 118,509 + 22,396 - 10,234 - 9,624 - 14,059 - 24,987 - 108,978

Total assets 7,693,506 174,646 4,114,864 194,634 313,887 529,385 440,684 445,704 110,899 72,808 110,071 340,627 845,296

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, March 17, 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 2,065,369 61,912 673,347 55,494 98,441 156,261 284,833 132,549 58,847 33,067 54,666 180,009 275,942
Reverse repurchase agreements (6) 205,516 4,615 106,407 4,689 6,430 12,881 15,146 11,479 3,247 1,942 3,268 9,905 25,507
Deposits 5,322,496 90,005 3,281,650 132,784 205,343 351,387 138,326 299,633 47,846 37,158 51,469 149,606 537,289
Depository institutions 3,873,323 89,986 1,987,220 132,782 205,310 350,649 138,220 146,593 47,813 37,073 51,380 149,035 537,263
U.S. Treasury, General Account 1,089,501 0 1,089,501 0 0 0 0 0 0 0 0 0 0
Foreign official 30,202 2 30,175 1 3 8 2 2 1 0 0 0 6
Other (7) 329,470 17 174,754 0 30 730 104 153,038 33 85 89 571 21
Earnings remittances due to the U.S.
Treasury (8) 1,988 41 1,040 43 59 117 153 111 33 13 22 101 254
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 7,139 -1,778 5,542 218 225 593 451 398 180 282 213 287 530

Total liabilities 7,654,287 172,868 4,101,693 193,227 310,499 521,238 438,909 444,170 110,153 72,462 109,639 339,908 839,523

Capital
Capital paid in 32,434 1,471 10,891 1,163 2,801 6,735 1,468 1,268 616 289 359 597 4,774
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 7,693,506 174,646 4,114,864 194,634 313,887 529,385 440,684 445,704 110,899 72,808 110,071 340,627 845,296

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, March 17, 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 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, 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
Mar 17, 2021

Federal Reserve notes outstanding 2,232,302
Less: Notes held by F.R. Banks not subject to collateralization 166,932
Federal Reserve notes to be collateralized 2,065,369
Collateral held against Federal Reserve notes 2,065,369
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,049,133
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 7,135,409
Less: Face value of securities under reverse repurchase agreements 200,868
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,934,541

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