FRB: H.4.1 Release--Factors Affecting Reserve Balances-- April 01, 2021

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks April 1, 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 31, 2021
Federal Reserve Banks Mar 31, 2021 Mar 24, 2021 Apr 1, 2020

Reserve Bank credit 7,642,034 - 43,185 +2,067,230 7,649,010
Securities held outright (1) 7,121,453 - 42,435 +2,516,470 7,129,308
U.S. Treasury securities 4,934,516 + 18,798 +1,759,401 4,942,277
Bills (2) 326,044 0 0 326,044
Notes and bonds, nominal (2) 4,230,860 + 15,289 +1,593,277 4,235,393
Notes and bonds, inflation-indexed (2) 331,728 + 2,904 + 150,666 334,757
Inflation compensation (3) 45,884 + 605 + 15,457 46,083
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,184,590 - 61,233 + 757,070 2,184,683
Unamortized premiums on securities held outright (5) 350,769 - 2,148 + 159,171 350,974
Unamortized discounts on securities held outright (5) -9,133 - 573 + 72 -9,469
Repurchase agreements (6) 1 + 1 - 302,462 0
Foreign official 1 + 1 + 1 0
Others 0 0 - 302,463 0
Loans 59,818 + 1,528 - 70,490 61,188
Primary credit 941 - 74 - 48,637 828
Secondary credit 0 0 0 0
Seasonal credit 0 0 0 0
Primary Dealer Credit Facility 25 - 89 - 33,857 25
Money Market Mutual Fund Liquidity Facility 303 - 254 - 46,546 200
Paycheck Protection Program Liquidity Facility 58,549 + 1,946 + 58,549 60,135
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 8,556 - 6 + 8,556 8,556
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 26,025 + 13 + 26,025 26,034
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 30,946 + 5 + 30,946 30,953
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 11,554 + 3 + 11,554 11,556
Net portfolio holdings of TALF II LLC (7) 5,596 - 52 + 5,596 5,282
Float -342 - 235 + 101 -1,050
Central bank liquidity swaps (8) 2,510 + 1,678 - 325,277 2,510
Other Federal Reserve assets (9) 34,281 - 964 + 6,968 33,168
Foreign currency denominated assets (10) 21,238 - 208 + 637 21,151
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,623 + 14 + 443 50,623

Total factors supplying reserve funds 7,730,136 - 43,379 +2,068,311 7,737,025

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 31, 2021
Federal Reserve Banks Mar 31, 2021 Mar 24, 2021 Apr 1, 2020

Currency in circulation (11) 2,138,694 + 16,708 + 261,855 2,144,159
Reverse repurchase agreements (12) 253,022 + 23,861 - 231,856 352,177
Foreign official and international accounts 206,760 - 1,406 - 63,676 217,870
Others 46,262 + 25,267 - 168,180 134,307
Treasury cash holdings 91 - 8 - 236 89
Deposits with F.R. Banks, other than reserve balances 1,363,594 - 131,501 + 650,488 1,470,283
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,025,727 - 35,411 + 596,460 1,121,951
Foreign official 32,466 + 2,661 + 15,258 33,209
Other (13) 305,401 - 98,752 + 38,770 315,122
Treasury contributions to credit facilities (14) 51,778 0 + 51,778 51,778
Other liabilities and capital (15) 46,794 - 2,227 - 5,974 45,837

Total factors, other than reserve balances,
absorbing reserve funds 3,853,974 - 93,167 + 726,057 4,064,323

Reserve balances with Federal Reserve Banks 3,876,162 + 49,787 +1,342,254 3,672,702

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 31, 2021
Mar 31, 2021 Mar 24, 2021 Apr 1, 2020

Securities held in custody for foreign official and
international accounts 3,551,522 - 15,051 + 213,101 3,549,695
Marketable U.S. Treasury securities (1) 3,118,174 - 6,390 + 250,826 3,116,001
Federal agency debt and mortgage-backed securities (2) 346,297 - 8,535 - 42,232 346,424
Other securities (3) 87,051 - 126 + 4,507 87,270
Securities lent to dealers 39,005 + 2,340 + 2,101 42,179
Overnight facility (4) 39,005 + 2,340 + 2,101 42,179
U.S. Treasury securities 39,005 + 2,340 + 2,101 42,179
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 31, 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) 337 716 16 60,119 0 ... 61,188
U.S. Treasury securities (2)
Holdings 71,018 317,893 655,501 1,881,534 889,019 1,127,312 4,942,277
Weekly changes - 13,200 - 27,445 + 29,913 + 14,536 + 10,420 + 6,750 + 20,975
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 7 1,938 68,833 2,113,904 2,184,683
Weekly changes 0 0 - 1 - 88 - 1,378 - 48,657 - 50,124
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 16,520 ... ... 16,520
Municipal notes held by Municipal
Liquidity Facility LLC (7) 300 400 0 5,358 ... ... 6,058
Loans held by TALF II LLC (8) 0 0 0 2,135 ... ... 2,135
Repurchase agreements (9) 0 0 ... ... ... ... 0
Central bank liquidity swaps (10) 1,891 619 0 0 0 0 2,510
Reverse repurchase agreements (9) 352,177 0 ... ... ... ... 352,177
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 31, 2021

Mortgage-backed securities held outright (1) 2,184,683
Residential mortgage-backed securities 2,174,740
Commercial mortgage-backed securities 9,943

Commitments to buy mortgage-backed securities (2) 176,108
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 Mar 31, 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 8,556 8,556
Corporate Credit Facilities LLC 13,956 13,788 12,246 26,034
MS Facilities LLC (Main Street Lending Program) 16,488 14,107 16,846 30,953
Municipal Liquidity Facility LLC 6,203 6,058 5,498 11,556
TALF II LLC 2,256 2,135 3,147 5,282

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 31, 2021 Wednesday Wednesday
consolidation Mar 24, 2021 Apr 1, 2020

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,484 - 32 - 176
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 7,532,001 - 28,885 +2,135,742
Securities held outright (1) 7,129,308 - 29,148 +2,328,407
U.S. Treasury securities 4,942,277 + 20,975 +1,601,445
Bills (2) 326,044 0 0
Notes and bonds, nominal (2) 4,235,393 + 17,002 +1,443,533
Notes and bonds, inflation-indexed (2) 334,757 + 3,534 + 143,032
Inflation compensation (3) 46,083 + 439 + 14,879
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,184,683 - 50,124 + 726,962
Unamortized premiums on securities held outright
(5) 350,974 - 1,487 + 139,635
Unamortized discounts on securities held outright
(5) -9,469 - 456 - 977
Repurchase agreements (6) 0 0 - 263,050
Loans (7) 61,188 + 2,207 - 68,273
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 8,556 0 + 8,556
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 26,034 + 11 + 26,034
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 30,953 + 8 + 30,953
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 11,556 + 3 + 11,556
Net portfolio holdings of TALF II LLC (8) 5,282 - 367 + 5,282
Items in process of collection (0) 57 + 12 + 17
Bank premises 1,923 + 4 - 275
Central bank liquidity swaps (9) 2,510 + 1,678 - 346,034
Foreign currency denominated assets (10) 21,151 - 221 + 567
Other assets (11) 31,246 - 2,843 + 5,161

Total assets (0) 7,688,988 - 30,634 +1,877,381

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 31, 2021 Wednesday Wednesday
consolidation Mar 24, 2021 Apr 1, 2020

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,095,105 + 12,120 + 264,120
Reverse repurchase agreements (12) 352,177 + 117,733 - 142,250
Deposits (0) 5,142,984 - 159,718 +1,709,274
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,672,702 - 136,437 + 988,304
U.S. Treasury, General Account 1,121,951 + 90,043 + 615,018
Foreign official 33,209 + 2,611 + 15,464
Other (13) (0) 315,122 - 115,934 + 90,487
Deferred availability cash items (0) 1,107 + 871 + 516
Treasury contributions to credit facilities (14) 51,778 0 + 51,778
Other liabilities and accrued dividends (15) 6,583 - 1,672 - 6,484

Total liabilities (0) 7,649,734 - 30,666 +1,876,954

Capital accounts
Capital paid in 32,469 + 32 + 467
Surplus 6,785 0 - 40
Other capital accounts 0 0 0

Total capital 39,254 + 32 + 427

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 31, 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 1,484 32 41 119 72 207 137 250 25 44 103 162 293
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 7,532,001 168,340 3,878,174 175,339 236,654 471,252 552,509 418,521 119,472 82,264 122,938 361,644 944,893
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 8,556 0 8,556 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 26,034 0 26,034 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 30,953 30,953 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 11,556 0 11,556 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 5,282 0 5,282 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 2,510 119 844 90 215 530 124 97 41 20 26 30 374
Foreign currency denominated
assets (4) 21,151 1,003 7,120 761 1,806 4,461 1,048 821 346 165 223 251 3,147
Other assets (5) 33,225 2,310 14,441 853 1,112 2,394 2,516 1,890 658 475 836 1,696 4,044
Interdistrict settlement account 0 - 4,218 - 1,387 + 17,615 + 74,570 + 83,970 - 97,245 + 49,101 - 9,408 - 10,384 - 10,250 - 6,495 - 85,869

Total assets 7,688,988 199,073 3,956,143 195,305 315,191 563,978 461,272 471,816 111,614 72,854 114,327 358,490 868,926

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 31, 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 2,095,105 62,308 678,298 56,901 101,584 157,617 291,379 132,634 59,999 33,199 54,973 183,690 282,523
Reverse repurchase agreements (6) 352,177 7,909 182,342 8,035 11,019 22,072 25,954 19,671 5,564 3,328 5,600 16,973 43,709
Deposits 5,142,984 110,740 3,044,355 128,707 198,919 375,481 141,564 317,475 45,086 34,713 53,085 156,720 536,139
Depository institutions 3,672,702 110,724 1,751,915 128,706 195,266 374,964 138,944 157,330 45,067 33,705 51,929 148,186 535,967
U.S. Treasury, General Account 1,121,951 0 1,121,951 0 0 0 0 0 0 0 0 0 0
Foreign official 33,209 2 33,183 1 3 8 2 2 1 0 0 0 6
Other (7) 315,122 13 137,306 0 3,649 509 2,619 160,144 19 1,008 1,156 8,534 166
Earnings remittances due to the U.S.
Treasury (8) 364 5 222 2 1 -17 39 23 11 8 6 27 38
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 7,325 -1,738 4,049 253 281 677 552 477 208 1,257 229 361 721

Total liabilities 7,649,734 197,295 3,942,971 193,898 311,803 555,830 459,488 470,281 110,868 72,506 113,894 357,770 863,130

Capital
Capital paid in 32,469 1,470 10,892 1,164 2,801 6,735 1,477 1,270 617 291 359 597 4,796
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 7,688,988 199,073 3,956,143 195,305 315,191 563,978 461,272 471,816 111,614 72,854 114,327 358,490 868,926

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 31, 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 31, 2021

Federal Reserve notes outstanding 2,247,980
Less: Notes held by F.R. Banks not subject to collateralization 152,875
Federal Reserve notes to be collateralized 2,095,105
Collateral held against Federal Reserve notes 2,095,105
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,078,868
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 7,129,308
Less: Face value of securities under reverse repurchase agreements 323,471
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,805,837

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