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

January 6, 2022

Reserve Bank credit

 8,720,173

-   21,475

+1,413,297

 8,727,779

Securities held outright1

 8,272,636

-   16,695

+1,539,145

 8,279,184

U.S. Treasury securities

 5,654,741

+    2,781

+  963,065

 5,661,277

Bills2

   326,044

         0

         0

   326,044

Notes and bonds, nominal2

 4,870,629

-      180

+  862,956

 4,874,800

Notes and bonds, inflation-indexed2

   385,394

+    2,194

+   71,087

   387,010

Inflation compensation3

    72,674

+      767

+   29,022

    73,423

Federal agency debt securities2

     2,347

         0

         0

     2,347

Mortgage-backed securities4

 2,615,548

-   19,476

+  576,080

 2,615,560

Unamortized premiums on securities held outright5

   352,781

-      988

+    9,882

   352,781

Unamortized discounts on securities held outright5

   -18,034

-       46

-   12,504

   -18,063

Repurchase agreements6

         2

+        2

-      998

         0

Foreign official

         0

         0

-    1,000

         0

Others

         2

+        2

+        2

         0

Loans

    34,254

-    1,742

-   21,212

    33,857

Primary credit

       494

+        9

-    1,083

       370

Secondary credit

         0

         0

         0

         0

Seasonal credit

         0

         0

         0

         0

Primary Dealer Credit Facility

         0

         0

-      485

         0

Money Market Mutual Fund Liquidity Facility

         0

         0

-    3,264

         0

Paycheck Protection Program Liquidity Facility

    33,760

-    1,751

-   16,380

    33,487

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Commercial Paper Funding Facility II LLC7

         0

         0

-    8,557

         0

Net portfolio holdings of Corporate Credit Facilities LLC7

         0

         0

-   37,911

         0

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

    29,409

+       10

-   24,710

    29,414

Net portfolio holdings of Municipal Liquidity Facility LLC7

     7,864

-       68

-    9,300

     7,865

Net portfolio holdings of TALF II LLC7

     2,604

-       23

-    7,214

     2,601

Float

      -424

-      285

-       52

      -160

Central bank liquidity swaps8

     3,340

-        9

-   14,404

     3,340

Other Federal Reserve assets9

    35,740

-    1,633

+    1,132

    36,960

Foreign currency denominated assets10

    20,369

+       12

-    1,946

    20,277

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    50,942

+       14

+      487

    50,942

Total factors supplying reserve funds

 8,807,725

-   21,449

+1,411,839

 8,815,239

Currency in circulation11

 2,236,960

+    3,307

+  146,548

 2,237,208

Reverse repurchase agreements12

 1,992,542

+  116,367

+1,779,763

 1,795,618

Foreign official and international accounts

   281,367

+    1,054

+   74,104

   302,831

Others

 1,711,175

+  115,313

+1,705,659

 1,492,787

Treasury cash holdings

        65

-        7

+       37

        65

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

   648,552

+  116,803

-1,223,766

   685,472

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   389,751

+  177,902

-1,279,576

   434,757

Foreign official

     7,679

-    3,019

-   14,160

     5,374

Other13

   251,122

-   58,080

+   69,970

   245,341

Treasury contributions to credit facilities14

    21,258

         0

-   80,944

    21,258

Other liabilities and capital15

    48,617

-    1,454

-    1,247

    47,156

Total factors, other than reserve balances,
absorbing reserve funds

 4,947,994

+  235,016

+  620,392

 4,786,778

Reserve balances with Federal Reserve Banks

 3,859,731

-  256,465

+  791,447

 4,028,460

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements.

7.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

8.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

9.

Includes bank premises, accrued interest, and other accounts receivable.

10.

Revalued daily at current foreign currency exchange rates.

11.

Estimated.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities LLC of $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Securities held in custody for foreign official and international accounts

 3,415,057

+    2,373

-   74,062

 3,418,348

Marketable U.S. Treasury securities1

 3,016,054

+    2,894

-   31,877

 3,019,323

Federal agency debt and mortgage-backed securities2

   317,559

-      689

-   37,049

   317,516

Other securities3

    81,444

+      167

-    5,135

    81,509

Securities lent to dealers

    38,218

+    5,121

+    6,913

    37,937

Overnight facility4

    38,218

+    5,121

+    6,913

    37,937

U.S. Treasury securities

    38,218

+    5,121

+    6,913

    37,937

Federal agency debt securities

         0

         0

         0

         0

1.

Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2.

Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.

3.

Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4.

Face value. Fully collateralized by U.S. Treasury securities.

Loans1

        85

       310

     1,365

    32,097

         0

...

    33,857

U.S. Treasury securities2

Holdings

    71,797

   334,601

   727,418

 2,154,584

 1,019,378

 1,353,499

 5,661,277

Weekly changes

-   17,260

+   14,381

+   12,601

+      556

-    4,141

+    2,868

+    9,005

Federal agency debt securities3

Holdings

         0

         0

         0

         0

     2,134

       213

     2,347

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities4

Holdings

         0

         1

        34

     2,009

    61,449

 2,552,068

 2,615,560

Weekly changes

         0

+        1

+        8

+      207

+    1,126

-    1,273

+       68

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)5

         0

         0

         0

    15,398

...

...

    15,398

Municipal notes held by Municipal

Liquidity Facility LLC6

       482

       291

         0

     3,358

...

...

     4,131

Loans held by TALF II LLC7

         0

         0

         0

     1,346

...

...

     1,346

Repurchase agreements8

         0

         0

...

...

...

...

         0

Central bank liquidity swaps9

     3,290

        50

         0

         0

         0

         0

     3,340

Reverse repurchase agreements8

 1,795,618

         0

...

...

...

...

 1,795,618

Term deposits

         0

         0

         0

...

...

...

         0

1.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Municipal Liquidity Facility LLC and TALF II LLC, and from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB's statement of condition, respectively, consistent with consolidation under generally accepted accounting principles.

2.

Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.

3.

Face value.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Book value of the loan participations held by the MS Facilities LLC.

6.

Book value of the municipal notes held by the Municipal Liquidity Facility LLC.

7.

Book value of the loans held by the TALF II LLC.

8.

Cash value of agreements.

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

Mortgage-backed securities held outright1

 2,615,560

Residential mortgage-backed securities

 2,606,322

Commercial mortgage-backed securities

     9,237

Commitments to buy mortgage-backed securities2

   109,173

Commitments to sell mortgage-backed securities2

        83

Cash and cash equivalents3

         2

1.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2.

Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

MS Facilities LLC (Main Street Lending Program)

    15,478

    13,072

    16,342

    29,414

Municipal Liquidity Facility LLC

     4,131

     4,131

     3,734

     7,865

TALF II LLC

     1,405

     1,346

     1,255

     2,601

1.

Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.

2.

Outstanding amount of facility asset purchases:

a. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses

    updated as of September 30, 2021.

b. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on

    a one-day lag after the transaction date.

c. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.

3.

Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the Municipal Liquidity Facility LLC and TALF II LLC. Refer to the note on consolidation accompanying table 6.

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,212

         0

-      351

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

 8,647,759

+    7,776

+1,513,858

Securities held outright1

 8,279,184

+    9,073

+1,537,947

U.S. Treasury securities

 5,661,277

+    9,005

+  961,856

Bills2

   326,044

         0

         0

Notes and bonds, nominal2

 4,874,800

+    3,991

+  859,355

Notes and bonds, inflation-indexed2

   387,010

+    3,810

+   72,703

Inflation compensation3

    73,423

+    1,204

+   29,798

Federal agency debt securities2

     2,347

         0

         0

Mortgage-backed securities4

 2,615,560

+       68

+  576,091

Unamortized premiums on securities held outright5

   352,781

-      112

+    9,788

Unamortized discounts on securities held outright5

   -18,063

-       90

-   12,519

Repurchase agreements6

         0

         0

-    1,000

Loans7

    33,857

-    1,095

-   20,359

Net portfolio holdings of Commercial Paper Funding Facility II LLC8

         0

         0

-    8,557

Net portfolio holdings of Corporate Credit Facilities LLC8

         0

         0

-   26,371

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

    29,414

+        8

-   24,741

Net portfolio holdings of Municipal Liquidity Facility LLC8

     7,865

+        1

-    3,815

Net portfolio holdings of TALF II LLC8

     2,601

-       26

-    4,075

Items in process of collection

(0)

        56

-        3

-        9

Bank premises

     1,400

-        2

-      807

Central bank liquidity swaps9

     3,340

-        1

-   13,571

Foreign currency denominated assets10

    20,277

-       76

-    2,063

Other assets11

    35,560

+      584

+    1,417

Total assets

(0)

 8,765,721

+    8,261

+1,430,912

Liabilities

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

 2,187,539

+      662

+  144,097

Reverse repurchase agreements12

 1,795,618

-  125,171

+1,589,283

Deposits

(0)

 4,713,933

+  134,427

-  247,313

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

 4,028,460

-   11,400

+  864,681

U.S. Treasury, General Account

   434,757

+  150,762

-1,172,639

Foreign official

     5,374

-    4,298

-   16,465

Other13

(0)

   245,341

-      639

+   77,109

Deferred availability cash items

(0)

       217

-      382

+       40

Treasury contributions to credit facilities14

    21,258

         0

-   51,448

Other liabilities and accrued dividends15

     6,659

-    1,110

-    5,040

Total liabilities

(0)

 8,725,223

+    8,424

+1,429,619

Capital accounts

Capital paid in

    33,713

-      163

+    1,333

Surplus

     6,785

         0

-       40

Other capital accounts

         0

         0

         0

Total capital

    40,498

-      163

+    1,293

1.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2.

Face value of the securities.

3.

Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5.

Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized.  For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6.

Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7.

Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.

8.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

9.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to
the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign
central bank.

10.

Revalued daily at current foreign currency exchange rates.

11.

Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

12.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Book value. Amount of equity investments in MS Facilities LLC of $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 billion.

15.

Includes the liability for earnings remittances due to the U.S. Treasury.

Assets

Gold certificates and special drawing rights certificates

    16,237

       531

     5,422

       523

       752

     1,187

     2,188

     1,136

       475

       273

       455

     1,220

     2,075

Coin

     1,212

        12

        22

       113

        46

       177

       107

       224

        18

        34

        87

       149

       224

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

 8,647,759

   144,011

 4,873,762

   181,999

   319,836

   577,698

   504,838

   470,143

   112,690

    78,770

   114,822

   381,141

   888,050

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2

    29,414

    29,414

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Municipal Liquidity Facility LLC2

     7,865

         0

     7,865

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF II LLC2

     2,601

         0

     2,601

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Central bank liquidity swaps3

     3,340

       152

     1,122

       120

       289

       695

       151

       131

        64

        28

        36

        60

       492

Foreign currency denominated

assets4

    20,277

       920

     6,816

       728

     1,753

     4,219

       917

       794

       386

       172

       219

       365

     2,986

Other assets5

    37,016

       714

    19,466

       885

     1,413

     2,777

     2,277

     2,054

       626

       479

       799

     1,747

     3,780

Interdistrict settlement account

         0

+   18,155

-  466,642

+    3,799

+   16,377

+   79,822

+   71,411

+   93,153

+   24,357

+    2,160

+   28,252

+   71,481

+   57,675

Total assets

 8,765,721

   193,909

 4,450,434

   188,167

   340,467

   666,574

   581,888

   567,636

   138,616

    81,917

   144,669

   456,162

   955,282

Liabilities

Federal Reserve notes, net

 2,187,539

    73,279

   699,474

    62,387

   103,809

   155,124

   327,057

   121,789

    65,017

    33,249

    56,136

   192,658

   297,561

Reverse repurchase agreements6

 1,795,618

    30,006

 1,014,984

    37,925

    65,336

   120,321

   105,209

    97,987

    23,410

    13,894

    23,844

    79,405

   183,297

Deposits

 4,713,933

    74,711

 2,712,086

    86,117

   167,129

   382,231

   147,508

   345,783

    49,174

    34,358

    64,037

   182,770

   468,028

Depository institutions

 4,028,460

    74,695

 2,224,864

    86,116

   167,084

   381,523

   147,376

   153,809

    49,163

    33,155

    60,168

   182,551

   467,957

U.S. Treasury, General Account

   434,757

         0

   434,757

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,374

         2

     5,347

         1

         3

         8

         2

         2

         1

         0

         0

         1

         6

Other7

   245,341

        14

    47,117

         0

        42

       700

       131

   191,973

        10

     1,203

     3,868

       218

        66

Earnings remittances due to the U.S. Treasury8

     1,658

        14

     1,039

        27

        43

        55

       103

        93

        13

        12

        25

        81

       153

Treasury contributions to credit facilities9

    21,258

    15,674

     5,584

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Other liabilities and accrued
dividends

     5,217

    -1,549

     3,190

       223

       252

       639

       611

       435

       191

       175

       205

       311

       535

Total liabilities

 8,725,223

   192,135

 4,436,356

   186,679

   336,569

   658,369

   580,488

   566,086

   137,805

    81,689

   144,247

   455,226

   949,573

Capital

Capital paid in

    33,713

     1,465

    11,797

     1,244

     3,311

     6,793

     1,093

     1,284

       682

       170

       348

       814

     4,709

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

 8,765,721

   193,909

 4,450,434

   188,167

   340,467

   666,574

   581,888

   567,636

   138,616

    81,917

   144,669

   456,162

   955,282

1.

Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between

the purchase price and the face value of the securities that have not been amortized.  For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities,

amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility and other credit extensions.

2.

Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

3.

Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate
equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4.

Revalued daily at current foreign currency exchange rates.

5.

Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable.

6.

Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7.

Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8.

Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank's allotted surplus cap.

9.

Book value. Amount of equity investments in MS Facilities LLC of $15.7 billion, Municipal Liquidity Facility LLC of $4.2 billion, and TALF II LLC of $1.4 billion.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S dollar-denominated commercial paper by eligible issuers. The assets of the CPFF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

Federal Reserve notes outstanding

 2,439,311

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

   251,772

Federal Reserve notes to be collateralized

 2,187,539

Collateral held against Federal Reserve notes

 2,187,539

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

 2,171,302

Other assets pledged

         0

Memo:

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

 8,279,184

Less: Face value of securities under reverse repurchase agreements

 1,750,689

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

 6,528,495

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.