FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, March 31, 2022

FEDERAL RESERVE statistical release

H.4.1

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

March 31, 2022

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Mar 30, 2022
	Week ended Mar 30, 2022	Change from week ended
	Week ended Mar 30, 2022	Mar 23, 2022	Mar 31, 2021
Reserve Bank credit	8,902,877	- 21,321	+1,260,843	8,898,734
Securities held outright1	8,480,677	- 18,121	+1,359,224	8,477,627
U.S. Treasury securities	5,759,706	+ 881	+ 825,190	5,760,030
Bills2	326,044	0	0	326,044
Notes and bonds, nominal2	4,966,485	0	+ 735,625	4,966,485
Notes and bonds, inflation-indexed2	388,233	0	+ 56,505	388,233
Inflation compensation3	78,944	+ 882	+ 33,060	79,267
Federal agency debt securities2	2,347	0	0	2,347
Mortgage-backed securities4	2,718,624	- 19,002	+ 534,034	2,715,250
Unamortized premiums on securities held outright5	344,876	- 1,485	- 5,893	344,536
Unamortized discounts on securities held outright5	-21,402	- 28	- 12,269	-21,381
Repurchase agreements6	0	0	- 1	1
Foreign official	0	0	- 1	0
Others	0	0	0	1
Loans	24,514	- 762	- 35,304	24,032
Primary credit	628	- 282	- 313	354
Secondary credit	0	0	0	0
Seasonal credit	0	0	0	0
Primary Dealer Credit Facility	0	0	- 25	0
Money Market Mutual Fund Liquidity Facility	0	0	- 303	0
Paycheck Protection Program Liquidity Facility	23,886	- 480	- 34,663	23,678
Other credit extensions	0	0	0	0
Net portfolio holdings of Commercial Paper Funding Facility II LLC7	0	0	- 8,556	0
Net portfolio holdings of Corporate Credit Facilities LLC7	0	0	- 26,025	0
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7	28,859	+ 10	- 2,087	28,866
Net portfolio holdings of Municipal Liquidity Facility LLC7	6,652	+ 1	- 4,902	6,653
Net portfolio holdings of TALF II LLC7	2,527	+ 1	- 3,069	2,527
Float	-300	- 176	+ 42	-1,136
Central bank liquidity swaps8	231	- 78	- 2,279	231
Other Federal Reserve assets9	36,243	- 683	+ 1,962	36,779
Foreign currency denominated assets10	19,519	- 191	- 1,719	19,680
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding11	50,995	+ 14	+ 465	50,995

Total factors supplying reserve funds	8,989,632	- 21,499	+1,259,589	8,985,650

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Mar 30, 2022
	Week ended Mar 30, 2022	Change from week ended
	Week ended Mar 30, 2022	Mar 23, 2022	Mar 31, 2021
Currency in circulation11	2,266,398	+ 2,108	+ 127,798	2,268,291
Reverse repurchase agreements12	1,956,391	- 21,224	+1,703,369	2,040,783
Foreign official and international accounts	251,817	+ 2,871	+ 45,057	254,844
Others	1,704,574	- 24,095	+1,658,312	1,785,939
Treasury cash holdings	72	+ 2	- 19	74
Deposits with F.R. Banks, other than reserve balances	868,503	- 29,489	- 495,091	835,300
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	575,065	- 39,551	- 450,662	556,791
Foreign official	8,332	+ 943	- 24,134	8,124
Other13	285,106	+ 9,119	- 20,295	270,384
Treasury contributions to credit facilities14	21,258	0	- 30,520	21,258
Other liabilities and capital15	47,329	- 1,482	+ 535	46,478

Total factors, other than reserve balances, absorbing reserve funds	5,159,952	- 50,085	+1,306,071	5,212,184

Reserve balances with Federal Reserve Banks	3,829,680	+ 28,585	- 46,482	3,773,466

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.
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.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Mar 30, 2022
	Week ended Mar 30, 2022	Change from week ended
	Week ended Mar 30, 2022	Mar 23, 2022	Mar 31, 2021
Securities held in custody for foreign official and international accounts	3,464,169	+ 13,870	- 87,353	3,460,942
Marketable U.S. Treasury securities1	3,047,170	+ 17,971	- 71,004	3,051,664
Federal agency debt and mortgage-backed securities2	335,412	- 4,061	- 10,885	327,157
Other securities3	81,588	- 40	- 5,463	82,121
Securities lent to dealers	39,952	+ 274	+ 947	43,408
Overnight facility4	39,952	+ 274	+ 947	43,408
U.S. Treasury securities	39,952	+ 274	+ 947	43,408
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.

H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, March 30, 2022

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans1	120	835	0	23,077	0	...	24,032
U.S. Treasury securities2
Holdings	89,526	316,195	761,650	2,197,763	994,559	1,400,337	5,760,030
Weekly changes	+ 8,492	- 9,804	+ 1,361	+ 14,104	- 13,495	+ 223	+ 881
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	0	37	2,022	64,380	2,648,810	2,715,250
Weekly changes	0	- 1	- 6	- 94	- 1,038	- 22,372	- 23,510
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)5	0	0	0	14,715	...	...	14,715
Municipal notes held by Municipal
Liquidity Facility LLC6	0	0	0	2,907	...	...	2,907
Loans held by TALF II LLC7	0	0	0	1,264	...	...	1,264
Repurchase agreements8	1	0	...	...	...	...	1
Central bank liquidity swaps9	231	0	0	0	0	0	231
Reverse repurchase agreements8	2,040,783	0	...	...	...	...	2,040,783
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 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.

Account name	Wednesday
Mortgage-backed securities held outright1	2,715,250
Residential mortgage-backed securities	2,706,233
Commercial mortgage-backed securities	9,017

Commitments to buy mortgage-backed securities2	49,241
Commitments to sell mortgage-backed securities2	0

Cash and cash equivalents3	2

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Credit Facilities LLCs:	Wednesday Mar 30, 2022
		Net portfolio holdings of
		Credit Facilities LLCs
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC1	purchases2	other assets3	Total
MS Facilities LLC (Main Street Lending Program)	14,563	12,692	16,174	28,866
Municipal Liquidity Facility LLC	2,907	2,907	3,746	6,653
TALF II LLC	1,327	1,264	1,263	2,527

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 MS Facilities LLC (Main Street Lending Program) includes loan participations at face value, net of an allowance for loan losses
	updated as of December 31, 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.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Mar 30, 2022	Change since
			Wednesday	Wednesday
			Mar 23, 2022	Mar 31, 2021
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,295	+ 2	- 189
Securities, unamortized premiums and discounts, repurchase agreements, and loans		8,824,815	- 24,665	+1,292,814
Securities held outright1		8,477,627	- 22,628	+1,348,319
U.S. Treasury securities		5,760,030	+ 881	+ 817,753
Bills2		326,044	0	0
Notes and bonds, nominal2		4,966,485	0	+ 731,092
Notes and bonds, inflation-indexed2		388,233	0	+ 53,476
Inflation compensation3		79,267	+ 881	+ 33,184
Federal agency debt securities2		2,347	0	0
Mortgage-backed securities4		2,715,250	- 23,510	+ 530,567
Unamortized premiums on securities held outright5		344,536	- 1,360	- 6,438
Unamortized discounts on securities held outright5		-21,381	+ 29	- 11,912
Repurchase agreements6		1	+ 1	+ 1
Loans7		24,032	- 706	- 37,156
Net portfolio holdings of Commercial Paper Funding Facility II LLC8		0	0	- 8,556
Net portfolio holdings of Corporate Credit Facilities LLC8		0	0	- 26,034
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8		28,866	+ 9	- 2,087
Net portfolio holdings of Municipal Liquidity Facility LLC8		6,653	+ 1	- 4,903
Net portfolio holdings of TALF II LLC8		2,527	0	- 2,755
Items in process of collection	(0)	61	+ 7	+ 4
Bank premises		1,131	- 162	- 792
Central bank liquidity swaps9		231	- 78	- 2,279
Foreign currency denominated assets10		19,680	+ 112	- 1,471
Other assets11		35,648	- 557	+ 4,402

Total assets	(0)	8,937,142	- 25,332	+1,248,154

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Mar 30, 2022	Change since
			Wednesday	Wednesday
			Mar 23, 2022	Mar 31, 2021
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,218,660	+ 2,526	+ 123,555
Reverse repurchase agreements12		2,040,783	- 13,799	+1,688,606
Deposits	(0)	4,608,766	- 14,966	- 534,218
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,773,466	+ 4,420	+ 100,764
U.S. Treasury, General Account		556,791	- 19,651	- 565,160
Foreign official		8,124	+ 551	- 25,085
Other13	(0)	270,384	- 287	- 44,738
Deferred availability cash items	(0)	1,197	+ 988	+ 90
Treasury contributions to credit facilities14		21,258	0	- 30,520
Other liabilities and accrued dividends15		5,369	- 82	- 1,214

Total liabilities	(0)	8,896,034	- 25,331	+1,246,300

Capital accounts
Capital paid in		34,324	0	+ 1,855
Surplus		6,785	0	0
Other capital accounts		0	0	0

Total capital		41,109	0	+ 1,855

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.
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.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 30, 2022

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Assets
Gold certificates and special drawing rights certificates	16,237	531	5,422	523	752	1,187	2,188	1,136	475	273	455	1,220	2,075
Coin	1,295	19	24	116	51	189	101	237	23	42	94	164	233
Securities, unamortized premiums and discounts, repurchase agreements, and loans1	8,824,815	147,080	4,978,335	185,901	324,602	589,997	515,665	480,290	114,906	76,965	117,172	389,286	904,616
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)2	28,866	28,866	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC2	6,653	0	6,653	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC2	2,527	0	2,527	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps3	231	10	77	8	20	48	10	9	4	2	2	4	34
Foreign currency denominated
assets4	19,680	893	6,615	707	1,702	4,095	890	771	374	167	213	355	2,898
Other assets5	36,840	709	19,554	876	1,399	2,758	2,238	2,017	595	475	794	1,719	3,707
Interdistrict settlement account	0	+ 27,832	- 299,379	- 7,403	- 15,837	+ 9,070	+ 54,933	+ 117,547	+ 26,161	+ 1,110	+ 19,377	+ 74,498	- 7,907

Total assets	8,937,142	205,941	4,719,828	180,728	312,689	607,345	576,025	602,007	142,539	79,035	138,107	467,245	905,656

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 30, 2022 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes, net	2,218,660	73,231	705,123	58,921	104,543	154,024	333,866	130,470	65,047	34,401	58,043	191,744	309,249
Reverse repurchase agreements6	2,040,783	34,103	1,153,565	43,103	74,256	136,749	119,574	111,366	26,606	15,791	27,100	90,247	208,323
Deposits	4,608,766	82,183	2,839,006	76,963	129,656	307,299	119,581	358,172	49,827	28,421	52,309	183,884	381,466
Depository institutions	3,773,466	82,170	2,220,110	76,961	129,544	306,568	119,548	143,226	49,817	28,224	52,280	183,621	381,397
U.S. Treasury, General Account	556,791	0	556,791	0	0	0	0	0	0	0	0	0	0
Foreign official	8,124	2	8,098	1	3	8	2	2	1	0	0	1	6
Other7	270,384	12	54,007	0	109	722	32	214,944	9	196	29	262	63
Earnings remittances due to the U.S. Treasury8	2,439	29	1,382	52	90	177	152	120	25	16	36	105	255
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	4,127	-1,194	1,126	192	220	660	1,521	372	169	157	195	252	455

Total liabilities	8,896,034	204,027	4,705,785	179,232	308,765	598,908	574,694	600,499	141,675	78,786	137,683	466,232	899,749

Capital
Capital paid in	34,324	1,621	11,680	1,244	3,261	7,077	1,110	1,250	728	215	354	850	4,934
Surplus	6,785	292	2,363	252	663	1,361	221	257	137	34	70	163	973
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	8,937,142	205,941	4,719,828	180,728	312,689	607,345	576,025	602,007	142,539	79,035	138,107	467,245	905,656

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 30, 2022 (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 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 and collateral	Wednesday
Federal Reserve notes and collateral	Mar 30, 2022
Federal Reserve notes outstanding	2,492,762
Less: Notes held by F.R. Banks not subject to collateralization	274,102
Federal Reserve notes to be collateralized	2,218,660
Collateral held against Federal Reserve notes	2,218,660
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2	2,202,424
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities1,2	8,477,628
Less: Face value of securities under reverse repurchase agreements	2,099,221
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	6,378,407

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.

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.