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FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time January 7, 2021 The Board's H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks,” has been modified to reflect the Federal Reserve’s return of a portion of Treasury’s equity investment in the Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II LLC, which occurred on January 5, 2021. Footnote 14 in Factors Affecting Reserve Balances of Depository Institutions (table 1) and Consolidated Statement of Condition of All Federal Reserve Banks (table 5) and footnote 9 in Statement of Condition of Each Federal Reserve Bank (table 6) were revised accordingly. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 7, 2021 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 Reserve Bank credit Securities held outright1 U.S. Treasury securities Bills2 Notes and bonds, nominal2 Notes and bonds, inflation-indexed2 Inflation compensation3 Federal agency debt securities2 Mortgage-backed securities4 Unamortized premiums on securities held outright5 Unamortized discounts on securities held outright5 Repurchase agreements6 Foreign official Others Loans Primary credit Secondary credit Seasonal credit Primary Dealer Credit Facility Money Market Mutual Fund Liquidity Facility Paycheck Protection Program Liquidity Facility Other credit extensions Net portfolio holdings of Commercial Paper Funding Facility II LLC7 Net portfolio holdings of Corporate Credit Facilities LLC7 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 Net portfolio holdings of Municipal Liquidity Facility LLC7 Net portfolio holdings of TALF II LLC7 Float Central bank liquidity swaps8 Other Federal Reserve assets9 Foreign currency denominated assets10 Gold stock Special drawing rights certificate account Treasury currency outstanding11 Week ended Jan 6, 2021 7,306,876 6,733,491 4,691,676 326,044 4,007,673 314,307 43,652 2,347 2,039,468 342,899 -5,530 1,000 1,000 0 55,466 1,577 0 0 485 3,264 50,140 0 8,557 37,911 54,119 17,164 9,818 -372 17,744 34,608 22,315 11,041 5,200 50,535 Averages of daily figures Change from week ended Dec 30, 2020 Jan 8, 2020 + + + + - - - + + + + 43,534 24,170 2,770 0 480 2,283 8 0 26,941 1,236 91 0 0 0 1,511 208 0 0 0 609 694 0 +3,178,548 +2,986,806 +2,356,014 + 152,233 +1,998,667 + 186,923 + 18,192 0 + 630,791 + 218,423 + 7,710 - 239,958 + 1,000 - 240,958 + 55,461 + 1,574 0 2 + 485 + 3,264 + 50,140 0 Wednesday Jan 6, 2021 7,294,489 6,741,237 4,699,421 326,044 4,015,445 314,307 43,625 2,347 2,039,469 342,993 -5,544 1,000 1,000 0 54,216 1,485 0 0 485 2,496 49,750 0 0 8,544 + + 8,557 37,911 8,557 26,371 602 4,111 2,845 180 761 2,208 77 0 0 14 + + + + + + 54,119 17,164 9,818 170 14,016 8,692 1,565 0 0 457 54,155 11,680 6,676 -112 16,911 36,349 22,340 11,041 5,200 50,535 +3,180,568 7,383,606 7,395,966 43,445 Total factors supplying reserve funds 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 Week ended Jan 6, 2021 Averages of daily figures Change from week ended Dec 30, 2020 Jan 8, 2020 Currency in circulation11 Reverse repurchase agreements12 Foreign official and international accounts Others Treasury cash holdings Deposits with F.R. Banks, other than reserve balances Term deposits held by depository institutions U.S. Treasury, General Account Foreign official Other13 Treasury contributions to credit facilities14 Other liabilities and capital15 2,090,492 212,779 207,263 5,516 28 1,872,318 0 1,669,327 21,839 181,152 102,202 49,864 + + + + + Total factors, other than reserve balances, absorbing reserve funds Reserve balances with Federal Reserve Banks Note: Components may not sum to totals because of rounding. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Wednesday Jan 6, 2021 + + - 8,952 7,762 2,510 5,252 2 6,062 0 78,272 9 72,220 11,798 548 + 285,527 65,672 68,023 + 2,351 144 +1,437,763 0 +1,302,325 + 16,657 + 118,781 + 102,202 + 6,696 2,092,385 206,335 206,331 4 32 1,797,467 0 1,607,396 21,839 168,232 72,706 50,903 4,327,682 + 10,428 +1,766,370 4,219,828 3,068,284 - 53,872 +1,414,198 3,163,778 Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. Face value of the securities. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 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. Cash value of agreements. 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. 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. Includes bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. Revalued daily at current foreign currency exchange rates. Estimated. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities 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. 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 $37.5 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. 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 Securities held in custody for foreign official and international accounts Marketable U.S. Treasury securities1 Federal agency debt and mortgage-backed securities2 Other securities3 Securities lent to dealers Overnight facility4 U.S. Treasury securities Federal agency debt securities Note: Components may not sum to totals because of rounding. 1. 2. 3. 4. Week ended Jan 6, 2021 3,489,119 3,047,931 354,608 86,579 31,305 31,305 31,305 0 Averages of daily figures Change from week ended Dec 30, 2020 Jan 8, 2020 + + + + 1,459 1,293 2,751 2 2,178 2,178 2,178 0 + + + - 81,254 81,592 4,268 3,929 3,034 3,034 3,034 0 Wednesday Jan 6, 2021 3,500,716 3,059,580 354,551 86,585 30,324 30,324 30,324 0 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. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value. Face value. Fully collateralized by U.S. Treasury securities. H.4.1 2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, January 6, 2021 Millions of dollars Within 15 days Remaining Maturity 1,559 Loans1 U.S. Treasury securities2 Holdings Weekly changes Federal agency debt securities3 Holdings Weekly changes 16 days to 90 days - 65,582 28,344 0 0 2,707 + 320,631 24,848 - 0 0 Mortgage-backed securities4 0 0 Holdings 0 0 Weekly changes Commercial paper held by Commercial 0 0 Paper Funding Facility II LLC5 Loan participations held by MS Facilities LLC (Main Street Lending 0 0 Program)6 Municipal notes held by Municipal 0 0 Liquidity Facility LLC7 0 0 Loans held by TALF II LLC8 1,000 0 Repurchase agreements9 7,307 9,604 Central bank liquidity swaps10 206,335 0 Reverse repurchase agreements9 0 0 Term deposits Note: Components may not sum to totals because of rounding. ...Not applicable. Over 1 year to 5 years Over 5 year to 10 years 200 49,750 0 647,973 1,838 1,768,527 + 1,504 0 0 0 0 91 days to 1 year + 5 1 + 2,096 80 + 836,876 8,962 Over 10 years ... + 1,818 0 + 72,097 52 All 1,059,832 5,374 54,216 + 529 0 - 1,965,271 133 4,699,421 10,505 2,347 0 + 2,039,469 1 0 ... ... ... 0 0 16,552 ... ... 16,552 925 0 ... 0 ... 0 5,358 3,552 ... 0 ... ... ... ... ... 0 ... ... ... ... ... 0 ... ... 6,283 3,552 1,000 16,911 206,335 0 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. 1. H.4.1 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Account name Wednesday Jan 6, 2021 Mortgage-backed securities held outright1 Residential mortgage-backed securities Commercial mortgage-backed securities 2,039,469 2,029,629 9,840 220,868 Commitments to buy mortgage-backed securities2 Commitments to sell mortgage-backed securities2 8,084 2 Cash and cash equivalents3 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 Wednesday Jan 6, 2021 Net portfolio holdings of Credit Facilities LLCs Outstanding principal amount of loan extended to the LLC1 0 Commercial Paper Funding Facility II LLC 14,138 Corporate Credit Facilities LLC 16,542 MS Facilities LLC (Main Street Lending Program) 6,361 Municipal Liquidity Facility LLC 3,656 TALF II LLC Note: Components may not sum to totals because of rounding. Credit Facilities LLCs: Outstanding amount of facility asset purchases2 0 14,248 16,456 6,283 3,552 Treasury contributions and other assets3 8,557 12,123 37,699 5,397 3,124 Total 8,557 26,371 54,155 11,680 6,676 1. Book value. This amount was eliminated when preparing the Federal Reserve Banks’ statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity. 2. Outstanding amount of facility asset purchases: a. For the Commercial Paper Funding Facility II LLC includes commercial paper at book value. b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and corporate bonds at book value. Asset balances from trading activity are reported on a one-day lag after the transaction date. c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations, net of an allowance for loan losses updated as of September 30, 2020, at face value. d. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on a one-day lag after the transaction date. e. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value. 3. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the credit facilities from the following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II LLC. Refer to the note on consolidation accompanying table 6. H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Assets Gold certificate account Special drawing rights certificate account Coin Securities, unamortized premiums and discounts, repurchase agreements, and loans Securities held outright1 U.S. Treasury securities Bills2 Notes and bonds, nominal2 Notes and bonds, inflation-indexed2 Inflation compensation3 Federal agency debt securities2 Mortgage-backed securities4 Unamortized premiums on securities held outright5 Unamortized discounts on securities held outright5 Repurchase agreements6 Loans7 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 Net portfolio holdings of Corporate Credit Facilities LLC8 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 Net portfolio holdings of Municipal Liquidity Facility LLC8 Net portfolio holdings of TALF II LLC8 Items in process of collection Bank premises Central bank liquidity swaps9 Foreign currency denominated assets10 Other assets11 Eliminations from consolidation Wednesday Jan 6, 2021 11,037 5,200 1,563 7,133,901 6,741,237 4,699,421 326,044 4,015,445 314,307 43,625 2,347 2,039,469 342,993 -5,544 1,000 54,216 (0) Change since Wednesday Wednesday Dec 30, 2020 Jan 8, 2020 + - 0 0 114 - 7,976 10,506 10,505 0 8,252 2,283 29 0 1 70 114 0 2,485 +3,053,378 +2,982,499 +2,351,707 + 141,517 +2,005,095 + 186,923 + 18,172 0 + 630,792 + 218,519 + 7,734 - 209,587 + 54,214 8,557 26,371 - 0 20,161 + + 8,557 26,371 54,155 11,680 6,676 65 2,207 16,911 22,340 34,143 + + 82 9,598 5,988 17 15 972 89 237 + + + + + + + + 54,155 11,680 6,676 9 9 13,183 1,708 9,650 - 28,542 (0) 7,334,809 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. + + + 0 0 1 + + + + - +3,185,265 H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Liabilities Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements12 Deposits Term deposits held by depository institutions Other deposits held by depository institutions U.S. Treasury, General Account Foreign official Other13 Deferred availability cash items Treasury contributions to credit facilities14 Other liabilities and accrued dividends15 Total liabilities Capital accounts Capital paid in Surplus Other capital accounts Total capital Note: Components may not sum to totals because of rounding. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Eliminations from consolidation (0) (0) (0) (0) Wednesday Jan 6, 2021 Change since Wednesday Wednesday Dec 30, 2020 Jan 8, 2020 2,043,442 206,335 4,961,246 0 3,163,779 1,607,396 21,839 168,232 177 72,706 11,699 + + + + + 5,469 3,428 9,879 0 20,802 6,118 8 4,813 666 41,294 1,496 + 289,332 68,588 +2,884,757 0 +1,507,150 +1,256,556 + 16,657 + 104,393 2 + 72,706 + 6,380 7,295,604 - 28,546 +3,184,583 32,380 6,825 0 + 4 0 0 + 682 0 0 39,205 + 4 + 682 Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. Face value of the securities. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 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. 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. 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. 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. Revalued daily at current foreign currency exchange rates. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 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. 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 $37.5 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. Includes the liability for earnings remittances due to the U.S. Treasury. H.4.1 6. Statement of Condition of Each Federal Reserve Bank, January 6, 2021 Millions of dollars Assets, liabilities, and capital Assets Gold certificates and special drawing rights certificates Coin Securities, unamortized premiums and discounts, repurchase agreements, and loans1 Net portfolio holdings of Commercial Paper Funding Facility II LLC2 Net portfolio holdings of Corporate Credit Facilities LLC2 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 Net portfolio holdings of Municipal Liquidity Facility LLC2 Net portfolio holdings of TALF II LLC2 Central bank liquidity swaps3 Foreign currency denominated assets4 Other assets5 Interdistrict settlement account Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco Dallas 16,237 1,563 533 31 5,483 40 529 131 761 83 1,165 207 2,183 153 1,137 258 479 33 270 44 450 106 1,202 188 2,045 291 7,133,901 162,704 3,675,472 167,158 223,055 446,685 523,758 396,908 113,230 74,836 116,980 343,080 890,033 8,557 0 8,557 0 0 0 0 0 0 0 0 0 0 26,371 0 26,371 0 0 0 0 0 0 0 0 0 0 54,155 54,155 0 0 0 0 0 0 0 0 0 0 0 11,680 6,676 16,911 0 0 803 11,680 6,676 5,683 0 0 609 0 0 1,445 0 0 3,569 0 0 839 0 0 657 0 0 277 0 0 132 0 0 178 0 0 201 0 0 2,518 7,510 16,112 161,411 - 804 910 8,211 + 1,909 1,204 84,863 + 4,715 2,578 120,345 - 1,108 2,758 115,340 - 579,263 415,458 22,340 36,415 0 - 1,060 2,405 37,583 + 7,334,809 184,108 3,924,997 161,930 313,320 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 867 2,063 17,572 384,318 366 714 17,318 97,780 175 487 4,260 71,684 236 880 12,137 106,693 265 1,876 33,649 313,164 3,326 4,429 120,549 782,093 H.4.1 6. Statement of Condition of Each Federal Reserve Bank, January 6, 2021 (continued) Millions of dollars Assets, liabilities, and capital Liabilities Federal Reserve notes, net Reverse repurchase agreements6 Deposits Depository institutions U.S. Treasury, General Account Foreign official Other7 Earnings remittances due to the U.S. Treasury8 Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco Dallas 2,043,442 206,335 4,961,246 62,143 4,634 75,977 675,231 106,831 3,090,479 56,350 4,707 99,146 93,648 6,456 209,441 152,766 12,932 404,483 280,935 15,206 116,637 132,638 11,525 237,945 59,194 3,260 34,345 33,454 1,950 35,629 55,231 3,281 47,487 173,546 9,944 128,465 268,305 25,609 481,212 3,163,779 1,607,396 21,839 168,232 75,959 0 2 15 1,405,035 1,607,396 21,813 56,236 99,145 0 1 0 209,403 0 3 34 403,478 0 8 996 116,552 0 2 83 129,493 0 2 108,451 34,343 0 1 1 35,562 0 0 66 46,105 0 0 1,381 127,518 0 0 946 481,185 0 6 21 1,784 34 949 38 53 97 136 98 27 15 27 88 221 72,706 39,000 33,706 0 0 0 0 0 0 0 0 0 0 10,092 527 4,627 280 340 806 738 579 227 308 244 456 960 7,295,604 182,314 3,911,823 160,522 309,937 571,084 413,653 382,785 97,053 71,356 106,271 312,500 776,308 32,380 6,825 0 1,470 324 0 10,880 2,294 0 1,163 246 0 2,800 583 0 6,739 1,441 0 1,467 338 0 1,269 265 0 616 112 0 275 53 0 350 72 0 583 81 0 4,769 1,016 0 7,334,809 184,108 3,924,997 161,930 313,320 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 579,263 415,458 384,318 97,780 71,684 106,693 313,164 782,093 Treasury contributions to credit facilities9 Other liabilities and accrued dividends Total liabilities Capital Capital paid in Surplus Other capital H.4.1 6. Statement of Condition of Each Federal Reserve Bank, January 6, 2021 (continued) 1. 2. 3. 4. 5. 6. 7. 8. 9. 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. 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. 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. Revalued daily at current foreign currency exchange rates. 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. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 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. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $6.825 billion surplus. 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 $37.5 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 dollardenominated 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). H.4.1 7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts Millions of dollars Federal Reserve notes and collateral Federal Reserve notes outstanding Less: Notes held by F.R. Banks not subject to collateralization Federal Reserve notes to be collateralized Collateral held against Federal Reserve notes Gold certificate account Special drawing rights certificate account U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 Other assets pledged Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 Less: Face value of securities under reverse repurchase agreements U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged Note: Components may not sum to totals because of rounding. 1. 2. 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. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. Wednesday Jan 6, 2021 2,194,521 151,080 2,043,442 2,043,442 11,037 5,200 2,027,205 0 6,742,237 198,875 6,543,361