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FEDERAL RESERVE statistical release
H.4.1

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

July 7, 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
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
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
Jul 6, 2022
8,855,279
8,455,658
5,743,982
326,044
4,941,958
384,342
91,638
2,347
2,709,329
333,291
-25,208
0
0
0
19,701
1,949
0
9
0
17,742
0

Averages of daily figures
Change from week ended
Jun 29, 2022
Jul 7, 2021
+
+
-

-

0
0
26,391
5,542
2,179
-215
347
37,596
18,067
11,041
5,200
51,191

34,340
30,980
19,747
0
22,121
1,376
998
0
11,234
969
88
0
0
0
1,515
933
1
4
0
577
0
0
0

+
+
+
+
-

+

15
2
18
95
163
1,041
162
0
0
14

8,940,779
34,488
Total factors supplying reserve funds
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

+
+
+

Wednesday
Jul 6, 2022

807,473
943,090
553,399
0
485,923
31,456
36,019
0
389,692
18,207
10,851
0
0
0
70,137
1,558
0
11
0
71,685
0

8,856,240
8,456,027
5,744,344
326,044
4,941,958
384,342
92,000
2,347
2,709,336
333,109
-25,183
0
0
0
19,403
1,765
0
10
0
17,628
0

0
25,906

0
0

+

4,157
5,198
2,510
92
174
1,618
3,135
0
0
595

26,401
5,543
2,179
-202
347
38,617
17,833
11,041
5,200
51,191

+

804,935

8,941,506

+
+
+
+
-

+
-

+
-

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
Jul 6, 2022

Averages of daily figures
Change from week ended
Jun 29, 2022
Jul 7, 2021

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

2,283,569
2,458,018
271,677
2,186,341
98
942,387
0
700,457
7,669
234,261
17,940
48,140

+
+
-

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
Jul 6, 2022

-

4,881
8,402
8,842
17,244
0
90,600
0
56,170
235
34,664
0
908

+
96,803
+1,449,767
+
10,135
+1,439,632
+
56
37,254
0
52,907
+
2,406
+
13,247
22,338
2,157

2,284,935
2,440,650
272,624
2,168,026
102
926,609
0
687,943
8,462
230,204
17,940
48,340

5,750,152

-

95,028

+1,484,877

5,718,575

3,190,627

+

60,540

-

3,222,930

+
-

679,941

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.
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 MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of
$1.2 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
Jul 6, 2022
3,376,705
2,978,880
314,998
82,827
45,691
45,691
45,691
0

Averages of daily figures
Change from week ended
Jun 29, 2022
Jul 7, 2021
+
+
+

14,139
11,797
2,106
236
870
870
870
0

+
+
+

151,680
108,656
36,763
6,261
8,122
8,122
8,122
0

Wednesday
Jul 6, 2022
3,365,309
2,967,655
314,930
82,725
39,804
39,804
39,804
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, July 6, 2022
Millions of dollars
Within 15
days

Remaining Maturity
Loans
U.S. Treasury securities2
Holdings
Weekly changes

871

1

Federal agency debt securities3
Holdings
Weekly changes

16 days to
90 days

-

82,799
10,571

920

+

335,728
10,705

0
0

Mortgage-backed securities4
0
Holdings
0 +
Weekly changes
Loan participations held by MS
Facilities LLC (Main Street Lending
0
Program)5
Municipal notes held by Municipal
0
Liquidity Facility LLC6
0
Loans held by TALF II LLC7
0
Repurchase agreements8
347
Central bank liquidity swaps9
2,440,650
Reverse repurchase agreements8
0
Term deposits
Note: Components may not sum to totals because of rounding.
...Not applicable.
1.

2.
3.
4.
5.
6.
7.
8.
9.

+

0
0
2
1

Over 1 year
to 5 years

Over 5 year
to 10 years

0

17,612

0

813,570
2,696

2,056,844
27,174

1,023,242
+
3,408

0
0

0
0

2,134
0

91 days to
1 year

+

55
9

+

2,066
82

+

59,594
57

Over 10
years

All

...
1,432,162
1,348

+

19,403
5,744,344
19,589

-

213
0
2,647,619
142

-

2,347
0
2,709,336
8

+

0

0

13,798

...

...

13,798

0
0
0
0
0
0

0
0
...
0
...
0

2,907
1,126
...
0
...
...

...
...
...
0
...
...

...
...
...
0
...
...

2,907
1,126
0
347
2,440,650
0

Loans includes primary, secondary, and seasonal loans and credit extended through the Paycheck Protection Program Liquidity Facility (PPPLF)
and other credit extensions. A component of PPPLF loans presented in the Within 15 day category has reached maturity and is recognized as
performing loans based upon the underlying guarantee of the collateral by the Small Business Administration. 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.
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.
Face value.
Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
Book value of the loan participations held by the MS Facilities LLC.
Book value of the municipal notes held by the Municipal Liquidity Facility LLC.
Book value of the loans held by the TALF II LLC.
Cash value of agreements.
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.

H.4.1

3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name

Wednesday
Jul 6, 2022

Mortgage-backed securities held outright1
Residential mortgage-backed securities
Commercial mortgage-backed securities

2,709,336
2,700,572
8,764
48,348

Commitments to buy mortgage-backed securities2
Commitments to sell mortgage-backed securities2

0

9
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 Jul 6, 2022
Net portfolio holdings of
Credit Facilities LLCs
Outstanding
principal
amount
of loan
extended to
the LLC1
13,591
MS Facilities LLC (Main Street Lending Program)
2,907
Municipal Liquidity Facility LLC
1,152
TALF II LLC
Note: Components may not sum to totals because of rounding.
Credit Facilities LLCs:

1.
2.

3.

Outstanding
amount of
facility
asset
purchases2
11,929
2,907
1,126

Treasury
contributions
and
other assets3
14,472
2,635
1,053

Total
26,401
5,543
2,179

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.
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 March 31, 2022.
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.
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
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

Change since
Wednesday
Wednesday
Jun 29, 2022
Jul 7, 2021

Wednesday
Jul 6, 2022
11,037
5,200
1,240
8,783,356
8,456,027
5,744,344
326,044
4,941,958
384,342
92,000
2,347
2,709,336
333,109
-25,183
0
19,403

-

-

0
0

-

0
25,931

+
+
+
+
+

14
2
19
47
11
163
284
979

+

4,154
5,199
2,510
14
1,270
174
3,356
2,919

-

21,702

+

794,078

+
+
+
-

(0)

(0)
8,891,851
Total assets
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

22,584
19,581
19,589
0
22,099
1,376
1,135
0
8
602
101
1
2,299

+
+
+
+

0
0
5
833,762
932,318
542,619
0
475,008
31,456
36,155
0
389,699
18,323
10,834
0
69,399

0
0
26,401
5,543
2,179
99
610
347
17,833
38,007

0
0
8

+
+
+
+
-

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
Jul 6, 2022

Change since
Wednesday
Wednesday
Jun 29, 2022
Jul 7, 2021

2,235,081
2,440,650
4,149,540
0
3,222,931
687,943
8,462
230,204
301
17,940
6,636

+
+

+

3,759
47,597
23,026
0
104,317
71,902
1,028
10,418
936
0
46

8,850,147

-

21,702

+

791,977

34,919
6,785
0

0
0
0

+

2,101
0
0

41,704

0

+

2,101

+
+
-

+
95,679
+1,391,318
- 668,539
0
- 633,272
36,955
+
3,232
1,544
+
88
22,338
4,229

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, 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.
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 MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of
$1.2 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, July 6, 2022
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 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
1,240

544
18

5,271
22

537
107

763
48

1,203
191

2,247
95

1,093
222

461
25

263
41

440
91

1,279
152

2,136
227

8,783,356

175,558

4,496,436

201,608

353,456

610,851

573,487

599,290

137,725

68,615

137,133

449,364

979,832

26,401

26,401

0

0

0

0

0

0

0

0

0

0

0

5,543
2,179
347

0
0
15

5,543
2,179
121

0
0
13

0
0
34

0
0
69

0
0
11

0
0
13

0
0
7

0
0
2

0
0
4

0
0
8

0
0
50

17,833
38,716
0 -

768
866
9,071 +

6,212
18,722
284,076 -

661
974
27,385 -

1,743
1,595
70,852 -

8,891,851
195,098 4,818,581
176,516
286,787
Total assets
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

3,575
2,979
42,038 +
576,831

580
2,615
7,939 586,975

676
2,591
31,181 +
572,704

359
734
2,719 142,030

90
472
748 68,734

184
896
11,426 127,322

428
2,049
4,588 448,693

2,556
4,223
97,443
891,581

H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 6, 2022 (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

2,235,081
2,440,650
4,149,540

75,266
48,862
56,196

704,562
1,251,325
2,840,439

59,992
56,070
58,723

103,529
97,462
81,562

152,420
170,080
245,276

339,278
159,683
85,865

127,083
166,842
276,721

71,160
38,331
31,409

33,936
17,305
17,061

58,488
38,099
30,071

196,416
125,131
125,684

312,952
271,459
300,532

3,222,931
687,943
8,462
230,204

56,184
0
2
10

2,093,814
687,943
8,435
50,245

58,722
0
1
0

81,528
0
4
30

244,685
0
8
582

85,817
0
1
47

97,938
0
2
178,782

31,359
0
1
49

16,766
0
0
296

30,032
0
0
39

125,577
0
1
105

300,508
0
6
19

1,444

5

736

30

39

7

162

103

40

17

27

103

175

17,940

13,891

4,049

0

0

0

0

0

0

0

0

0

0

5,493

-888

2,923

205

224

607

651

444

185

158

203

282

501

8,850,147

193,332

4,804,034

175,019

282,816

568,390

585,639

571,193

141,125

68,477

126,888

447,616

885,618

34,919
6,785
0

1,474
292
0

12,184
2,363
0

1,245
252
0

3,308
663
0

7,081
1,361
0

1,115
221
0

1,254
257
0

769
137
0

222
34
0

364
70
0

915
163
0

4,990
973
0

8,891,851
195,098 4,818,581
176,516
286,787
Total liabilities and capital
Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

576,831

586,975

572,704

142,030

68,734

127,322

448,693

891,581

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, July 6, 2022 (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 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.
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 each Federal Reserve Bank's allotted surplus cap.
Book value. Amount of equity investments in MS Facilities LLC of $13.9 billion, Municipal Liquidity Facility LLC of $2.9 billion, and TALF II LLC of $1.2 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
Jul 6, 2022
2,534,887
299,806
2,235,081
2,235,081
11,037
5,200
2,218,844
0
8,456,027
2,599,107
5,856,920