H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 15, 2021 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Apr 14, 2021 Federal Reserve Banks Apr 14, 2021 Apr 7, 2021 Apr 15, 2020 Reserve Bank credit 7,692,317 + 35,351 +1,496,297 7,753,650 Securities held outright1 7,165,867 + 30,612 +1,970,328 7,224,865 U.S. Treasury securities 4,969,645 + 21,421 +1,252,231 4,973,499 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,259,702 + 18,670 +1,119,115 4,262,999 Notes and bonds, inflation-indexed2 336,815 + 2,058 + 119,571 337,158 Inflation compensation3 47,084 + 693 + 13,545 47,298 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,193,875 + 9,191 + 718,097 2,249,019 Unamortized premiums on securities held outright5 351,262 + 362 + 100,934 351,737 Unamortized discounts on securities held outright5 -9,895 - 386 - 2,772 -10,419 Repurchase agreements6 0 0 - 201,596 0 Foreign official 0 0 - 1 0 Others 0 0 - 201,596 0 Loans 64,004 + 2,037 - 64,600 65,102 Primary credit 708 - 53 - 40,326 743 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 25 0 - 35,565 25 Money Market Mutual Fund Liquidity Facility 0 - 171 - 51,944 0 Paycheck Protection Program Liquidity Facility 63,272 + 2,263 + 63,272 64,334 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC7 8,556 0 + 8,415 8,556 Net portfolio holdings of Corporate Credit Facilities LLC7 25,940 - 80 + 25,940 25,959 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 30,963 + 9 + 30,963 30,970 Net portfolio holdings of Municipal Liquidity Facility LLC7 11,414 - 121 + 11,414 11,416 Net portfolio holdings of TALF II LLC7 5,283 + 1 + 5,283 5,283 Float -234 - 127 + 32 -218 Central bank liquidity swaps8 795 - 73 - 392,268 795 Other Federal Reserve assets9 38,362 + 3,118 + 4,225 39,605 Foreign currency denominated assets10 21,417 + 126 + 902 21,515 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,616 + 14 + 426 50,616 Total factors supplying reserve funds 7,780,591 + 35,491 +1,497,624 7,842,022 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 Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Apr 14, 2021 Federal Reserve Banks Apr 14, 2021 Apr 7, 2021 Apr 15, 2020 Currency in circulation11 2,153,198 + 6,227 + 268,311 2,156,376 Reverse repurchase agreements12 265,990 + 26,470 - 18,474 281,853 Foreign official and international accounts 231,696 + 5,853 - 46,875 230,997 Others 34,294 + 20,617 + 28,401 50,856 Treasury cash holdings 78 - 10 - 229 68 Deposits with F.R. Banks, other than reserve balances 1,280,249 - 45,608 + 145,844 1,363,048 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 925,094 - 85,009 + 35,279 921,685 Foreign official 32,017 - 291 + 15,665 31,075 Other13 323,138 + 39,692 + 94,901 410,288 Treasury contributions to credit facilities14 51,136 - 642 + 51,136 50,278 Other liabilities and capital15 52,127 + 4,190 - 7,735 53,946 Total factors, other than reserve balances, absorbing reserve funds 3,802,778 - 9,373 + 438,853 3,905,568 Reserve balances with Federal Reserve Banks 3,977,813 + 44,864 +1,058,772 3,936,454 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements. 7. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. 8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 9. Includes bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. 10. Revalued daily at current foreign currency exchange rates. 11. Estimated. 12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities 13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion. 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 Averages of daily figures Wednesday Memorandum item Week ended Change from week ended Apr 14, 2021 Apr 14, 2021 Apr 7, 2021 Apr 15, 2020 Securities held in custody for foreign official and international accounts 3,553,999 + 5,064 + 235,831 3,562,016 Marketable U.S. Treasury securities1 3,118,674 + 3,774 + 271,617 3,117,927 Federal agency debt and mortgage-backed securities2 347,857 + 1,443 - 40,353 356,764 Other securities3 87,467 - 154 + 4,567 87,325 Securities lent to dealers 42,850 + 2,402 + 8,254 48,392 Overnight facility4 42,850 + 2,402 + 8,254 48,392 U.S. Treasury securities 42,850 + 2,402 + 8,254 48,392 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, April 14, 2021 Millions of dollars Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 Remaining Maturity All days 90 days 1 year to 5 years to 10 years years Loans1 122 646 3,407 60,927 0 ... 65,102 U.S. Treasury securities2 Holdings 71,695 353,207 625,391 1,892,626 894,208 1,136,372 4,973,499 Weekly changes - 3,407 + 2,826 + 619 + 3,942 + 5,022 + 5,464 + 14,466 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 12 1,954 69,053 2,178,001 2,249,019 Weekly changes 0 0 0 0 0 + 64,336 + 64,335 Commercial paper held by Commercial Paper Funding Facility II LLC5 0 0 0 ... ... ... 0 Loan participations held by MS Facilities LLC (Main Street Lending Program)6 0 0 0 16,436 ... ... 16,436 Municipal notes held by Municipal Liquidity Facility LLC7 0 400 0 5,358 ... ... 5,758 Loans held by TALF II LLC8 0 0 0 1,872 ... ... 1,872 Repurchase agreements9 0 0 ... ... ... ... 0 Central bank liquidity swaps10 271 524 0 0 0 0 795 Reverse repurchase agreements9 281,853 0 ... ... ... ... 281,853 Term deposits 0 0 0 ... ... ... 0 Note: Components may not sum to totals because of rounding. ...Not applicable. 1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, 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.

H.4.1 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Wednesday Account name Apr 14, 2021 Mortgage-backed securities held outright1 2,249,019 Residential mortgage-backed securities 2,239,076 Commercial mortgage-backed securities 9,943 Commitments to buy mortgage-backed securities2 161,970 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 0 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Credit Facilities LLCs Millions of dollars Wednesday Apr 14, 2021 Net portfolio holdings of Credit Facilities LLCs Outstanding Credit Facilities LLCs: principal Outstanding amount amount of Treasury of loan facility contributions extended to asset and the LLC1 purchases2 other assets3 Total Commercial Paper Funding Facility II LLC 0 0 8,556 8,556 Corporate Credit Facilities LLC 13,825 13,768 12,191 25,959 MS Facilities LLC (Main Street Lending Program) 16,488 14,023 16,948 30,970 Municipal Liquidity Facility LLC 6,058 5,758 5,658 11,416 TALF II LLC 2,256 1,872 3,411 5,283 Note: Components may not sum to totals because of rounding. 1. Book value. This amount was eliminated when preparing the Federal Reserve Banks’ statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity. 2. Outstanding amount of facility asset purchases: a. For the Commercial Paper Funding Facility II LLC includes commercial paper at book value. b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and corporate bonds at book value. Asset balances from trading activity are reported on a one-day lag after the transaction date. c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations, net of an allowance for loan losses updated as of December 31, 2020, at face value. d. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on a one-day lag after the transaction date. e. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value. 3. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are approximately 15% of Treasury contributions to the credit facilities from the following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II LLC. Refer to the note on consolidation accompanying table 6.

H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Apr 14, 2021 Apr 7, 2021 Apr 15, 2020 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,428 - 30 - 228 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,631,285 + 80,857 +1,715,022 Securities held outright1 7,224,865 + 78,801 +1,865,489 U.S. Treasury securities 4,973,499 + 14,466 +1,184,641 Bills2 326,044 0 0 Notes and bonds, nominal2 4,262,999 + 11,337 +1,056,855 Notes and bonds, inflation-indexed2 337,158 + 2,401 + 114,466 Inflation compensation3 47,298 + 728 + 13,320 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,249,019 + 64,335 + 680,848 Unamortized premiums on securities held outright5 351,737 + 627 + 89,403 Unamortized discounts on securities held outright5 -10,419 - 859 - 3,523 Repurchase agreements6 0 0 - 181,100 Loans7 65,102 + 2,288 - 55,247 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 8,556 0 + 7,582 Net portfolio holdings of Corporate Credit Facilities LLC8 25,959 + 22 + 25,959 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 30,970 + 8 + 30,970 Net portfolio holdings of Municipal Liquidity Facility LLC8 11,416 + 3 + 11,416 Net portfolio holdings of TALF II LLC8 5,283 0 + 5,283 Items in process of collection (0) 55 + 11 + 20 Bank premises 1,916 + 3 - 287 Central bank liquidity swaps9 795 - 73 - 377,496 Foreign currency denominated assets10 21,515 + 148 + 990 Other assets11 37,688 + 3,271 + 5,985 Total assets (0) 7,793,104 + 84,222 +1,425,217 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 Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Apr 14, 2021 Apr 7, 2021 Apr 15, 2020 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,107,251 + 6,057 + 267,952 Reverse repurchase agreements12 281,853 + 9,780 + 2,269 Deposits (0) 5,299,502 + 65,487 +1,125,650 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,936,454 - 7,601 + 866,580 U.S. Treasury, General Account 921,685 - 33,283 + 65,530 Foreign official 31,075 - 1,174 + 14,728 Other13 (0) 410,288 + 107,544 + 178,813 Deferred availability cash items (0) 274 + 123 - 122 Treasury contributions to credit facilities14 50,278 - 1,500 + 50,278 Other liabilities and accrued dividends15 14,678 + 4,274 - 21,246 Total liabilities (0) 7,753,836 + 84,220 +1,424,781 Capital accounts Capital paid in 32,482 0 + 475 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 39,267 0 + 435 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. 8. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. 9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 10. Revalued daily at current foreign currency exchange rates. 11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. 12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion. 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, April 14, 2021 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Assets Gold certificates and special drawing rights certificates 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045 Coin 1,428 29 37 116 69 198 127 247 23 44 100 159 281 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,631,285 170,201 3,928,456 176,745 240,745 477,342 559,476 423,698 120,901 84,930 124,735 366,151 957,906 Net portfolio holdings of Commercial Paper Funding Facility II LLC2 8,556 0 8,556 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC2 25,959 0 25,959 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 30,970 30,970 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 11,416 0 11,416 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 5,283 0 5,283 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 795 36 267 29 69 165 36 31 15 7 9 14 117 Foreign currency denominated assets4 21,515 977 7,232 773 1,860 4,477 973 843 409 183 233 388 3,168 Other assets5 39,660 955 19,205 993 1,309 2,834 2,982 2,238 755 553 943 2,067 4,826 Interdistrict settlement account 0 - 42,847+ 110,681+ 16,719+ 80,343+ 33,602- 101,754+ 41,151- 8,689- 14,444- 11,739- 11,592 - 91,429 Total assets 7,793,104 160,853 4,122,574 195,903 325,156 519,783 464,022 469,345 113,893 71,542 114,729 358,390 876,914 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, April 14, 2021 (continued) Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Liabilities Federal Reserve notes, net 2,107,251 62,728 683,762 57,186 104,333 157,900 293,667 130,920 59,489 33,173 54,976 184,986 284,133 Reverse repurchase agreements6 281,853 6,329 145,931 6,430 8,818 17,665 20,772 15,743 4,453 2,664 4,482 13,584 34,981 Deposits 5,299,502 75,172 3,235,961 130,507 208,167 335,041 146,862 320,376 48,915 34,873 54,512 158,493 550,623 Depository institutions 3,936,454 75,159 2,035,893 130,505 208,127 334,362 146,819 161,425 48,899 34,639 53,709 156,321 550,596 U.S. Treasury, General Account 921,685 0 921,685 0 0 0 0 0 0 0 0 0 0 Foreign official 31,075 2 31,048 1 3 8 2 2 1 0 0 1 6 Other7 410,288 11 247,335 0 37 670 41 158,950 16 234 802 2,171 21 Earnings remittances due to the U.S. Treasury8 2,821 62 1,468 64 93 192 207 149 32 24 42 132 355 Treasury contributions to credit facilities9 50,278 16,572 33,706 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 12,131 -1,788 8,573 309 356 838 731 620 258 459 285 476 1,014 Total liabilities 7,753,836 159,075 4,109,402 194,495 321,768 511,636 462,238 467,809 113,148 71,193 114,296 357,670 871,106 Capital Capital paid in 32,482 1,470 10,892 1,164 2,801 6,735 1,477 1,270 616 291 360 597 4,809 Surplus 6,785 308 2,280 244 587 1,412 307 266 129 58 73 122 999 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 7,793,104 160,853 4,122,574 195,903 325,156 519,783 464,022 469,345 113,893 71,542 114,729 358,390 876,914 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, April 14, 2021 (continued) 1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. 2. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. 3. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 4. Revalued daily at current foreign currency exchange rates. 5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio holdings of Maiden Lane LLC; refer to the note on consolidation for additional information. 6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 7. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 8. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain each Federal Reserve Bank’s allotted surplus cap. 9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $13.9 billion, MS Facilities LLC of $16.6 billion, and Municipal Liquidity Facility LLC of $6.3 billion, and TALF II LLC of $3.5 billion. 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 Wednesday Federal Reserve notes and collateral Apr 14, 2021 Federal Reserve notes outstanding 2,263,062 Less: Notes held by F.R. Banks not subject to collateralization 155,811 Federal Reserve notes to be collateralized 2,107,251 Collateral held against Federal Reserve notes 2,107,251 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,091,014 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,224,865 Less: Face value of securities under reverse repurchase agreements 269,859 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,955,006 Note: Components may not sum to totals because of rounding. 1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements. 2. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.