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 29, 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 28, 2021 Federal Reserve Banks Apr 28, 2021 Apr 21, 2021 Apr 29, 2020 Reserve Bank credit 7,769,787 + 7,966 +1,172,132 7,740,777 Securities held outright1 7,235,791 + 3,462 +1,673,293 7,208,414 U.S. Treasury securities 5,010,258 + 18,868 +1,065,241 5,014,762 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,305,591 + 16,536 + 961,387 4,308,411 Notes and bonds, inflation-indexed2 331,244 + 1,714 + 92,125 332,616 Inflation compensation3 47,378 + 617 + 11,727 47,691 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,223,186 - 15,406 + 608,052 2,191,305 Unamortized premiums on securities held outright5 350,565 - 877 + 69,297 349,308 Unamortized discounts on securities held outright5 -11,478 - 365 - 5,671 -11,804 Repurchase agreements6 0 0 - 163,558 0 Foreign official 0 0 0 0 Others 0 0 - 163,557 0 Loans 71,774 + 4,768 - 49,610 73,124 Primary credit 1,058 + 189 - 30,201 731 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 0 - 4 - 28,618 0 Money Market Mutual Fund Liquidity Facility 0 0 - 47,504 0 Paycheck Protection Program Liquidity Facility 70,716 + 4,582 + 56,713 72,394 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC7 8,556 0 + 5,635 8,556 Net portfolio holdings of Corporate Credit Facilities LLC7 25,974 + 13 + 25,974 25,970 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 30,892 + 5 + 30,892 30,895 Net portfolio holdings of Municipal Liquidity Facility LLC7 11,333 - 83 + 11,333 11,121 Net portfolio holdings of TALF II LLC7 5,283 0 + 5,283 5,284 Float -214 - 120 + 153 -833 Central bank liquidity swaps8 703 + 30 - 433,550 703 Other Federal Reserve assets9 40,609 + 1,135 + 2,662 40,039 Foreign currency denominated assets10 21,673 + 93 + 1,233 21,656 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 + 415 50,616 Total factors supplying reserve funds 7,858,317 + 8,073 +1,173,780 7,829,290 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 28, 2021 Federal Reserve Banks Apr 28, 2021 Apr 21, 2021 Apr 29, 2020 Currency in circulation11 2,161,144 + 2,920 + 257,785 2,163,465 Reverse repurchase agreements12 327,035 + 50,625 + 55,728 382,891 Foreign official and international accounts 222,200 - 4,021 - 44,678 216,159 Others 104,835 + 54,646 + 100,405 166,732 Treasury cash holdings 59 - 8 - 239 47 Deposits with F.R. Banks, other than reserve balances 1,440,480 - 47,711 + 153,956 1,295,205 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 967,689 - 48,213 - 29,818 932,287 Foreign official 29,071 - 2,175 + 12,754 29,092 Other13 443,720 + 2,677 + 171,021 333,827 Treasury contributions to credit facilities14 50,278 0 + 50,278 50,278 Other liabilities and capital15 50,051 - 1,569 - 13,857 48,385 Total factors, other than reserve balances, absorbing reserve funds 4,029,048 + 4,259 + 503,653 3,940,272 Reserve balances with Federal Reserve Banks 3,829,269 + 3,814 + 670,127 3,889,018 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 28, 2021 Apr 28, 2021 Apr 21, 2021 Apr 29, 2020 Securities held in custody for foreign official and international accounts 3,546,598 - 13,168 + 209,249 3,545,218 Marketable U.S. Treasury securities1 3,100,435 - 16,988 + 230,727 3,101,351 Federal agency debt and mortgage-backed securities2 357,455 + 2,880 - 25,096 355,200 Other securities3 88,709 + 942 + 3,619 88,667 Securities lent to dealers 36,698 + 3,519 + 2,340 36,801 Overnight facility4 36,698 + 3,519 + 2,340 36,801 U.S. Treasury securities 36,698 + 3,519 + 2,340 36,801 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 28, 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 104 626 10,586 61,805 3 ... 73,124 U.S. Treasury securities2 Holdings 100,168 327,552 628,477 1,902,633 906,047 1,149,886 5,014,762 Weekly changes - 4,525 + 1,357 + 3,208 + 3,603 + 5,350 + 5,463 + 14,456 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 10 1,853 66,798 2,122,644 2,191,305 Weekly changes 0 0 - 2 - 94 - 1,537 - 54,051 - 55,684 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 16,366 ... ... 16,366 Municipal notes held by Municipal Liquidity Facility LLC7 0 400 0 5,358 ... ... 5,758 Loans held by TALF II LLC8 0 0 0 1,833 ... ... 1,833 Repurchase agreements9 0 0 ... ... ... ... 0 Central bank liquidity swaps10 164 539 0 0 0 0 703 Reverse repurchase agreements9 382,891 0 ... ... ... ... 382,891 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 28, 2021 Mortgage-backed securities held outright1 2,191,305 Residential mortgage-backed securities 2,181,429 Commercial mortgage-backed securities 9,876 Commitments to buy mortgage-backed securities2 187,356 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 65 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 28, 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 13,765 12,205 25,970 MS Facilities LLC (Main Street Lending Program) 16,404 13,952 16,943 30,895 Municipal Liquidity Facility LLC 5,758 5,758 5,363 11,121 TALF II LLC 2,256 1,833 3,451 5,284 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 28, 2021 Apr 21, 2021 Apr 29, 2020 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,384 - 15 - 214 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,619,042 - 39,903 +1,481,796 Securities held outright1 7,208,414 - 41,228 +1,629,928 U.S. Treasury securities 5,014,762 + 14,456 +1,043,343 Bills2 326,044 0 0 Notes and bonds, nominal2 4,308,411 + 11,337 + 941,364 Notes and bonds, inflation-indexed2 332,616 + 2,401 + 90,326 Inflation compensation3 47,691 + 718 + 11,653 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,191,305 - 55,684 + 586,585 Unamortized premiums on securities held outright5 349,308 - 1,966 + 66,068 Unamortized discounts on securities held outright5 -11,804 - 537 - 6,093 Repurchase agreements6 0 0 - 158,202 Loans7 73,124 + 3,828 - 49,904 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 8,556 0 + 5,184 Net portfolio holdings of Corporate Credit Facilities LLC8 25,970 - 5 + 25,970 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 30,895 + 3 + 30,895 Net portfolio holdings of Municipal Liquidity Facility LLC8 11,121 - 297 + 11,121 Net portfolio holdings of TALF II LLC8 5,284 + 1 + 5,284 Items in process of collection (0) 75 + 12 + 34 Bank premises 1,925 + 7 - 283 Central bank liquidity swaps9 703 + 30 - 438,250 Foreign currency denominated assets10 21,656 + 12 + 1,131 Other assets11 38,115 + 170 + 2,366 Total assets (0) 7,780,962 - 39,986 +1,125,033 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 28, 2021 Apr 21, 2021 Apr 29, 2020 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,114,276 + 3,098 + 252,145 Reverse repurchase agreements12 382,891 + 80,101 + 113,785 Deposits (0) 5,184,223 - 121,552 + 724,085 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,889,018 + 121,564 + 725,505 U.S. Treasury, General Account 932,287 - 71,156 - 143,945 Foreign official 29,092 - 772 + 12,769 Other13 (0) 333,827 - 171,186 + 129,757 Deferred availability cash items (0) 908 + 745 - 530 Treasury contributions to credit facilities14 50,278 0 + 50,278 Other liabilities and accrued dividends15 9,116 - 2,379 - 15,163 Total liabilities (0) 7,741,693 - 39,986 +1,124,602 Capital accounts Capital paid in 32,484 0 + 471 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 39,269 0 + 431 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 28, 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 16,237 531 5,422 523 752 1,187 2,188 1,136 475 273 455 1,220 2,075 Coin 1,384 25 34 110 70 193 127 237 26 41 95 157 271 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,619,042 126,507 4,277,640 163,606 280,438 508,438 443,998 412,905 99,701 75,228 104,437 335,103 791,039 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 25,970 0 25,970 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 30,895 30,895 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 11,121 0 11,121 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 5,284 0 5,284 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 703 32 236 25 61 146 32 28 13 6 8 13 103 Foreign currency denominated assets4 21,656 983 7,279 778 1,872 4,507 979 849 412 184 234 390 3,189 Other assets5 40,115 756 21,155 942 1,509 2,966 2,487 2,220 661 474 856 2,005 4,082 Interdistrict settlement account 0 + 23,974- 224,994+ 28,259+ 20,251- 1,660+ 8,154+ 62,388+ 9,975- 6,316+ 7,712+ 17,126 + 55,132 Total assets 7,780,962 183,703 4,137,702 194,243 304,953 515,776 457,965 479,763 111,263 69,890 113,797 356,014 855,892 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 28, 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 2,114,276 63,404 688,021 59,239 104,715 156,722 295,189 129,450 58,508 33,084 54,614 186,257 285,076 Reverse repurchase agreements6 382,891 6,398 216,431 8,087 13,932 25,657 22,434 20,894 4,992 2,963 5,084 16,932 39,086 Deposits 5,184,223 97,389 3,179,645 125,242 182,586 324,461 137,992 327,350 46,814 32,426 53,422 151,719 525,178 Depository institutions 3,889,018 97,378 2,054,351 125,240 182,124 323,757 137,858 161,010 46,808 32,207 52,095 151,038 525,151 U.S. Treasury, General Account 932,287 0 932,287 0 0 0 0 0 0 0 0 0 0 Foreign official 29,092 2 29,065 1 3 8 2 2 1 0 0 1 6 Other7 333,827 10 163,942 0 458 696 131 166,339 6 218 1,327 680 21 Earnings remittances due to the U.S. Treasury8 694 5 419 12 24 45 42 32 6 1 7 30 71 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 9,329 -1,844 6,308 256 309 744 525 501 197 1,068 235 357 674 Total liabilities 7,741,693 181,925 4,124,530 192,836 301,565 507,629 456,181 478,226 110,518 69,542 113,363 355,295 850,084 Capital Capital paid in 32,484 1,470 10,892 1,164 2,801 6,735 1,477 1,270 617 291 361 597 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 7,780,962 183,703 4,137,702 194,243 304,953 515,776 457,965 479,763 111,263 69,890 113,797 356,014 855,892 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 28, 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 28, 2021 Federal Reserve notes outstanding 2,277,131 Less: Notes held by F.R. Banks not subject to collateralization 162,855 Federal Reserve notes to be collateralized 2,114,276 Collateral held against Federal Reserve notes 2,114,276 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,098,040 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,208,414 Less: Face value of securities under reverse repurchase agreements 363,756 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,844,658 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.