H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release For Release at 4:30 P.M. EDT May 6, 2021 In table 4, the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) reflects the quarterly update to the allowance for loan losses. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings as of March 31, 2021 and does not indicate actual losses experienced by the program.

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 6, 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 May 5, 2021 Federal Reserve Banks May 5, 2021 Apr 28, 2021 May 6, 2020 Reserve Bank credit 7,752,308 - 17,479 +1,088,608 7,771,255 Securities held outright1 7,218,456 - 17,335 +1,612,954 7,234,090 U.S. Treasury securities 5,024,784 + 14,526 +1,026,770 5,040,418 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,315,199 + 9,608 + 924,787 4,330,043 Notes and bonds, inflation-indexed2 335,563 + 4,319 + 90,154 336,054 Inflation compensation3 47,978 + 600 + 11,829 48,277 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,191,325 - 31,861 + 586,184 2,191,325 Unamortized premiums on securities held outright5 349,543 - 1,022 + 64,114 349,657 Unamortized discounts on securities held outright5 -12,153 - 675 - 6,522 -12,289 Repurchase agreements6 0 0 - 172,929 0 Foreign official 0 0 0 0 Others 0 0 - 172,929 0 Loans 75,079 + 3,305 - 43,651 76,998 Primary credit 699 - 359 - 29,214 545 Secondary credit 0 0 0 0 Seasonal credit 0 0 0 0 Primary Dealer Credit Facility 0 0 - 19,070 0 Money Market Mutual Fund Liquidity Facility 0 0 - 44,695 0 Paycheck Protection Program Liquidity Facility 74,380 + 3,664 + 49,328 76,453 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC7 8,556 0 + 4,582 8,556 Net portfolio holdings of Corporate Credit Facilities LLC7 25,977 + 3 + 25,977 25,996 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 30,689 - 203 + 30,689 30,659 Net portfolio holdings of Municipal Liquidity Facility LLC7 11,121 - 212 + 11,121 11,123 Net portfolio holdings of TALF II LLC7 4,973 - 310 + 4,973 4,922 Float -305 - 91 - 30 -101 Central bank liquidity swaps8 653 - 50 - 444,312 653 Other Federal Reserve assets9 39,719 - 890 + 1,642 40,993 Foreign currency denominated assets10 21,607 - 66 + 954 21,517 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,630 + 14 + 423 50,630 Total factors supplying reserve funds 7,840,787 - 17,530 +1,089,986 7,859,644 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 May 5, 2021 Federal Reserve Banks May 5, 2021 Apr 28, 2021 May 6, 2020 Currency in circulation11 2,164,971 + 3,827 + 248,970 2,167,663 Reverse repurchase agreements12 393,790 + 66,755 + 123,116 388,304 Foreign official and international accounts 227,575 + 5,375 - 41,602 225,504 Others 166,214 + 61,379 + 164,717 162,800 Treasury cash holdings 46 - 13 - 255 36 Deposits with F.R. Banks, other than reserve balances 1,307,973 - 132,507 - 32,008 1,301,187 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 953,689 - 14,000 - 173,801 946,134 Foreign official 28,234 - 837 + 11,884 28,087 Other13 326,050 - 117,670 + 129,908 326,966 Treasury contributions to credit facilities14 50,278 0 + 50,278 50,278 Other liabilities and capital15 50,002 - 49 - 14,903 51,373 Total factors, other than reserve balances, absorbing reserve funds 3,967,059 - 61,989 + 375,197 3,958,841 Reserve balances with Federal Reserve Banks 3,873,728 + 44,459 + 714,790 3,900,803 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 May 5, 2021 May 5, 2021 Apr 28, 2021 May 6, 2020 Securities held in custody for foreign official and international accounts 3,543,249 - 3,349 + 197,856 3,546,275 Marketable U.S. Treasury securities1 3,099,463 - 972 + 219,972 3,102,733 Federal agency debt and mortgage-backed securities2 355,161 - 2,294 - 25,295 354,954 Other securities3 88,625 - 84 + 3,178 88,589 Securities lent to dealers 41,217 + 4,519 + 2,767 42,355 Overnight facility4 41,217 + 4,519 + 2,767 42,355 U.S. Treasury securities 41,217 + 4,519 + 2,767 42,355 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, May 5, 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 167 378 17,440 59,013 0 ... 76,998 U.S. Treasury securities2 Holdings 124,849 278,205 630,363 1,942,674 906,238 1,158,090 5,040,418 Weekly changes + 24,681 - 49,347 + 1,886 + 40,041 + 191 + 8,204 + 25,656 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 13 1,911 69,319 2,120,081 2,191,325 Weekly changes 0 0 + 3 + 58 + 2,521 - 2,563 + 20 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 16,365 ... ... 16,365 Municipal notes held by Municipal Liquidity Facility LLC7 0 400 0 5,358 ... ... 5,758 Loans held by TALF II LLC8 0 0 0 1,745 ... ... 1,745 Repurchase agreements9 0 0 ... ... ... ... 0 Central bank liquidity swaps10 158 495 0 0 0 0 653 Reverse repurchase agreements9 388,304 0 ... ... ... ... 388,304 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 May 5, 2021 Mortgage-backed securities held outright1 2,191,325 Residential mortgage-backed securities 2,181,449 Commercial mortgage-backed securities 9,876 Commitments to buy mortgage-backed securities2 218,078 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 May 5, 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 13,757 12,238 25,996 MS Facilities LLC (Main Street Lending Program) 16,404 13,703 16,956 30,659 Municipal Liquidity Facility LLC 5,758 5,758 5,365 11,123 TALF II LLC 1,894 1,745 3,176 4,922 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 at face value, net of an allowance for loan losses updated as of March 31, 2021. 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 May 5, 2021 Apr 28, 2021 May 6, 2020 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,311 - 73 - 246 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,648,456 + 29,414 +1,453,528 Securities held outright1 7,234,090 + 25,676 +1,606,172 U.S. Treasury securities 5,040,418 + 25,656 +1,020,227 Bills2 326,044 0 0 Notes and bonds, nominal2 4,330,043 + 21,632 + 920,527 Notes and bonds, inflation-indexed2 336,054 + 3,438 + 87,788 Inflation compensation3 48,277 + 586 + 11,912 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,191,325 + 20 + 585,945 Unamortized premiums on securities held outright5 349,657 + 349 + 63,155 Unamortized discounts on securities held outright5 -12,289 - 485 - 6,755 Repurchase agreements6 0 0 - 172,700 Loans7 76,998 + 3,874 - 36,344 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 8,556 0 + 4,568 Net portfolio holdings of Corporate Credit Facilities LLC8 25,996 + 26 + 25,996 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 30,659 - 236 + 30,659 Net portfolio holdings of Municipal Liquidity Facility LLC8 11,123 + 2 + 11,123 Net portfolio holdings of TALF II LLC8 4,922 - 362 + 4,922 Items in process of collection (0) 64 - 11 + 34 Bank premises 1,914 - 11 - 289 Central bank liquidity swaps9 653 - 50 - 444,232 Foreign currency denominated assets10 21,517 - 139 + 996 Other assets11 39,079 + 964 + 2,010 Total assets (0) 7,810,486 + 29,524 +1,089,066 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 May 5, 2021 Apr 28, 2021 May 6, 2020 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,118,376 + 4,100 + 245,051 Reverse repurchase agreements12 388,304 + 5,413 + 123,098 Deposits (0) 5,201,990 + 17,767 + 683,451 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,900,803 + 11,785 + 735,197 U.S. Treasury, General Account 946,134 + 13,847 - 197,134 Foreign official 28,087 - 1,005 + 11,751 Other13 (0) 326,966 - 6,861 + 133,637 Deferred availability cash items (0) 166 - 742 - 106 Treasury contributions to credit facilities14 50,278 0 + 50,278 Other liabilities and accrued dividends15 12,100 + 2,984 - 13,108 Total liabilities (0) 7,771,213 + 29,520 +1,088,664 Capital accounts Capital paid in 32,488 + 4 + 442 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 39,273 + 4 + 402 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, May 5, 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 1,311 21 30 109 62 186 120 230 22 39 93 148 253 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,648,456 126,981 4,292,298 164,446 282,010 510,141 445,418 414,274 100,030 77,673 104,726 336,210 794,248 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 25,996 0 25,996 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 30,659 30,659 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 11,123 0 11,123 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC2 4,922 0 4,922 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps3 653 30 219 23 56 136 30 26 12 6 7 12 96 Foreign currency denominated assets4 21,517 977 7,233 773 1,860 4,478 973 843 409 183 233 388 3,169 Other assets5 41,057 775 21,736 961 1,551 3,040 2,533 2,273 696 497 870 1,939 4,185 Interdistrict settlement account 0 + 19,105- 247,536+ 30,006+ 16,530+ 1,813+ 9,737+ 62,590+ 8,829- 9,657+ 6,189+ 16,392 + 86,002 Total assets 7,810,486 179,078 4,129,998 196,841 302,821 520,980 460,998 481,373 110,474 69,014 112,574 356,308 890,027 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, May 5, 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 2,118,376 63,520 690,165 60,147 105,039 156,996 296,164 128,949 58,325 33,033 54,203 186,865 284,970 Reverse repurchase agreements6 388,304 6,489 219,491 8,201 14,129 26,019 22,752 21,190 5,062 3,005 5,156 17,171 39,638 Deposits 5,201,990 92,733 3,165,273 126,736 179,786 328,796 139,485 328,932 46,066 32,274 52,493 150,973 558,443 Depository institutions 3,900,803 92,716 2,035,503 126,735 179,039 327,936 139,348 160,543 46,060 32,034 51,776 150,695 558,417 U.S. Treasury, General Account 946,134 0 946,134 0 0 0 0 0 0 0 0 0 0 Foreign official 28,087 2 28,060 1 3 8 2 2 1 0 0 1 6 Other7 326,966 14 155,575 0 743 851 135 168,388 5 240 717 278 20 Earnings remittances due to the U.S. Treasury8 2,625 38 1,555 48 87 142 152 145 37 24 29 115 253 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 9,641 -2,053 6,636 301 393 879 662 621 236 329 259 463 916 Total liabilities 7,771,213 177,299 4,116,826 195,434 299,433 512,832 459,214 479,836 109,726 68,665 112,140 355,587 884,220 Capital Capital paid in 32,488 1,471 10,892 1,164 2,801 6,736 1,477 1,270 618 291 361 599 4,807 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 7,810,486 179,078 4,129,998 196,841 302,821 520,980 460,998 481,373 110,474 69,014 112,574 356,308 890,027 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, May 5, 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 May 5, 2021 Federal Reserve notes outstanding 2,283,780 Less: Notes held by F.R. Banks not subject to collateralization 165,404 Federal Reserve notes to be collateralized 2,118,376 Collateral held against Federal Reserve notes 2,118,376 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,102,139 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,234,090 Less: Face value of securities under reverse repurchase agreements 367,438 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,866,652 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.