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 May 20, 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 19, 2021 Federal Reserve Banks May 19, 2021 May 12, 2021 May 20, 2020 Reserve Bank credit 7,875,080 + 91,260 + 953,044 7,883,429 Securities held outright1 7,335,912 + 92,990 +1,463,342 7,351,729 U.S. Treasury securities 5,062,418 + 13,168 + 988,343 5,071,821 Bills2 326,044 0 0 326,044 Notes and bonds, nominal2 4,347,095 + 10,022 + 889,972 4,355,182 Notes and bonds, inflation-indexed2 339,827 + 2,401 + 85,633 340,855 Inflation compensation3 49,452 + 746 + 12,738 49,740 Federal agency debt securities2 2,347 0 0 2,347 Mortgage-backed securities4 2,271,147 + 79,822 + 474,999 2,277,561 Unamortized premiums on securities held outright5 350,137 + 392 + 49,970 350,289 Unamortized discounts on securities held outright5 -13,139 - 689 - 7,468 -13,320 Repurchase agreements6 0 0 - 161,729 0 Foreign official 0 0 0 0 Others 0 0 - 161,729 0 Loans 81,678 + 2,723 - 30,111 83,297 Primary credit 616 + 54 - 20,866 661 Secondary credit 0 0 0 0 Seasonal credit 1 + 1 - 1 2 Primary Dealer Credit Facility 0 0 - 8,969 0 Money Market Mutual Fund Liquidity Facility 0 0 - 38,047 0 Paycheck Protection Program Liquidity Facility 81,060 + 2,667 + 37,771 82,635 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC7 8,556 0 + 4,264 8,554 Net portfolio holdings of Corporate Credit Facilities LLC7 25,910 - 24 + 24,727 25,966 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 30,616 - 44 + 30,616 30,550 Net portfolio holdings of Municipal Liquidity Facility LLC7 11,125 + 2 + 11,125 11,127 Net portfolio holdings of TALF II LLC7 4,922 0 + 4,922 4,922 Float -106 + 5 + 68 -106 Central bank liquidity swaps8 636 + 49 - 445,663 652 Other Federal Reserve assets9 38,834 - 4,143 + 8,982 29,766 Foreign currency denominated assets10 21,680 - 19 + 1,199 21,785 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,628 + 14 + 411 50,628 Total factors supplying reserve funds 7,963,629 + 91,254 + 954,654 7,972,082 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 19, 2021 Federal Reserve Banks May 19, 2021 May 12, 2021 May 20, 2020 Currency in circulation11 2,168,626 + 406 + 235,459 2,169,173 Reverse repurchase agreements12 462,719 + 69,675 + 201,871 522,156 Foreign official and international accounts 219,119 - 1,490 - 39,732 228,158 Others 243,600 + 71,165 + 241,603 293,998 Treasury cash holdings 39 + 2 - 234 34 Deposits with F.R. Banks, other than reserve balances 1,308,661 + 49,569 - 132,912 1,356,199 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 866,119 - 32,660 - 328,291 860,833 Foreign official 28,161 + 58 + 11,843 27,750 Other13 414,381 + 82,171 + 183,536 467,616 Treasury contributions to credit facilities14 50,278 0 + 2,564 50,278 Other liabilities and capital15 53,499 - 640 + 1,402 50,264 Total factors, other than reserve balances, absorbing reserve funds 4,043,822 + 119,012 + 308,150 4,148,104 Reserve balances with Federal Reserve Banks 3,919,807 - 27,758 + 646,504 3,823,979 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 19, 2021 May 19, 2021 May 12, 2021 May 20, 2020 Securities held in custody for foreign official and international accounts 3,531,218 - 9,770 + 142,810 3,530,012 Marketable U.S. Treasury securities1 3,087,447 - 10,129 + 167,701 3,086,367 Federal agency debt and mortgage-backed securities2 355,518 + 799 - 28,199 355,020 Other securities3 88,253 - 439 + 3,308 88,625 Securities lent to dealers 36,549 + 207 + 4,202 37,599 Overnight facility4 36,549 + 207 + 4,202 37,599 U.S. Treasury securities 36,549 + 207 + 4,202 37,599 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 19, 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 298 364 21,622 61,012 1 ... 83,297 U.S. Treasury securities2 Holdings 95,705 300,258 643,626 1,933,283 918,938 1,180,011 5,071,821 Weekly changes - 23,069 + 16,552 + 12,640 - 14,744 + 7,995 + 18,053 + 17,426 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 1,905 68,583 2,207,060 2,277,561 Weekly changes 0 0 0 - 6 - 736 + 86,979 + 86,236 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 16,342 ... ... 16,342 Municipal notes held by Municipal Liquidity Facility LLC7 0 150 0 5,358 ... ... 5,508 Loans held by TALF II LLC8 0 0 0 1,679 ... ... 1,679 Repurchase agreements9 0 0 ... ... ... ... 0 Central bank liquidity swaps10 527 125 0 0 0 0 652 Reverse repurchase agreements9 522,156 0 ... ... ... ... 522,156 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 19, 2021 Mortgage-backed securities held outright1 2,277,561 Residential mortgage-backed securities 2,267,736 Commercial mortgage-backed securities 9,826 Commitments to buy mortgage-backed securities2 176,772 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 52 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 19, 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 8,554 8,554 Corporate Credit Facilities LLC 13,757 13,629 12,337 25,966 MS Facilities LLC (Main Street Lending Program) 16,282 13,684 16,867 30,550 Municipal Liquidity Facility LLC 5,758 5,508 5,619 11,127 TALF II LLC 1,894 1,679 3,243 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 19, 2021 May 12, 2021 May 20, 2020 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,270 - 18 - 208 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,771,996 + 106,399 +1,253,137 Securities held outright1 7,351,729 + 103,662 +1,397,211 U.S. Treasury securities 5,071,821 + 17,426 + 982,490 Bills2 326,044 0 0 Notes and bonds, nominal2 4,355,182 + 15,537 + 883,958 Notes and bonds, inflation-indexed2 340,855 + 1,199 + 85,589 Inflation compensation3 49,740 + 690 + 12,943 Federal agency debt securities2 2,347 0 0 Mortgage-backed securities4 2,277,561 + 86,236 + 414,720 Unamortized premiums on securities held outright5 350,289 + 506 + 46,185 Unamortized discounts on securities held outright5 -13,320 - 563 - 7,629 Repurchase agreements6 0 - 1 - 157,351 Loans7 83,297 + 2,794 - 25,280 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 8,554 - 2 + 4,261 Net portfolio holdings of Corporate Credit Facilities LLC8 25,966 + 65 + 24,165 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 30,550 - 118 + 30,550 Net portfolio holdings of Municipal Liquidity Facility LLC8 11,127 + 2 + 11,127 Net portfolio holdings of TALF II LLC8 4,922 0 + 4,922 Items in process of collection (0) 55 + 1 + 4 Bank premises 1,919 + 1 - 287 Central bank liquidity swaps9 652 + 65 - 445,451 Foreign currency denominated assets10 21,785 + 213 + 1,190 Other assets11 27,850 - 14,389 + 2,215 Total assets (0) 7,922,883 + 92,220 + 885,625 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 19, 2021 May 12, 2021 May 20, 2020 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,119,844 - 250 + 229,844 Reverse repurchase agreements12 522,156 + 93,324 + 255,507 Deposits (0) 5,180,180 + 1,679 + 399,368 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,823,981 - 131,883 + 519,760 U.S. Treasury, General Account 860,833 - 3,420 - 332,464 Foreign official 27,750 - 376 + 11,522 Other13 (0) 467,616 + 137,358 + 200,550 Deferred availability cash items (0) 161 - 4 - 100 Treasury contributions to credit facilities14 50,278 0 + 1,278 Other liabilities and accrued dividends15 10,842 - 2,559 - 802 Total liabilities (0) 7,883,462 + 92,190 + 885,097 Capital accounts Capital paid in 32,637 + 30 + 568 Surplus 6,785 0 - 40 Other capital accounts 0 0 0 Total capital 39,422 + 30 + 528 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 19, 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 1,270 18 25 109 59 183 116 230 18 35 89 149 240 Securities, unamortized premiums and discounts, repurchase agreements, and loans1 7,771,996 129,023 4,358,127 167,118 289,624 517,982 451,916 420,786 101,489 80,646 106,147 341,351 807,787 Net portfolio holdings of Commercial Paper Funding Facility II LLC2 8,554 0 8,554 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC2 25,966 0 25,966 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 30,550 30,550 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC2 11,127 0 11,127 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 652 30 219 23 56 136 29 26 12 6 7 12 96 Foreign currency denominated assets4 21,785 989 7,323 782 1,884 4,533 985 854 414 185 236 392 3,208 Other assets5 29,824 588 15,360 726 1,142 2,287 1,864 1,654 547 386 727 1,505 3,038 Interdistrict settlement account 0 - 240- 139,043+ 26,570+ 4,947- 24,847+ 3,069+ 59,395+ 6,585- 13,172+ 6,278+ 14,151 + 56,307 Total assets 7,922,883 161,488 4,298,003 195,852 298,464 501,461 460,167 484,081 109,541 68,358 113,939 358,779 872,751 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 19, 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 2,119,844 63,362 693,283 60,788 104,740 157,935 296,845 128,768 58,072 32,711 54,120 187,506 281,713 Reverse repurchase agreements6 522,156 8,726 295,152 11,028 18,999 34,989 30,594 28,494 6,808 4,040 6,934 23,091 53,302 Deposits 5,180,180 73,023 3,256,272 122,248 170,803 299,232 130,072 324,466 43,641 30,896 52,154 146,739 530,634 Depository institutions 3,823,981 73,006 2,073,966 122,246 170,764 298,285 129,933 156,135 43,634 30,193 48,803 146,409 530,608 U.S. Treasury, General Account 860,833 0 860,833 0 0 0 0 0 0 0 0 0 0 Foreign official 27,750 2 27,723 1 3 8 2 2 1 0 0 1 6 Other7 467,616 15 293,749 0 36 940 137 168,330 6 703 3,351 329 20 Earnings remittances due to the U.S. Treasury8 2,851 47 1,604 61 115 218 166 149 27 20 19 121 302 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 8,152 -2,021 4,812 320 416 918 697 661 250 342 278 492 987 Total liabilities 7,883,462 159,708 4,284,829 194,445 295,074 493,293 458,374 482,540 108,799 68,009 113,505 357,949 866,937 Capital Capital paid in 32,637 1,472 10,894 1,164 2,804 6,756 1,486 1,275 613 291 361 708 4,814 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 7,922,883 161,488 4,298,003 195,852 298,464 501,461 460,167 484,081 109,541 68,358 113,939 358,779 872,751 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 19, 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 19, 2021 Federal Reserve notes outstanding 2,296,054 Less: Notes held by F.R. Banks not subject to collateralization 176,210 Federal Reserve notes to be collateralized 2,119,844 Collateral held against Federal Reserve notes 2,119,844 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 2,103,607 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 7,351,729 Less: Face value of securities under reverse repurchase agreements 497,199 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,854,530 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.