FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

May 28, 2020

The Board's H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository

Institutions and Condition Statement of Federal Reserve Banks,” has been modified to include

information related to Municipal Liquidity Facility (MLF). This facility operates through the

Municipal Liquidity Facility LLC (MLF LLC), a special purpose vehicle that was formed to help

support state and local governments better manage cash flow pressures in order to continue to

serve households and business in their communities. 

On April 9, 2020, the Federal Reserve announced the MLF. On May 26, 2020, the Federal

Reserve Bank of New York (FRBNY) received Treasury’s equity contribution for the MLF

program.

Consistent with generally accepted accounting principles, the assets and liabilities of MLF LLC

have been consolidated with the assets and liabilities of the FRBNY in the preparation of the

statements of condition shown on the release because the FRBNY is the managing member of

MLF LLC. MLF asset balances from trading activity will be reported in this release on a one-day

lag after the transaction date. The net portfolio holdings of MLF LLC appear as an asset on the

statement of condition of the FRBNY (table 5), the consolidated statement of condition of all

Federal Reserve Banks (table 4), and factors affecting reserve balances of depository institutions

(table 1). The amount provided by the U.S. Treasury as credit protection for the MLF LLC is

included in “Treasury contributions to credit facilities” in tables 1, 4, and 5. 

On May 22, 2020 and pursuant to the facility agreements, 85% of the Treasury’s equity

contributions were invested in nonmarketable Treasury securities and reported in “Net portfolio

holdings of Commercial Paper Funding Facility II LLC” and “Net portfolio holdings of

Corporate Credit Facilities LLC” in tables 1, 4, and 5. Note 7 in table 1, note 8 in table 4, and

note 2 in table 5, each regarding the net portfolio holdings of the LLCs, were modified to

indicate inclusion of those assets. Additionally, the note on consolidation in table 5 was modified

to include information related to this activity.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 28, 2020

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

May 27, 2020 May 20, 2020 May 29, 2019

Wednesday

May 27, 2020

Reserve Bank credit 7,059,561 + 137,525 +3,239,597 7,058,713

Securities held outright1 5,958,725 + 86,155 +2,279,834 5,946,969

U.S. Treasury securities 4,101,108 + 27,033 +1,986,418 4,109,512

Bills2 326,044 0 + 325,994 326,044

Notes and bonds, nominal2 3,481,681 + 24,558 +1,505,116 3,489,174

Notes and bonds, inflation-indexed2 256,594 + 2,400 + 141,233 257,451

Inflation compensation3 36,789 + 75 + 14,075 36,843

Federal agency debt securities2 2,347 0 0 2,347

Mortgage-backed securities4 1,855,270 + 59,122 + 293,416 1,835,110

Unamortized premiums on securities held outright5 304,609 + 4,442 + 171,805 304,256

Unamortized discounts on securities held outright5 -5,544 + 127 + 7,470 -5,500

Repurchase agreements6 174,930 + 13,201 + 174,930 181,101

Foreign official 1 + 1 + 1 1

Others 174,929 + 13,200 + 174,929 181,100

Loans 107,306 - 4,483 + 107,243 106,896

Primary credit 18,831 - 2,651 + 18,811 18,198

Secondary credit 0 0 0 0

Seasonal credit 2 0 - 41 2

Primary Dealer Credit Facility 6,961 - 2,008 + 6,961 6,241

Money Market Mutual Fund Liquidity Facility 34,321 - 3,726 + 34,321 33,244

Paycheck Protection Program Liquidity Facility 47,192 + 3,903 + 47,192 49,211

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 11,578 + 7,286 + 11,578 12,794

Net portfolio holdings of Corporate Credit Facilities LLC7 29,852 + 28,669 + 29,852 34,853

Net portfolio holdings of Municipal Liquidity Facility LLC7 0 0 0 0

Float -212 - 38 + 8 -288

Central bank liquidity swaps8 448,736 + 2,437 + 448,719 448,946

Other Federal Reserve assets9 29,581 - 271 + 8,159 28,687

Foreign currency denominated assets10 20,525 + 44 - 172 20,564

Gold stock 11,041 0 0 11,041

Special drawing rights certificate account 5,200 0 0 5,200

Treasury currency outstanding11 50,331 + 14 + 426 50,331

Total factors supplying reserve funds 7,146,658 + 137,582 +3,239,850 7,145,850

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

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

May 27, 2020 May 20, 2020 May 29, 2019

Wednesday

May 27, 2020

Currency in circulation11 1,944,218 + 10,951 + 206,641 1,948,196

Reverse repurchase agreements12 245,506 - 15,342 - 21,894 243,976

Foreign official and international accounts 244,887 - 13,964 - 17,870 239,650

Others 619 - 1,378 - 4,024 4,326

Treasury cash holdings 239 - 34 - 31 207

Deposits with F.R. Banks, other than reserve balances 1,585,565 + 143,992 +1,274,073 1,522,210

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,310,491 + 116,081 +1,062,714 1,326,897

Foreign official 16,246 - 72 + 11,001 16,251

Other13 258,828 + 27,983 + 200,358 179,062

Treasury contributions to credit facilities14 54,000 + 6,286 + 54,000 66,500

Other liabilities and capital15 48,985 - 3,112 + 3,626 47,074

Total factors, other than reserve balances,

absorbing reserve funds 3,878,513 + 142,741 +1,516,416 3,828,162

Reserve balances with Federal Reserve Banks 3,268,144 - 5,159 +1,723,433 3,317,688

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 $37.5 billion,

and Municipal Liquidity Facility LLC of $17.5 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 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

Memorandum item Week ended Change from week ended

May 27, 2020 May 20, 2020 May 29, 2019

Wednesday

May 27, 2020

Securities held in custody for foreign official and international

accounts 3,391,236 + 2,828 - 72,101 3,384,052

Marketable U.S. Treasury securities1 2,924,975 + 5,229 - 130,847 2,921,251

Federal agency debt and mortgage-backed securities2 380,841 - 2,876 + 49,165 377,355

Other securities3 85,420 + 475 + 9,581 85,447

Securities lent to dealers 32,694 + 347 + 11,237 32,934

Overnight facility4 32,694 + 347 + 11,237 32,934

U.S. Treasury securities 32,694 + 347 + 11,237 32,934

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, 4, and 5.

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.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 27, 2020

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans1 9,777 36,411 11,497 49,211 0 ... 106,896

U.S. Treasury securities2

Holdings 55,608 279,039 564,220 1,577,552 719,915 913,177 4,109,512

Weekly changes - 11,251 + 4,864 + 6,377 + 9,486 + 8,657 + 2,047 + 20,181

Federal agency debt securities3

Holdings 0 0 0 0 1,436 911 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 0 4 2,217 80,749 1,752,140 1,835,110

Weekly changes 0 0 - 1 - 74 - 1,156 - 26,499 - 27,731

Commercial paper held by Commercial

Paper Funding Facility II LLC5 0 4,255 0 ... ... ... 4,255

Repurchase agreements6 139,551 41,550 ... ... ... ... 181,101

Central bank liquidity swaps7 126,741 322,205 0 0 0 0 448,946

Reverse repurchase agreements6 243,976 0 ... ... ... ... 243,976

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, Money Market Mutual Fund

Liquidity 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, and Municipal Liquidity Facility LLC, which

were eliminated when preparing the FRBNY's statement of condition 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. Face value of commercial paper held by Commercial Paper Funding Facility II LLC.

6. Cash value of agreements.

7. 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 27, 2020

Mortgage-backed securities held outright1 1,835,110

Residential mortgage-backed securities 1,826,212

Commercial mortgage-backed securities 8,898

Commitments to buy mortgage-backed securities2 120,231

Commitments to sell mortgage-backed securities2 20

Cash and cash equivalents3 115

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 4 and table 5.
H.4.1

4. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

May 27, 2020 May 20, 2020 May 29, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,447 - 31 - 202

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 6,533,722 + 14,863 +2,741,627

Securities held outright1 5,946,969 - 7,549 +2,274,473

U.S. Treasury securities 4,109,512 + 20,181 +1,994,768

Bills2 326,044 0 + 325,994

Notes and bonds, nominal2 3,489,174 + 17,950 +1,512,609

Notes and bonds, inflation-indexed2 257,451 + 2,185 + 142,090

Inflation compensation3 36,843 + 46 + 14,076

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 1,835,110 - 27,731 + 279,705

Unamortized premiums on securities held outright5 304,256 + 152 + 171,706

Unamortized discounts on securities held outright5 -5,500 + 191 + 7,504

Repurchase agreements6 181,101 + 23,750 + 181,101

Loans7 106,896 - 1,681 + 106,843

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 12,794 + 8,501 + 12,794

Net portfolio holdings of Corporate Credit Facilities LLC8 34,853 + 33,052 + 34,853

Net portfolio holdings of Municipal Liquidity Facility LLC8 0 0 0

Items in process of collection (0) 67 + 16 - 65

Bank premises 2,205 - 1 + 10

Central bank liquidity swaps9 448,946 + 2,843 + 448,929

Foreign currency denominated assets10 20,564 - 31 - 96

Other assets11 26,482 + 847 + 8,024

Total assets (0) 7,097,316 + 60,058 +3,245,872

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

May 27, 2020 May 20, 2020 May 29, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,899,514 + 9,514 + 207,934

Reverse repurchase agreements12 243,976 - 22,673 - 21,441

Deposits (0) 4,839,897 + 59,085 +2,990,692

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,317,688 + 13,467 +1,782,896

U.S. Treasury, General Account 1,326,897 + 133,600 +1,077,886

Foreign official 16,251 + 23 + 11,006

Other13 (0) 179,062 - 88,004 + 118,905

Deferred availability cash items (0) 355 + 94 - 303

Treasury contributions to credit facilities14 66,500 + 17,500 + 66,500

Other liabilities and accrued dividends15 8,160 - 3,484 + 2,762

Total liabilities (0) 7,058,402 + 60,037 +3,246,145

Capital accounts

Capital paid in 32,089 + 20 - 273

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,914 + 20 - 273

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 $37.5 billion,

and Municipal Liquidity Facility LLC of $17.5 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.

15. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, May 27, 2020

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificates and special drawing

rights certificates 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045

Coin 1,447 29 40 134 83 201 133 246 21 38 94 159 269

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 6,533,722 180,750 3,358,998 149,481 201,973 407,529 477,557 362,591 103,304 63,845 106,172 312,152 809,371

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 12,794 0 12,794 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 34,853 0 34,853 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 0 0 0 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 448,946 21,310 150,874 16,156 38,365 94,758 22,266 17,435 7,359 3,515 4,735 5,330 66,844

Foreign currency denominated

assets4 20,564 976 6,913 740 1,757 4,340 1,020 798 337 161 217 244 3,061

Other assets5 28,754 2,278 12,077 704 957 2,083 2,177 1,628 724 387 722 1,575 3,443

Interdistrict settlement account 0 - 66,139 + 431,820 - 13,450 - 17,040 + 58,829 - 120,532 - 11,331 - 23,576 - 11,346 - 18,435 - 3,023 - 205,776

Total assets 7,097,316 139,736 4,013,851 154,293 226,856 568,904 384,804 372,504 88,649 56,870 93,954 317,638 679,257

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, May 27, 2020 (continued)

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Liabilities

Federal Reserve notes, net 1,899,514 59,106 628,939 51,366 85,880 126,604 261,477 126,129 58,539 30,803 52,547 158,924 259,200

Reverse repurchase agreements6 243,976 5,479 126,320 5,566 7,633 15,291 17,980 13,627 3,855 2,306 3,880 11,758 30,280

Deposits 4,839,897 71,422 3,179,865 95,565 129,542 417,675 102,344 230,397 25,331 22,897 36,781 145,617 382,462

Depository institutions 3,317,688 71,400 1,782,055 95,564 126,392 416,272 100,541 121,100 25,325 22,827 32,330 141,428 382,455

U.S. Treasury, General Account 1,326,897 0 1,326,897 0 0 0 0 0 0 0 0 0 0

Foreign official 16,251 2 16,225 1 3 8 2 2 1 0 0 0 6

Other7 179,062 20 54,689 0 3,147 1,394 1,801 109,296 5 70 4,451 4,189 1

Earnings remittances due to the U.S.

Treasury8 1,160 30 614 24 33 92 82 61 7 8 13 55 141

Treasury contributions to credit facilities9 66,500 1,500 65,000 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 7,355 371 99 374 470 1,056 1,020 776 282 530 318 632 1,427

Total liabilities 7,058,402 137,907 4,000,837 152,896 223,558 560,718 382,902 370,990 88,013 56,545 93,538 316,986 673,511

Capital

Capital paid in 32,089 1,505 10,720 1,151 2,715 6,745 1,563 1,249 524 272 344 571 4,730

Surplus 6,825 324 2,294 246 583 1,441 338 265 112 53 72 81 1,016

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 7,097,316 139,736 4,013,851 154,293 226,856 568,904 384,804 372,504 88,649 56,870 93,954 317,638 679,257

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, May 27, 2020 (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, Money Market Mutual Fund Liquidity 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 a $6.825 billion surplus.

9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, and Municipal Liquidity Facility LLC of $17.5

billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) has extended loans to several 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 dollar-denominated commercial paper by eligible issuers. The

assets of the CPFF II LLC are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to 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 are used to secure the loan from the FRBNY

and the amount provided by U.S. Treasury as credit protection to the FRBNY.

The FRBNY is the managing member of CPFF II LLC, CCF LLC, and Municipal Liquidity Facility LLC. 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, 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. Treasury contributions to credit facilities are held at the Reserve Bank until invested. Net assets

of the LLC appears as assets on table 5 (and in table 1 and table 4), and the liabilities of the LLC to entities other than the FRBNY, 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 4).The amount provided by U.S. Treasury as credit protection to FRBNY appears as liabilities on table 5 (and in table 1 and table 4).
H.4.1

6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral May 27, 2020

Federal Reserve notes outstanding 2,051,425

Less: Notes held by F.R. Banks not subject to collateralization 151,911

Federal Reserve notes to be collateralized 1,899,514

Collateral held against Federal Reserve notes 1,899,514

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,883,277

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,128,070

Less: Face value of securities under reverse repurchase agreements 232,932

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,895,138

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.