FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

June 11, 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 LLC (MLF). The MLF LLC was introduced

on the H.4.1 cover note on May 28, 2020

https://www.federalreserve.gov/releases/h41/20200528/. On June 2, 2020, the MLF LLC began

purchasing eligible municipal notes and on June 5, 2020 settlement of the first purchase

transactions occurred. The Federal Reserve Bank of New York extended credit to the MLF LLC

under the authority of section 13(3) of the Federal Reserve Act, with approval of the Treasury

Secretary, at settlement of the investment activity. Information on the lending was added to the

note on consolidation. Municipal notes held by MLF LLC were added in the Maturity

Distribution of Securities, Loans, and Selected Other Assets and Liabilities (table 2). 

Additionally, the asset basis in table 2 for the “Commercial paper held by Commercial Paper

Funding Facility II LLC” and “Loan participations held by MS Facilities LLC (Main Street

Lending Programs)” was updated to reflect “Book value” for consistency with the presentation in

tables 1, 4, and 5. 

Pursuant to the MS Facilities LLC (Main Street Lending Program) agreements, 85% of the

Treasury's equity contributions were invested in nonmarketable Treasury securities and reported

in “Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)” in tables 1, 4,

and 5.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks June 11, 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

Jun 10, 2020 Jun 3, 2020 Jun 12, 2019

Wednesday

Jun 10, 2020

Reserve Bank credit 7,113,208 + 12,024 +3,303,148 7,129,995

Securities held outright1 5,981,133 + 21,024 +2,313,487 5,988,351

U.S. Treasury securities 4,143,191 + 20,750 +2,033,297 4,150,409

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

Notes and bonds, nominal2 3,520,488 + 19,064 +1,550,218 3,526,774

Notes and bonds, inflation-indexed2 260,151 + 1,957 + 143,635 261,151

Inflation compensation3 36,508 - 271 + 13,451 36,440

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

Mortgage-backed securities4 1,835,595 + 273 + 280,190 1,835,595

Unamortized premiums on securities held outright5 306,110 + 1,095 + 173,862 306,816

Unamortized discounts on securities held outright5 -5,475 + 12 + 7,501 -5,452

Repurchase agreements6 184,315 - 15,399 + 184,315 167,300

Foreign official 0 0 0 0

Others 184,314 - 15,400 + 184,314 167,300

Loans 99,603 - 4,838 + 99,554 98,227

Primary credit 9,252 - 4,479 + 9,250 8,427

Secondary credit 0 0 0 0

Seasonal credit 10 + 5 - 37 11

Primary Dealer Credit Facility 5,846 + 64 + 5,846 5,829

Money Market Mutual Fund Liquidity Facility 28,168 - 3,493 + 28,168 26,977

Paycheck Protection Program Liquidity Facility 56,325 + 3,063 + 56,325 56,983

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 12,795 + 1 + 12,795 12,796

Net portfolio holdings of Corporate Credit Facilities LLC7 36,820 + 1,248 + 36,820 37,374

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 4,554 + 4,554 + 4,554 31,875

Net portfolio holdings of Municipal Liquidity Facility LLC7 16,076 + 3,155 + 16,076 16,077

Float -185 + 395 - 10 -238

Central bank liquidity swaps8 446,259 - 985 + 446,237 444,520

Other Federal Reserve assets9 31,204 + 1,763 + 7,958 32,348

Foreign currency denominated assets10 20,852 + 117 - 75 21,015

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,359 + 14 + 446 50,359

Total factors supplying reserve funds 7,200,660 + 12,155 +3,303,518 7,217,611

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

Jun 10, 2020 Jun 3, 2020 Jun 12, 2019

Wednesday

Jun 10, 2020

Currency in circulation11 1,953,967 + 4,165 + 216,740 1,955,861

Reverse repurchase agreements12 241,622 - 11,450 - 29,789 240,814

Foreign official and international accounts 241,441 - 10,773 - 28,148 240,802

Others 181 - 676 - 1,641 12

Treasury cash holdings 151 - 48 - 70 118

Deposits with F.R. Banks, other than reserve balances 1,668,682 + 52,068 +1,412,586 1,676,628

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,506,558 + 71,735 +1,318,998 1,504,569

Foreign official 16,370 + 93 + 11,093 16,256

Other13 145,755 - 19,759 + 82,495 155,802

Treasury contributions to credit facilities14 104,000 + 21,429 + 104,000 104,000

Other liabilities and capital15 50,012 + 1,226 + 4,789 49,536

Total factors, other than reserve balances,

absorbing reserve funds 4,018,433 + 67,389 +1,708,254 4,026,957

Reserve balances with Federal Reserve Banks 3,182,228 - 55,233 +1,595,265 3,190,654

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,

MS 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

Jun 10, 2020 Jun 3, 2020 Jun 12, 2019

Wednesday

Jun 10, 2020

Securities held in custody for foreign official and international

accounts 3,407,056 + 17,281 - 54,057 3,417,828

Marketable U.S. Treasury securities1 2,944,795 + 17,512 - 106,699 2,955,329

Federal agency debt and mortgage-backed securities2 377,347 + 14 + 44,417 377,319

Other securities3 84,914 - 245 + 8,224 85,180

Securities lent to dealers 33,727 + 3,348 + 2,463 36,131

Overnight facility4 33,727 + 3,348 + 2,463 36,131

U.S. Treasury securities 33,727 + 3,348 + 2,463 36,131

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.
H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, June 10, 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 10,453 22,000 9,991 55,783 0 ... 98,227

U.S. Treasury securities2

Holdings 42,873 292,827 586,718 1,581,035 725,316 921,640 4,150,409

Weekly changes - 6,710 + 9,208 - 2,529 + 5,862 + 5,923 + 4,299 + 16,053

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 5 2,230 80,884 1,752,477 1,835,595

Weekly changes 0 0 0 0 + 1 0 + 1

Commercial paper held by Commercial

Paper Funding Facility II LLC5 0 4,250 0 ... ... ... 4,250

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)6 0 0 0 0 ... ... 0

Municipal notes held by Municipal

Liquidity Facility LLC7 0 0 1,200 0 ... ... 1,200

Repurchase agreements8 99,100 68,200 ... ... ... ... 167,300

Central bank liquidity swaps9 295,261 149,260 0 0 0 0 444,520

Reverse repurchase agreements8 240,814 0 ... ... ... ... 240,814

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, 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. Cash value of agreements.

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.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Jun 10, 2020

Mortgage-backed securities held outright1 1,835,595

Residential mortgage-backed securities 1,826,490

Commercial mortgage-backed securities 9,106

Commitments to buy mortgage-backed securities2 170,590

Commitments to sell mortgage-backed securities2 5,620

Cash and cash equivalents3 148

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

Jun 10, 2020 Jun 3, 2020 Jun 12, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,412 - 22 - 255

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 6,555,242 - 30,326 +2,768,257

Securities held outright1 5,988,351 + 16,054 +2,320,642

U.S. Treasury securities 4,150,409 + 16,053 +2,040,452

Bills2 326,044 0 + 325,994

Notes and bonds, nominal2 3,526,774 + 14,350 +1,556,504

Notes and bonds, inflation-indexed2 261,151 + 2,000 + 144,635

Inflation compensation3 36,440 - 297 + 13,320

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 1,835,595 + 1 + 280,190

Unamortized premiums on securities held outright5 306,816 + 1,547 + 174,626

Unamortized discounts on securities held outright5 -5,452 + 52 + 7,514

Repurchase agreements6 167,300 - 44,250 + 167,300

Loans7 98,227 - 3,729 + 98,174

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 12,796 + 1 + 12,796

Net portfolio holdings of Corporate Credit Facilities LLC8 37,374 + 1,220 + 37,374

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 31,875 + 31,875 + 31,875

Net portfolio holdings of Municipal Liquidity Facility LLC8 16,077 + 2 + 16,077

Items in process of collection (0) 40 - 1 - 3

Bank premises 2,201 + 3 + 9

Central bank liquidity swaps9 444,520 - 2,425 + 444,498

Foreign currency denominated assets10 21,015 + 247 + 104

Other assets11 30,147 + 3,145 + 8,249

Total assets (0) 7,168,936 + 3,719 +3,318,981

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

Jun 10, 2020 Jun 3, 2020 Jun 12, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,907,027 + 3,367 + 216,766

Reverse repurchase agreements12 240,814 - 5,240 - 23,516

Deposits (0) 4,867,282 + 6,585 +3,017,084

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,190,654 - 66,781 +1,580,916

U.S. Treasury, General Account 1,504,569 + 73,107 +1,331,507

Foreign official 16,256 - 25 + 11,012

Other13 (0) 155,802 + 283 + 93,648

Deferred availability cash items (0) 277 - 481 - 44

Treasury contributions to credit facilities14 104,000 0 + 104,000

Other liabilities and accrued dividends15 10,621 - 510 + 4,965

Total liabilities (0) 7,130,021 + 3,721 +3,319,254

Capital accounts

Capital paid in 32,091 - 1 - 273

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,916 - 1 - 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,

MS 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, June 10, 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 1,412 25 37 128 79 195 138 242 20 36 91 159 261

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 6,555,242 174,990 3,365,747 151,107 203,141 409,580 480,082 364,306 103,986 64,346 108,947 313,947 815,063

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 12,796 0 12,796 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 37,374 0 37,374 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 31,875 31,875 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 16,077 0 16,077 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 444,520 21,100 149,387 15,996 37,986 93,824 22,047 17,263 7,287 3,481 4,688 5,278 66,185

Foreign currency denominated

assets4 21,015 997 7,065 756 1,796 4,435 1,042 816 344 165 222 249 3,129

Other assets5 32,387 7,985 8,348 788 1,079 2,331 2,420 1,825 794 440 788 1,691 3,898

Interdistrict settlement account 0 - 66,492 + 441,696 - 13,786 + 6,063 - 12,235 - 116,700 - 27,578 - 24,683 - 12,965 - 21,164 - 6,366 - 145,792

Total assets 7,168,936 171,014 4,044,010 155,519 250,906 499,295 391,211 358,011 88,227 55,773 94,021 316,160 744,789

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, June 10, 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 1,907,027 58,544 636,455 52,344 85,425 125,482 262,920 126,628 58,549 31,001 52,759 161,063 255,857

Reverse repurchase agreements6 240,814 5,408 124,683 5,494 7,534 15,093 17,747 13,451 3,805 2,276 3,829 11,606 29,888

Deposits 4,867,282 65,875 3,199,309 95,993 154,289 349,687 107,959 215,875 25,017 21,737 36,765 142,410 452,366

Depository institutions 3,190,654 65,862 1,622,531 95,991 154,257 348,161 107,855 123,422 25,013 21,678 33,894 139,629 452,359

U.S. Treasury, General Account 1,504,569 0 1,504,569 0 0 0 0 0 0 0 0 0 0

Foreign official 16,256 2 16,230 1 3 8 2 2 1 0 0 0 6

Other7 155,802 11 55,979 0 28 1,517 103 92,451 3 59 2,871 2,780 1

Earnings remittances due to the U.S.

Treasury8 2,057 44 1,065 46 73 162 143 105 29 15 36 85 255

Treasury contributions to credit facilities9 104,000 39,000 65,000 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 8,841 313 4,484 236 286 687 538 439 191 418 216 345 689

Total liabilities 7,130,021 169,184 4,030,996 154,112 247,607 491,110 389,307 356,497 87,591 55,448 93,606 315,508 739,054

Capital

Capital paid in 32,091 1,505 10,720 1,161 2,715 6,745 1,565 1,249 524 272 344 571 4,719

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 7,168,936 171,014 4,044,010 155,519 250,906 499,295 391,211 358,011 88,227 55,773 94,021 316,160 744,789

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, June 10, 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, MS 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 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.

The FRBNY is the managing member of CPFF II LLC, CCF LLC, and MLF LLC. The Federal Reserve Bank of Boston (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 5 (and in table 1

and table 4), 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 4). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB 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 Jun 10, 2020

Federal Reserve notes outstanding 2,062,520

Less: Notes held by F.R. Banks not subject to collateralization 155,493

Federal Reserve notes to be collateralized 1,907,027

Collateral held against Federal Reserve notes 1,907,027

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,890,790

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,155,651

Less: Face value of securities under reverse repurchase agreements 228,399

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,927,253

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.