FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks September 17, 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

Sep 16, 2020 Sep 9, 2020 Sep 18, 2019

Wednesday

Sep 16, 2020

Reserve Bank credit 6,991,433 + 23,204 +3,241,472 7,024,780

Securities held outright1 6,380,403 + 37,004 +2,787,274 6,414,387

U.S. Treasury securities 4,402,759 + 11,254 +2,300,669 4,407,005

Bills2 326,044 0 + 322,614 326,044

Notes and bonds, nominal2 3,753,848 + 7,886 +1,797,587 3,755,695

Notes and bonds, inflation-indexed2 283,860 + 2,744 + 165,714 285,918

Inflation compensation3 39,007 + 623 + 14,753 39,348

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

Mortgage-backed securities4 1,975,298 + 25,751 + 486,606 2,005,035

Unamortized premiums on securities held outright5 330,204 + 2,065 + 202,077 331,867

Unamortized discounts on securities held outright5 -4,923 + 45 + 7,803 -4,906

Repurchase agreements6 0 0 - 18,307 0

Foreign official 0 0 0 0

Others 0 0 - 18,307 0

Loans 78,077 - 1,394 + 77,945 77,948

Primary credit 2,795 - 43 + 2,740 3,036

Secondary credit 0 0 0 0

Seasonal credit 31 - 3 - 46 33

Primary Dealer Credit Facility 247 + 4 + 247 258

Money Market Mutual Fund Liquidity Facility 7,653 - 972 + 7,653 7,440

Paycheck Protection Program Liquidity Facility 67,351 - 381 + 67,351 67,181

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,588 0 + 8,588 8,588

Net portfolio holdings of Corporate Credit Facilities LLC7 44,852 + 55 + 44,852 44,923

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 38,921 + 86 + 38,921 38,959

Net portfolio holdings of Municipal Liquidity Facility LLC7 16,543 + 1 + 16,543 16,544

Net portfolio holdings of TALF II LLC7 11,187 + 41 + 11,187 11,430

Float -249 - 74 - 121 -213

Central bank liquidity swaps8 54,819 - 17,250 + 54,780 52,274

Other Federal Reserve assets9 33,009 + 2,623 + 9,928 32,977

Foreign currency denominated assets10 21,654 + 67 + 994 21,716

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,383 + 14 + 402 50,383

Total factors supplying reserve funds 7,079,712 + 23,285 +3,242,868 7,113,120

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

Sep 16, 2020 Sep 9, 2020 Sep 18, 2019

Wednesday

Sep 16, 2020

Currency in circulation11 2,029,125 + 2,076 + 267,029 2,029,177

Reverse repurchase agreements12 200,186 - 7,722 - 98,916 198,482

Foreign official and international accounts 200,176 - 7,732 - 94,007 198,427

Others 10 + 10 - 4,909 55

Treasury cash holdings 50 - 1 - 115 48

Deposits with F.R. Banks, other than reserve balances 1,799,384 + 325 +1,462,957 1,853,922

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,614,855 + 3,772 +1,364,629 1,692,809

Foreign official 17,223 + 471 + 11,998 18,866

Other13 167,307 - 3,917 + 86,332 142,247

Treasury contributions to credit facilities14 114,000 0 + 114,000 114,000

Other liabilities and capital15 51,554 + 658 + 6,622 48,181

Total factors, other than reserve balances,

absorbing reserve funds 4,194,300 - 4,664 +1,751,578 4,243,810

Reserve balances with Federal Reserve Banks 2,885,412 + 27,949 +1,491,290 2,869,309

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, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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

Sep 16, 2020 Sep 9, 2020 Sep 18, 2019

Wednesday

Sep 16, 2020

Securities held in custody for foreign official and international

accounts 3,406,708 + 8,135 - 60,178 3,416,927

Marketable U.S. Treasury securities1 2,966,248 + 7,751 - 54,189 2,976,433

Federal agency debt and mortgage-backed securities2 354,158 + 812 - 10,672 354,656

Other securities3 86,302 - 427 + 4,683 85,838

Securities lent to dealers 27,119 - 1,915 - 6,900 25,116

Overnight facility4 27,119 - 1,915 - 6,900 25,116

U.S. Treasury securities 27,119 - 1,915 - 6,900 25,116

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, September 16, 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 2,357 3,954 4,456 67,181 1 ... 77,948

U.S. Treasury securities2

Holdings 59,413 257,882 668,093 1,658,504 778,237 984,876 4,407,005

Weekly changes + 16,497 - 21,581 + 12,061 - 3,662 + 7,286 + 2,783 + 13,384

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 2,170 78,861 1,923,999 2,005,035

Weekly changes 0 0 0 - 9 - 595 + 56,041 + 55,436

Commercial paper held by Commercial

Paper Funding Facility II LLC5 0 30 0 ... ... ... 30

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)6 0 0 0 1,445 ... ... 1,445

Municipal notes held by Municipal

Liquidity Facility LLC7 0 0 1,200 451 ... ... 1,651

Loans held by TALF II LLC8 25 0 0 2,896 ... ... 2,922

Repurchase agreements9 0 0 ... ... ... ... 0

Central bank liquidity swaps10 39,656 12,618 0 0 0 0 52,274

Reverse repurchase agreements9 198,482 0 ... ... ... ... 198,482

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, 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 Sep 16, 2020

Mortgage-backed securities held outright1 2,005,035

Residential mortgage-backed securities 1,995,639

Commercial mortgage-backed securities 9,397

Commitments to buy mortgage-backed securities2 115,536

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 75

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 Sep 16, 2020

Net portfolio holdings of

Credit Facilities LLCs

Outstanding

principal Outstanding

amount amount of Treasury

of loan facility contributions

extended to asset and

Credit Facilities LLCs:

the LLC1 purchases2 other assets3 Total

Commercial Paper Funding Facility II LLC 30 30 8,558 8,588

Corporate Credit Facilities LLC 12,707 12,867 32,056 44,923

MS Facilities LLC (Main Street Lending Program) 1,445 1,445 37,514 38,959

Municipal Liquidity Facility LLC 1,651 1,651 14,894 16,544

TALF II LLC 2,922 2,922 8,509 11,430

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.

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 initially 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

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Sep 16, 2020 Sep 9, 2020 Sep 18, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,467 - 2 - 236

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 6,819,296 + 71,663 +3,036,421

Securities held outright1 6,414,387 + 68,820 +2,821,780

U.S. Treasury securities 4,407,005 + 13,384 +2,301,179

Bills2 326,044 0 + 320,042

Notes and bonds, nominal2 3,755,695 + 7,733 +1,798,291

Notes and bonds, inflation-indexed2 285,918 + 4,802 + 167,772

Inflation compensation3 39,348 + 849 + 15,074

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,005,035 + 55,436 + 520,601

Unamortized premiums on securities held outright5 331,867 + 3,207 + 203,940

Unamortized discounts on securities held outright5 -4,906 + 52 + 7,840

Repurchase agreements6 0 - 2 - 75,000

Loans7 77,948 - 414 + 77,861

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,588 0 + 8,588

Net portfolio holdings of Corporate Credit Facilities LLC8 44,923 + 133 + 44,923

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 38,959 + 60 + 38,959

Net portfolio holdings of Municipal Liquidity Facility LLC8 16,544 + 1 + 16,544

Net portfolio holdings of TALF II LLC8 11,430 + 283 + 11,430

Items in process of collection (0) 61 - 13 + 14

Bank premises 2,191 + 1 + 2

Central bank liquidity swaps9 52,274 - 19,795 + 52,235

Foreign currency denominated assets10 21,716 + 134 + 1,064

Other assets11 30,788 + 1,395 + 9,835

Total assets (0) 7,064,475 + 53,861 +3,219,780

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

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Sep 16, 2020 Sep 9, 2020 Sep 18, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,980,305 - 966 + 265,737

Reverse repurchase agreements12 198,482 - 5,483 - 126,636

Deposits (0) 4,723,233 + 61,998 +2,962,892

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,869,311 - 37,543 +1,483,885

U.S. Treasury, General Account 1,692,809 + 122,276 +1,389,752

Foreign official 18,866 + 2,092 + 13,680

Other13 (0) 142,247 - 24,826 + 75,574

Deferred availability cash items (0) 274 - 62 + 108

Treasury contributions to credit facilities14 114,000 0 + 114,000

Other liabilities and accrued dividends15 9,081 - 1,634 + 3,874

Total liabilities (0) 7,025,375 + 53,853 +3,219,975

Capital accounts

Capital paid in 32,275 + 8 - 195

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,100 + 8 - 195

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, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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

6. Statement of Condition of Each Federal Reserve Bank, September 16, 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 1,467 30 30 123 81 206 144 243 26 41 98 165 280

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 6,819,296 160,985 3,503,117 159,848 213,055 427,999 500,922 380,306 108,402 70,593 113,218 327,768 853,082

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 8,588 0 8,588 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 44,923 0 44,923 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 38,959 38,959 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 16,544 0 16,544 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 11,430 0 11,430 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 52,274 2,481 17,567 1,881 4,467 11,033 2,593 2,030 857 409 551 621 7,783

Foreign currency denominated

assets4 21,716 1,031 7,300 781 1,855 4,583 1,077 843 356 170 229 258 3,233

Other assets5 33,040 2,344 14,322 809 1,087 2,337 2,497 1,867 800 420 814 1,752 3,990

Interdistrict settlement account 0 - 25,521 + 451,756 - 33,391 + 38,626 - 37,965 - 98,481 - 20,728 - 21,723 - 14,719 - 23,724 - 42,365 - 171,765

Total assets 7,064,475 180,842 4,081,062 130,581 259,934 409,358 410,935 365,698 89,197 57,185 91,636 289,400 698,648

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, September 16, 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 1,980,305 61,690 662,365 55,816 93,907 129,719 278,975 127,442 59,690 33,330 54,626 167,001 255,744

Reverse repurchase agreements6 198,482 4,457 102,766 4,528 6,210 12,440 14,627 11,086 3,136 1,876 3,156 9,566 24,634

Deposits 4,723,233 73,452 3,223,842 68,548 156,165 258,209 114,814 225,084 25,434 21,229 33,176 111,725 411,556

Depository institutions 2,869,311 73,413 1,473,192 68,546 156,129 257,751 114,711 123,399 25,429 21,163 33,139 110,901 411,539

U.S. Treasury, General Account 1,692,809 0 1,692,809 0 0 0 0 0 0 0 0 0 0

Foreign official 18,866 2 18,839 1 3 8 2 2 1 0 0 0 6

Other7 142,247 37 39,002 0 33 449 101 101,684 4 66 36 824 11

Earnings remittances due to the U.S.

Treasury8 2,404 55 1,244 54 80 164 177 128 36 20 36 110 300

Treasury contributions to credit facilities9 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 6,951 357 2,680 227 267 648 542 428 188 402 222 337 653

Total liabilities 7,025,375 179,011 4,067,896 129,174 256,629 401,180 409,136 364,168 88,484 56,856 91,216 288,739 692,887

Capital

Capital paid in 32,275 1,507 10,872 1,162 2,722 6,738 1,461 1,265 602 275 348 580 4,745

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 7,064,475 180,842 4,081,062 130,581 259,934 409,358 410,935 365,698 89,197 57,185 91,636 289,400 698,648

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, September 16, 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 TALF II LLC of $10 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) 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 Sep 16, 2020

Federal Reserve notes outstanding 2,128,461

Less: Notes held by F.R. Banks not subject to collateralization 148,157

Federal Reserve notes to be collateralized 1,980,305

Collateral held against Federal Reserve notes 1,980,305

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,964,068

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,414,387

Less: Face value of securities under reverse repurchase agreements 186,151

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,228,235

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.