FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

July 2, 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 TALF II LLC. The TALF II LLC was introduced on the H.4.1 cover note

on June 18, 2020 https://www.federalreserve.gov/releases/h41/current/. On June 25, 2020, the

TALF II LLC began extending eligible loans under the Term Asset-Backed Securities Loan

Facility to facilitate the issuance of asset-based securities. The Federal Reserve Bank of New

York extended credit to the TALF II LLC under the authority of section 13(3) of the Federal

Reserve Act, with approval of the Treasury Secretary.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 2, 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

Jul 1, 2020 Jun 24, 2020 Jul 3, 2019

Wednesday

Jul 1, 2020

Reserve Bank credit 6,975,799 - 33,865 +3,194,104 6,969,543

Securities held outright1 6,118,251 + 3,121 +2,479,253 6,126,948

U.S. Treasury securities 4,204,541 + 21,173 +2,100,616 4,213,220

Bills2 326,044 0 + 326,039 326,044

Notes and bonds, nominal2 3,576,089 + 19,375 +1,612,248 3,581,139

Notes and bonds, inflation-indexed2 266,682 + 2,130 + 150,166 270,206

Inflation compensation3 35,726 - 332 + 12,164 35,831

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

Mortgage-backed securities4 1,911,363 - 18,052 + 378,637 1,911,381

Unamortized premiums on securities held outright5 313,578 + 1,395 + 182,706 314,324

Unamortized discounts on securities held outright5 -5,296 + 44 + 7,587 -5,345

Repurchase agreements6 75,379 + 2,250 + 75,379 61,201

Foreign official 144 + 144 + 144 1,001

Others 75,236 + 2,107 + 75,236 60,200

Loans 96,886 + 2,928 + 96,785 97,133

Primary credit 5,877 - 1,246 + 5,859 5,860

Secondary credit 0 0 0 0

Seasonal credit 13 + 1 - 70 16

Primary Dealer Credit Facility 2,616 - 1,364 + 2,616 2,486

Money Market Mutual Fund Liquidity Facility 21,617 - 1,851 + 21,617 20,637

Paycheck Protection Program Liquidity Facility 66,763 + 7,389 + 66,763 68,133

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 12,799 + 2 + 12,799 12,799

Net portfolio holdings of Corporate Credit Facilities LLC7 41,359 + 1,403 + 41,359 41,940

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 37,502 + 4,822 + 37,502 37,502

Net portfolio holdings of Municipal Liquidity Facility LLC7 16,080 + 1 + 16,080 16,081

Net portfolio holdings of TALF II LLC7 8,753 + 1,467 + 8,753 8,753

Float -497 - 314 + 104 -756

Central bank liquidity swaps8 226,803 - 49,894 + 226,786 225,414

Other Federal Reserve assets9 34,203 - 1,091 + 9,011 33,548

Foreign currency denominated assets10 20,880 - 40 - 119 20,984

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,401 + 14 + 471 50,401

Total factors supplying reserve funds 7,063,322 - 33,891 +3,194,456 7,057,170

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

Jul 1, 2020 Jun 24, 2020 Jul 3, 2019

Wednesday

Jul 1, 2020

Currency in circulation11 1,967,221 + 5,925 + 221,945 1,971,855

Reverse repurchase agreements12 220,099 - 3,666 - 91,598 227,236

Foreign official and international accounts 219,842 - 3,919 - 66,061 227,234

Others 258 + 254 - 25,536 2

Treasury cash holdings 65 - 15 - 117 63

Deposits with F.R. Banks, other than reserve balances 1,830,734 - 431 +1,520,847 1,834,890

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,657,620 + 33,678 +1,412,314 1,656,747

Foreign official 16,217 - 10 + 10,972 16,223

Other13 156,897 - 34,100 + 97,561 161,920

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

Other liabilities and capital15 46,383 - 1,767 + 1,055 45,930

Total factors, other than reserve balances,

absorbing reserve funds 4,178,503 + 46 +1,766,133 4,193,973

Reserve balances with Federal Reserve Banks 2,884,819 - 33,937 +1,428,323 2,863,196

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

Jul 1, 2020 Jun 24, 2020 Jul 3, 2019

Wednesday

Jul 1, 2020

Securities held in custody for foreign official and international

accounts 3,414,046 - 15,834 - 34,908 3,405,803

Marketable U.S. Treasury securities1 2,960,292 - 8,591 - 64,728 2,952,343

Federal agency debt and mortgage-backed securities2 368,762 - 7,123 + 22,749 368,711

Other securities3 84,993 - 120 + 7,072 84,748

Securities lent to dealers 28,178 - 1,021 - 3,179 33,561

Overnight facility4 28,178 - 1,021 - 3,179 33,561

U.S. Treasury securities 28,178 - 1,021 - 3,179 33,561

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, July 1, 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 7,581 14,148 7,271 68,133 0 ... 97,133

U.S. Treasury securities2

Holdings 64,471 250,820 635,460 1,597,928 732,150 932,391 4,213,220

Weekly changes + 143 - 23,188 + 30,338 + 5,481 - 3,733 + 6,774 + 15,816

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 2,175 79,401 1,829,799 1,911,381

Weekly changes 0 0 0 - 91 - 1,307 - 30,663 - 32,060

Commercial paper held by Commercial

Paper Funding Facility II LLC5 2,419 1,833 0 ... ... ... 4,252

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

Loans held by TALF II LLC8 0 0 0 252 ... ... 252

Repurchase agreements9 61,201 0 ... ... ... ... 61,201

Central bank liquidity swaps10 135,122 90,292 0 0 0 0 225,414

Reverse repurchase agreements9 227,236 0 ... ... ... ... 227,236

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 Jul 1, 2020

Mortgage-backed securities held outright1 1,911,381

Residential mortgage-backed securities 1,902,207

Commercial mortgage-backed securities 9,174

Commitments to buy mortgage-backed securities2 101,821

Commitments to sell mortgage-backed securities2 167

Cash and cash equivalents3 16

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 Jul 1, 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 4,243 4,252 8,547 12,799

Corporate Credit Facilities LLC 9,673 10,006 31,934 41,940

MS Facilities LLC (Main Street Lending Program) 0 0 37,502 37,502

Municipal Liquidity Facility LLC 1,200 1,200 14,881 16,081

TALF II LLC 252 252 8,501 8,753

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

Jul 1, 2020 Jun 24, 2020 Jul 3, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,475 + 20 - 201

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 6,594,261 - 23,029 +2,845,806

Securities held outright1 6,126,948 - 16,245 +2,496,482

U.S. Treasury securities 4,213,220 + 15,816 +2,117,827

Bills2 326,044 0 + 326,039

Notes and bonds, nominal2 3,581,139 + 10,215 +1,625,869

Notes and bonds, inflation-indexed2 270,206 + 5,654 + 153,690

Inflation compensation3 35,831 - 53 + 12,230

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 1,911,381 - 32,060 + 378,655

Unamortized premiums on securities held outright5 314,324 + 470 + 183,565

Unamortized discounts on securities held outright5 -5,345 - 26 + 7,529

Repurchase agreements6 61,201 - 9,000 + 61,201

Loans7 97,133 + 1,773 + 97,028

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 12,799 + 1 + 12,799

Net portfolio holdings of Corporate Credit Facilities LLC8 41,940 + 1,323 + 41,940

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 37,502 0 + 37,502

Net portfolio holdings of Municipal Liquidity Facility LLC8 16,081 + 1 + 16,081

Net portfolio holdings of TALF II LLC8 8,753 + 253 + 8,753

Items in process of collection (0) 46 - 27 - 53

Bank premises 2,193 - 9 + 8

Central bank liquidity swaps9 225,414 - 49,549 + 225,397

Foreign currency denominated assets10 20,984 + 26 + 67

Other assets11 31,355 - 2,273 + 7,744

Total assets (0) 7,009,040 - 73,262 +3,195,842

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

Jul 1, 2020 Jun 24, 2020 Jul 3, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,922,987 + 7,880 + 220,216

Reverse repurchase agreements12 227,236 + 6,874 - 69,616

Deposits (0) 4,698,086 - 87,951 +2,930,273

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,863,196 - 74,461 +1,377,983

U.S. Treasury, General Account 1,656,747 + 70,174 +1,435,836

Foreign official 16,223 + 1 + 10,978

Other13 (0) 161,920 - 83,666 + 105,475

Deferred availability cash items (0) 801 + 516 + 217

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

Other liabilities and accrued dividends15 7,084 - 515 + 1,134

Total liabilities (0) 6,970,195 - 73,196 +3,196,224

Capital accounts

Capital paid in 32,020 - 66 - 382

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,845 - 66 - 382

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, July 1, 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 1,475 28 39 125 84 205 151 244 27 39 90 166 276

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 6,594,261 169,144 3,382,119 154,725 205,162 413,023 483,168 367,502 104,688 66,023 109,821 315,962 822,925

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 12,799 0 12,799 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 41,940 0 41,940 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 37,502 37,502 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 16,081 0 16,081 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 8,753 0 8,753 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 225,414 10,700 75,754 8,112 19,263 47,578 11,180 8,754 3,695 1,765 2,377 2,676 33,562

Foreign currency denominated

assets4 20,984 991 7,118 752 1,785 4,408 1,036 811 342 164 220 248 3,110

Other assets5 33,594 2,385 14,695 819 1,117 2,384 2,536 1,910 685 457 817 1,718 4,070

Interdistrict settlement account 0 - 45,764 + 425,910 - 16,392 + 20,258 - 60,098 - 98,567 - 18,068 - 23,157 - 12,520 - 20,454 - 27,055 - 124,093

Total assets 7,009,040 175,520 3,990,690 148,669 248,429 408,664 401,687 362,290 86,759 56,197 93,321 294,917 741,895

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, July 1, 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 1,922,987 58,025 646,440 54,800 86,857 124,358 265,194 125,953 58,451 30,742 52,799 163,558 255,810

Reverse repurchase agreements6 227,236 5,103 117,653 5,184 7,110 14,242 16,746 12,692 3,590 2,148 3,614 10,951 28,203

Deposits 4,698,086 71,255 3,135,391 87,058 150,900 261,246 117,364 221,709 23,899 22,054 36,291 119,421 451,497

Depository institutions 2,863,196 71,232 1,394,991 87,057 150,851 260,507 117,244 130,849 23,895 21,964 35,533 117,582 451,491

U.S. Treasury, General Account 1,656,747 0 1,656,747 0 0 0 0 0 0 0 0 0 0

Foreign official 16,223 2 16,196 1 3 8 2 2 1 0 0 0 6

Other7 161,920 21 67,457 0 46 731 118 90,858 4 90 757 1,838 0

Earnings remittances due to the U.S.

Treasury8 697 25 307 16 22 66 63 38 15 11 7 34 93

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 7,189 282 2,892 204 242 567 480 384 168 918 195 302 557

Total liabilities 6,970,195 173,690 3,977,683 147,263 245,130 400,478 399,849 360,775 86,124 55,872 92,905 294,265 736,159

Capital

Capital paid in 32,020 1,506 10,714 1,161 2,715 6,745 1,499 1,250 523 272 344 571 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 7,009,040 175,520 3,990,690 148,669 248,429 408,664 401,687 362,290 86,759 56,197 93,321 294,917 741,895

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, July 1, 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) 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. 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.

The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II 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 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 Jul 1, 2020

Federal Reserve notes outstanding 2,076,372

Less: Notes held by F.R. Banks not subject to collateralization 153,385

Federal Reserve notes to be collateralized 1,922,987

Collateral held against Federal Reserve notes 1,922,987

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,906,750

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,188,149

Less: Face value of securities under reverse repurchase agreements 214,552

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,973,597

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.