FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

June 4, 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 Main Street Lending Program (MSLP). Under the MSLP, the Federal

Reserve Bank of Boston (FRBB) is operating three facilities: Main Street New Loan Facility,

Main Street Priority Loan Facility, and Main Street Expanded Loan Facility. These facilities

operate through the MS Facilities LLC (MSF LLC), a special purpose vehicle that was formed to

help ensure credit flows to small and medium-sized businesses. 

On April 30, 2020, the Federal Reserve announced the MSLP. On June 1, 2020, the Federal

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

program on behalf of the FRBB.

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

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

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

MSF LLC. The net portfolio holdings of MSF LLC appear as an asset in the statement of

condition of the FRBB (table 5), the consolidated statement of condition of all Federal Reserve

Banks (table 4), and factors affecting reserve balances of depository institutions (table 1). The

amount provided by the U.S. Treasury as credit protection for the MSF LLC is included in

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

On May 29, 2020, pursuant to the Municipal Liquidity Facility LLC (MLF LLC) agreements,

85% of the Treasury’s equity contributions were invested in nonmarketable Treasury securities

and reported in “Net portfolio holdings of Municipal Liquidity Facility LLC” in tables 1, 4, and

5. As of June 3, 2020, the MLF LLC executed its first transaction. Upon settlement, FRBNY will

extend a loan. 
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks June 4, 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 3, 2020 May 27, 2020 Jun 5, 2019

Wednesday

Jun 3, 2020

Reserve Bank credit 7,101,184 + 41,623 +3,293,027 7,126,020

Securities held outright1 5,960,109 + 1,384 +2,291,923 5,972,297

U.S. Treasury securities 4,122,441 + 21,333 +2,012,008 4,134,356

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

Notes and bonds, nominal2 3,501,424 + 19,743 +1,530,255 3,512,424

Notes and bonds, inflation-indexed2 258,194 + 1,600 + 141,843 259,151

Inflation compensation3 36,779 - 10 + 13,916 36,737

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

Mortgage-backed securities4 1,835,322 - 19,948 + 279,917 1,835,594

Unamortized premiums on securities held outright5 305,015 + 406 + 172,552 305,269

Unamortized discounts on securities held outright5 -5,487 + 57 + 7,518 -5,504

Repurchase agreements6 199,714 + 24,784 + 199,714 211,550

Foreign official 0 - 1 0 0

Others 199,714 + 24,785 + 199,714 211,550

Loans 104,441 - 2,865 + 104,330 101,956

Primary credit 13,731 - 5,100 + 13,661 11,011

Secondary credit 0 0 0 0

Seasonal credit 5 + 3 - 37 9

Primary Dealer Credit Facility 5,782 - 1,179 + 5,782 5,847

Money Market Mutual Fund Liquidity Facility 31,661 - 2,660 + 31,661 29,859

Paycheck Protection Program Liquidity Facility 53,262 + 6,070 + 53,262 55,230

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 12,794 + 1,216 + 12,794 12,795

Net portfolio holdings of Corporate Credit Facilities LLC7 35,572 + 5,720 + 35,572 36,154

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 0 0 0 0

Net portfolio holdings of Municipal Liquidity Facility LLC7 12,921 + 12,921 + 12,921 16,075

Float -580 - 368 - 113 -718

Central bank liquidity swaps8 447,244 - 1,492 + 447,227 446,945

Other Federal Reserve assets9 29,441 - 140 + 8,589 29,200

Foreign currency denominated assets10 20,735 + 210 - 59 20,768

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,345 + 14 + 437 50,345

Total factors supplying reserve funds 7,188,505 + 41,847 +3,293,405 7,213,375

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 3, 2020 May 27, 2020 Jun 5, 2019

Wednesday

Jun 3, 2020

Currency in circulation11 1,949,802 + 5,584 + 211,159 1,952,420

Reverse repurchase agreements12 253,072 + 7,566 - 26,641 246,054

Foreign official and international accounts 252,214 + 7,327 - 26,214 246,041

Others 857 + 238 - 428 13

Treasury cash holdings 199 - 40 - 44 156

Deposits with F.R. Banks, other than reserve balances 1,616,614 + 31,049 +1,322,531 1,603,262

Term deposits held by depository institutions 0 0 - 2,700 0

U.S. Treasury, General Account 1,434,823 + 124,332 +1,211,185 1,431,462

Foreign official 16,277 + 31 + 11,032 16,281

Other13 165,514 - 93,314 + 103,013 155,519

Treasury contributions to credit facilities14 82,571 + 28,571 + 82,571 104,000

Other liabilities and capital15 48,786 - 199 + 3,458 50,048

Total factors, other than reserve balances,

absorbing reserve funds 3,951,044 + 72,531 +1,593,034 3,955,940

Reserve balances with Federal Reserve Banks 3,237,461 - 30,683 +1,700,372 3,257,435

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 3, 2020 May 27, 2020 Jun 5, 2019

Wednesday

Jun 3, 2020

Securities held in custody for foreign official and international

accounts 3,389,775 - 1,461 - 53,633 3,401,036

Marketable U.S. Treasury securities1 2,927,283 + 2,308 - 106,974 2,938,575

Federal agency debt and mortgage-backed securities2 377,333 - 3,508 + 44,764 377,355

Other securities3 85,159 - 261 + 8,577 85,107

Securities lent to dealers 30,379 - 2,315 - 1,059 34,387

Overnight facility4 30,379 - 2,315 - 1,059 34,387

U.S. Treasury securities 30,379 - 2,315 - 1,059 34,387

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 3, 2020

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans1 9,896 26,253 10,577 55,230 0 ... 101,956

U.S. Treasury securities2

Holdings 49,583 283,619 589,247 1,575,173 719,393 917,341 4,134,356

Weekly changes - 6,025 + 4,580 + 25,027 - 2,379 - 522 + 4,164 + 24,844

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 80,883 1,752,477 1,835,594

Weekly changes 0 0 + 1 + 13 + 134 + 337 + 484

Commercial paper held by Commercial

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

Loan participations held by MS

Facilities LLC (Main Street Lending

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

Repurchase agreements7 190,250 21,300 ... ... ... ... 211,550

Central bank liquidity swaps8 231,608 215,338 0 0 0 0 446,945

Reverse repurchase agreements7 246,054 0 ... ... ... ... 246,054

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. Face value of commercial paper held by Commercial Paper Funding Facility II LLC.

6. Face value of the loan participations held by the MS Facilities LLC.

7. Cash value of agreements.

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.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Jun 3, 2020

Mortgage-backed securities held outright1 1,835,594

Residential mortgage-backed securities 1,826,489

Commercial mortgage-backed securities 9,106

Commitments to buy mortgage-backed securities2 142,439

Commitments to sell mortgage-backed securities2 20

Cash and cash equivalents3 33

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 3, 2020 May 27, 2020 Jun 5, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,434 - 13 - 226

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 6,585,568 + 51,846 +2,798,622

Securities held outright1 5,972,297 + 25,328 +2,304,760

U.S. Treasury securities 4,134,356 + 24,844 +2,024,571

Bills2 326,044 0 + 325,994

Notes and bonds, nominal2 3,512,424 + 23,250 +1,542,154

Notes and bonds, inflation-indexed2 259,151 + 1,700 + 142,635

Inflation compensation3 36,737 - 106 + 13,789

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 1,835,594 + 484 + 280,189

Unamortized premiums on securities held outright5 305,269 + 1,013 + 172,912

Unamortized discounts on securities held outright5 -5,504 - 4 + 7,490

Repurchase agreements6 211,550 + 30,449 + 211,550

Loans7 101,956 - 4,940 + 101,911

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 12,795 + 1 + 12,795

Net portfolio holdings of Corporate Credit Facilities LLC8 36,154 + 1,301 + 36,154

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 0 0 0

Net portfolio holdings of Municipal Liquidity Facility LLC8 16,075 + 16,075 + 16,075

Items in process of collection (0) 41 - 26 - 85

Bank premises 2,198 - 7 + 9

Central bank liquidity swaps9 446,945 - 2,001 + 446,928

Foreign currency denominated assets10 20,768 + 204 - 87

Other assets11 27,002 + 520 + 7,388

Total assets (0) 7,165,217 + 67,901 +3,317,572

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 3, 2020 May 27, 2020 Jun 5, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,903,660 + 4,146 + 212,880

Reverse repurchase agreements12 246,054 + 2,078 - 25,652

Deposits (0) 4,860,697 + 20,800 +3,021,599

Term deposits held by depository institutions 0 0 - 2,700

Other deposits held by depository institutions 3,257,435 - 60,253 +1,697,725

U.S. Treasury, General Account 1,431,462 + 104,565 +1,223,815

Foreign official 16,281 + 30 + 11,037

Other13 (0) 155,519 - 23,543 + 91,721

Deferred availability cash items (0) 758 + 403 + 183

Treasury contributions to credit facilities14 104,000 + 37,500 + 104,000

Other liabilities and accrued dividends15 11,131 + 2,971 + 4,834

Total liabilities (0) 7,126,300 + 67,898 +3,317,843

Capital accounts

Capital paid in 32,092 + 3 - 271

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,917 + 3 - 271

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 3, 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 1,434 27 39 132 82 197 138 243 22 39 92 161 263

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 6,585,568 178,663 3,381,390 151,507 203,857 411,240 481,957 365,741 104,346 64,580 109,132 315,042 818,114

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 12,795 0 12,795 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 36,154 0 36,154 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 16,075 0 16,075 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 446,945 21,215 150,202 16,084 38,194 94,336 22,167 17,357 7,326 3,500 4,713 5,306 66,546

Foreign currency denominated

assets4 20,768 986 6,982 747 1,774 4,383 1,030 806 340 163 219 247 3,092

Other assets5 29,241 39,790 -25,132 716 981 2,130 2,190 1,654 750 403 733 1,517 3,508

Interdistrict settlement account 0 - 58,514 + 428,674 - 14,054 - 1,744 + 28,242 - 120,711 - 31,453 - 25,357 - 11,918 - 20,230 - 8,125 - 164,810

Total assets 7,165,217 182,700 4,012,663 155,660 243,904 541,693 388,953 355,485 87,907 57,035 95,109 315,349 728,758

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 3, 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 1,903,660 58,850 632,808 51,716 85,597 125,894 262,348 126,499 58,698 30,938 52,677 160,397 257,237

Reverse repurchase agreements6 246,054 5,526 127,396 5,614 7,698 15,421 18,133 13,743 3,888 2,325 3,913 11,858 30,538

Deposits 4,860,697 77,195 3,168,346 96,652 146,949 391,374 105,858 213,182 24,449 22,537 37,858 142,007 434,289

Depository institutions 3,257,435 77,173 1,666,633 96,651 146,802 390,259 105,757 119,017 24,438 22,480 34,328 139,616 434,282

U.S. Treasury, General Account 1,431,462 0 1,431,462 0 0 0 0 0 0 0 0 0 0

Foreign official 16,281 2 16,254 1 3 8 2 2 1 0 0 0 6

Other7 155,519 20 53,998 0 144 1,107 99 94,164 10 57 3,530 2,390 1

Earnings remittances due to the U.S.

Treasury8 2,005 -5 1,027 49 77 125 162 112 44 23 36 92 262

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 9,884 305 5,072 232 285 692 548 435 192 887 210 343 685

Total liabilities 7,126,300 180,871 3,999,649 154,263 240,606 533,507 387,049 353,971 87,271 56,710 94,693 314,697 723,011

Capital

Capital paid in 32,092 1,505 10,720 1,151 2,715 6,745 1,565 1,249 524 272 344 571 4,730

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

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

Total liabilities and capital 7,165,217 182,700 4,012,663 155,660 243,904 541,693 388,953 355,485 87,907 57,035 95,109 315,349 728,758

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 3, 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 are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY. On May 12, 2020, FRBNY began extending loans to the

Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at issuance through the Primary Market Corporate Credit Facility

and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF LLC are used to secure the loan from the FRBNY

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

The FRBNY is the managing member of CPFF II LLC, CCF LLC, and Municipal Liquidity Facility LLC. 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 3, 2020

Federal Reserve notes outstanding 2,057,497

Less: Notes held by F.R. Banks not subject to collateralization 153,837

Federal Reserve notes to be collateralized 1,903,660

Collateral held against Federal Reserve notes 1,903,660

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,887,423

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,183,847

Less: Face value of securities under reverse repurchase agreements 235,690

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,948,157

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.