FEDERAL RESERVE statistical release

For Release at
4:30 P.M. EDT
March 26, 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 the Primary
Dealer Credit Facility (PDCF) and Money Market Mutual Fund Liquidity Facility (MMLF). Information for both
facilities is presented in tables 1, 2, 4, and 5.                                                           

The PDCF was approved by the Board of Governors on March 17, 2020, and began operations on March 20, 2020.
The PDCF will offer primary dealers overnight and term funding with maturities of up to 90 days. The MMLF was
approved by the Board of Governors on March 18, 2020, and began operations on March 23, 2020. The MMLF will
offer eligible financial institutions loans secured by high-quality assets purchased by the financial institution
from money market mutual funds.                                                                             

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                   March 26, 2020


1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and                          Averages of daily figures         Wednesday  
reserve balances of depository institutions at             Week ended    Change from week ended  Mar 25, 2020 
Federal Reserve Banks                                     Mar 25, 2020 Mar 18, 2020 Mar 27, 2019              

Reserve Bank credit                                         4,970,364   +  507,323   +1,049,045    5,215,959  
  Securities held outright (1)                              4,187,418   +  258,393   +  412,821    4,365,282  
    U.S. Treasury securities                                2,813,486   +  257,239   +  637,911    2,978,372  
      Bills (2)                                               326,044   +    5,001   +  326,044      326,044  
      Notes and bonds, nominal (2)                          2,304,820   +  229,620   +  265,809    2,456,125  
      Notes and bonds, inflation-indexed (2)                  154,473   +   20,534   +   39,319      166,932  
      Inflation compensation (3)                               28,149   +    2,083   +    6,739       29,271  
    Federal agency debt securities (2)                          2,347            0   -       53        2,347  
    Mortgage-backed securities (4)                          1,371,585   +    1,155   -  225,038    1,384,563  
  Unamortized premiums on securities held outright (5)        151,479   +   22,942   +   15,575      168,273  
  Unamortized discounts on securities held outright (5)       -11,005   +    1,882   +    2,129      -10,026  
  Repurchase agreements (6)                                   387,528   -    1,278   +  387,528      352,355  
  Loans                                                        61,330   +   54,643   +   61,315      109,119  
    Primary credit                                             39,929   +   33,242   +   39,921       50,768  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 0            0   -        7            0  
    Primary Dealer Credit Facility                             14,390   +   14,390   +   14,390       27,718  
    Money Market Mutual Fund Liquidity Facility                 7,011   +    7,011   +    7,011       30,634  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0            0            0  
  Float                                                          -190   +       40   -       14         -271  
  Central bank liquidity swaps (8)                            168,814   +  168,769   +  168,748      206,051  
  Other Federal Reserve assets (9)                             24,989   +    1,930   +      943       25,175  
Foreign currency denominated assets (10)                       20,043   -      657   -      722       20,133  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             50,239   +       14   +      382       50,239  
                                                                                                              
Total factors supplying reserve funds                       5,056,887   +  506,679   +1,048,705    5,302,572  

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and                          Averages of daily figures         Wednesday  
reserve balances of depository institutions at             Week ended    Change from week ended  Mar 25, 2020 
Federal Reserve Banks                                     Mar 25, 2020 Mar 18, 2020 Mar 27, 2019              

Currency in circulation (11)                                 1,859,800   +   32,651   +  138,011    1,872,242 
Reverse repurchase agreements (12)                             283,469   +   41,413   +   41,616      359,114 
  Foreign official and international accounts                  254,373   +   22,881   +   14,852      261,703 
  Others                                                        29,096   +   18,531   +   26,765       97,411 
Treasury cash holdings                                             325   +        8   -        9          328 
Deposits with F.R. Banks, other than reserve balances          679,684   +  139,443   +  303,207      673,519 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               390,252   +   27,676   +   79,384      384,890 
  Foreign official                                              10,359   +    4,000   +    5,116       16,261 
  Other (13)                                                   279,073   +  107,767   +  218,707      272,368 
Other liabilities and capital (14)                              46,637   +    1,780   +    1,190       49,621 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,869,916   +  215,296   +  484,015    2,954,825 
                                                                                                              
Reserve balances with Federal Reserve Banks                  2,186,971   +  291,383   +  564,689    2,347,747 

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.  Refer to the note on consolidation accompanying table 5.                                                
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 accrued interest, which represents the daily accumulation of interest earned, and other        
    accounts receivable. Also, includes Reserve Bank premises and equipment net of allowances for       
    depreciation.                                                                                       
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. Includes the liability for earnings remittances due to the U.S. Treasury.                               
                                                                                                            



Sources: Federal Reserve Banks and the U.S. Department of the Treasury.





1A. Memorandum Items
Millions of dollars
Memorandum item                                                  Averages of daily figures         Wednesday  
                                                           Week ended    Change from week ended  Mar 25, 2020 
                                                          Mar 25, 2020 Mar 18, 2020 Mar 27, 2019              

Securities held in custody for foreign official and       
     international accounts                                  3,355,273   -   55,416   -  114,824    3,339,743 
  Marketable U.S. Treasury securities (1)                    2,891,327   -   57,322   -  180,594    2,868,190 
  Federal agency debt and mortgage-backed securities (2)       380,891   +    2,072   +   54,966      388,655 
  Other securities (3)                                          83,055   -      167   +   10,804       82,897 
Securities lent to dealers                                      34,947   -       80   +   10,409       38,368 
  Overnight facility (4)                                        34,947   -       80   +   10,409       38,368 
    U.S. Treasury securities                                    34,943   -       84   +   10,405       38,368 
    Federal agency debt securities                                   3   +        3   +        3            0 

Note: Components may not sum to totals because of rounding.


1.  Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS.         
    Does not include securities pledged as collateral to foreign official and international account holders
    against reverse repurchase agreements with the Federal Reserve presented in tables 1, 4, and 5.     
2.  Face value of federal agency securities and current face value of mortgage-backed securities, which     
    is the remaining principal balance of the securities.                                               
3.  Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed         
    securities, and commercial paper at face value.                                                     
4.  Face value. Fully collateralized by U.S. Treasury securities.                                           






2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, March 25, 2020      

Millions of dollars
Remaining Maturity                     Within 15     16 days to    91 days to   Over 1 year   Over 5 year     Over 10         All      
                                          days        90 days        1 year      to 5 years   to 10 years      years                   

Loans (1)                                   15,991        83,194         9,933             0             0           ...       109,119 
U.S. Treasury securities (2)                                                                                                           
  Holdings                                  44,037       221,051       430,067     1,111,145       436,318       735,754     2,978,372 
  Weekly changes                        +    8,231    +    9,622    +   42,950    +  144,383    +   78,652    +   53,763    +  337,601 
Federal agency debt securities (3)                                                                                                     
  Holdings                                       0             0             0             0         1,151         1,196         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (4)                                                                                                         
  Holdings                                       0             0             4         1,643        70,824     1,312,093     1,384,563 
  Weekly changes                                 0             0    +        1    -        1    -      505    +   18,394    +   17,887 
Repurchase agreements (5)                  179,155       173,200           ...           ...           ...           ...       352,355 
Central bank liquidity swaps (6)            92,399       113,652             0             0             0             0       206,051 
                                                                                                                                       
Reverse repurchase agreements (5)          359,114             0           ...           ...           ...           ...       359,114 
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, and other credit extensions.   
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.  Cash value of agreements.                                                                               
6.  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.     
                                                                                                            






3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name                                                                                                            Wednesday   
                                                                                                                      Mar 25, 2020  

Mortgage-backed securities held outright (1)                                                                             1,384,563  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                          141,828  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                   44  



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. Generally settle within 180 days and include commitments associated with            
    outright transactions, dollar rolls, and coupon swaps.                                              
3.  This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4       
    and table 5.                                                                                        







4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital                         Eliminations     Wednesday         Change since       
                                                             from       Mar 25, 2020   Wednesday    Wednesday  
                                                        consolidation                Mar 18, 2020 Mar 27, 2019 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,641   -       34   -       88  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     4,985,004   +  378,783   +1,091,729  
    Securities held outright (1)                                          4,365,282   +  355,488   +  594,616  
      U.S. Treasury securities                                            2,978,372   +  337,601   +  802,776  
        Bills (2)                                                           326,044   +    5,001   +  326,044  
        Notes and bonds, nominal (2)                                      2,456,125   +  301,629   +  417,114  
        Notes and bonds, inflation-indexed (2)                              166,932   +   28,279   +   51,778  
        Inflation compensation (3)                                           29,271   +    2,692   +    7,840  
      Federal agency debt securities (2)                                      2,347            0            0  
      Mortgage-backed securities (4)                                      1,384,563   +   17,887   -  208,160  
    Unamortized premiums on securities held outright  
    (5)                                                                     168,273   +   29,979   +   32,568  
    Unamortized discounts on securities held outright 
    (5)                                                                     -10,026   +    2,010   +    3,096  
    Repurchase agreements (6)                                               352,355   -   89,590   +  352,355  
    Loans (7)                                                               109,119   +   80,895   +  109,092  
  Net portfolio holdings of Maiden Lane LLC (8)                                   0            0            0  
  Items in process of collection                                   (0)           37   -       14   -       21  
  Bank premises                                                               2,207   +        5            0  
  Central bank liquidity swaps (9)                                          206,051   +  206,006   +  205,985  
  Foreign currency denominated assets (10)                                   20,133   -      230   -      567  
  Other assets (11)                                                          22,968   +    1,550   +    1,621  
                                                                                                               
Total assets                                                       (0)    5,254,278   +  586,066   +1,298,661  

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital                         Eliminations     Wednesday         Change since       
                                                             from       Mar 25, 2020   Wednesday    Wednesday  
                                                        consolidation                Mar 18, 2020 Mar 27, 2019 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,823,968   +   28,944   +  148,049 
  Reverse repurchase agreements (12)                                         359,114   +  125,168   +  117,514 
  Deposits                                                          (0)    3,021,266   +  426,139   +1,028,800 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         2,347,747   +  402,353   +  714,959 
    U.S. Treasury, General Account                                           384,890   -   16,464   +   89,297 
    Foreign official                                                          16,261   +    9,374   +   11,018 
    Other (13)                                                      (0)      272,368   +   30,877   +  213,526 
  Deferred availability cash items                                  (0)          308   +       30   -      101 
  Other liabilities and accrued dividends (14)                                10,827   +    5,598   +    4,948 
                                                                                                               
Total liabilities                                                   (0)    5,215,483   +  585,879   +1,299,211 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             31,969   +      185   -      551 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 38,794   +      185   -      551 

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, and other credit extensions.   
8.  Refer to the note on consolidation accompanying table 5.                                                
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.                                                                                
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. Includes the liability for earnings remittances due to the U.S. Treasury.                               

 



5. Statement of Condition of Each Federal Reserve Bank, March 25, 2020
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia  Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                         City                 Francisco  

Assets                                                                                                                                                                                                   
  Gold certificates and special drawing     
    rights certificates                           16,237         547       5,525          537         768       1,166       2,214       1,135         478         276         445       1,172       1,974
  Coin                                             1,641          39          47          154          92         224         143         281          26          50         112         186         287
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans (1)                             4,985,004     134,896   2,719,855      118,421     144,815     298,671     333,608     260,470      70,308      42,214      73,247     213,180     575,320
  Central bank liquidity swaps (2)               206,051       8,874      65,381       11,905      16,450      43,937      11,983       8,603       3,142         980       1,995       2,550      30,251
  Foreign currency denominated                                                                                                                                                                           
     assets (3)                                   20,133         867       6,390        1,163       1,607       4,293       1,171         840         307          96         195         249       2,956
  Other assets (4)                                25,212         590      12,323          644         794       1,824       1,775       1,356         720         338         645       1,368       2,835
  Interdistrict settlement account                     0  -    1,155  -  102,288   +      160  +   12,340  +    5,359  -   10,594  +   71,039  -      762  +      733  +    5,076  +   62,494  -   42,401
                                                                                                                                                                                                         
Total assets                                   5,254,278     144,659   2,707,233      132,985     176,866     355,473     340,299     343,724      74,218      44,686      81,715     281,198     571,221

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





5. Statement of Condition of Each Federal Reserve Bank, March 25, 2020 (continued)
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                        City                 Francisco  

Liabilities                                                                                                                                                                                             
  Federal Reserve notes, net                   1,823,968      57,025     612,531      50,101      87,399     122,253     253,629     118,547      56,183      30,258      48,827     148,558     238,658
  Reverse repurchase agreements (5)              359,114       7,450     195,922       8,697      10,507      21,977      24,554      18,850       5,161       3,107       5,325      15,593      41,971
  Deposits                                     3,021,266      78,160   1,878,098      72,605      75,455     202,579      59,798     204,465      12,083      10,578      26,962     116,133     284,349
    Depository institutions                    2,347,747      78,104   1,342,631      72,603      67,803     201,275      58,646      86,724      12,079      10,499      20,125     113,464     283,794
    U.S. Treasury, General Account               384,890           0     384,890           0           0           0           0           0           0           0           0           0           0
    Foreign official                              16,261           2      16,234           2           3           9           2           2           1           0           0           0           6
    Other (6)                                    272,368          55     134,343           0       7,649       1,295       1,150     117,739           4          79       6,837       2,668         549
  Earnings remittances due to the U.S.      
     Treasury (7)                                  1,430          18         886          21          22          30          99          73          21          15          19          67         158
  Other liabilities and accrued             
     dividends                                     9,705         175       6,796         174         186         500         321         290         135         422         171         201         333
                                                                                                                                                                                                        
Total liabilities                              5,215,483     142,829   2,694,232     131,598     173,568     347,338     338,400     342,227      73,584      44,381      81,305     280,553     565,469
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 31,969       1,506      10,707       1,141       2,714       6,694       1,561       1,233         523         252         338         564       4,736
  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                  5,254,278     144,659   2,707,233     132,985     176,866     355,473     340,299     343,724      74,218      44,686      81,715     281,198     571,221

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





5. Statement of Condition of Each Federal Reserve Bank, March 25, 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, and other credit extensions.                                            
2.  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.                                                                                                 
3.  Revalued daily at current foreign currency exchange rates.                                                                                                                                              
4.  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.                                                                                                         
5.  Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.                                                         
6.  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.                                                                                                          
7.  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.                                                                         
                                                                                                                                                                                                            


Note on consolidation:


On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to
acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. On June 14, 2012, the
remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan
Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they
have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the
statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as a component of Other
assets on the previous page (and as assets in table 1 and table 4), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings,
were included in other liabilities in this table (and table 1 and table 4).
                                                                                                                 




6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral                                                        Wednesday   
                                                                                          Mar 25, 2020  

Federal Reserve notes outstanding                                                            1,973,700  
  Less: Notes held by F.R. Banks not subject to collateralization                              149,732  
    Federal Reserve notes to be collateralized                                               1,823,968  
Collateral held against Federal Reserve notes                                                1,823,968  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,807,731  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       4,717,637  
  Less: Face value of securities under reverse repurchase agreements                           324,866  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        4,392,771  

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.