FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks November 19, 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

Nov 18, 2020 Nov 11, 2020 Nov 20, 2019

Wednesday

Nov 18, 2020

Reserve Bank credit 7,189,890 + 63,524 +3,202,539 7,203,357

Securities held outright1 6,615,100 + 68,251 +2,962,642 6,637,946

U.S. Treasury securities 4,565,522 + 21,382 +2,357,503 4,584,423

Bills2 326,044 0 + 251,675 326,044

Notes and bonds, nominal2 3,897,344 + 18,631 +1,913,032 3,916,204

Notes and bonds, inflation-indexed2 299,562 + 2,399 + 175,190 299,562

Inflation compensation3 42,573 + 353 + 17,606 42,613

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

Mortgage-backed securities4 2,047,230 + 46,869 + 605,139 2,051,176

Unamortized premiums on securities held outright5 340,895 + 1,852 + 214,414 341,456

Unamortized discounts on securities held outright5 -4,765 - 96 + 8,142 -4,915

Repurchase agreements6 1,000 0 - 199,109 1,000

Foreign official 1,000 0 + 1,000 1,000

Others 0 0 - 200,109 0

Loans 66,194 - 2,626 + 66,169 65,187

Primary credit 2,188 - 186 + 2,184 2,167

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 21 0

Primary Dealer Credit Facility 261 - 2 + 261 255

Money Market Mutual Fund Liquidity Facility 5,387 - 110 + 5,387 5,242

Paycheck Protection Program Liquidity Facility 58,360 - 2,326 + 58,360 57,523

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 8,557 - 2 + 8,557 8,557

Net portfolio holdings of Corporate Credit Facilities LLC7 45,757 + 85 + 45,757 45,838

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 42,561 + 438 + 42,561 42,894

Net portfolio holdings of Municipal Liquidity Facility LLC7 16,553 + 1 + 16,553 16,554

Net portfolio holdings of TALF II LLC7 12,274 + 8 + 12,274 12,293

Float -94 + 14 - 7 -80

Central bank liquidity swaps8 7,512 - 547 + 7,464 7,141

Other Federal Reserve assets9 38,346 - 3,853 + 17,122 29,486

Foreign currency denominated assets10 21,749 - 27 + 1,151 21,850

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,453 + 14 + 415 50,453

Total factors supplying reserve funds 7,278,333 + 63,511 +3,204,105 7,291,900

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

Nov 18, 2020 Nov 11, 2020 Nov 20, 2019

Wednesday

Nov 18, 2020

Currency in circulation11 2,059,569 + 5,374 + 274,081 2,060,288

Reverse repurchase agreements12 192,234 - 2,587 - 96,839 190,237

Foreign official and international accounts 192,216 - 2,605 - 85,168 190,134

Others 18 + 18 - 11,671 103

Treasury cash holdings 52 + 6 - 133 54

Deposits with F.R. Banks, other than reserve balances 1,815,504 - 7,441 +1,380,340 1,844,341

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,556,892 - 43,945 +1,188,079 1,546,924

Foreign official 21,285 + 18 + 16,102 21,274

Other13 237,327 + 36,486 + 176,158 276,143

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

Other liabilities and capital15 53,152 + 508 + 7,594 49,752

Total factors, other than reserve balances,

absorbing reserve funds 4,234,511 - 4,141 +1,679,043 4,258,672

Reserve balances with Federal Reserve Banks 3,043,822 + 67,652 +1,525,063 3,033,228

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

Nov 18, 2020 Nov 11, 2020 Nov 20, 2019

Wednesday

Nov 18, 2020

Securities held in custody for foreign official and international

accounts 3,441,843 + 15,189 + 26,338 3,445,152

Marketable U.S. Treasury securities1 2,995,333 + 6,949 + 26,868 2,997,656

Federal agency debt and mortgage-backed securities2 361,315 + 8,610 - 1,536 362,348

Other securities3 85,194 - 372 + 1,004 85,148

Securities lent to dealers 29,743 + 152 - 192 28,599

Overnight facility4 29,743 + 152 - 192 28,599

U.S. Treasury securities 29,743 + 152 - 192 28,599

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, November 18, 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 1,888 4,047 1,729 57,523 0 ... 65,187

U.S. Treasury securities2

Holdings 84,836 284,427 664,873 1,700,839 824,797 1,024,651 4,584,423

Weekly changes + 13,361 - 896 + 22,198 - 24,992 + 12,347 + 9,674 + 31,692

Federal agency debt securities3

Holdings 0 0 0 0 1,818 529 2,347

Weekly changes 0 0 0 0 + 382 - 382 0

Mortgage-backed securities4

Holdings 0 0 4 2,144 75,580 1,973,447 2,051,176

Weekly changes 0 0 - 1 - 5 - 643 + 51,457 + 50,808

Commercial paper held by Commercial

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

Loan participations held by MS

Facilities LLC (Main Street Lending

Program)6 0 0 0 5,433 ... ... 5,433

Municipal notes held by Municipal

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

Loans held by TALF II LLC8 0 0 0 3,600 ... ... 3,600

Repurchase agreements9 1,000 0 ... ... ... ... 1,000

Central bank liquidity swaps10 1,321 5,820 0 0 0 0 7,141

Reverse repurchase agreements9 190,237 0 ... ... ... ... 190,237

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 Nov 18, 2020

Mortgage-backed securities held outright1 2,051,176

Residential mortgage-backed securities 2,041,399

Commercial mortgage-backed securities 9,777

Commitments to buy mortgage-backed securities2 161,689

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 180

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 Nov 18, 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 0 0 8,557 8,557

Corporate Credit Facilities LLC 13,533 13,747 32,091 45,838

MS Facilities LLC (Main Street Lending Program) 5,430 5,338 37,556 42,894

Municipal Liquidity Facility LLC 1,651 1,651 14,903 16,554

TALF II LLC 3,779 3,600 8,693 12,293

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, net of an allowance for loan losses updated as of

 September 30, 2020, 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

Nov 18, 2020 Nov 11, 2020 Nov 20, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,504 + 27 - 154

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 7,040,674 + 81,448 +3,068,367

Securities held outright1 6,637,946 + 82,500 +2,978,042

U.S. Treasury securities 4,584,423 + 31,692 +2,364,062

Bills2 326,044 0 + 242,031

Notes and bonds, nominal2 3,916,204 + 28,938 +1,929,205

Notes and bonds, inflation-indexed2 299,562 + 2,399 + 175,190

Inflation compensation3 42,613 + 355 + 17,636

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 2,051,176 + 50,808 + 613,979

Unamortized premiums on securities held outright5 341,456 + 2,194 + 215,246

Unamortized discounts on securities held outright5 -4,915 - 255 + 8,078

Repurchase agreements6 1,000 0 - 198,159

Loans7 65,187 - 2,991 + 65,161

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 8,557 - 2 + 8,557

Net portfolio holdings of Corporate Credit Facilities LLC8 45,838 + 146 + 45,838

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 42,894 + 557 + 42,894

Net portfolio holdings of Municipal Liquidity Facility LLC8 16,554 + 1 + 16,554

Net portfolio holdings of TALF II LLC8 12,293 + 27 + 12,293

Items in process of collection (0) 53 - 20 - 4

Bank premises 2,197 + 2 + 4

Central bank liquidity swaps9 7,141 - 895 + 7,093

Foreign currency denominated assets10 21,850 + 203 + 1,243

Other assets11 27,289 - 13,830 + 10,148

Total assets (0) 7,243,080 + 67,663 +3,212,831

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

Nov 18, 2020 Nov 11, 2020 Nov 20, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 2,011,389 + 2,221 + 273,716

Reverse repurchase agreements12 190,237 - 5,574 - 110,677

Deposits (0) 4,877,570 + 73,813 +2,931,197

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,033,229 + 41,130 +1,503,071

U.S. Treasury, General Account 1,546,924 - 23,844 +1,189,373

Foreign official 21,274 + 7 + 16,091

Other13 (0) 276,143 + 56,520 + 222,662

Deferred availability cash items (0) 133 - 73 + 5

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

Other liabilities and accrued dividends15 10,527 - 2,726 + 4,266

Total liabilities (0) 7,203,855 + 67,661 +3,212,506

Capital accounts

Capital paid in 32,400 + 2 + 325

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,225 + 2 + 325

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, November 18, 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 1,504 30 35 126 84 206 148 254 29 43 101 175 274

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 7,040,674 163,328 3,623,544 165,490 220,082 440,589 517,424 391,540 111,992 73,395 116,437 338,653 878,201

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 8,557 0 8,557 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 45,838 0 45,838 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 42,894 42,894 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 16,554 0 16,554 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF II LLC2 12,293 0 12,293 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 7,141 339 2,400 257 610 1,507 354 277 117 56 75 85 1,063

Foreign currency denominated

assets4 21,850 1,037 7,345 786 1,867 4,611 1,084 848 358 171 230 259 3,253

Other assets5 29,539 2,267 12,549 742 987 2,113 2,239 1,673 632 403 778 1,607 3,551

Interdistrict settlement account 0 - 38,411 + 304,857 - 18,515 + 64,940 + 99,807 - 123,033 - 13,487 - 25,745 - 13,989 - 24,599 - 45,142 - 166,683

Total assets 7,243,080 172,016 4,039,453 149,415 289,330 549,999 400,398 382,242 87,862 60,349 93,473 296,839 721,703

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, November 18, 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 2,011,389 62,117 670,094 55,826 92,994 141,918 280,768 130,601 58,782 33,119 54,616 169,331 261,223

Reverse repurchase agreements6 190,237 4,272 98,497 4,340 5,952 11,923 14,020 10,626 3,006 1,798 3,025 9,168 23,611

Deposits 4,877,570 64,410 3,177,581 87,543 186,631 387,108 103,074 238,896 25,108 24,801 35,138 117,210 430,069

Depository institutions 3,033,229 64,396 1,454,897 87,541 186,595 386,323 102,992 120,151 25,099 24,738 35,106 115,444 429,947

U.S. Treasury, General Account 1,546,924 0 1,546,924 0 0 0 0 0 0 0 0 0 0

Foreign official 21,274 2 21,247 1 3 8 2 2 1 0 0 0 6

Other7 276,143 12 154,514 0 33 777 80 118,743 9 62 32 1,766 116

Earnings remittances due to the U.S.

Treasury8 1,775 38 924 39 62 128 128 93 26 13 23 78 224

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 8,885 347 4,188 260 310 744 609 496 211 290 251 387 795

Total liabilities 7,203,855 170,184 4,026,284 148,007 285,949 541,821 398,599 380,710 87,132 60,020 93,052 296,175 715,922

Capital

Capital paid in 32,400 1,508 10,876 1,162 2,798 6,737 1,461 1,267 618 275 349 583 4,765

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 7,243,080 172,016 4,039,453 149,415 289,330 549,999 400,398 382,242 87,862 60,349 93,473 296,839 721,703

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, November 18, 2020 (continued)

1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the

purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on

an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary,

secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and

other credit extensions.

2. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.

3. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

4. Revalued daily at current foreign currency exchange rates.

5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio

holdings of Maiden Lane LLC; refer to the note on consolidation for additional information.

6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by

depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury,

General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

8. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after

providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $6.825 billion surplus.

9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS Facilities LLC of $37.5 billion, and

Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.

 

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal

Reserve Act. On April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S dollardenominated commercial paper by eligible issuers. The assets of the CPFF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the

FRBNY. On May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans

or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate

Credit Facility. The assets of the CCF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, FRBNY began

extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount

provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose

vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are

used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help

ensure credit flows to small and medium-sized businesses and to eligible nonprofits. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are

used to secure the loan from the FRBB.

The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II LLC. The FRBB is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with

generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the

statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs

consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in

table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this

table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).
H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Nov 18, 2020

Federal Reserve notes outstanding 2,164,863

Less: Notes held by F.R. Banks not subject to collateralization 153,475

Federal Reserve notes to be collateralized 2,011,389

Collateral held against Federal Reserve notes 2,011,389

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,995,152

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,638,946

Less: Face value of securities under reverse repurchase agreements 182,240

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,456,706

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.