FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 9, 2020

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Jul 8, 2020 Jul 1, 2020 Jul 10, 2019

Wednesday

Jul 8, 2020

Reserve Bank credit 6,915,285 - 60,514 +3,140,119 6,881,742

Securities held outright1 6,134,474 + 16,223 +2,503,976 6,145,103

U.S. Treasury securities 4,220,727 + 16,186 +2,125,302 4,231,355

Bills2 326,044 0 + 326,040 326,044

Notes and bonds, nominal2 3,588,645 + 12,556 +1,633,375 3,599,273

Notes and bonds, inflation-indexed2 270,206 + 3,524 + 153,690 270,206

Inflation compensation3 35,832 + 106 + 12,198 35,833

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

Mortgage-backed securities4 1,911,401 + 38 + 378,675 1,911,401

Unamortized premiums on securities held outright5 314,652 + 1,074 + 183,982 315,251

Unamortized discounts on securities held outright5 -5,318 - 22 + 7,542 -5,299

Repurchase agreements6 41,286 - 34,093 + 41,286 0

Foreign official 143 - 1 + 143 0

Others 41,143 - 34,093 + 41,143 0

Loans 95,294 - 1,592 + 95,174 93,355

Primary credit 5,319 - 558 + 5,301 4,846

Secondary credit 0 0 0 0

Seasonal credit 19 + 6 - 83 22

Primary Dealer Credit Facility 2,276 - 340 + 2,276 1,874

Money Market Mutual Fund Liquidity Facility 19,624 - 1,993 + 19,624 18,927

Paycheck Protection Program Liquidity Facility 68,057 + 1,294 + 68,057 67,685

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 12,800 + 1 + 12,800 12,802

Net portfolio holdings of Corporate Credit Facilities LLC7 42,313 + 954 + 42,313 42,644

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)7 37,502 0 + 37,502 37,503

Net portfolio holdings of Municipal Liquidity Facility LLC7 16,081 + 1 + 16,081 16,082

Net portfolio holdings of TALF II LLC7 8,753 0 + 8,753 8,753

Float -208 + 289 + 2 -216

Central bank liquidity swaps8 182,077 - 44,726 + 182,038 179,095

Other Federal Reserve assets9 35,578 + 1,375 + 8,669 36,669

Foreign currency denominated assets10 20,903 + 23 + 88 20,973

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,415 + 14 + 478 50,415

Total factors supplying reserve funds 7,002,844 - 60,478 +3,140,686 6,969,371

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Jul 8, 2020 Jul 1, 2020 Jul 10, 2019

Wednesday

Jul 8, 2020

Currency in circulation11 1,974,841 + 7,620 + 223,890 1,977,346

Reverse repurchase agreements12 228,115 + 8,016 - 67,253 224,860

Foreign official and international accounts 228,114 + 8,272 - 60,876 224,859

Others 1 - 257 - 6,376 1

Treasury cash holdings 61 - 4 - 107 51

Deposits with F.R. Banks, other than reserve balances 1,824,408 - 6,326 +1,553,213 1,791,570

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,653,098 - 4,522 +1,441,983 1,624,404

Foreign official 17,119 + 902 + 11,866 16,232

Other13 154,191 - 2,706 + 99,364 150,934

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

Other liabilities and capital15 47,452 + 1,069 + 2,781 48,248

Total factors, other than reserve balances,

absorbing reserve funds 4,188,877 + 10,374 +1,826,525 4,156,076

Reserve balances with Federal Reserve Banks 2,813,967 - 70,852 +1,314,161 2,813,296

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

6. Cash value of agreements.

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

consolidation below.

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

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

foreign central bank.

9. Includes bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. 

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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

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

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks

as fiscal agents of the United States.

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

MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money

Market Mutual Fund Liquidity Facility of $1.5 billion.

15. Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Jul 8, 2020 Jul 1, 2020 Jul 10, 2019

Wednesday

Jul 8, 2020

Securities held in custody for foreign official and international

accounts 3,402,678 - 11,368 - 55,550 3,400,818

Marketable U.S. Treasury securities1 2,949,322 - 10,970 - 84,616 2,947,548

Federal agency debt and mortgage-backed securities2 368,639 - 123 + 22,432 368,626

Other securities3 84,717 - 276 + 6,635 84,645

Securities lent to dealers 32,135 + 3,957 + 2,199 30,768

Overnight facility4 32,135 + 3,957 + 2,199 30,768

U.S. Treasury securities 32,135 + 3,957 + 2,199 30,768

Federal agency debt securities 0 0 0 0

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.
H.4.1

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, July 8, 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 6,838 12,475 6,356 67,685 0 ... 93,355

U.S. Treasury securities2

Holdings 66,114 270,043 618,085 1,607,239 735,426 934,448 4,231,355

Weekly changes + 1,643 + 19,223 - 17,375 + 9,311 + 3,276 + 2,057 + 18,135

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 2,302 79,588 1,829,505 1,911,401

Weekly changes 0 0 0 + 127 + 187 - 294 + 20

Commercial paper held by Commercial

Paper Funding Facility II LLC5 2,739 1,514 0 ... ... ... 4,253

Loan participations held by MS

Facilities LLC (Main Street Lending

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

Municipal notes held by Municipal

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

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

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

Central bank liquidity swaps10 90,531 88,564 0 0 0 0 179,095

Reverse repurchase agreements9 224,860 0 ... ... ... ... 224,860

Term deposits 0 0 0 ... ... ... 0

Note: Components may not sum to totals because of rounding.

...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund

Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans exclude the loans from the Federal Reserve

Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF

II LLC, and from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB’s

statement of condition, respectively, consistent with consolidation under generally accepted accounting principles.

2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original

face value of such securities.

3. Face value.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

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

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

7. Book value of the municipal notes held by the Municipal Liquidity Facility LLC.

8. Book value of the loans held by the TALF II LLC.

9. Cash value of agreements.

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

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

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Jul 8, 2020

Mortgage-backed securities held outright1 1,911,401

Residential mortgage-backed securities 1,902,227

Commercial mortgage-backed securities 9,174

Commitments to buy mortgage-backed securities2 123,486

Commitments to sell mortgage-backed securities2 3,758

Cash and cash equivalents3 13

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within

180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed

securities generally settle within three business days.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Wednesday Jul 8, 2020

Net portfolio holdings of

Credit Facilities LLCs

Outstanding

principal Outstanding

amount amount of Treasury

of loan facility contributions

extended to asset and

Credit Facilities LLCs:

the LLC1 purchases2 other assets3 Total

Commercial Paper Funding Facility II LLC 4,243 4,253 8,549 12,802

Corporate Credit Facilities LLC 10,427 10,716 31,929 42,644

MS Facilities LLC (Main Street Lending Program) 0 0 37,503 37,503

Municipal Liquidity Facility LLC 1,200 1,200 14,882 16,082

TALF II LLC 252 252 8,501 8,753

Note: Components may not sum to totals because of rounding.

1. Book value. This amount was eliminated when preparing the Federal Reserve Banks’ statement of condition consistent with consolidation under

generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve

Bank to the LLC upon settlement of the investment activity.

2. Outstanding amount of facility asset purchases:

a. For the Commercial Paper Funding Facility II LLC includes commercial paper at book value.

b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and corporate bonds at book value. Asset balances

 from trading activity are reported on a one-day lag after the transaction date.

c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value.

d. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on

 a one-day lag after the transaction date.

e. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.

3. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury

contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash

and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are

excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are initially 15% of Treasury contributions to the credit facilities from the

following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II

LLC. Refer to the note on consolidation accompanying table 6.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jul 8, 2020 Jul 1, 2020 Jul 10, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,497 + 22 - 173

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 6,548,409 - 45,852 +2,800,004

Securities held outright1 6,145,103 + 18,155 +2,514,582

U.S. Treasury securities 4,231,355 + 18,135 +2,135,907

Bills2 326,044 0 + 326,042

Notes and bonds, nominal2 3,599,273 + 18,134 +1,644,003

Notes and bonds, inflation-indexed2 270,206 0 + 153,690

Inflation compensation3 35,833 + 2 + 12,174

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 1,911,401 + 20 + 378,675

Unamortized premiums on securities held outright5 315,251 + 927 + 184,634

Unamortized discounts on securities held outright5 -5,299 + 46 + 7,551

Repurchase agreements6 0 - 61,201 0

Loans7 93,355 - 3,778 + 93,238

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 12,802 + 3 + 12,802

Net portfolio holdings of Corporate Credit Facilities LLC8 42,644 + 704 + 42,644

Net portfolio holdings of MS Facilities LLC (Main Street

Lending Program)8 37,503 + 1 + 37,503

Net portfolio holdings of Municipal Liquidity Facility LLC8 16,082 + 1 + 16,082

Net portfolio holdings of TALF II LLC8 8,753 0 + 8,753

Items in process of collection (0) 51 + 5 - 39

Bank premises 2,196 + 3 + 10

Central bank liquidity swaps9 179,095 - 46,319 + 179,052

Foreign currency denominated assets10 20,973 - 11 + 120

Other assets11 34,473 + 3,118 + 8,917

Total assets (0) 6,920,716 - 88,324 +3,105,678

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jul 8, 2020 Jul 1, 2020 Jul 10, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,928,475 + 5,488 + 226,297

Reverse repurchase agreements12 224,860 - 2,376 - 63,635

Deposits (0) 4,604,866 - 93,220 +2,824,808

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,813,296 - 49,900 +1,287,944

U.S. Treasury, General Account 1,624,404 - 32,343 +1,429,178

Foreign official 16,232 + 9 + 10,978

Other13 (0) 150,934 - 10,986 + 96,709

Deferred availability cash items (0) 266 - 535 - 4

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

Other liabilities and accrued dividends15 9,487 + 2,403 + 4,676

Total liabilities (0) 6,881,955 - 88,240 +3,106,143

Capital accounts

Capital paid in 31,936 - 84 - 466

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,761 - 84 - 466

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

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

7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund

Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.

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

consolidation below.

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

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

central bank.

10. Revalued daily at current foreign currency exchange rates.

11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also includes net portfolio

holdings of Maiden Lane LLC.

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

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

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks

as fiscal agents of the United States.

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

MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money

Market Mutual Fund Liquidity Facility of $1.5 billion.

15. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 8, 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 1,497 30 42 123 87 210 149 246 27 41 92 169 281

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 6,548,409 166,114 3,359,568 153,766 203,848 410,392 480,063 364,948 104,017 65,637 109,123 313,897 817,035

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 12,802 0 12,802 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facilities LLC2 42,644 0 42,644 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of MS

Facilities LLC (Main Street Lending

Program)2 37,503 37,503 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Municipal

Liquidity Facility LLC2 16,082 0 16,082 0 0 0 0 0 0 0 0 0 0

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

Central bank liquidity swaps3 179,095 8,501 60,187 6,445 15,305 37,801 8,882 6,955 2,936 1,402 1,889 2,126 26,665

Foreign currency denominated

assets4 20,973 995 7,050 755 1,792 4,426 1,040 814 344 164 221 249 3,122

Other assets5 36,720 2,452 16,296 889 1,211 2,581 2,770 2,084 734 486 864 1,901 4,452

Interdistrict settlement account 0 - 62,253 + 383,328 - 14,568 + 23,305 - 39,737 - 92,581 - 10,755 - 20,710 - 12,043 - 20,563 - 23,605 - 109,817

Total assets 6,920,716 153,875 3,912,235 147,938 246,309 416,838 402,506 365,430 87,827 55,957 92,076 295,940 743,784

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 8, 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 1,928,475 58,333 648,032 56,226 87,697 124,439 265,843 126,526 58,636 30,686 52,866 163,780 255,410

Reverse repurchase agreements6 224,860 5,050 116,423 5,130 7,035 14,093 16,571 12,559 3,553 2,125 3,576 10,837 27,908

Deposits 4,604,866 49,319 3,054,951 84,917 147,960 269,397 117,682 224,312 24,796 22,416 34,982 120,258 453,874

Depository institutions 2,813,296 49,297 1,356,532 84,916 147,887 268,838 117,584 133,888 24,792 22,361 34,952 118,381 453,868

U.S. Treasury, General Account 1,624,404 0 1,624,404 0 0 0 0 0 0 0 0 0 0

Foreign official 16,232 2 16,206 1 3 8 2 2 1 0 0 0 6

Other7 150,934 21 57,809 0 70 551 96 90,423 3 55 29 1,876 0

Earnings remittances due to the U.S.

Treasury8 2,351 41 1,281 50 75 133 163 125 28 17 35 108 296

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

Other liabilities and accrued

dividends 7,402 302 3,541 209 244 590 492 392 179 387 201 305 561

Total liabilities 6,881,955 152,045 3,899,228 146,532 243,011 408,653 400,753 363,915 87,191 55,631 91,659 295,288 738,049

Capital

Capital paid in 31,936 1,506 10,714 1,161 2,715 6,745 1,414 1,250 523 272 344 571 4,719

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

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

Total liabilities and capital 6,920,716 153,875 3,912,235 147,938 246,309 416,838 402,506 365,430 87,827 55,957 92,076 295,940 743,784

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 8, 2020 (continued)

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

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

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

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

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

other credit extensions.

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

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

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

4. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

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

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

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

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

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

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On April 14, 2020, FRBNY began

extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S dollar-denominated commercial paper by eligible issuers. The

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

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

and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF LLC and the amount provided by U.S. Treasury as

credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed

to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June

25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the

amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY.

The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II LLC. The Federal Reserve Bank of Boston (FRBB) is the managing member of MS Facilities LLC (Main Street Lending

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

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

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

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

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

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Jul 8, 2020

Federal Reserve notes outstanding 2,080,559

Less: Notes held by F.R. Banks not subject to collateralization 152,084

Federal Reserve notes to be collateralized 1,928,475

Collateral held against Federal Reserve notes 1,928,475

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,912,238

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,145,103

Less: Face value of securities under reverse repurchase agreements 212,086

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,933,017

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.