FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

May 14, 2020

Note: This cover note was revised on May 15, 2020, to provide clarification about the reporting

lags for CCF LLC.

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 Primary Market Corporate Credit Facility (PMCCF) and Secondary

Market Corporate Credit Facility (SMCCF). These facilities operate through the Corporate

Credit Facility LLC (CCF LLC), a special purpose vehicle that was formed to support credit to

employers through bond and loan issuances and to provide liquidity to the market for outstanding

corporate bonds. 

On March 23, 2020, the Federal Reserve announced the PMCCF and SMCCF. On May 12, 2020,

the Federal Reserve Bank of New York (FRBNY) extended credit to the CCF LLC under the

authority of section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary,

and the CCF LLC began purchasing eligible bonds and loans.

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

have been accounted for and consolidated with the assets and liabilities of the FRBNY in the

preparation of the statements of condition shown on the release because the FRBNY is the

managing member of CCF LLC. CCF asset balances from trading activity are reported in this

release on a one-day lag after the transaction date. The net portfolio holdings of CCF LLC

appear as an asset on the statement of condition of the FRBNY (table 5), the consolidated

statement of condition of all Federal Reserve Banks (table 4), and factors affecting reserve

balances of depository institutions (table 1).

The amount provided by the U.S. Treasury as credit protection for the CCF LLC is separately

presented in a new line “Treasury contributions to credit facilities” in tables 1, 4, and 5. 

Additionally, amounts provided by the U.S. Treasury as credit protection to the Commercial

Paper Funding Facility II LLC previously included in “Other liabilities” is now included in 

“Treasury contributions to credit facilities” in tables 1, 4, and 5.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 14, 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

May 13, 2020 May 6, 2020 May 15, 2019

Wednesday

May 13, 2020

Reserve Bank credit 6,742,165 + 78,465 +2,891,665 6,895,709

Securities held outright1 5,672,975 + 67,473 +1,973,178 5,843,376

U.S. Treasury securities 4,039,589 + 41,575 +1,916,758 4,057,268

Bills2 326,044 0 + 325,944 326,044

Notes and bonds, nominal2 3,426,259 + 35,847 +1,441,242 3,442,616

Notes and bonds, inflation-indexed2 250,766 + 5,357 + 135,405 252,016

Inflation compensation3 36,520 + 371 + 14,167 36,592

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

Mortgage-backed securities4 1,631,040 + 25,899 + 56,421 1,783,761

Unamortized premiums on securities held outright5 289,693 + 4,264 + 156,003 297,516

Unamortized discounts on securities held outright5 -5,422 + 209 + 7,524 -5,354

Repurchase agreements6 182,487 + 9,558 + 182,468 157,354

Foreign official 1,402 + 1,402 + 1,402 1,404

Others 181,086 + 8,157 + 181,067 155,950

Loans 114,244 - 4,486 + 114,200 114,927

Primary credit 24,943 - 4,970 + 24,936 24,239

Secondary credit 0 0 0 0

Seasonal credit 2 + 2 - 36 0

Primary Dealer Credit Facility 12,044 - 7,026 + 12,044 10,288

Money Market Mutual Fund Liquidity Facility 41,333 - 3,362 + 41,333 39,820

Paycheck Protection Program Liquidity Facility 35,923 + 10,871 + 35,923 40,580

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 4,246 + 272 + 4,246 4,292

Net portfolio holdings of Corporate Credit Facility LLC7 44 + 44 + 44 305

Float -181 + 94 + 7 -239

Central bank liquidity swaps8 442,838 - 2,127 + 442,788 440,934

Other Federal Reserve assets9 41,239 + 3,162 + 11,204 42,599

Foreign currency denominated assets10 20,498 - 155 - 240 20,484

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,303 + 14 + 402 50,303

Total factors supplying reserve funds 6,829,207 + 78,324 +2,891,826 6,982,738

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

May 13, 2020 May 6, 2020 May 15, 2019

Wednesday

May 13, 2020

Currency in circulation11 1,925,729 + 9,645 + 194,132 1,929,840

Reverse repurchase agreements12 274,149 + 3,475 + 14,846 281,150

Foreign official and international accounts 271,607 + 2,430 + 12,785 267,325

Others 2,542 + 1,045 + 2,060 13,825

Treasury cash holdings 293 - 8 - 26 277

Deposits with F.R. Banks, other than reserve balances 1,390,110 + 50,129 + 999,216 1,400,534

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,177,494 + 50,004 + 853,708 1,138,172

Foreign official 16,334 - 16 + 11,089 16,328

Other13 196,282 + 140 + 134,420 246,034

Treasury contributions to credit facilities14 26,073 + 26,073 + 26,073 47,500

Other liabilities and capital15 55,923 - 8,982 + 10,523 60,005

Total factors, other than reserve balances,

absorbing reserve funds 3,672,278 + 80,333 +1,244,764 3,719,306

Reserve balances with Federal Reserve Banks 3,156,929 - 2,009 +1,647,062 3,263,431

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 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 and Corporate Credit Facility LLC.

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

May 13, 2020 May 6, 2020 May 15, 2019

Wednesday

May 13, 2020

Securities held in custody for foreign official and international

accounts 3,366,532 + 21,139 - 102,865 3,375,386

Marketable U.S. Treasury securities1 2,900,702 + 21,211 - 161,754 2,907,742

Federal agency debt and mortgage-backed securities2 381,058 + 602 + 48,240 383,643

Other securities3 84,772 - 675 + 10,649 84,001

Securities lent to dealers 33,392 - 5,058 + 11,889 34,803

Overnight facility4 33,392 - 5,058 + 11,889 34,803

U.S. Treasury securities 33,392 - 5,058 + 11,889 34,803

Federal agency debt securities 0 0 0 0

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

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

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 4, and 5.

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

securities.

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

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

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 13, 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 11,369 50,011 12,967 40,580 0 ... 114,927

U.S. Treasury securities2

Holdings 102,681 217,461 561,643 1,584,494 686,628 904,361 4,057,268

Weekly changes - 2,079 + 3,825 + 3,126 + 15,910 + 10,818 + 5,476 + 37,077

Federal agency debt securities3

Holdings 0 0 0 0 1,151 1,196 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 0 5 2,014 79,044 1,702,697 1,783,761

Weekly changes 0 0 0 0 + 97 + 178,283 + 178,381

Commercial paper held by Commercial

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

Repurchase agreements6 10,204 147,150 ... ... ... ... 157,354

Central bank liquidity swaps7 14,425 426,509 0 0 0 0 440,934

Reverse repurchase agreements6 281,150 0 ... ... ... ... 281,150

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 and Corporate Credit Facility LLC, which were eliminated when preparing

the FRBNY's statement of condition consistent with consolidation under generally accepted accounting principles.

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

face value of such securities.

3. Face value.

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

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

6. Cash value of agreements.

7. 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 May 13, 2020

Mortgage-backed securities held outright1 1,783,761

Residential mortgage-backed securities 1,775,151

Commercial mortgage-backed securities 8,610

Commitments to buy mortgage-backed securities2 182,145

Commitments to sell mortgage-backed securities2 1,700

Cash and cash equivalents3 16

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

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

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

securities generally settle within three business days.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4 and table 5.
H.4.1

4. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

May 13, 2020 May 6, 2020 May 15, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,509 - 48 - 169

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 6,407,819 + 212,891 +2,600,976

Securities held outright1 5,843,376 + 215,458 +2,157,001

U.S. Treasury securities 4,057,268 + 37,077 +1,942,824

Bills2 326,044 0 + 325,944

Notes and bonds, nominal2 3,442,616 + 33,100 +1,466,051

Notes and bonds, inflation-indexed2 252,016 + 3,750 + 136,655

Inflation compensation3 36,592 + 227 + 14,175

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 1,783,761 + 178,381 + 214,177

Unamortized premiums on securities held outright5 297,516 + 11,014 + 164,047

Unamortized discounts on securities held outright5 -5,354 + 180 + 7,710

Repurchase agreements6 157,354 - 15,346 + 157,354

Loans7 114,927 + 1,585 + 114,863

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 4,292 + 304 + 4,292

Net portfolio holdings of Corporate Credit Facility LLC8 305 + 305 + 305

Items in process of collection (0) 49 + 19 - 70

Bank premises 2,205 + 2 + 9

Central bank liquidity swaps9 440,934 - 3,951 + 440,884

Foreign currency denominated assets10 20,484 - 37 - 227

Other assets11 40,394 + 3,325 + 23,480

Total assets (0) 6,934,227 + 212,807 +3,069,478

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

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

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

May 13, 2020 May 6, 2020 May 15, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,881,319 + 7,994 + 196,978

Reverse repurchase agreements12 281,150 + 15,944 + 17,225

Deposits (0) 4,663,966 + 145,427 +2,792,583

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,263,431 + 97,825 +1,747,012

U.S. Treasury, General Account 1,138,172 - 5,096 + 843,203

Foreign official 16,328 - 8 + 11,082

Other13 (0) 246,034 + 52,705 + 191,284

Deferred availability cash items (0) 288 + 16 - 45

Treasury contributions to credit facilities14 47,500 + 47,500 + 47,500

Other liabilities and accrued dividends15 21,114 - 4,094 + 15,734

Total liabilities (0) 6,895,336 + 212,787 +3,069,974

Capital accounts

Capital paid in 32,066 + 20 - 496

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,891 + 20 - 496

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. 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. 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 and Corporate Credit Facility LLC.

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

5. Statement of Condition of Each Federal Reserve Bank, May 13, 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 1,509 31 44 139 83 208 144 254 20 40 99 171 276

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 6,407,819 184,010 3,295,676 145,186 197,618 398,899 466,736 355,976 101,076 61,523 103,483 305,519 792,115

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 4,292 0 4,292 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facility LLC2 305 0 305 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 440,934 20,930 148,182 15,867 37,680 93,067 21,869 17,123 7,228 3,453 4,650 5,235 65,651

Foreign currency denominated

assets4 20,484 972 6,886 737 1,750 4,323 1,016 795 336 160 216 243 3,049

Other assets5 42,648 1,085 20,833 1,021 1,404 2,971 3,195 2,403 839 551 969 2,204 5,172

Interdistrict settlement account 0 - 67,683 + 452,625 - 10,660 - 25,331 + 18,946 - 104,249 - 14,887 - 21,092 - 15,583 - 15,409 - 3,179 - 193,498

Total assets 6,934,227 139,879 3,934,325 152,820 213,966 519,579 390,894 362,801 88,886 50,415 94,458 311,396 674,810

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

5. Statement of Condition of Each Federal Reserve Bank, May 13, 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 1,881,319 58,151 624,276 51,301 85,397 126,493 258,722 123,412 58,621 30,366 51,187 155,215 258,179

Reverse repurchase agreements6 281,150 6,314 145,567 6,414 8,796 17,621 20,720 15,704 4,442 2,657 4,471 13,550 34,894

Deposits 4,663,966 73,036 3,093,542 93,167 115,761 365,733 107,988 220,958 24,779 16,506 37,945 140,963 373,587

Depository institutions 3,263,431 73,025 1,826,539 93,166 114,762 364,895 101,112 107,054 24,770 16,451 31,856 136,220 373,581

U.S. Treasury, General Account 1,138,172 0 1,138,172 0 0 0 0 0 0 0 0 0 0

Foreign official 16,328 2 16,302 1 3 8 2 2 1 0 0 0 6

Other7 246,034 9 112,529 0 996 830 6,874 113,902 8 54 6,089 4,742 0

Earnings remittances due to the U.S.

Treasury8 2,095 50 1,107 45 63 125 157 112 31 16 29 100 258

Treasury contributions to credit facilities9 47,500 0 47,500 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 19,307 499 9,330 505 651 1,420 1,407 1,101 377 545 410 916 2,145

Total liabilities 6,895,336 138,050 3,921,323 151,431 210,668 511,393 388,994 361,287 88,251 50,089 94,042 310,744 669,064

Capital

Capital paid in 32,066 1,505 10,709 1,143 2,714 6,745 1,561 1,249 523 272 344 571 4,730

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

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

Total liabilities and capital 6,934,227 139,879 3,934,325 152,820 213,966 519,579 390,894 362,801 88,886 50,415 94,458 311,396 674,810

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

5. Statement of Condition of Each Federal Reserve Bank, May 13, 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. 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 and Corporate Credit Facility LLC.

Note on consolidation:

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

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

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

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

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

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

The FRBNY is the managing member of CPFF II LLC and CCF LLC. 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, 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, the net assets of the LLC appears as assets on table 5 (and in table 1 and table 4), and the liabilities of the LLC to entities other than the FRBNY, including those with recourse only to the portfolio

holdings of the LLC, are included in other liabilities in this table (and table 1 and table 4).The amount provided by U.S. Treasury as credit protection to FRBNY appears as liabilities on table 5 (and in table 1 and

table 4).
H.4.1

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

Millions of dollars

Wednesday Federal Reserve notes and collateral May 13, 2020

Federal Reserve notes outstanding 2,038,395

Less: Notes held by F.R. Banks not subject to collateralization 157,076

Federal Reserve notes to be collateralized 1,881,319

Collateral held against Federal Reserve notes 1,881,319

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,865,082

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,000,730

Less: Face value of securities under reverse repurchase agreements 262,667

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,738,062

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.