FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

May 21, 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 indicate

additional information related to the Money Market Mutual Fund Liquidity Facility (MMLF).

The amount provided by the U.S. Treasury on May 20, 2020, as credit protection for the MMLF

is included in the line “Treasury contributions to credit facilities” in tables 1, 4, and 5. The

MMLF was announced in the H.4.1 cover note on March 26, 2020

https://www.federalreserve.gov/releases/h41/20200326/.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 21, 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 20, 2020 May 13, 2020 May 22, 2019

Wednesday

May 20, 2020

Reserve Bank credit 6,922,036 + 179,871 +3,097,551 6,998,687

Securities held outright1 5,872,570 + 199,595 +2,188,336 5,954,518

U.S. Treasury securities 4,074,075 + 34,486 +1,959,571 4,089,331

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

Notes and bonds, nominal2 3,457,123 + 30,864 +1,480,558 3,471,224

Notes and bonds, inflation-indexed2 254,194 + 3,428 + 138,833 255,266

Inflation compensation3 36,714 + 194 + 14,186 36,797

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

Mortgage-backed securities4 1,796,148 + 165,108 + 228,765 1,862,841

Unamortized premiums on securities held outright5 300,167 + 10,474 + 166,930 304,104

Unamortized discounts on securities held outright5 -5,671 - 249 + 7,375 -5,691

Repurchase agreements6 161,729 - 20,758 + 161,729 157,351

Foreign official 0 - 1,402 0 1

Others 161,729 - 19,357 + 161,729 157,350

Loans 111,789 - 2,455 + 111,737 108,577

Primary credit 21,482 - 3,461 + 21,474 19,535

Secondary credit 0 0 0 0

Seasonal credit 2 0 - 42 3

Primary Dealer Credit Facility 8,969 - 3,075 + 8,969 7,501

Money Market Mutual Fund Liquidity Facility 38,047 - 3,286 + 38,047 36,449

Paycheck Protection Program Liquidity Facility 43,289 + 7,366 + 43,289 45,090

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 4,292 + 46 + 4,292 4,293

Net portfolio holdings of Corporate Credit Facility LLC7 1,183 + 1,139 + 1,183 1,801

Float -174 + 7 - 32 -209

Central bank liquidity swaps8 446,299 + 3,461 + 446,282 446,103

Other Federal Reserve assets9 29,852 - 11,387 + 9,721 27,841

Foreign currency denominated assets10 20,481 - 17 - 147 20,595

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,317 + 14 + 414 50,317

Total factors supplying reserve funds 7,009,076 + 179,869 +3,097,819 7,085,841

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 20, 2020 May 13, 2020 May 22, 2019

Wednesday

May 20, 2020

Currency in circulation11 1,933,267 + 7,538 + 201,126 1,938,599

Reverse repurchase agreements12 260,848 - 13,301 - 7,760 266,649

Foreign official and international accounts 258,851 - 12,756 - 3,102 256,923

Others 1,997 - 545 - 4,658 9,726

Treasury cash holdings 273 - 20 - 26 245

Deposits with F.R. Banks, other than reserve balances 1,441,573 + 51,463 +1,095,323 1,476,591

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 1,194,410 + 16,916 + 911,546 1,193,297

Foreign official 16,318 - 16 + 11,073 16,228

Other13 230,845 + 34,563 + 172,704 267,066

Treasury contributions to credit facilities14 47,714 + 21,641 + 47,714 49,000

Other liabilities and capital15 52,097 - 3,826 + 6,295 50,537

Total factors, other than reserve balances,

absorbing reserve funds 3,735,772 + 63,494 +1,342,672 3,781,620

Reserve balances with Federal Reserve Banks 3,273,303 + 116,374 +1,755,146 3,304,221

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 of $10 billion and Corporate Credit Facility LLC of $37.5

billion and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

May 20, 2020 May 13, 2020 May 22, 2019

Wednesday

May 20, 2020

Securities held in custody for foreign official and international

accounts 3,388,408 + 21,876 - 80,452 3,389,296

Marketable U.S. Treasury securities1 2,919,746 + 19,044 - 140,343 2,922,155

Federal agency debt and mortgage-backed securities2 383,717 + 2,659 + 50,045 381,657

Other securities3 84,945 + 173 + 9,846 85,484

Securities lent to dealers 32,347 - 1,045 + 11,417 34,356

Overnight facility4 32,347 - 1,045 + 11,417 34,356

U.S. Treasury securities 32,347 - 1,045 + 11,417 34,356

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 20, 2020

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans1 9,723 41,376 12,389 45,090 0 ... 108,577

U.S. Treasury securities2

Holdings 66,859 274,175 557,843 1,568,066 711,258 911,130 4,089,331

Weekly changes - 35,822 + 56,714 - 3,800 - 16,428 + 24,630 + 6,769 + 32,063

Federal agency debt securities3

Holdings 0 0 0 0 1,436 911 2,347

Weekly changes 0 0 0 0 + 285 - 285 0

Mortgage-backed securities4

Holdings 0 0 5 2,291 81,905 1,778,639 1,862,841

Weekly changes 0 0 0 + 277 + 2,861 + 75,942 + 79,080

Commercial paper held by Commercial

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

Repurchase agreements6 9,201 148,150 ... ... ... ... 157,351

Central bank liquidity swaps7 13,519 432,584 0 0 0 0 446,103

Reverse repurchase agreements6 266,649 0 ... ... ... ... 266,649

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 20, 2020

Mortgage-backed securities held outright1 1,862,841

Residential mortgage-backed securities 1,853,985

Commercial mortgage-backed securities 8,856

Commitments to buy mortgage-backed securities2 102,673

Commitments to sell mortgage-backed securities2 0

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 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 20, 2020 May 13, 2020 May 22, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,478 - 31 - 183

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 6,518,859 + 111,040 +2,717,465

Securities held outright1 5,954,518 + 111,142 +2,273,174

U.S. Treasury securities 4,089,331 + 32,063 +1,974,762

Bills2 326,044 0 + 325,994

Notes and bonds, nominal2 3,471,224 + 28,608 +1,494,659

Notes and bonds, inflation-indexed2 255,266 + 3,250 + 139,905

Inflation compensation3 36,797 + 205 + 14,205

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 1,862,841 + 79,080 + 298,413

Unamortized premiums on securities held outright5 304,104 + 6,588 + 171,070

Unamortized discounts on securities held outright5 -5,691 - 337 + 7,343

Repurchase agreements6 157,351 - 3 + 157,351

Loans7 108,577 - 6,350 + 108,527

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 4,293 + 1 + 4,293

Net portfolio holdings of Corporate Credit Facility LLC8 1,801 + 1,496 + 1,801

Items in process of collection (0) 51 + 2 - 59

Bank premises 2,206 + 1 + 9

Central bank liquidity swaps9 446,103 + 5,169 + 446,086

Foreign currency denominated assets10 20,595 + 111 - 5

Other assets11 25,635 - 14,759 + 7,417

Total assets (0) 7,037,258 + 103,031 +3,176,823

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 20, 2020 May 13, 2020 May 22, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,890,000 + 8,681 + 203,106

Reverse repurchase agreements12 266,649 - 14,501 - 2,589

Deposits (0) 4,780,812 + 116,846 +2,922,238

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,304,221 + 40,790 +1,771,388

U.S. Treasury, General Account 1,193,297 + 55,125 + 928,716

Foreign official 16,228 - 100 + 10,983

Other13 (0) 267,066 + 21,032 + 211,150

Deferred availability cash items (0) 261 - 27 - 18

Treasury contributions to credit facilities14 49,000 + 1,500 + 49,000

Other liabilities and accrued dividends15 11,644 - 9,470 + 5,595

Total liabilities (0) 6,998,365 + 103,029 +3,177,330

Capital accounts

Capital paid in 32,069 + 3 - 506

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,894 + 3 - 506

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 of $10 billion and Corporate Credit Facility LLC of $37.5

billion and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.

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

5. Statement of Condition of Each Federal Reserve Bank, May 20, 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 1,478 30 42 136 85 200 140 251 21 39 96 165 272

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 6,518,859 183,417 3,351,183 148,095 201,286 406,387 475,714 362,141 103,046 63,346 105,785 311,410 807,049

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 4,293 0 4,293 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Corporate

Credit Facility LLC2 1,801 0 1,801 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 446,103 21,175 149,919 16,053 38,122 94,158 22,125 17,324 7,313 3,493 4,705 5,296 66,420

Foreign currency denominated

assets4 20,595 977 6,924 741 1,760 4,346 1,021 800 338 161 217 244 3,066

Other assets5 27,892 2,257 11,678 685 944 2,053 2,109 1,581 606 381 734 1,524 3,340

Interdistrict settlement account 0 - 68,907 + 475,147 - 12,928 - 21,927 + 49,613 - 126,068 - 13,204 - 23,772 - 11,084 - 18,276 - 8,142 - 220,452

Total assets 7,037,258 139,482 4,006,469 153,311 221,030 557,923 377,224 370,030 88,031 56,606 93,711 311,700 661,741

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 20, 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 1,890,000 58,667 625,893 51,182 85,394 126,535 260,371 125,038 58,357 30,570 52,261 157,167 258,565

Reverse repurchase agreements6 266,649 5,988 138,059 6,084 8,343 16,712 19,651 14,894 4,213 2,520 4,240 12,851 33,094

Deposits 4,780,812 71,052 3,178,749 94,216 123,425 405,230 94,093 227,637 24,498 22,705 36,436 140,252 362,519

Depository institutions 3,304,221 71,032 1,834,068 94,214 121,683 404,479 92,896 109,326 24,491 22,652 31,446 135,420 362,512

U.S. Treasury, General Account 1,193,297 0 1,193,297 0 0 0 0 0 0 0 0 0 0

Foreign official 16,228 2 16,201 1 3 8 2 2 1 0 0 0 6

Other7 267,066 18 135,182 0 1,738 742 1,195 118,310 6 53 4,990 4,831 1

Earnings remittances due to the U.S.

Treasury8 1,530 43 795 32 53 104 109 82 20 10 18 68 195

Treasury contributions to credit facilities9 49,000 1,500 47,500 0 0 0 0 0 0 0 0 0 0

Other liabilities and accrued

dividends 10,374 403 2,470 409 518 1,157 1,099 865 307 475 339 709 1,622

Total liabilities 6,998,365 137,653 3,993,466 151,923 217,732 549,737 375,323 368,516 87,395 56,281 93,295 311,048 655,995

Capital

Capital paid in 32,069 1,505 10,709 1,143 2,715 6,745 1,562 1,249 524 272 344 571 4,730

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

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

Total liabilities and capital 7,037,258 139,482 4,006,469 153,311 221,030 557,923 377,224 370,030 88,031 56,606 93,711 311,700 661,741

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 20, 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 of $10 billion and Corporate Credit Facility LLC of $37.5 billion and credit protection in the Money Market

Mutual Fund Liquidity Facility of $1.5 billion.

Note on consolidation:

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

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

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

Corporate Credit 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 20, 2020

Federal Reserve notes outstanding 2,048,021

Less: Notes held by F.R. Banks not subject to collateralization 158,022

Federal Reserve notes to be collateralized 1,890,000

Collateral held against Federal Reserve notes 1,890,000

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,873,763

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 6,111,869

Less: Face value of securities under reverse repurchase agreements 253,120

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,858,750

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.