FRB: H.4.1 Release--Factors Affecting Reserve Balances-- November 27, 2020

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks November 27, 2020

1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Nov 25, 2020
Federal Reserve Banks Nov 25, 2020 Nov 18, 2020 Nov 27, 2019

Reserve Bank credit 7,214,280 + 24,390 +3,212,475 7,176,567
Securities held outright (1) 6,647,583 + 32,483 +2,980,386 6,612,518
U.S. Treasury securities 4,595,203 + 29,681 +2,361,793 4,606,580
Bills (2) 326,044 0 + 231,315 326,044
Notes and bonds, nominal (2) 3,925,247 + 27,903 +1,935,932 3,934,315
Notes and bonds, inflation-indexed (2) 301,105 + 1,543 + 176,733 303,162
Inflation compensation (3) 42,806 + 233 + 17,811 43,059
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,050,033 + 2,803 + 618,593 2,003,592
Unamortized premiums on securities held outright (5) 341,536 + 641 + 215,627 340,018
Unamortized discounts on securities held outright (5) -4,984 - 219 + 8,069 -4,970
Repurchase agreements (6) 1,000 0 - 200,969 1,000
Foreign official 1,000 0 + 1,000 1,000
Others 0 0 - 201,969 0
Loans 64,769 - 1,425 + 64,746 63,864
Primary credit 2,633 + 445 + 2,629 2,428
Secondary credit 0 0 0 0
Seasonal credit 0 0 - 19 0
Primary Dealer Credit Facility 253 - 8 + 253 240
Money Market Mutual Fund Liquidity Facility 5,199 - 188 + 5,199 5,192
Paycheck Protection Program Liquidity Facility 56,684 - 1,676 + 56,684 56,003
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 8,557 0 + 8,557 8,557
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 45,902 + 145 + 45,902 45,982
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 43,092 + 531 + 43,092 43,371
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 16,554 + 1 + 16,554 16,555
Net portfolio holdings of TALF II LLC (7) 12,293 + 19 + 12,293 12,294
Float -146 - 52 + 106 -225
Central bank liquidity swaps (8) 7,673 + 161 + 7,626 7,845
Other Federal Reserve assets (9) 30,451 - 7,895 + 10,486 29,759
Foreign currency denominated assets (10) 21,807 + 58 + 1,254 21,833
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,486 + 14 + 442 50,486

Total factors supplying reserve funds 7,302,814 + 24,462 +3,214,171 7,265,127

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

1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Nov 25, 2020
Federal Reserve Banks Nov 25, 2020 Nov 18, 2020 Nov 27, 2019

Currency in circulation (11) 2,062,131 + 2,543 + 274,330 2,066,001
Reverse repurchase agreements (12) 196,075 + 3,841 - 86,856 197,904
Foreign official and international accounts 195,720 + 3,504 - 82,989 197,904
Others 355 + 337 - 3,867 0
Treasury cash holdings 53 + 1 - 130 44
Deposits with F.R. Banks, other than reserve balances 1,795,808 - 19,696 +1,349,384 1,694,090
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,517,215 - 39,677 +1,156,274 1,484,036
Foreign official 21,274 - 11 + 16,093 21,274
Other (13) 257,319 + 19,992 + 177,017 188,781
Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000
Other liabilities and capital (15) 51,112 - 2,040 + 6,505 49,224

Total factors, other than reserve balances,
absorbing reserve funds 4,219,179 - 15,351 +1,657,233 4,121,264

Reserve balances with Federal Reserve Banks 3,083,636 + 39,814 +1,556,939 3,143,863

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.

1A. Memorandum Items
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Week ended Change from week ended Nov 25, 2020
Nov 25, 2020 Nov 18, 2020 Nov 27, 2019

Securities held in custody for foreign official and
international accounts 3,458,688 + 16,845 + 43,785 3,467,286
Marketable U.S. Treasury securities (1) 3,006,892 + 11,559 + 43,041 3,019,278
Federal agency debt and mortgage-backed securities (2) 366,340 + 5,025 - 431 361,124
Other securities (3) 85,456 + 262 + 1,175 86,883
Securities lent to dealers 27,382 - 2,361 - 2,095 31,256
Overnight facility (4) 27,382 - 2,361 - 2,095 31,256
U.S. Treasury securities 27,382 - 2,361 - 2,095 31,256
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.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, November 25, 2020
Millions of dollars
Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All
days 90 days 1 year to 5 years to 10 years years

Loans (1) 1,613 4,518 1,729 56,003 0 ... 63,864
U.S. Treasury securities (2)
Holdings 78,785 290,750 668,914 1,711,895 826,697 1,029,539 4,606,580
Weekly changes - 6,051 + 6,323 + 4,041 + 11,056 + 1,900 + 4,888 + 22,157
Federal agency debt securities (3)
Holdings 0 0 0 0 1,818 529 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 4 2,047 73,970 1,927,570 2,003,592
Weekly changes 0 0 0 - 97 - 1,610 - 45,877 - 47,584
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 0 0 0 ... ... ... 0
Loan participations held by MS
Facilities LLC (Main Street Lending
Program) (6) 0 0 0 5,904 ... ... 5,904
Municipal notes held by Municipal
Liquidity Facility LLC (7) 0 0 1,200 451 ... ... 1,651
Loans held by TALF II LLC (8) 0 0 0 3,587 ... ... 3,587
Repurchase agreements (9) 1,000 0 ... ... ... ... 1,000
Central bank liquidity swaps (10) 1,640 6,205 0 0 0 0 7,845
Reverse repurchase agreements (9) 197,904 0 ... ... ... ... 197,904
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.

3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name Wednesday
Nov 25, 2020

Mortgage-backed securities held outright (1) 2,003,592
Residential mortgage-backed securities 1,993,806
Commercial mortgage-backed securities 9,785

Commitments to buy mortgage-backed securities (2) 174,701
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 938

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
Credit Facilities LLCs: Wednesday Nov 25, 2020
Net portfolio holdings of
Credit Facilities LLCs
Outstanding
principal Outstanding
amount amount of Treasury
of loan facility contributions
extended to asset and
the LLC (1) purchases (2)other assets (3) Total

Commercial Paper Funding Facility II LLC 0 0 8,557 8,557
Corporate Credit Facilities LLC 13,642 13,882 32,100 45,982
MS Facilities LLC (Main Street Lending Program) 5,900 5,808 37,563 43,371
Municipal Liquidity Facility LLC 1,651 1,651 14,904 16,555
TALF II LLC 3,779 3,587 8,707 12,294

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.

5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Nov 25, 2020 Wednesday Wednesday
consolidation Nov 18, 2020 Nov 27, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,522 + 18 - 99
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 7,012,429 - 28,245 +3,018,050
Securities held outright (1) 6,612,518 - 25,428 +2,937,949
U.S. Treasury securities 4,606,580 + 22,157 +2,358,082
Bills (2) 326,044 0 + 219,528
Notes and bonds, nominal (2) 3,934,315 + 18,111 +1,941,713
Notes and bonds, inflation-indexed (2) 303,162 + 3,600 + 178,790
Inflation compensation (3) 43,059 + 446 + 18,051
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,003,592 - 47,584 + 579,868
Unamortized premiums on securities held outright
(5) 340,018 - 1,438 + 214,383
Unamortized discounts on securities held outright
(5) -4,970 - 55 + 8,138
Repurchase agreements (6) 1,000 0 - 206,243
Loans (7) 63,864 - 1,323 + 63,824
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 8,557 0 + 8,557
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 45,982 + 144 + 45,982
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 43,371 + 477 + 43,371
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 16,555 + 1 + 16,555
Net portfolio holdings of TALF II LLC (8) 12,294 + 1 + 12,294
Items in process of collection (0) 95 + 42 + 12
Bank premises 2,198 + 1 - 7
Central bank liquidity swaps (9) 7,845 + 704 + 7,798
Foreign currency denominated assets (10) 21,833 - 17 + 1,340
Other assets (11) 27,562 + 273 + 9,753

Total assets (0) 7,216,480 - 26,600 +3,163,605

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

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Nov 25, 2020 Wednesday Wednesday
consolidation Nov 18, 2020 Nov 27, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,017,078 + 5,689 + 273,060
Reverse repurchase agreements (12) 197,904 + 7,667 - 84,017
Deposits (0) 4,837,954 - 39,616 +2,856,445
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,143,863 + 110,634 +1,584,144
U.S. Treasury, General Account 1,484,036 - 62,888 +1,125,140
Foreign official 21,274 0 + 16,093
Other (13) (0) 188,781 - 87,362 + 131,069
Deferred availability cash items (0) 320 + 187 - 584
Treasury contributions to credit facilities (14) 114,000 0 + 114,000
Other liabilities and accrued dividends (15) 10,000 - 527 + 4,377

Total liabilities (0) 7,177,256 - 26,599 +3,163,281

Capital accounts
Capital paid in 32,400 0 + 325
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 39,225 0 + 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.

6. Statement of Condition of Each Federal Reserve Bank, November 25, 2020
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Assets
Gold certificates and special drawing
rights certificates 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045
Coin 1,522 30 34 129 85 206 148 257 33 42 103 178 278
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 7,012,429 162,599 3,609,489 164,517 219,228 438,920 515,168 390,115 111,459 73,086 115,893 337,211 874,744
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 8,557 0 8,557 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 45,982 0 45,982 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 43,371 43,371 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 16,555 0 16,555 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 12,294 0 12,294 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 7,845 372 2,636 282 670 1,656 389 305 129 61 83 93 1,168
Foreign currency denominated
assets (4) 21,833 1,036 7,339 786 1,866 4,608 1,083 848 358 171 230 259 3,250
Other assets (5) 29,855 2,271 12,624 748 977 2,118 2,288 1,685 741 405 756 1,662 3,580
Interdistrict settlement account 0 - 14,680 + 248,920 - 19,701 + 69,411 + 100,695 - 117,897 - 4,568 - 23,086 - 11,403 - 21,384 - 35,961 - 170,348

Total assets 7,216,480 195,532 3,969,914 147,289 292,998 549,367 403,362 389,779 90,114 62,632 96,131 304,645 714,718

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

6. Statement of Condition of Each Federal Reserve Bank, November 25, 2020 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Liabilities
Federal Reserve notes, net 2,017,078 62,171 673,047 55,990 93,135 142,258 281,056 131,335 58,887 33,276 54,725 169,720 261,476
Reverse repurchase agreements (6) 197,904 4,444 102,467 4,515 6,192 12,403 14,585 11,054 3,127 1,870 3,147 9,538 24,562
Deposits 4,837,954 87,709 3,101,260 85,095 189,957 385,682 105,236 245,316 27,156 26,682 37,575 124,292 421,993
Depository institutions 3,143,863 87,675 1,532,346 85,094 189,916 384,848 105,139 122,751 27,148 26,620 37,539 122,915 421,871
U.S. Treasury, General Account 1,484,036 0 1,484,036 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
Other (7) 188,781 31 63,631 0 38 825 95 122,563 8 62 36 1,376 116
Earnings remittances due to the U.S.
Treasury (8) 147 -4 85 1 0 42 10 1 -10 -2 1 7 17
Treasury contributions to credit
facilities (9) 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 10,173 379 4,887 280 333 803 677 540 224 477 262 424 889

Total liabilities 7,177,256 193,699 3,956,745 145,881 289,617 541,189 401,563 388,246 89,384 62,303 95,710 303,981 708,937

Capital
Capital paid in 32,400 1,508 10,875 1,162 2,799 6,737 1,460 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 7,216,480 195,532 3,969,914 147,289 292,998 549,367 403,362 389,779 90,114 62,632 96,131 304,645 714,718

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

6. Statement of Condition of Each Federal Reserve Bank, November 25, 2020 (continued)

1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight
securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the
purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an
effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and
seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, 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
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. 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).

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Nov 25, 2020

Federal Reserve notes outstanding 2,167,231
Less: Notes held by F.R. Banks not subject to collateralization 150,154
Federal Reserve notes to be collateralized 2,017,078
Collateral held against Federal Reserve notes 2,017,078
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,000,841
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,613,518
Less: Face value of securities under reverse repurchase agreements 189,542
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,423,976

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.

Statistical releases