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Factors Affecting Reserve Balances (H.4.1) - last released Thursday, May 28, 2020

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Change to the H.4.1 to reflect the Municipal Liquidity Facility 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 Municipal Liquidity Facility (MLF). This facility operates through the Municipal Liquidity Facility LLC (MLF LLC), a special purpose vehicle that was formed to help support state and local governments better manage cash flow pressures in order to continue to serve households and business in their communities. On April 9, 2020, the Federal Reserve announced the MLF. On May 26, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury's equity contribution for the MLF program. Consistent with generally accepted accounting principles, the assets and liabilities of MLF LLC have been 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 MLF LLC. MLF asset balances from trading activity will be reported in this release on a one-day lag after the transaction date. The net portfolio holdings of MLF 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 MLF LLC is included in "Treasury contributions to credit facilities" in tables 1, 4, and 5. On May 22, 2020 and pursuant to the facility agreements, 85% of the Treasury's equity contributions were invested in nonmarketable Treasury securities and reported in "Net portfolio holdings of Commercial Paper Funding Facility II LLC" and "Net portfolio holdings of Corporate Credit Facilities LLC" in tables 1, 4, and 5. Note 7 in table 1, note 8 in table 4, and note 2 in table 5, each regarding the net portfolio holdings of the LLCs, were modified to indicate inclusion of those assets. Additionally, the note on consolidation in table 5 was modified to include information related to this activity.

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