FRB: H.4.1 Release--Factors Affecting Reserve Balances-- May 28, 2020

FEDERAL RESERVE statistical release

For Release at
4:30 P.M. Eastern time
May 28, 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 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.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks May 28, 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 May 27, 2020
Federal Reserve Banks May 27, 2020 May 20, 2020 May 29, 2019

Reserve Bank credit 7,059,561 + 137,525 +3,239,597 7,058,713
Securities held outright (1) 5,958,725 + 86,155 +2,279,834 5,946,969
U.S. Treasury securities 4,101,108 + 27,033 +1,986,418 4,109,512
Bills (2) 326,044 0 + 325,994 326,044
Notes and bonds, nominal (2) 3,481,681 + 24,558 +1,505,116 3,489,174
Notes and bonds, inflation-indexed (2) 256,594 + 2,400 + 141,233 257,451
Inflation compensation (3) 36,789 + 75 + 14,075 36,843
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 1,855,270 + 59,122 + 293,416 1,835,110
Unamortized premiums on securities held outright (5) 304,609 + 4,442 + 171,805 304,256
Unamortized discounts on securities held outright (5) -5,544 + 127 + 7,470 -5,500
Repurchase agreements (6) 174,930 + 13,201 + 174,930 181,101
Foreign official 1 + 1 + 1 1
Others 174,929 + 13,200 + 174,929 181,100
Loans 107,306 - 4,483 + 107,243 106,896
Primary credit 18,831 - 2,651 + 18,811 18,198
Secondary credit 0 0 0 0
Seasonal credit 2 0 - 41 2
Primary Dealer Credit Facility 6,961 - 2,008 + 6,961 6,241
Money Market Mutual Fund Liquidity Facility 34,321 - 3,726 + 34,321 33,244
Paycheck Protection Program Liquidity Facility 47,192 + 3,903 + 47,192 49,211
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 11,578 + 7,286 + 11,578 12,794
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 29,852 + 28,669 + 29,852 34,853
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 0 0 0 0
Float -212 - 38 + 8 -288
Central bank liquidity swaps (8) 448,736 + 2,437 + 448,719 448,946
Other Federal Reserve assets (9) 29,581 - 271 + 8,159 28,687
Foreign currency denominated assets (10) 20,525 + 44 - 172 20,564
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,331 + 14 + 426 50,331

Total factors supplying reserve funds 7,146,658 + 137,582 +3,239,850 7,145,850

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 May 27, 2020
Federal Reserve Banks May 27, 2020 May 20, 2020 May 29, 2019

Currency in circulation (11) 1,944,218 + 10,951 + 206,641 1,948,196
Reverse repurchase agreements (12) 245,506 - 15,342 - 21,894 243,976
Foreign official and international accounts 244,887 - 13,964 - 17,870 239,650
Others 619 - 1,378 - 4,024 4,326
Treasury cash holdings 239 - 34 - 31 207
Deposits with F.R. Banks, other than reserve balances 1,585,565 + 143,992 +1,274,073 1,522,210
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,310,491 + 116,081 +1,062,714 1,326,897
Foreign official 16,246 - 72 + 11,001 16,251
Other (13) 258,828 + 27,983 + 200,358 179,062
Treasury contributions to credit facilities (14) 54,000 + 6,286 + 54,000 66,500
Other liabilities and capital (15) 48,985 - 3,112 + 3,626 47,074

Total factors, other than reserve balances,
absorbing reserve funds 3,878,513 + 142,741 +1,516,416 3,828,162

Reserve balances with Federal Reserve Banks 3,268,144 - 5,159 +1,723,433 3,317,688

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, and Municipal Liquidity Facility LLC of $17.5
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.

1A. Memorandum Items
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Week ended Change from week ended May 27, 2020
May 27, 2020 May 20, 2020 May 29, 2019

Securities held in custody for foreign official and
international accounts 3,391,236 + 2,828 - 72,101 3,384,052
Marketable U.S. Treasury securities (1) 2,924,975 + 5,229 - 130,847 2,921,251
Federal agency debt and mortgage-backed securities (2) 380,841 - 2,876 + 49,165 377,355
Other securities (3) 85,420 + 475 + 9,581 85,447
Securities lent to dealers 32,694 + 347 + 11,237 32,934
Overnight facility (4) 32,694 + 347 + 11,237 32,934
U.S. Treasury securities 32,694 + 347 + 11,237 32,934
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 27, 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) 9,777 36,411 11,497 49,211 0 ... 106,896
U.S. Treasury securities (2)
Holdings 55,608 279,039 564,220 1,577,552 719,915 913,177 4,109,512
Weekly changes - 11,251 + 4,864 + 6,377 + 9,486 + 8,657 + 2,047 + 20,181
Federal agency debt securities (3)
Holdings 0 0 0 0 1,436 911 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 4 2,217 80,749 1,752,140 1,835,110
Weekly changes 0 0 - 1 - 74 - 1,156 - 26,499 - 27,731
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 0 4,255 0 ... ... ... 4,255
Repurchase agreements (6) 139,551 41,550 ... ... ... ... 181,101
Central bank liquidity swaps (7) 126,741 322,205 0 0 0 0 448,946
Reverse repurchase agreements (6) 243,976 0 ... ... ... ... 243,976
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, and
Municipal Liquidity 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.

3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name Wednesday
May 27, 2020

Mortgage-backed securities held outright (1) 1,835,110
Residential mortgage-backed securities 1,826,212
Commercial mortgage-backed securities 8,898

Commitments to buy mortgage-backed securities (2) 120,231
Commitments to sell mortgage-backed securities (2) 20

Cash and cash equivalents (3) 115

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.

4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from May 27, 2020 Wednesday Wednesday
consolidation May 20, 2020 May 29, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,447 - 31 - 202
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 6,533,722 + 14,863 +2,741,627
Securities held outright (1) 5,946,969 - 7,549 +2,274,473
U.S. Treasury securities 4,109,512 + 20,181 +1,994,768
Bills (2) 326,044 0 + 325,994
Notes and bonds, nominal (2) 3,489,174 + 17,950 +1,512,609
Notes and bonds, inflation-indexed (2) 257,451 + 2,185 + 142,090
Inflation compensation (3) 36,843 + 46 + 14,076
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 1,835,110 - 27,731 + 279,705
Unamortized premiums on securities held outright
(5) 304,256 + 152 + 171,706
Unamortized discounts on securities held outright
(5) -5,500 + 191 + 7,504
Repurchase agreements (6) 181,101 + 23,750 + 181,101
Loans (7) 106,896 - 1,681 + 106,843
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 12,794 + 8,501 + 12,794
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 34,853 + 33,052 + 34,853
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 0 0 0
Items in process of collection (0) 67 + 16 - 65
Bank premises 2,205 - 1 + 10
Central bank liquidity swaps (9) 448,946 + 2,843 + 448,929
Foreign currency denominated assets (10) 20,564 - 31 - 96
Other assets (11) 26,482 + 847 + 8,024

Total assets (0) 7,097,316 + 60,058 +3,245,872

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

4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from May 27, 2020 Wednesday Wednesday
consolidation May 20, 2020 May 29, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,899,514 + 9,514 + 207,934
Reverse repurchase agreements (12) 243,976 - 22,673 - 21,441
Deposits (0) 4,839,897 + 59,085 +2,990,692
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,317,688 + 13,467 +1,782,896
U.S. Treasury, General Account 1,326,897 + 133,600 +1,077,886
Foreign official 16,251 + 23 + 11,006
Other (13) (0) 179,062 - 88,004 + 118,905
Deferred availability cash items (0) 355 + 94 - 303
Treasury contributions to credit facilities (14) 66,500 + 17,500 + 66,500
Other liabilities and accrued dividends (15) 8,160 - 3,484 + 2,762

Total liabilities (0) 7,058,402 + 60,037 +3,246,145

Capital accounts
Capital paid in 32,089 + 20 - 273
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 38,914 + 20 - 273

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, and Municipal Liquidity Facility LLC of $17.5
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.

5. Statement of Condition of Each Federal Reserve Bank, May 27, 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 1,447 29 40 134 83 201 133 246 21 38 94 159 269
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 6,533,722 180,750 3,358,998 149,481 201,973 407,529 477,557 362,591 103,304 63,845 106,172 312,152 809,371
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 12,794 0 12,794 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 34,853 0 34,853 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 448,946 21,310 150,874 16,156 38,365 94,758 22,266 17,435 7,359 3,515 4,735 5,330 66,844
Foreign currency denominated
assets (4) 20,564 976 6,913 740 1,757 4,340 1,020 798 337 161 217 244 3,061
Other assets (5) 28,754 2,278 12,077 704 957 2,083 2,177 1,628 724 387 722 1,575 3,443
Interdistrict settlement account 0 - 66,139 + 431,820 - 13,450 - 17,040 + 58,829 - 120,532 - 11,331 - 23,576 - 11,346 - 18,435 - 3,023 - 205,776

Total assets 7,097,316 139,736 4,013,851 154,293 226,856 568,904 384,804 372,504 88,649 56,870 93,954 317,638 679,257

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

5. Statement of Condition of Each Federal Reserve Bank, May 27, 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 1,899,514 59,106 628,939 51,366 85,880 126,604 261,477 126,129 58,539 30,803 52,547 158,924 259,200
Reverse repurchase agreements (6) 243,976 5,479 126,320 5,566 7,633 15,291 17,980 13,627 3,855 2,306 3,880 11,758 30,280
Deposits 4,839,897 71,422 3,179,865 95,565 129,542 417,675 102,344 230,397 25,331 22,897 36,781 145,617 382,462
Depository institutions 3,317,688 71,400 1,782,055 95,564 126,392 416,272 100,541 121,100 25,325 22,827 32,330 141,428 382,455
U.S. Treasury, General Account 1,326,897 0 1,326,897 0 0 0 0 0 0 0 0 0 0
Foreign official 16,251 2 16,225 1 3 8 2 2 1 0 0 0 6
Other (7) 179,062 20 54,689 0 3,147 1,394 1,801 109,296 5 70 4,451 4,189 1
Earnings remittances due to the U.S.
Treasury (8) 1,160 30 614 24 33 92 82 61 7 8 13 55 141
Treasury contributions to credit
facilities (9) 66,500 1,500 65,000 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 7,355 371 99 374 470 1,056 1,020 776 282 530 318 632 1,427

Total liabilities 7,058,402 137,907 4,000,837 152,896 223,558 560,718 382,902 370,990 88,013 56,545 93,538 316,986 673,511

Capital
Capital paid in 32,089 1,505 10,720 1,151 2,715 6,745 1,563 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 7,097,316 139,736 4,013,851 154,293 226,856 568,904 384,804 372,504 88,649 56,870 93,954 317,638 679,257

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

5. Statement of Condition of Each Federal Reserve Bank, May 27, 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, and Municipal Liquidity Facility LLC of
$17.5 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 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 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, CCF LLC, and Municipal Liquidity Facility 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 as are any balances held at the FRBNY for LLCs consolidated to FRBNY. Treasury contributions to credit facilities are held at
the Reserve Bank until invested. 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).

6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
May 27, 2020

Federal Reserve notes outstanding 2,051,425
Less: Notes held by F.R. Banks not subject to collateralization 151,911
Federal Reserve notes to be collateralized 1,899,514
Collateral held against Federal Reserve notes 1,899,514
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,883,277
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,128,070
Less: Face value of securities under reverse repurchase agreements 232,932
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,895,138

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