FRB: H.4.1 Release--Factors Affecting Reserve Balances-- November 19, 2020

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks November 19, 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 18, 2020
Federal Reserve Banks Nov 18, 2020 Nov 11, 2020 Nov 20, 2019

Reserve Bank credit 7,189,890 + 63,524 +3,202,539 7,203,357
Securities held outright (1) 6,615,100 + 68,251 +2,962,642 6,637,946
U.S. Treasury securities 4,565,522 + 21,382 +2,357,503 4,584,423
Bills (2) 326,044 0 + 251,675 326,044
Notes and bonds, nominal (2) 3,897,344 + 18,631 +1,913,032 3,916,204
Notes and bonds, inflation-indexed (2) 299,562 + 2,399 + 175,190 299,562
Inflation compensation (3) 42,573 + 353 + 17,606 42,613
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 2,047,230 + 46,869 + 605,139 2,051,176
Unamortized premiums on securities held outright (5) 340,895 + 1,852 + 214,414 341,456
Unamortized discounts on securities held outright (5) -4,765 - 96 + 8,142 -4,915
Repurchase agreements (6) 1,000 0 - 199,109 1,000
Foreign official 1,000 0 + 1,000 1,000
Others 0 0 - 200,109 0
Loans 66,194 - 2,626 + 66,169 65,187
Primary credit 2,188 - 186 + 2,184 2,167
Secondary credit 0 0 0 0
Seasonal credit 0 0 - 21 0
Primary Dealer Credit Facility 261 - 2 + 261 255
Money Market Mutual Fund Liquidity Facility 5,387 - 110 + 5,387 5,242
Paycheck Protection Program Liquidity Facility 58,360 - 2,326 + 58,360 57,523
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 8,557 - 2 + 8,557 8,557
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 45,757 + 85 + 45,757 45,838
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 42,561 + 438 + 42,561 42,894
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 16,553 + 1 + 16,553 16,554
Net portfolio holdings of TALF II LLC (7) 12,274 + 8 + 12,274 12,293
Float -94 + 14 - 7 -80
Central bank liquidity swaps (8) 7,512 - 547 + 7,464 7,141
Other Federal Reserve assets (9) 38,346 - 3,853 + 17,122 29,486
Foreign currency denominated assets (10) 21,749 - 27 + 1,151 21,850
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,453 + 14 + 415 50,453

Total factors supplying reserve funds 7,278,333 + 63,511 +3,204,105 7,291,900

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 18, 2020
Federal Reserve Banks Nov 18, 2020 Nov 11, 2020 Nov 20, 2019

Currency in circulation (11) 2,059,569 + 5,374 + 274,081 2,060,288
Reverse repurchase agreements (12) 192,234 - 2,587 - 96,839 190,237
Foreign official and international accounts 192,216 - 2,605 - 85,168 190,134
Others 18 + 18 - 11,671 103
Treasury cash holdings 52 + 6 - 133 54
Deposits with F.R. Banks, other than reserve balances 1,815,504 - 7,441 +1,380,340 1,844,341
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,556,892 - 43,945 +1,188,079 1,546,924
Foreign official 21,285 + 18 + 16,102 21,274
Other (13) 237,327 + 36,486 + 176,158 276,143
Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000
Other liabilities and capital (15) 53,152 + 508 + 7,594 49,752

Total factors, other than reserve balances,
absorbing reserve funds 4,234,511 - 4,141 +1,679,043 4,258,672

Reserve balances with Federal Reserve Banks 3,043,822 + 67,652 +1,525,063 3,033,228

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 18, 2020
Nov 18, 2020 Nov 11, 2020 Nov 20, 2019

Securities held in custody for foreign official and
international accounts 3,441,843 + 15,189 + 26,338 3,445,152
Marketable U.S. Treasury securities (1) 2,995,333 + 6,949 + 26,868 2,997,656
Federal agency debt and mortgage-backed securities (2) 361,315 + 8,610 - 1,536 362,348
Other securities (3) 85,194 - 372 + 1,004 85,148
Securities lent to dealers 29,743 + 152 - 192 28,599
Overnight facility (4) 29,743 + 152 - 192 28,599
U.S. Treasury securities 29,743 + 152 - 192 28,599
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 18, 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) 1,888 4,047 1,729 57,523 0 ... 65,187
U.S. Treasury securities (2)
Holdings 84,836 284,427 664,873 1,700,839 824,797 1,024,651 4,584,423
Weekly changes + 13,361 - 896 + 22,198 - 24,992 + 12,347 + 9,674 + 31,692
Federal agency debt securities (3)
Holdings 0 0 0 0 1,818 529 2,347
Weekly changes 0 0 0 0 + 382 - 382 0
Mortgage-backed securities (4)
Holdings 0 0 4 2,144 75,580 1,973,447 2,051,176
Weekly changes 0 0 - 1 - 5 - 643 + 51,457 + 50,808
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 5,433 ... ... 5,433
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 3,600 ... ... 3,600
Repurchase agreements (9) 1,000 0 ... ... ... ... 1,000
Central bank liquidity swaps (10) 1,321 5,820 0 0 0 0 7,141
Reverse repurchase agreements (9) 190,237 0 ... ... ... ... 190,237
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 18, 2020

Mortgage-backed securities held outright (1) 2,051,176
Residential mortgage-backed securities 2,041,399
Commercial mortgage-backed securities 9,777

Commitments to buy mortgage-backed securities (2) 161,689
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 180

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 18, 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 13,533 13,747 32,091 45,838
MS Facilities LLC (Main Street Lending Program) 5,430 5,338 37,556 42,894
Municipal Liquidity Facility LLC 1,651 1,651 14,903 16,554
TALF II LLC 3,779 3,600 8,693 12,293

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 18, 2020 Wednesday Wednesday
consolidation Nov 11, 2020 Nov 20, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,504 + 27 - 154
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 7,040,674 + 81,448 +3,068,367
Securities held outright (1) 6,637,946 + 82,500 +2,978,042
U.S. Treasury securities 4,584,423 + 31,692 +2,364,062
Bills (2) 326,044 0 + 242,031
Notes and bonds, nominal (2) 3,916,204 + 28,938 +1,929,205
Notes and bonds, inflation-indexed (2) 299,562 + 2,399 + 175,190
Inflation compensation (3) 42,613 + 355 + 17,636
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 2,051,176 + 50,808 + 613,979
Unamortized premiums on securities held outright
(5) 341,456 + 2,194 + 215,246
Unamortized discounts on securities held outright
(5) -4,915 - 255 + 8,078
Repurchase agreements (6) 1,000 0 - 198,159
Loans (7) 65,187 - 2,991 + 65,161
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 8,557 - 2 + 8,557
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 45,838 + 146 + 45,838
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 42,894 + 557 + 42,894
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 16,554 + 1 + 16,554
Net portfolio holdings of TALF II LLC (8) 12,293 + 27 + 12,293
Items in process of collection (0) 53 - 20 - 4
Bank premises 2,197 + 2 + 4
Central bank liquidity swaps (9) 7,141 - 895 + 7,093
Foreign currency denominated assets (10) 21,850 + 203 + 1,243
Other assets (11) 27,289 - 13,830 + 10,148

Total assets (0) 7,243,080 + 67,663 +3,212,831

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 18, 2020 Wednesday Wednesday
consolidation Nov 11, 2020 Nov 20, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 2,011,389 + 2,221 + 273,716
Reverse repurchase agreements (12) 190,237 - 5,574 - 110,677
Deposits (0) 4,877,570 + 73,813 +2,931,197
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,033,229 + 41,130 +1,503,071
U.S. Treasury, General Account 1,546,924 - 23,844 +1,189,373
Foreign official 21,274 + 7 + 16,091
Other (13) (0) 276,143 + 56,520 + 222,662
Deferred availability cash items (0) 133 - 73 + 5
Treasury contributions to credit facilities (14) 114,000 0 + 114,000
Other liabilities and accrued dividends (15) 10,527 - 2,726 + 4,266

Total liabilities (0) 7,203,855 + 67,661 +3,212,506

Capital accounts
Capital paid in 32,400 + 2 + 325
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 39,225 + 2 + 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 18, 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 1,504 30 35 126 84 206 148 254 29 43 101 175 274
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 7,040,674 163,328 3,623,544 165,490 220,082 440,589 517,424 391,540 111,992 73,395 116,437 338,653 878,201
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) 45,838 0 45,838 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 42,894 42,894 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 16,554 0 16,554 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 12,293 0 12,293 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 7,141 339 2,400 257 610 1,507 354 277 117 56 75 85 1,063
Foreign currency denominated
assets (4) 21,850 1,037 7,345 786 1,867 4,611 1,084 848 358 171 230 259 3,253
Other assets (5) 29,539 2,267 12,549 742 987 2,113 2,239 1,673 632 403 778 1,607 3,551
Interdistrict settlement account 0 - 38,411 + 304,857 - 18,515 + 64,940 + 99,807 - 123,033 - 13,487 - 25,745 - 13,989 - 24,599 - 45,142 - 166,683

Total assets 7,243,080 172,016 4,039,453 149,415 289,330 549,999 400,398 382,242 87,862 60,349 93,473 296,839 721,703

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 18, 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 2,011,389 62,117 670,094 55,826 92,994 141,918 280,768 130,601 58,782 33,119 54,616 169,331 261,223
Reverse repurchase agreements (6) 190,237 4,272 98,497 4,340 5,952 11,923 14,020 10,626 3,006 1,798 3,025 9,168 23,611
Deposits 4,877,570 64,410 3,177,581 87,543 186,631 387,108 103,074 238,896 25,108 24,801 35,138 117,210 430,069
Depository institutions 3,033,229 64,396 1,454,897 87,541 186,595 386,323 102,992 120,151 25,099 24,738 35,106 115,444 429,947
U.S. Treasury, General Account 1,546,924 0 1,546,924 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) 276,143 12 154,514 0 33 777 80 118,743 9 62 32 1,766 116
Earnings remittances due to the U.S.
Treasury (8) 1,775 38 924 39 62 128 128 93 26 13 23 78 224
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 8,885 347 4,188 260 310 744 609 496 211 290 251 387 795

Total liabilities 7,203,855 170,184 4,026,284 148,007 285,949 541,821 398,599 380,710 87,132 60,020 93,052 296,175 715,922

Capital
Capital paid in 32,400 1,508 10,876 1,162 2,798 6,737 1,461 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 7,243,080 172,016 4,039,453 149,415 289,330 549,999 400,398 382,242 87,862 60,349 93,473 296,839 721,703

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 18, 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 18, 2020

Federal Reserve notes outstanding 2,164,863
Less: Notes held by F.R. Banks not subject to collateralization 153,475
Federal Reserve notes to be collateralized 2,011,389
Collateral held against Federal Reserve notes 2,011,389
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,995,152
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,638,946
Less: Face value of securities under reverse repurchase agreements 182,240
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,456,706

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