FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time May 21, 2020 The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to indicate additional information related to the Money Market Mutual Fund Liquidity Facility (MMLF). The amount provided by the U.S. Treasury on May 20, 2020, as credit protection for the MMLF is included in the line "Treasury contributions to credit facilities" in tables 1, 4, and 5. The MMLF was announced in the H.4.1 cover note on March 26, 2020 https://www.federalreserve.gov/releases/h41/20200326/. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 21, 2020 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended May 20, 2020 Federal Reserve Banks May 20, 2020 May 13, 2020 May 22, 2019 Reserve Bank credit 6,922,036 + 179,871 +3,097,551 6,998,687 Securities held outright (1) 5,872,570 + 199,595 +2,188,336 5,954,518 U.S. Treasury securities 4,074,075 + 34,486 +1,959,571 4,089,331 Bills (2) 326,044 0 + 325,994 326,044 Notes and bonds, nominal (2) 3,457,123 + 30,864 +1,480,558 3,471,224 Notes and bonds, inflation-indexed (2) 254,194 + 3,428 + 138,833 255,266 Inflation compensation (3) 36,714 + 194 + 14,186 36,797 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,796,148 + 165,108 + 228,765 1,862,841 Unamortized premiums on securities held outright (5) 300,167 + 10,474 + 166,930 304,104 Unamortized discounts on securities held outright (5) -5,671 - 249 + 7,375 -5,691 Repurchase agreements (6) 161,729 - 20,758 + 161,729 157,351 Foreign official 0 - 1,402 0 1 Others 161,729 - 19,357 + 161,729 157,350 Loans 111,789 - 2,455 + 111,737 108,577 Primary credit 21,482 - 3,461 + 21,474 19,535 Secondary credit 0 0 0 0 Seasonal credit 2 0 - 42 3 Primary Dealer Credit Facility 8,969 - 3,075 + 8,969 7,501 Money Market Mutual Fund Liquidity Facility 38,047 - 3,286 + 38,047 36,449 Paycheck Protection Program Liquidity Facility 43,289 + 7,366 + 43,289 45,090 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 4,292 + 46 + 4,292 4,293 Net portfolio holdings of Corporate Credit Facility LLC (7) 1,183 + 1,139 + 1,183 1,801 Float -174 + 7 - 32 -209 Central bank liquidity swaps (8) 446,299 + 3,461 + 446,282 446,103 Other Federal Reserve assets (9) 29,852 - 11,387 + 9,721 27,841 Foreign currency denominated assets (10) 20,481 - 17 - 147 20,595 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,317 + 14 + 414 50,317 Total factors supplying reserve funds 7,009,076 + 179,869 +3,097,819 7,085,841 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 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 20, 2020 Federal Reserve Banks May 20, 2020 May 13, 2020 May 22, 2019 Currency in circulation (11) 1,933,267 + 7,538 + 201,126 1,938,599 Reverse repurchase agreements (12) 260,848 - 13,301 - 7,760 266,649 Foreign official and international accounts 258,851 - 12,756 - 3,102 256,923 Others 1,997 - 545 - 4,658 9,726 Treasury cash holdings 273 - 20 - 26 245 Deposits with F.R. Banks, other than reserve balances 1,441,573 + 51,463 +1,095,323 1,476,591 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 1,194,410 + 16,916 + 911,546 1,193,297 Foreign official 16,318 - 16 + 11,073 16,228 Other (13) 230,845 + 34,563 + 172,704 267,066 Treasury contributions to credit facilities (14) 47,714 + 21,641 + 47,714 49,000 Other liabilities and capital (15) 52,097 - 3,826 + 6,295 50,537 Total factors, other than reserve balances, absorbing reserve funds 3,735,772 + 63,494 +1,342,672 3,781,620 Reserve balances with Federal Reserve Banks 3,273,303 + 116,374 +1,755,146 3,304,221 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements. 7. Refer to the note on consolidation accompanying table 5. 8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 9. Includes bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. 10. Revalued daily at current foreign currency exchange rates. 11. Estimated. 12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities 13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion and Corporate Credit Facility LLC of $37.5 billion and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion. 15. Includes the liability for earnings remittances due to the U.S. Treasury. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. 1A. Memorandum Items Millions of dollars Memorandum item Averages of daily figures Wednesday Week ended Change from week ended May 20, 2020 May 20, 2020 May 13, 2020 May 22, 2019 Securities held in custody for foreign official and international accounts 3,388,408 + 21,876 - 80,452 3,389,296 Marketable U.S. Treasury securities (1) 2,919,746 + 19,044 - 140,343 2,922,155 Federal agency debt and mortgage-backed securities (2) 383,717 + 2,659 + 50,045 381,657 Other securities (3) 84,945 + 173 + 9,846 85,484 Securities lent to dealers 32,347 - 1,045 + 11,417 34,356 Overnight facility (4) 32,347 - 1,045 + 11,417 34,356 U.S. Treasury securities 32,347 - 1,045 + 11,417 34,356 Federal agency debt securities 0 0 0 0 Note: Components may not sum to totals because of rounding. 1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 4, and 5. 2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities. 3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value. 4. Face value. Fully collateralized by U.S. Treasury securities. 2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 20, 2020 Millions of dollars Remaining Maturity Within 15 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) 9,723 41,376 12,389 45,090 0 ... 108,577 U.S. Treasury securities (2) Holdings 66,859 274,175 557,843 1,568,066 711,258 911,130 4,089,331 Weekly changes - 35,822 + 56,714 - 3,800 - 16,428 + 24,630 + 6,769 + 32,063 Federal agency debt securities (3) Holdings 0 0 0 0 1,436 911 2,347 Weekly changes 0 0 0 0 + 285 - 285 0 Mortgage-backed securities (4) Holdings 0 0 5 2,291 81,905 1,778,639 1,862,841 Weekly changes 0 0 0 + 277 + 2,861 + 75,942 + 79,080 Commercial paper held by Commercial Paper Funding Facility II LLC (5) 0 4,255 0 ... ... ... 4,255 Repurchase agreements (6) 9,201 148,150 ... ... ... ... 157,351 Central bank liquidity swaps (7) 13,519 432,584 0 0 0 0 446,103 Reverse repurchase agreements (6) 266,649 0 ... ... ... ... 266,649 Term deposits 0 0 0 ... ... ... 0 Note: Components may not sum to totals because of rounding. ...Not applicable. 1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC and Corporate Credit Facility LLC, which were eliminated when preparing the FRBNY's statement of condition consistent with consolidation under generally accepted accounting principles. 2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities. 3. Face value. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Face value of commercial paper held by Commercial Paper Funding Facility II LLC. 6. Cash value of agreements. 7. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Account name Wednesday May 20, 2020 Mortgage-backed securities held outright (1) 1,862,841 Residential mortgage-backed securities 1,853,985 Commercial mortgage-backed securities 8,856 Commitments to buy mortgage-backed securities (2) 102,673 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 13 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4 and table 5. 4. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from May 20, 2020 Wednesday Wednesday consolidation May 13, 2020 May 22, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,478 - 31 - 183 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,518,859 + 111,040 +2,717,465 Securities held outright (1) 5,954,518 + 111,142 +2,273,174 U.S. Treasury securities 4,089,331 + 32,063 +1,974,762 Bills (2) 326,044 0 + 325,994 Notes and bonds, nominal (2) 3,471,224 + 28,608 +1,494,659 Notes and bonds, inflation-indexed (2) 255,266 + 3,250 + 139,905 Inflation compensation (3) 36,797 + 205 + 14,205 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 1,862,841 + 79,080 + 298,413 Unamortized premiums on securities held outright (5) 304,104 + 6,588 + 171,070 Unamortized discounts on securities held outright (5) -5,691 - 337 + 7,343 Repurchase agreements (6) 157,351 - 3 + 157,351 Loans (7) 108,577 - 6,350 + 108,527 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 4,293 + 1 + 4,293 Net portfolio holdings of Corporate Credit Facility LLC (8) 1,801 + 1,496 + 1,801 Items in process of collection (0) 51 + 2 - 59 Bank premises 2,206 + 1 + 9 Central bank liquidity swaps (9) 446,103 + 5,169 + 446,086 Foreign currency denominated assets (10) 20,595 + 111 - 5 Other assets (11) 25,635 - 14,759 + 7,417 Total assets (0) 7,037,258 + 103,031 +3,176,823 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 4. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from May 20, 2020 Wednesday Wednesday consolidation May 13, 2020 May 22, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,890,000 + 8,681 + 203,106 Reverse repurchase agreements (12) 266,649 - 14,501 - 2,589 Deposits (0) 4,780,812 + 116,846 +2,922,238 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,304,221 + 40,790 +1,771,388 U.S. Treasury, General Account 1,193,297 + 55,125 + 928,716 Foreign official 16,228 - 100 + 10,983 Other (13) (0) 267,066 + 21,032 + 211,150 Deferred availability cash items (0) 261 - 27 - 18 Treasury contributions to credit facilities (14) 49,000 + 1,500 + 49,000 Other liabilities and accrued dividends (15) 11,644 - 9,470 + 5,595 Total liabilities (0) 6,998,365 + 103,029 +3,177,330 Capital accounts Capital paid in 32,069 + 3 - 506 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,894 + 3 - 506 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. 8. Refer to the note on consolidation accompanying table 5. 9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 10. Revalued daily at current foreign currency exchange rates. 11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. 12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion and Corporate Credit Facility LLC of $37.5 billion and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion. 15. Includes the liability for earnings remittances due to the U.S. Treasury. 5. Statement of Condition of Each Federal Reserve Bank, May 20, 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 1,478 30 42 136 85 200 140 251 21 39 96 165 272 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,518,859 183,417 3,351,183 148,095 201,286 406,387 475,714 362,141 103,046 63,346 105,785 311,410 807,049 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 4,293 0 4,293 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facility LLC (2) 1,801 0 1,801 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 446,103 21,175 149,919 16,053 38,122 94,158 22,125 17,324 7,313 3,493 4,705 5,296 66,420 Foreign currency denominated assets (4) 20,595 977 6,924 741 1,760 4,346 1,021 800 338 161 217 244 3,066 Other assets (5) 27,892 2,257 11,678 685 944 2,053 2,109 1,581 606 381 734 1,524 3,340 Interdistrict settlement account 0 - 68,907 + 475,147 - 12,928 - 21,927 + 49,613 - 126,068 - 13,204 - 23,772 - 11,084 - 18,276 - 8,142 - 220,452 Total assets 7,037,258 139,482 4,006,469 153,311 221,030 557,923 377,224 370,030 88,031 56,606 93,711 311,700 661,741 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Statement of Condition of Each Federal Reserve Bank, May 20, 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 1,890,000 58,667 625,893 51,182 85,394 126,535 260,371 125,038 58,357 30,570 52,261 157,167 258,565 Reverse repurchase agreements (6) 266,649 5,988 138,059 6,084 8,343 16,712 19,651 14,894 4,213 2,520 4,240 12,851 33,094 Deposits 4,780,812 71,052 3,178,749 94,216 123,425 405,230 94,093 227,637 24,498 22,705 36,436 140,252 362,519 Depository institutions 3,304,221 71,032 1,834,068 94,214 121,683 404,479 92,896 109,326 24,491 22,652 31,446 135,420 362,512 U.S. Treasury, General Account 1,193,297 0 1,193,297 0 0 0 0 0 0 0 0 0 0 Foreign official 16,228 2 16,201 1 3 8 2 2 1 0 0 0 6 Other (7) 267,066 18 135,182 0 1,738 742 1,195 118,310 6 53 4,990 4,831 1 Earnings remittances due to the U.S. Treasury (8) 1,530 43 795 32 53 104 109 82 20 10 18 68 195 Treasury contributions to credit facilities (9) 49,000 1,500 47,500 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 10,374 403 2,470 409 518 1,157 1,099 865 307 475 339 709 1,622 Total liabilities 6,998,365 137,653 3,993,466 151,923 217,732 549,737 375,323 368,516 87,395 56,281 93,295 311,048 655,995 Capital Capital paid in 32,069 1,505 10,709 1,143 2,715 6,745 1,562 1,249 524 272 344 571 4,730 Surplus 6,825 324 2,294 246 583 1,441 338 265 112 53 72 81 1,016 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 7,037,258 139,482 4,006,469 153,311 221,030 557,923 377,224 370,030 88,031 56,606 93,711 311,700 661,741 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Statement of Condition of Each Federal Reserve Bank, May 20, 2020 (continued) 1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. 2. Refer to note on consolidation below. 3. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 4. Revalued daily at current foreign currency exchange rates. 5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio holdings of Maiden Lane LLC; refer to the note on consolidation for additional information. 6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 7. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 8. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $6.825 billion surplus. 9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion and Corporate Credit Facility LLC of $37.5 billion and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion. Note on consolidation: The Federal Reserve Bank of New York (FRBNY) has extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S dollar-denominated commercial paper by eligible issuers. The assets of the CPFF II LLC are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY. On May 12, 2020, FRBNY began extending loans to the Corporate Credit Facility LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF LLC are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY. The FRBNY is the managing member of CPFF II LLC and CCF LLC. Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated, the net assets of the LLC appears as assets on table 5 (and in table 1 and table 4), and the liabilities of the LLC to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 4).The amount provided by U.S. Treasury as credit protection to FRBNY appears as liabilities on table 5 (and in table 1 and table 4). 6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday May 20, 2020 Federal Reserve notes outstanding 2,048,021 Less: Notes held by F.R. Banks not subject to collateralization 158,022 Federal Reserve notes to be collateralized 1,890,000 Collateral held against Federal Reserve notes 1,890,000 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,873,763 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,111,869 Less: Face value of securities under reverse repurchase agreements 253,120 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,858,750 Note: Components may not sum to totals because of rounding. 1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements. 2. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.