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.