FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time June 4, 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 Main Street Lending Program (MSLP). Under the MSLP, the Federal Reserve Bank of Boston (FRBB) is operating three facilities: Main Street New Loan Facility, Main Street Priority Loan Facility, and Main Street Expanded Loan Facility. These facilities operate through the MS Facilities LLC (MSF LLC), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses. On April 30, 2020, the Federal Reserve announced the MSLP. On June 1, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury's equity contribution for the MSLP program on behalf of the FRBB. Consistent with generally accepted accounting principles, the assets and liabilities of MSF LLC have been consolidated with the assets and liabilities of the FRBB in the preparation of the statements of condition shown on the release because the FRBB is the managing member of MSF LLC. The net portfolio holdings of MSF LLC appear as an asset in the statement of condition of the FRBB (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 MSF LLC is included in "Treasury contributions to credit facilities" in tables 1, 4, and 5. On May 29, 2020, pursuant to the Municipal Liquidity Facility LLC (MLF LLC) agreements, 85% of the Treasury's equity contributions were invested in nonmarketable Treasury securities and reported in "Net portfolio holdings of Municipal Liquidity Facility LLC" in tables 1, 4, and 5. As of June 3, 2020, the MLF LLC executed its first transaction. Upon settlement, FRBNY will extend a loan. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks June 4, 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 Jun 3, 2020 Federal Reserve Banks Jun 3, 2020 May 27, 2020 Jun 5, 2019 Reserve Bank credit 7,101,184 + 41,623 +3,293,027 7,126,020 Securities held outright (1) 5,960,109 + 1,384 +2,291,923 5,972,297 U.S. Treasury securities 4,122,441 + 21,333 +2,012,008 4,134,356 Bills (2) 326,044 0 + 325,994 326,044 Notes and bonds, nominal (2) 3,501,424 + 19,743 +1,530,255 3,512,424 Notes and bonds, inflation-indexed (2) 258,194 + 1,600 + 141,843 259,151 Inflation compensation (3) 36,779 - 10 + 13,916 36,737 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,835,322 - 19,948 + 279,917 1,835,594 Unamortized premiums on securities held outright (5) 305,015 + 406 + 172,552 305,269 Unamortized discounts on securities held outright (5) -5,487 + 57 + 7,518 -5,504 Repurchase agreements (6) 199,714 + 24,784 + 199,714 211,550 Foreign official 0 - 1 0 0 Others 199,714 + 24,785 + 199,714 211,550 Loans 104,441 - 2,865 + 104,330 101,956 Primary credit 13,731 - 5,100 + 13,661 11,011 Secondary credit 0 0 0 0 Seasonal credit 5 + 3 - 37 9 Primary Dealer Credit Facility 5,782 - 1,179 + 5,782 5,847 Money Market Mutual Fund Liquidity Facility 31,661 - 2,660 + 31,661 29,859 Paycheck Protection Program Liquidity Facility 53,262 + 6,070 + 53,262 55,230 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 12,794 + 1,216 + 12,794 12,795 Net portfolio holdings of Corporate Credit Facilities LLC (7) 35,572 + 5,720 + 35,572 36,154 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (7) 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (7) 12,921 + 12,921 + 12,921 16,075 Float -580 - 368 - 113 -718 Central bank liquidity swaps (8) 447,244 - 1,492 + 447,227 446,945 Other Federal Reserve assets (9) 29,441 - 140 + 8,589 29,200 Foreign currency denominated assets (10) 20,735 + 210 - 59 20,768 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,345 + 14 + 437 50,345 Total factors supplying reserve funds 7,188,505 + 41,847 +3,293,405 7,213,375 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 Jun 3, 2020 Federal Reserve Banks Jun 3, 2020 May 27, 2020 Jun 5, 2019 Currency in circulation (11) 1,949,802 + 5,584 + 211,159 1,952,420 Reverse repurchase agreements (12) 253,072 + 7,566 - 26,641 246,054 Foreign official and international accounts 252,214 + 7,327 - 26,214 246,041 Others 857 + 238 - 428 13 Treasury cash holdings 199 - 40 - 44 156 Deposits with F.R. Banks, other than reserve balances 1,616,614 + 31,049 +1,322,531 1,603,262 Term deposits held by depository institutions 0 0 - 2,700 0 U.S. Treasury, General Account 1,434,823 + 124,332 +1,211,185 1,431,462 Foreign official 16,277 + 31 + 11,032 16,281 Other (13) 165,514 - 93,314 + 103,013 155,519 Treasury contributions to credit facilities (14) 82,571 + 28,571 + 82,571 104,000 Other liabilities and capital (15) 48,786 - 199 + 3,458 50,048 Total factors, other than reserve balances, absorbing reserve funds 3,951,044 + 72,531 +1,593,034 3,955,940 Reserve balances with Federal Reserve Banks 3,237,461 - 30,683 +1,700,372 3,257,435 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, 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 Jun 3, 2020 Jun 3, 2020 May 27, 2020 Jun 5, 2019 Securities held in custody for foreign official and international accounts 3,389,775 - 1,461 - 53,633 3,401,036 Marketable U.S. Treasury securities (1) 2,927,283 + 2,308 - 106,974 2,938,575 Federal agency debt and mortgage-backed securities (2) 377,333 - 3,508 + 44,764 377,355 Other securities (3) 85,159 - 261 + 8,577 85,107 Securities lent to dealers 30,379 - 2,315 - 1,059 34,387 Overnight facility (4) 30,379 - 2,315 - 1,059 34,387 U.S. Treasury securities 30,379 - 2,315 - 1,059 34,387 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, June 3, 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) 9,896 26,253 10,577 55,230 0 ... 101,956 U.S. Treasury securities (2) Holdings 49,583 283,619 589,247 1,575,173 719,393 917,341 4,134,356 Weekly changes - 6,025 + 4,580 + 25,027 - 2,379 - 522 + 4,164 + 24,844 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 5 2,230 80,883 1,752,477 1,835,594 Weekly changes 0 0 + 1 + 13 + 134 + 337 + 484 Commercial paper held by Commercial Paper Funding Facility II LLC (5) 0 4,255 0 ... ... ... 4,255 Loan participations held by MS Facilities LLC (Main Street Lending Program) (6) 0 0 0 0 ... ... 0 Repurchase agreements (7) 190,250 21,300 ... ... ... ... 211,550 Central bank liquidity swaps (8) 231,608 215,338 0 0 0 0 446,945 Reverse repurchase agreements (7) 246,054 0 ... ... ... ... 246,054 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, 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. Face value of commercial paper held by Commercial Paper Funding Facility II LLC. 6. Face value of the loan participations held by the MS Facilities LLC. 7. Cash value of agreements. 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. 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Account name Wednesday Jun 3, 2020 Mortgage-backed securities held outright (1) 1,835,594 Residential mortgage-backed securities 1,826,489 Commercial mortgage-backed securities 9,106 Commitments to buy mortgage-backed securities (2) 142,439 Commitments to sell mortgage-backed securities (2) 20 Cash and cash equivalents (3) 33 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 Jun 3, 2020 Wednesday Wednesday consolidation May 27, 2020 Jun 5, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,434 - 13 - 226 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,585,568 + 51,846 +2,798,622 Securities held outright (1) 5,972,297 + 25,328 +2,304,760 U.S. Treasury securities 4,134,356 + 24,844 +2,024,571 Bills (2) 326,044 0 + 325,994 Notes and bonds, nominal (2) 3,512,424 + 23,250 +1,542,154 Notes and bonds, inflation-indexed (2) 259,151 + 1,700 + 142,635 Inflation compensation (3) 36,737 - 106 + 13,789 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 1,835,594 + 484 + 280,189 Unamortized premiums on securities held outright (5) 305,269 + 1,013 + 172,912 Unamortized discounts on securities held outright (5) -5,504 - 4 + 7,490 Repurchase agreements (6) 211,550 + 30,449 + 211,550 Loans (7) 101,956 - 4,940 + 101,911 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 12,795 + 1 + 12,795 Net portfolio holdings of Corporate Credit Facilities LLC (8) 36,154 + 1,301 + 36,154 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (8) 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (8) 16,075 + 16,075 + 16,075 Items in process of collection (0) 41 - 26 - 85 Bank premises 2,198 - 7 + 9 Central bank liquidity swaps (9) 446,945 - 2,001 + 446,928 Foreign currency denominated assets (10) 20,768 + 204 - 87 Other assets (11) 27,002 + 520 + 7,388 Total assets (0) 7,165,217 + 67,901 +3,317,572 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 Jun 3, 2020 Wednesday Wednesday consolidation May 27, 2020 Jun 5, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,903,660 + 4,146 + 212,880 Reverse repurchase agreements (12) 246,054 + 2,078 - 25,652 Deposits (0) 4,860,697 + 20,800 +3,021,599 Term deposits held by depository institutions 0 0 - 2,700 Other deposits held by depository institutions 3,257,435 - 60,253 +1,697,725 U.S. Treasury, General Account 1,431,462 + 104,565 +1,223,815 Foreign official 16,281 + 30 + 11,037 Other (13) (0) 155,519 - 23,543 + 91,721 Deferred availability cash items (0) 758 + 403 + 183 Treasury contributions to credit facilities (14) 104,000 + 37,500 + 104,000 Other liabilities and accrued dividends (15) 11,131 + 2,971 + 4,834 Total liabilities (0) 7,126,300 + 67,898 +3,317,843 Capital accounts Capital paid in 32,092 + 3 - 271 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,917 + 3 - 271 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, 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, June 3, 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 1,434 27 39 132 82 197 138 243 22 39 92 161 263 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,585,568 178,663 3,381,390 151,507 203,857 411,240 481,957 365,741 104,346 64,580 109,132 315,042 818,114 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 12,795 0 12,795 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC (2) 36,154 0 36,154 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (2) 16,075 0 16,075 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 446,945 21,215 150,202 16,084 38,194 94,336 22,167 17,357 7,326 3,500 4,713 5,306 66,546 Foreign currency denominated assets (4) 20,768 986 6,982 747 1,774 4,383 1,030 806 340 163 219 247 3,092 Other assets (5) 29,241 39,790 -25,132 716 981 2,130 2,190 1,654 750 403 733 1,517 3,508 Interdistrict settlement account 0 - 58,514 + 428,674 - 14,054 - 1,744 + 28,242 - 120,711 - 31,453 - 25,357 - 11,918 - 20,230 - 8,125 - 164,810 Total assets 7,165,217 182,700 4,012,663 155,660 243,904 541,693 388,953 355,485 87,907 57,035 95,109 315,349 728,758 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, June 3, 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 1,903,660 58,850 632,808 51,716 85,597 125,894 262,348 126,499 58,698 30,938 52,677 160,397 257,237 Reverse repurchase agreements (6) 246,054 5,526 127,396 5,614 7,698 15,421 18,133 13,743 3,888 2,325 3,913 11,858 30,538 Deposits 4,860,697 77,195 3,168,346 96,652 146,949 391,374 105,858 213,182 24,449 22,537 37,858 142,007 434,289 Depository institutions 3,257,435 77,173 1,666,633 96,651 146,802 390,259 105,757 119,017 24,438 22,480 34,328 139,616 434,282 U.S. Treasury, General Account 1,431,462 0 1,431,462 0 0 0 0 0 0 0 0 0 0 Foreign official 16,281 2 16,254 1 3 8 2 2 1 0 0 0 6 Other (7) 155,519 20 53,998 0 144 1,107 99 94,164 10 57 3,530 2,390 1 Earnings remittances due to the U.S. Treasury (8) 2,005 -5 1,027 49 77 125 162 112 44 23 36 92 262 Treasury contributions to credit facilities (9) 104,000 39,000 65,000 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 9,884 305 5,072 232 285 692 548 435 192 887 210 343 685 Total liabilities 7,126,300 180,871 3,999,649 154,263 240,606 533,507 387,049 353,971 87,271 56,710 94,693 314,697 723,011 Capital Capital paid in 32,092 1,505 10,720 1,151 2,715 6,745 1,565 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 7,165,217 182,700 4,012,663 155,660 243,904 541,693 388,953 355,485 87,907 57,035 95,109 315,349 728,758 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, June 3, 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 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. The Federal Reserve Bank of Boston (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 5 (and in table 1 and table 4), 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 4). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB 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 Jun 3, 2020 Federal Reserve notes outstanding 2,057,497 Less: Notes held by F.R. Banks not subject to collateralization 153,837 Federal Reserve notes to be collateralized 1,903,660 Collateral held against Federal Reserve notes 1,903,660 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,887,423 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,183,847 Less: Face value of securities under reverse repurchase agreements 235,690 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,948,157 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.