FRB: H.4.1 Release--Factors Affecting Reserve Balances-- June 11, 2020

FEDERAL RESERVE statistical release

For Release at
4:30 P.M. Eastern time
June 11, 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 LLC (MLF). The MLF LLC was introduced on the H.4.1 cover note on May 28, 2020
https://www.federalreserve.gov/releases/h41/20200528/. On June 2, 2020, the MLF LLC began purchasing eligible municipal notes
and on June 5, 2020 settlement of the first purchase transactions occurred. The Federal Reserve Bank of New
York extended credit to the MLF LLC under the authority of section 13(3) of the Federal Reserve Act, with
approval of the Treasury Secretary, at settlement of the investment activity. Information on the lending was added
to the note on consolidation. Municipal notes held by MLF LLC were added in the Maturity Distribution of
Securities, Loans, and Selected Other Assets and Liabilities (table 2).

Additionally, the asset basis in table 2 for the "Commercial paper held by Commercial Paper Funding Facility
II LLC" and "Loan participations held by MS Facilities LLC (Main Street Lending Programs)" was updated to
reflect "Book value" for consistency with the presentation in tables 1, 4, and 5.

Pursuant to the MS Facilities LLC (Main Street Lending Program) agreements, 85% of the Treasury's equity
contributions were invested in nonmarketable Treasury securities and reported in "Net portfolio holdings of MS
Facilities LLC (Main Street Lending Program)" in tables 1, 4, and 5.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks June 11, 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 10, 2020
Federal Reserve Banks Jun 10, 2020 Jun 3, 2020 Jun 12, 2019

Reserve Bank credit 7,113,208 + 12,024 +3,303,148 7,129,995
Securities held outright (1) 5,981,133 + 21,024 +2,313,487 5,988,351
U.S. Treasury securities 4,143,191 + 20,750 +2,033,297 4,150,409
Bills (2) 326,044 0 + 325,994 326,044
Notes and bonds, nominal (2) 3,520,488 + 19,064 +1,550,218 3,526,774
Notes and bonds, inflation-indexed (2) 260,151 + 1,957 + 143,635 261,151
Inflation compensation (3) 36,508 - 271 + 13,451 36,440
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 1,835,595 + 273 + 280,190 1,835,595
Unamortized premiums on securities held outright (5) 306,110 + 1,095 + 173,862 306,816
Unamortized discounts on securities held outright (5) -5,475 + 12 + 7,501 -5,452
Repurchase agreements (6) 184,315 - 15,399 + 184,315 167,300
Foreign official 0 0 0 0
Others 184,314 - 15,400 + 184,314 167,300
Loans 99,603 - 4,838 + 99,554 98,227
Primary credit 9,252 - 4,479 + 9,250 8,427
Secondary credit 0 0 0 0
Seasonal credit 10 + 5 - 37 11
Primary Dealer Credit Facility 5,846 + 64 + 5,846 5,829
Money Market Mutual Fund Liquidity Facility 28,168 - 3,493 + 28,168 26,977
Paycheck Protection Program Liquidity Facility 56,325 + 3,063 + 56,325 56,983
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 12,795 + 1 + 12,795 12,796
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 36,820 + 1,248 + 36,820 37,374
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 4,554 + 4,554 + 4,554 31,875
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 16,076 + 3,155 + 16,076 16,077
Float -185 + 395 - 10 -238
Central bank liquidity swaps (8) 446,259 - 985 + 446,237 444,520
Other Federal Reserve assets (9) 31,204 + 1,763 + 7,958 32,348
Foreign currency denominated assets (10) 20,852 + 117 - 75 21,015
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,359 + 14 + 446 50,359

Total factors supplying reserve funds 7,200,660 + 12,155 +3,303,518 7,217,611

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 10, 2020
Federal Reserve Banks Jun 10, 2020 Jun 3, 2020 Jun 12, 2019

Currency in circulation (11) 1,953,967 + 4,165 + 216,740 1,955,861
Reverse repurchase agreements (12) 241,622 - 11,450 - 29,789 240,814
Foreign official and international accounts 241,441 - 10,773 - 28,148 240,802
Others 181 - 676 - 1,641 12
Treasury cash holdings 151 - 48 - 70 118
Deposits with F.R. Banks, other than reserve balances 1,668,682 + 52,068 +1,412,586 1,676,628
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,506,558 + 71,735 +1,318,998 1,504,569
Foreign official 16,370 + 93 + 11,093 16,256
Other (13) 145,755 - 19,759 + 82,495 155,802
Treasury contributions to credit facilities (14) 104,000 + 21,429 + 104,000 104,000
Other liabilities and capital (15) 50,012 + 1,226 + 4,789 49,536

Total factors, other than reserve balances,
absorbing reserve funds 4,018,433 + 67,389 +1,708,254 4,026,957

Reserve balances with Federal Reserve Banks 3,182,228 - 55,233 +1,595,265 3,190,654

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 10, 2020
Jun 10, 2020 Jun 3, 2020 Jun 12, 2019

Securities held in custody for foreign official and
international accounts 3,407,056 + 17,281 - 54,057 3,417,828
Marketable U.S. Treasury securities (1) 2,944,795 + 17,512 - 106,699 2,955,329
Federal agency debt and mortgage-backed securities (2) 377,347 + 14 + 44,417 377,319
Other securities (3) 84,914 - 245 + 8,224 85,180
Securities lent to dealers 33,727 + 3,348 + 2,463 36,131
Overnight facility (4) 33,727 + 3,348 + 2,463 36,131
U.S. Treasury securities 33,727 + 3,348 + 2,463 36,131
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 10, 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) 10,453 22,000 9,991 55,783 0 ... 98,227
U.S. Treasury securities (2)
Holdings 42,873 292,827 586,718 1,581,035 725,316 921,640 4,150,409
Weekly changes - 6,710 + 9,208 - 2,529 + 5,862 + 5,923 + 4,299 + 16,053
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 80,884 1,752,477 1,835,595
Weekly changes 0 0 0 0 + 1 0 + 1
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 0 4,250 0 ... ... ... 4,250
Loan participations held by MS
Facilities LLC (Main Street Lending
Program) (6) 0 0 0 0 ... ... 0
Municipal notes held by Municipal
Liquidity Facility LLC (7) 0 0 1,200 0 ... ... 1,200
Repurchase agreements (8) 99,100 68,200 ... ... ... ... 167,300
Central bank liquidity swaps (9) 295,261 149,260 0 0 0 0 444,520
Reverse repurchase agreements (8) 240,814 0 ... ... ... ... 240,814
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. 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. Cash value of agreements.
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.

3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name Wednesday
Jun 10, 2020

Mortgage-backed securities held outright (1) 1,835,595
Residential mortgage-backed securities 1,826,490
Commercial mortgage-backed securities 9,106

Commitments to buy mortgage-backed securities (2) 170,590
Commitments to sell mortgage-backed securities (2) 5,620

Cash and cash equivalents (3) 148

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 10, 2020 Wednesday Wednesday
consolidation Jun 3, 2020 Jun 12, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,412 - 22 - 255
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 6,555,242 - 30,326 +2,768,257
Securities held outright (1) 5,988,351 + 16,054 +2,320,642
U.S. Treasury securities 4,150,409 + 16,053 +2,040,452
Bills (2) 326,044 0 + 325,994
Notes and bonds, nominal (2) 3,526,774 + 14,350 +1,556,504
Notes and bonds, inflation-indexed (2) 261,151 + 2,000 + 144,635
Inflation compensation (3) 36,440 - 297 + 13,320
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 1,835,595 + 1 + 280,190
Unamortized premiums on securities held outright
(5) 306,816 + 1,547 + 174,626
Unamortized discounts on securities held outright
(5) -5,452 + 52 + 7,514
Repurchase agreements (6) 167,300 - 44,250 + 167,300
Loans (7) 98,227 - 3,729 + 98,174
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 12,796 + 1 + 12,796
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 37,374 + 1,220 + 37,374
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 31,875 + 31,875 + 31,875
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 16,077 + 2 + 16,077
Items in process of collection (0) 40 - 1 - 3
Bank premises 2,201 + 3 + 9
Central bank liquidity swaps (9) 444,520 - 2,425 + 444,498
Foreign currency denominated assets (10) 21,015 + 247 + 104
Other assets (11) 30,147 + 3,145 + 8,249

Total assets (0) 7,168,936 + 3,719 +3,318,981

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 10, 2020 Wednesday Wednesday
consolidation Jun 3, 2020 Jun 12, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,907,027 + 3,367 + 216,766
Reverse repurchase agreements (12) 240,814 - 5,240 - 23,516
Deposits (0) 4,867,282 + 6,585 +3,017,084
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,190,654 - 66,781 +1,580,916
U.S. Treasury, General Account 1,504,569 + 73,107 +1,331,507
Foreign official 16,256 - 25 + 11,012
Other (13) (0) 155,802 + 283 + 93,648
Deferred availability cash items (0) 277 - 481 - 44
Treasury contributions to credit facilities (14) 104,000 0 + 104,000
Other liabilities and accrued dividends (15) 10,621 - 510 + 4,965

Total liabilities (0) 7,130,021 + 3,721 +3,319,254

Capital accounts
Capital paid in 32,091 - 1 - 273
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 38,916 - 1 - 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, 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 10, 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 1,412 25 37 128 79 195 138 242 20 36 91 159 261
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 6,555,242 174,990 3,365,747 151,107 203,141 409,580 480,082 364,306 103,986 64,346 108,947 313,947 815,063
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 12,796 0 12,796 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 37,374 0 37,374 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 31,875 31,875 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 16,077 0 16,077 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 444,520 21,100 149,387 15,996 37,986 93,824 22,047 17,263 7,287 3,481 4,688 5,278 66,185
Foreign currency denominated
assets (4) 21,015 997 7,065 756 1,796 4,435 1,042 816 344 165 222 249 3,129
Other assets (5) 32,387 7,985 8,348 788 1,079 2,331 2,420 1,825 794 440 788 1,691 3,898
Interdistrict settlement account 0 - 66,492 + 441,696 - 13,786 + 6,063 - 12,235 - 116,700 - 27,578 - 24,683 - 12,965 - 21,164 - 6,366 - 145,792

Total assets 7,168,936 171,014 4,044,010 155,519 250,906 499,295 391,211 358,011 88,227 55,773 94,021 316,160 744,789

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 10, 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 1,907,027 58,544 636,455 52,344 85,425 125,482 262,920 126,628 58,549 31,001 52,759 161,063 255,857
Reverse repurchase agreements (6) 240,814 5,408 124,683 5,494 7,534 15,093 17,747 13,451 3,805 2,276 3,829 11,606 29,888
Deposits 4,867,282 65,875 3,199,309 95,993 154,289 349,687 107,959 215,875 25,017 21,737 36,765 142,410 452,366
Depository institutions 3,190,654 65,862 1,622,531 95,991 154,257 348,161 107,855 123,422 25,013 21,678 33,894 139,629 452,359
U.S. Treasury, General Account 1,504,569 0 1,504,569 0 0 0 0 0 0 0 0 0 0
Foreign official 16,256 2 16,230 1 3 8 2 2 1 0 0 0 6
Other (7) 155,802 11 55,979 0 28 1,517 103 92,451 3 59 2,871 2,780 1
Earnings remittances due to the U.S.
Treasury (8) 2,057 44 1,065 46 73 162 143 105 29 15 36 85 255
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 8,841 313 4,484 236 286 687 538 439 191 418 216 345 689

Total liabilities 7,130,021 169,184 4,030,996 154,112 247,607 491,110 389,307 356,497 87,591 55,448 93,606 315,508 739,054

Capital
Capital paid in 32,091 1,505 10,720 1,161 2,715 6,745 1,565 1,249 524 272 344 571 4,719
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 7,168,936 171,014 4,044,010 155,519 250,906 499,295 391,211 358,011 88,227 55,773 94,021 316,160 744,789

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 10, 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 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.
The FRBNY is the managing member of CPFF II LLC, CCF LLC, and MLF 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 10, 2020

Federal Reserve notes outstanding 2,062,520
Less: Notes held by F.R. Banks not subject to collateralization 155,493
Federal Reserve notes to be collateralized 1,907,027
Collateral held against Federal Reserve notes 1,907,027
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,890,790
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,155,651
Less: Face value of securities under reverse repurchase agreements 228,399
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,927,253

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.

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