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.