FRB: H.4.1 Release--Factors Affecting Reserve Balances-- June 25, 2020

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks June 25, 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 24, 2020
Federal Reserve Banks Jun 24, 2020 Jun 17, 2020 Jun 26, 2019

Reserve Bank credit 7,009,664 - 75,503 +3,214,091 7,043,367
Securities held outright (1) 6,115,130 + 36,505 +2,462,634 6,143,193
U.S. Treasury securities 4,183,368 + 20,098 +2,073,175 4,197,404
Bills (2) 326,044 0 + 326,039 326,044
Notes and bonds, nominal (2) 3,556,714 + 18,489 +1,586,444 3,570,924
Notes and bonds, inflation-indexed (2) 264,552 + 1,858 + 148,036 264,552
Inflation compensation (3) 36,058 - 249 + 12,657 35,884
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 1,929,415 + 16,407 + 389,459 1,943,441
Unamortized premiums on securities held outright (5) 312,183 + 1,830 + 180,865 313,854
Unamortized discounts on securities held outright (5) -5,340 + 68 + 7,577 -5,319
Repurchase agreements (6) 73,129 - 47,300 + 73,129 70,201
Foreign official 0 0 0 1
Others 73,129 - 47,300 + 73,129 70,200
Loans 93,958 - 2,444 + 93,858 95,360
Primary credit 7,123 - 816 + 7,101 6,237
Secondary credit 0 0 0 1
Seasonal credit 12 0 - 66 13
Primary Dealer Credit Facility 3,980 - 1,641 + 3,980 3,624
Money Market Mutual Fund Liquidity Facility 23,468 - 2,136 + 23,468 22,889
Paycheck Protection Program Liquidity Facility 59,374 + 2,148 + 59,374 62,597
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 12,797 + 1 + 12,797 12,798
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 39,956 + 1,846 + 39,956 40,617
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 32,680 + 805 + 32,680 37,502
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 16,079 + 1 + 16,079 16,080
Net portfolio holdings of TALF II LLC (7) 7,286 + 7,286 + 7,286 8,500
Float -183 + 46 - 19 -212
Central bank liquidity swaps (8) 276,697 - 75,887 + 276,679 274,963
Other Federal Reserve assets (9) 35,294 + 1,741 + 10,572 35,830
Foreign currency denominated assets (10) 20,920 - 3 - 111 20,958
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,387 + 14 + 462 50,387

Total factors supplying reserve funds 7,097,213 - 75,492 +3,214,443 7,130,953

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 24, 2020
Federal Reserve Banks Jun 24, 2020 Jun 17, 2020 Jun 26, 2019

Currency in circulation (11) 1,961,296 + 4,369 + 223,081 1,963,978
Reverse repurchase agreements (12) 223,765 - 9,200 - 54,645 220,362
Foreign official and international accounts 223,761 - 8,579 - 37,958 220,361
Others 4 - 622 - 16,687 1
Treasury cash holdings 80 - 33 - 115 66
Deposits with F.R. Banks, other than reserve balances 1,831,165 + 84,689 +1,514,890 1,848,380
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,623,942 + 63,092 +1,375,640 1,586,573
Foreign official 16,227 - 23 + 10,974 16,222
Other (13) 190,997 + 21,621 + 128,277 245,586
Treasury contributions to credit facilities (14) 114,000 + 7,143 + 114,000 114,000
Other liabilities and capital (15) 48,150 - 2,725 + 3,211 46,510

Total factors, other than reserve balances,
absorbing reserve funds 4,178,457 + 84,243 +1,800,424 4,193,297

Reserve balances with Federal Reserve Banks 2,918,756 - 159,735 +1,414,019 2,937,657

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, Municipal
Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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 24, 2020
Jun 24, 2020 Jun 17, 2020 Jun 26, 2019

Securities held in custody for foreign official and
international accounts 3,429,880 + 10,560 - 37,466 3,428,914
Marketable U.S. Treasury securities (1) 2,968,883 + 12,150 - 74,648 2,970,551
Federal agency debt and mortgage-backed securities (2) 375,885 - 1,688 + 29,663 373,280
Other securities (3) 85,113 + 99 + 7,520 85,083
Securities lent to dealers 29,199 - 4,462 + 428 31,735
Overnight facility (4) 29,199 - 4,462 + 428 31,735
U.S. Treasury securities 29,199 - 4,462 + 428 31,735
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, 5, and 6.
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 24, 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) 8,632 16,444 7,687 62,597 0 ... 95,360
U.S. Treasury securities (2)
Holdings 64,328 274,008 605,122 1,592,447 735,883 925,617 4,197,404
Weekly changes - 6,037 - 2,143 + 17,236 + 10,672 + 6,724 + 1,611 + 28,064
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 2,266 80,708 1,860,462 1,943,441
Weekly changes 0 0 0 - 1 0 + 24,701 + 24,700
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 0 4,252 0 ... ... ... 4,252
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
Loans held by TALF II LLC (8) 0 0 0 0 ... ... 0
Repurchase agreements (9) 70,201 0 ... ... ... ... 70,201
Central bank liquidity swaps (10) 180,952 94,011 0 0 0 0 274,963
Reverse repurchase agreements (9) 220,362 0 ... ... ... ... 220,362
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, Municipal
Liquidity Facility LLC, and TALF II 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. Book value of the loans held by the TALF II LLC.
9. Cash value of agreements.
10. 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 24, 2020

Mortgage-backed securities held outright (1) 1,943,441
Residential mortgage-backed securities 1,934,299
Commercial mortgage-backed securities 9,142

Commitments to buy mortgage-backed securities (2) 79,174
Commitments to sell mortgage-backed securities (2) 84

Cash and cash equivalents (3) 58

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 5
and table 6.

4. Information on Principal Accounts of Credit Facilities LLCs
Millions of dollars
Credit Facilities LLCs: Wednesday Jun 24, 2020
Net portfolio holdings of
Credit Facilities LLCs
Outstanding
principal Outstanding
amount amount of Treasury
of loan facility contributions
extended to asset and
the LLC (1) purchases (2)other assets (3) Total

Commercial Paper Funding Facility II LLC 4,243 4,252 8,547 12,798
Corporate Credit Facilities LLC 8,334 8,710 31,907 40,617
MS Facilities LLC (Main Street Lending Program) 0 0 37,502 37,502
Municipal Liquidity Facility LLC 1,200 1,200 14,880 16,080
TALF II LLC 0 0 8,500 8,500

Note: Components may not sum to totals because of rounding.

1. Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of
condition consistent with consolidation under generally accepted accounting principles. Refer to the note
on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC
upon settlement of the investment activity.
2. Outstanding amount of facility asset purchases:
a. For the Commercial Paper Funding Facility II LLC includes commercial paper at book value.
b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and
corporate bonds at book value. Asset balances
from trading activity are reported on a one-day lag after the transaction date.
c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face
value.
d. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances
from trading activity may be reported on
a one-day lag after the transaction date.
e. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.
3. Includes short term receivables, interest and dividend receivables, and other assets of the
facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as
investments in nonmarketable Treasury securities and the residual portion which is held as cash and
cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are
eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6.
Amounts excluded are initially 15% of Treasury contributions to the credit facilities from the
following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC,
Municipal Liquidity Facility LLC, and TALF II LLC. Refer to the note on consolidation accompanying table
6.

5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Jun 24, 2020 Wednesday Wednesday
consolidation Jun 17, 2020 Jun 26, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,455 + 24 - 229
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 6,617,290 + 47,118 +2,853,656
Securities held outright (1) 6,143,193 + 52,765 +2,497,864
U.S. Treasury securities 4,197,404 + 28,064 +2,087,148
Bills (2) 326,044 0 + 326,039
Notes and bonds, nominal (2) 3,570,924 + 28,535 +1,600,654
Notes and bonds, inflation-indexed (2) 264,552 0 + 148,036
Inflation compensation (3) 35,884 - 472 + 12,419
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 1,943,441 + 24,700 + 410,715
Unamortized premiums on securities held outright
(5) 313,854 + 2,828 + 182,828
Unamortized discounts on securities held outright
(5) -5,319 + 47 + 7,586
Repurchase agreements (6) 70,201 - 8,852 + 70,201
Loans (7) 95,360 + 329 + 95,176
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 12,798 + 1 + 12,798
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 40,617 + 1,701 + 40,617
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 37,502 + 5,626 + 37,502
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 16,080 + 1 + 16,080
Net portfolio holdings of TALF II LLC (8) 8,500 + 8,500 + 8,500
Items in process of collection (0) 73 + 22 + 5
Bank premises 2,202 0 + 11
Central bank liquidity swaps (9) 274,963 - 77,507 + 274,945
Foreign currency denominated assets (10) 20,958 + 92 - 102
Other assets (11) 33,628 + 2,034 + 11,704

Total assets (0) 7,082,302 - 12,388 +3,255,485

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Jun 24, 2020 Wednesday Wednesday
consolidation Jun 17, 2020 Jun 26, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,915,107 + 4,221 + 221,103
Reverse repurchase agreements (12) 220,362 - 5,100 - 51,827
Deposits (0) 4,786,037 - 9,593 +2,970,424
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 2,937,657 - 131,782 +1,429,206
U.S. Treasury, General Account 1,586,573 + 21,267 +1,345,664
Foreign official 16,222 - 25 + 10,973
Other (13) (0) 245,586 + 100,949 + 184,582
Deferred availability cash items (0) 285 + 17 - 54
Treasury contributions to credit facilities (14) 114,000 0 + 114,000
Other liabilities and accrued dividends (15) 7,599 - 1,932 + 2,147

Total liabilities (0) 7,043,391 - 12,385 +3,255,794

Capital accounts
Capital paid in 32,086 - 4 - 309
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 38,911 - 4 - 309

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, Municipal
Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 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.

6. Statement of Condition of Each Federal Reserve Bank, June 24, 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 1,455 26 38 126 81 199 149 243 26 39 90 164 273
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 6,617,290 172,125 3,396,053 153,154 205,797 414,371 484,831 368,405 105,010 65,602 110,121 317,144 824,676
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 12,798 0 12,798 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 40,617 0 40,617 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 37,502 37,502 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 16,080 0 16,080 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 8,500 0 8,500 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 274,963 13,051 92,405 9,895 23,497 58,036 13,637 10,678 4,507 2,153 2,900 3,264 40,939
Foreign currency denominated
assets (4) 20,958 995 7,045 754 1,791 4,423 1,039 814 344 164 221 249 3,120
Other assets (5) 35,903 2,436 15,858 870 1,183 2,535 2,721 2,028 698 460 847 1,927 4,340
Interdistrict settlement account 0 - 66,677 + 487,505 - 19,387 - 1,791 - 4,518 - 111,107 - 27,019 - 23,407 - 14,095 - 23,826 - 25,079 - 170,597

Total assets 7,082,302 159,991 4,082,382 145,941 231,319 476,211 393,454 356,285 87,657 54,593 90,803 298,871 704,795

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, June 24, 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 1,915,107 57,884 643,103 53,757 85,825 124,558 263,946 125,725 58,461 30,708 52,854 162,852 255,436
Reverse repurchase agreements (6) 220,362 4,949 114,094 5,027 6,894 13,811 16,240 12,308 3,482 2,083 3,504 10,620 27,350
Deposits 4,786,037 55,972 3,234,381 85,480 134,967 328,872 110,705 216,219 24,870 21,042 33,789 124,339 415,401
Depository institutions 2,937,657 55,942 1,477,943 85,479 134,928 328,074 109,502 129,856 24,867 20,988 32,914 121,769 415,395
U.S. Treasury, General Account 1,586,573 0 1,586,573 0 0 0 0 0 0 0 0 0 0
Foreign official 16,222 2 16,195 1 3 8 2 2 1 0 0 0 6
Other (7) 245,586 27 153,670 0 35 790 1,201 86,362 3 53 874 2,570 0
Earnings remittances due to the U.S.
Treasury (8) 1,423 34 742 31 47 96 104 75 21 10 20 64 178
Treasury contributions to credit
facilities (9) 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 6,462 324 2,055 239 287 688 556 442 188 425 219 344 695

Total liabilities 7,043,391 158,162 4,069,375 144,534 228,021 468,025 391,550 354,770 87,021 54,267 90,386 298,219 699,060

Capital
Capital paid in 32,086 1,506 10,714 1,161 2,715 6,745 1,565 1,250 523 272 344 571 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 7,082,302 159,991 4,082,382 145,941 231,319 476,211 393,454 356,285 87,657 54,593 90,803 298,871 704,795

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, June 24, 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 TALF II LLC of $10 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, MLF LLC, and TALF II 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 6 (and in table 1 and table 5), 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 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on
table 6 (and in table 1 and table 5).

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Jun 24, 2020

Federal Reserve notes outstanding 2,071,729
Less: Notes held by F.R. Banks not subject to collateralization 156,621
Federal Reserve notes to be collateralized 1,915,107
Collateral held against Federal Reserve notes 1,915,107
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,898,871
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,213,394
Less: Face value of securities under reverse repurchase agreements 208,343
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,005,051

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.

Statistical releases