FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time July 16, 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 MS Facilities LLC (Main Street Lending Program). The program was introduced on the H.4.1 cover note on June 4, 2020 https://www.federalreserve.gov/releases/h41/20200604/. On July 6, 2020, the Main Street Lending Program announced it was operationally ready to purchase participations in loans originated by eligible lenders to facilitate lending support to small and medium-sized businesses, and on July 15, 2020, the Main Street Lending Program began purchasing participations in loans in accordance with the program. The Federal Reserve Bank of Boston extended credit to the MS Facilities LLC under the authority of section 13(3) of the Federal Reserve Act, with approval of the Board and Treasury Secretary. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 16, 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 Jul 15, 2020 Federal Reserve Banks Jul 15, 2020 Jul 8, 2020 Jul 17, 2019 Reserve Bank credit 6,881,203 - 34,082 +3,107,744 6,919,469 Securities held outright (1) 6,167,191 + 32,717 +2,539,705 6,203,965 U.S. Treasury securities 4,240,828 + 20,101 +2,145,994 4,253,229 Bills (2) 326,044 0 + 326,042 326,044 Notes and bonds, nominal (2) 3,608,352 + 19,707 +1,653,467 3,625,089 Notes and bonds, inflation-indexed (2) 270,593 + 387 + 154,303 266,914 Inflation compensation (3) 35,839 + 7 + 12,182 35,182 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,924,016 + 12,615 + 393,711 1,948,388 Unamortized premiums on securities held outright (5) 316,487 + 1,835 + 186,086 317,957 Unamortized discounts on securities held outright (5) -5,272 + 46 + 7,554 -5,280 Repurchase agreements (6) 0 - 41,286 0 2 Foreign official 0 - 143 0 2 Others 0 - 41,143 0 0 Loans 93,358 - 1,936 + 93,243 93,404 Primary credit 4,791 - 528 + 4,783 5,058 Secondary credit 0 0 0 0 Seasonal credit 22 + 3 - 85 24 Primary Dealer Credit Facility 1,828 - 448 + 1,828 1,699 Money Market Mutual Fund Liquidity Facility 18,704 - 920 + 18,704 18,635 Paycheck Protection Program Liquidity Facility 68,013 - 44 + 68,013 67,989 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 12,334 - 466 + 12,334 10,659 Net portfolio holdings of Corporate Credit Facilities LLC (7) 43,053 + 740 + 43,053 43,423 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (7) 37,505 + 3 + 37,505 37,515 Net portfolio holdings of Municipal Liquidity Facility LLC (7) 16,082 + 1 + 16,082 16,084 Net portfolio holdings of TALF II LLC (7) 8,851 + 98 + 8,851 9,439 Float -246 - 38 - 49 -228 Central bank liquidity swaps (8) 153,494 - 28,583 + 153,456 154,850 Other Federal Reserve assets (9) 38,367 + 2,789 + 9,926 37,680 Foreign currency denominated assets (10) 21,024 + 121 + 158 21,094 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,429 + 14 + 486 50,429 Total factors supplying reserve funds 6,968,898 - 33,946 +3,108,389 7,007,233 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 Jul 15, 2020 Federal Reserve Banks Jul 15, 2020 Jul 8, 2020 Jul 17, 2019 Currency in circulation (11) 1,978,666 + 3,825 + 231,322 1,981,644 Reverse repurchase agreements (12) 221,442 - 6,673 - 58,437 224,229 Foreign official and international accounts 221,441 - 6,673 - 54,020 224,228 Others 0 - 1 - 4,418 1 Treasury cash holdings 50 - 11 - 111 45 Deposits with F.R. Banks, other than reserve balances 1,826,691 + 2,283 +1,554,360 1,905,320 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 1,655,320 + 2,222 +1,458,315 1,740,455 Foreign official 16,232 - 887 + 10,977 16,232 Other (13) 155,138 + 947 + 85,067 148,633 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000 Other liabilities and capital (15) 50,446 + 2,994 + 5,316 49,347 Total factors, other than reserve balances, absorbing reserve funds 4,191,295 + 2,418 +1,846,450 4,274,585 Reserve balances with Federal Reserve Banks 2,777,603 - 36,364 +1,261,939 2,732,649 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 Jul 15, 2020 Jul 15, 2020 Jul 8, 2020 Jul 17, 2019 Securities held in custody for foreign official and international accounts 3,405,122 + 2,444 - 60,432 3,398,871 Marketable U.S. Treasury securities (1) 2,951,842 + 2,520 - 88,769 2,946,444 Federal agency debt and mortgage-backed securities (2) 368,615 - 24 + 22,401 367,891 Other securities (3) 84,664 - 53 + 5,934 84,536 Securities lent to dealers 27,982 - 4,153 + 2,687 26,885 Overnight facility (4) 27,982 - 4,153 + 2,687 26,885 U.S. Treasury securities 27,982 - 4,153 + 2,687 26,885 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, July 15, 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) 7,929 11,304 6,183 67,989 0 ... 93,404 U.S. Treasury securities (2) Holdings 58,895 279,380 633,384 1,604,839 738,129 938,604 4,253,229 Weekly changes - 7,219 + 9,337 + 15,299 - 2,400 + 2,703 + 4,156 + 21,874 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 2,293 78,962 1,867,128 1,948,388 Weekly changes 0 0 0 - 9 - 626 + 37,623 + 36,987 Commercial paper held by Commercial Paper Funding Facility II LLC (5) 1,768 336 0 ... ... ... 2,104 Loan participations held by MS Facilities LLC (Main Street Lending Program) (6) 0 0 0 12 ... ... 12 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 0 937 ... ... 937 Repurchase agreements (9) 2 0 ... ... ... ... 2 Central bank liquidity swaps (10) 61,566 93,284 0 0 0 0 154,850 Reverse repurchase agreements (9) 224,229 0 ... ... ... ... 224,229 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 Jul 15, 2020 Mortgage-backed securities held outright (1) 1,948,388 Residential mortgage-backed securities 1,939,214 Commercial mortgage-backed securities 9,174 Commitments to buy mortgage-backed securities (2) 91,157 Commitments to sell mortgage-backed securities (2) 79 Cash and cash equivalents (3) 24 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 Jul 15, 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 2,099 2,104 8,555 10,659 Corporate Credit Facilities LLC 11,163 11,485 31,938 43,423 MS Facilities LLC (Main Street Lending Program) 12 12 37,504 37,515 Municipal Liquidity Facility LLC 1,200 1,200 14,884 16,084 TALF II LLC 937 937 8,502 9,439 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 Jul 15, 2020 Wednesday Wednesday consolidation Jul 8, 2020 Jul 17, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,523 + 26 - 151 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,610,048 + 61,639 +2,869,088 Securities held outright (1) 6,203,965 + 58,862 +2,580,541 U.S. Treasury securities 4,253,229 + 21,874 +2,159,245 Bills (2) 326,044 0 + 326,042 Notes and bonds, nominal (2) 3,625,089 + 25,816 +1,670,718 Notes and bonds, inflation-indexed (2) 266,914 - 3,292 + 150,925 Inflation compensation (3) 35,182 - 651 + 11,560 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 1,948,388 + 36,987 + 421,295 Unamortized premiums on securities held outright (5) 317,957 + 2,706 + 187,734 Unamortized discounts on securities held outright (5) -5,280 + 19 + 7,527 Repurchase agreements (6) 2 + 2 + 2 Loans (7) 93,404 + 49 + 93,284 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 10,659 - 2,143 + 10,659 Net portfolio holdings of Corporate Credit Facilities LLC (8) 43,423 + 779 + 43,423 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (8) 37,515 + 12 + 37,515 Net portfolio holdings of Municipal Liquidity Facility LLC (8) 16,084 + 2 + 16,084 Net portfolio holdings of TALF II LLC (8) 9,439 + 686 + 9,439 Items in process of collection (0) 53 + 2 - 31 Bank premises 2,198 + 2 + 11 Central bank liquidity swaps (9) 154,850 - 24,245 + 154,812 Foreign currency denominated assets (10) 21,094 + 121 + 245 Other assets (11) 35,481 + 1,008 + 9,399 Total assets (0) 6,958,604 + 37,888 +3,150,494 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 Jul 15, 2020 Wednesday Wednesday consolidation Jul 8, 2020 Jul 17, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,932,779 + 4,304 + 233,781 Reverse repurchase agreements (12) 224,229 - 631 - 58,367 Deposits (0) 4,637,969 + 33,103 +2,856,591 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,732,649 - 80,647 +1,217,580 U.S. Treasury, General Account 1,740,455 + 116,051 +1,534,252 Foreign official 16,232 0 + 10,977 Other (13) (0) 148,633 - 2,301 + 93,781 Deferred availability cash items (0) 280 + 14 + 49 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 Other liabilities and accrued dividends (15) 10,586 + 1,099 + 4,907 Total liabilities (0) 6,919,843 + 37,888 +3,150,961 Capital accounts Capital paid in 31,936 0 - 466 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,761 0 - 466 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, July 15, 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 1,523 33 41 122 90 212 156 248 27 43 94 170 288 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,610,048 167,233 3,391,486 155,200 205,771 414,273 484,559 368,189 104,975 66,202 110,065 317,160 824,934 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 10,659 0 10,659 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC (2) 43,423 0 43,423 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (2) 37,515 37,515 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (2) 16,084 0 16,084 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC (2) 9,439 0 9,439 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 154,850 7,350 52,039 5,572 13,233 32,684 7,680 6,014 2,538 1,213 1,633 1,838 23,056 Foreign currency denominated assets (4) 21,094 1,001 7,091 759 1,802 4,452 1,046 819 346 165 222 250 3,140 Other assets (5) 37,733 2,476 16,812 914 1,242 2,641 2,847 2,136 746 469 888 1,985 4,577 Interdistrict settlement account 0 - 59,057 + 475,050 - 17,135 + 6,600 - 47,428 - 95,283 - 27,042 - 22,532 - 13,041 - 21,677 - 28,744 - 149,712 Total assets 6,958,604 157,085 4,027,607 145,962 229,500 407,999 403,187 351,500 86,578 55,321 91,676 293,861 708,328 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, July 15, 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 1,932,779 58,378 650,070 56,814 88,396 124,332 266,357 126,554 58,498 30,705 52,920 164,146 255,608 Reverse repurchase agreements (6) 224,229 5,035 116,096 5,116 7,015 14,053 16,525 12,524 3,543 2,119 3,566 10,807 27,830 Deposits 4,637,969 52,478 3,167,718 82,355 130,458 260,660 117,880 210,373 23,690 21,735 34,531 117,832 418,260 Depository institutions 2,732,649 52,455 1,352,910 82,353 130,404 259,469 117,806 123,203 23,686 21,678 34,503 115,929 418,253 U.S. Treasury, General Account 1,740,455 0 1,740,455 0 0 0 0 0 0 0 0 0 0 Foreign official 16,232 2 16,205 1 3 8 2 2 1 0 0 0 6 Other (7) 148,633 21 58,147 0 51 1,182 72 87,168 3 56 28 1,903 0 Earnings remittances due to the U.S. Treasury (8) 1,922 25 1,034 42 69 123 139 101 23 16 20 87 244 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 8,944 339 4,681 229 263 645 534 433 189 420 223 338 651 Total liabilities 6,919,843 155,255 4,014,599 144,555 226,201 399,813 401,434 349,985 85,943 54,995 91,259 293,209 702,592 Capital Capital paid in 31,936 1,506 10,714 1,161 2,715 6,745 1,414 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 6,958,604 157,085 4,027,607 145,962 229,500 407,999 403,187 351,500 86,578 55,321 91,676 293,861 708,328 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, July 15, 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) and The Federal Reserve Bank of Boston (FRBB) have extended loans to 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. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF 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 July 15, 2020, the Federal Reserve Bank of Boston (FRBB) began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB. 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 Jul 15, 2020 Federal Reserve notes outstanding 2,086,113 Less: Notes held by F.R. Banks not subject to collateralization 153,334 Federal Reserve notes to be collateralized 1,932,779 Collateral held against Federal Reserve notes 1,932,779 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,916,542 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,203,967 Less: Face value of securities under reverse repurchase agreements 211,414 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,992,553 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.