FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks August 6, 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 Aug 5, 2020 Federal Reserve Banks Aug 5, 2020 Jul 29, 2020 Aug 7, 2019 Reserve Bank credit 6,902,265 - 14,277 +3,160,726 6,905,429 Securities held outright (1) 6,234,900 + 1,510 +2,640,074 6,241,464 U.S. Treasury securities 4,299,097 + 23,021 +2,218,394 4,305,651 Bills (2) 326,044 0 + 326,042 326,044 Notes and bonds, nominal (2) 3,665,386 + 21,381 +1,724,990 3,670,435 Notes and bonds, inflation-indexed (2) 272,049 + 1,535 + 155,504 273,306 Inflation compensation (3) 35,618 + 105 + 11,857 35,866 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,933,456 - 21,511 + 421,681 1,933,466 Unamortized premiums on securities held outright (5) 321,342 + 682 + 192,225 321,669 Unamortized discounts on securities held outright (5) -4,995 + 65 + 7,750 -4,948 Repurchase agreements (6) 0 0 0 0 Foreign official 0 0 0 0 Others 0 0 0 0 Loans 87,812 - 4,260 + 87,705 84,076 Primary credit 3,529 - 618 + 3,528 2,809 Secondary credit 0 0 0 0 Seasonal credit 34 0 - 73 32 Primary Dealer Credit Facility 1,191 - 639 + 1,191 1,163 Money Market Mutual Fund Liquidity Facility 13,133 - 2,767 + 13,133 12,253 Paycheck Protection Program Liquidity Facility 69,923 - 192 + 69,923 67,820 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 8,861 - 928 + 8,861 8,646 Net portfolio holdings of Corporate Credit Facilities LLC (7) 44,280 + 110 + 44,280 44,351 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (7) 37,594 + 66 + 37,594 37,601 Net portfolio holdings of Municipal Liquidity Facility LLC (7) 16,086 + 1 + 16,086 16,087 Net portfolio holdings of TALF II LLC (7) 10,123 + 684 + 10,123 10,123 Float -420 - 149 - 268 -233 Central bank liquidity swaps (8) 106,966 - 11,075 + 106,939 105,663 Other Federal Reserve assets (9) 39,715 - 984 + 9,357 40,930 Foreign currency denominated assets (10) 21,677 + 179 + 789 21,746 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,454 + 14 + 496 50,454 Total factors supplying reserve funds 6,990,636 - 14,084 +3,162,010 6,993,870 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 Aug 5, 2020 Federal Reserve Banks Aug 5, 2020 Jul 29, 2020 Aug 7, 2019 Currency in circulation (11) 1,996,781 + 8,442 + 248,733 2,000,875 Reverse repurchase agreements (12) 219,785 + 3,505 - 79,271 212,448 Foreign official and international accounts 219,676 + 3,396 - 75,586 212,448 Others 109 + 109 - 3,685 0 Treasury cash holdings 48 + 1 - 127 45 Deposits with F.R. Banks, other than reserve balances 1,898,742 - 123,921 +1,701,035 1,864,150 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 1,745,228 - 71,459 +1,613,524 1,706,637 Foreign official 16,228 + 4 + 10,972 16,228 Other (13) 137,286 - 52,466 + 76,538 141,284 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000 Other liabilities and capital (15) 47,993 - 125 + 3,597 48,821 Total factors, other than reserve balances, absorbing reserve funds 4,277,350 - 112,098 +1,987,968 4,240,339 Reserve balances with Federal Reserve Banks 2,713,287 + 98,015 +1,174,043 2,753,531 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 Aug 5, 2020 Aug 5, 2020 Jul 29, 2020 Aug 7, 2019 Securities held in custody for foreign official and international accounts 3,408,559 + 1,166 - 65,028 3,413,358 Marketable U.S. Treasury securities (1) 2,963,193 + 2,510 - 72,019 2,967,847 Federal agency debt and mortgage-backed securities (2) 359,204 - 2,150 + 1,719 359,356 Other securities (3) 86,162 + 806 + 5,272 86,155 Securities lent to dealers 28,081 + 3,326 + 1,989 28,997 Overnight facility (4) 28,081 + 3,326 + 1,989 28,997 U.S. Treasury securities 28,081 + 3,326 + 1,989 28,997 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, August 5, 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) 2,510 8,243 5,504 67,820 0 ... 84,076 U.S. Treasury securities (2) Holdings 119,829 208,908 642,929 1,639,244 745,463 949,280 4,305,651 Weekly changes + 44,814 - 47,562 - 1,091 + 12,026 - 693 + 4,596 + 12,088 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 77,962 1,853,233 1,933,466 Weekly changes 0 0 + 1 + 18 + 274 - 206 + 86 Commercial paper held by Commercial Paper Funding Facility II LLC (5) 56 30 0 ... ... ... 86 Loan participations held by MS Facilities LLC (Main Street Lending Program) (6) 0 0 0 95 ... ... 95 Municipal notes held by Municipal Liquidity Facility LLC (7) 0 0 1,200 0 ... ... 1,200 Loans held by TALF II LLC (8) 0 6 0 1,613 ... ... 1,619 Repurchase agreements (9) 0 0 ... ... ... ... 0 Central bank liquidity swaps (10) 16,680 88,983 0 0 0 0 105,663 Reverse repurchase agreements (9) 212,448 0 ... ... ... ... 212,448 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 Aug 5, 2020 Mortgage-backed securities held outright (1) 1,933,466 Residential mortgage-backed securities 1,924,219 Commercial mortgage-backed securities 9,247 Commitments to buy mortgage-backed securities (2) 131,305 Commitments to sell mortgage-backed securities (2) 6,000 Cash and cash equivalents (3) 12 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 Aug 5, 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 86 86 8,561 8,646 Corporate Credit Facilities LLC 12,088 12,374 31,977 44,351 MS Facilities LLC (Main Street Lending Program) 95 95 37,506 37,601 Municipal Liquidity Facility LLC 1,200 1,200 14,887 16,087 TALF II LLC 1,619 1,619 8,504 10,123 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 Aug 5, 2020 Wednesday Wednesday consolidation Jul 29, 2020 Aug 7, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,533 + 11 - 166 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,642,261 + 6,745 +2,930,981 Securities held outright (1) 6,241,464 + 12,173 +2,646,636 U.S. Treasury securities 4,305,651 + 12,088 +2,224,947 Bills (2) 326,044 0 + 326,044 Notes and bonds, nominal (2) 3,670,435 + 8,943 +1,730,039 Notes and bonds, inflation-indexed (2) 273,306 + 2,792 + 156,761 Inflation compensation (3) 35,866 + 353 + 12,103 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 1,933,466 + 86 + 421,689 Unamortized premiums on securities held outright (5) 321,669 + 963 + 192,584 Unamortized discounts on securities held outright (5) -4,948 + 56 + 7,787 Repurchase agreements (6) 0 0 0 Loans (7) 84,076 - 6,447 + 83,974 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 8,646 - 254 + 8,646 Net portfolio holdings of Corporate Credit Facilities LLC (8) 44,351 + 141 + 44,351 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (8) 37,601 + 13 + 37,601 Net portfolio holdings of Municipal Liquidity Facility LLC (8) 16,087 + 1 + 16,087 Net portfolio holdings of TALF II LLC (8) 10,123 + 684 + 10,123 Items in process of collection (0) 59 + 2 + 1 Bank premises 2,192 - 8 + 7 Central bank liquidity swaps (9) 105,663 - 11,810 + 105,633 Foreign currency denominated assets (10) 21,746 + 105 + 692 Other assets (11) 38,738 + 575 + 9,738 Total assets (0) 6,945,237 - 3,795 +3,163,694 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 Aug 5, 2020 Wednesday Wednesday consolidation Jul 29, 2020 Aug 7, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,951,995 + 8,016 + 250,861 Reverse repurchase agreements (12) 212,448 - 4,605 - 71,686 Deposits (0) 4,617,681 - 8,398 +2,866,150 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,753,531 + 68,155 +1,201,910 U.S. Treasury, General Account 1,706,637 - 85,797 +1,573,560 Foreign official 16,228 + 4 + 10,973 Other (13) (0) 141,284 + 9,239 + 79,707 Deferred availability cash items (0) 292 - 697 + 70 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 Other liabilities and accrued dividends (15) 9,946 + 1,805 + 4,664 Total liabilities (0) 6,906,362 - 3,879 +3,164,059 Capital accounts Capital paid in 32,051 + 85 - 364 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,876 + 85 - 364 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, August 5, 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 1,533 35 38 122 89 216 157 246 33 44 95 168 291 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,642,261 161,837 3,409,077 156,037 207,193 416,990 487,486 370,148 105,398 68,308 110,750 319,153 829,883 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 8,646 0 8,646 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC (2) 44,351 0 44,351 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (2) 37,601 37,601 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (2) 16,087 0 16,087 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC (2) 10,123 0 10,123 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 105,663 5,015 35,510 3,802 9,029 22,302 5,241 4,103 1,732 827 1,114 1,254 15,732 Foreign currency denominated assets (4) 21,746 1,032 7,310 782 1,858 4,589 1,078 844 356 170 229 258 3,237 Other assets (5) 40,989 2,537 18,494 988 1,348 2,847 3,091 2,319 819 528 946 2,092 4,981 Interdistrict settlement account 0 - 43,113 + 456,561 - 19,028 + 18,646 - 35,953 - 107,186 - 25,297 - 23,486 - 15,809 - 24,272 - 35,879 - 145,184 Total assets 6,945,237 165,478 4,011,679 143,233 238,923 412,157 392,050 353,500 85,331 54,338 89,313 288,248 710,986 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, August 5, 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 1,951,995 59,405 656,794 57,429 91,739 125,055 272,236 126,205 58,772 31,658 52,917 164,599 255,186 Reverse repurchase agreements (6) 212,448 4,771 109,997 4,847 6,647 13,315 15,657 11,866 3,357 2,008 3,378 10,239 26,367 Deposits 4,617,681 60,071 3,152,036 79,273 136,893 264,827 101,669 213,351 22,256 19,916 32,351 112,312 422,725 Depository institutions 2,753,531 60,048 1,385,764 79,271 136,857 264,457 101,625 117,438 22,251 19,859 32,323 110,920 422,719 U.S. Treasury, General Account 1,706,637 0 1,706,637 0 0 0 0 0 0 0 0 0 0 Foreign official 16,228 2 16,202 1 3 8 2 2 1 0 0 0 6 Other (7) 141,284 21 43,433 0 33 362 42 95,912 4 56 27 1,392 1 Earnings remittances due to the U.S. Treasury (8) 2,449 54 1,273 56 81 125 187 138 47 27 40 113 308 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 7,789 347 3,571 222 262 647 546 418 190 404 210 333 637 Total liabilities 6,906,362 163,648 3,998,672 141,826 235,622 403,971 390,295 351,978 84,621 54,012 88,897 287,596 705,223 Capital Capital paid in 32,051 1,506 10,714 1,161 2,718 6,745 1,417 1,257 599 272 344 571 4,747 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 6,945,237 165,478 4,011,679 143,233 238,923 412,157 392,050 353,500 85,331 54,338 89,313 288,248 710,986 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, August 5, 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 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 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 Aug 5, 2020 Federal Reserve notes outstanding 2,100,802 Less: Notes held by F.R. Banks not subject to collateralization 148,807 Federal Reserve notes to be collateralized 1,951,995 Collateral held against Federal Reserve notes 1,951,995 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,935,758 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,241,464 Less: Face value of securities under reverse repurchase agreements 200,070 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,041,394 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.