FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks August 20, 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 19, 2020 Federal Reserve Banks Aug 19, 2020 Aug 12, 2020 Aug 21, 2019 Reserve Bank credit 6,965,305 + 54,186 +3,238,151 6,970,886 Securities held outright (1) 6,310,668 + 59,988 +2,717,524 6,325,788 U.S. Treasury securities 4,329,307 + 14,510 +2,243,448 4,345,544 Bills (2) 326,044 0 + 323,043 326,044 Notes and bonds, nominal (2) 3,690,739 + 11,789 +1,748,199 3,706,835 Notes and bonds, inflation-indexed (2) 275,707 + 2,058 + 159,162 275,707 Inflation compensation (3) 36,817 + 663 + 13,044 36,958 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,979,015 + 45,479 + 474,077 1,977,897 Unamortized premiums on securities held outright (5) 325,270 + 2,738 + 196,794 325,894 Unamortized discounts on securities held outright (5) -4,928 - 16 + 8,126 -5,063 Repurchase agreements (6) 0 0 0 0 Foreign official 0 0 0 0 Others 0 0 0 0 Loans 82,497 - 962 + 82,365 82,190 Primary credit 2,659 - 34 + 2,625 2,818 Secondary credit 0 0 0 0 Seasonal credit 41 + 2 - 57 39 Primary Dealer Credit Facility 693 - 101 + 693 693 Money Market Mutual Fund Liquidity Facility 11,202 - 556 + 11,202 10,839 Paycheck Protection Program Liquidity Facility 67,903 - 208 + 67,903 67,800 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 8,601 - 31 + 8,601 8,588 Net portfolio holdings of Corporate Credit Facilities LLC (7) 44,466 + 63 + 44,466 44,480 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (7) 37,889 + 269 + 37,889 37,983 Net portfolio holdings of Municipal Liquidity Facility LLC (7) 16,088 + 1 + 16,088 16,089 Net portfolio holdings of TALF II LLC (7) 10,770 + 647 + 10,770 10,771 Float -205 - 15 - 84 -245 Central bank liquidity swaps (8) 95,822 - 3,960 + 95,779 95,780 Other Federal Reserve assets (9) 38,367 - 4,536 + 19,833 28,633 Foreign currency denominated assets (10) 21,639 + 68 + 800 21,722 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,460 + 14 + 497 50,460 Total factors supplying reserve funds 7,053,645 + 54,269 +3,239,447 7,059,309 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 19, 2020 Federal Reserve Banks Aug 19, 2020 Aug 12, 2020 Aug 21, 2019 Currency in circulation (11) 2,007,619 + 4,453 + 258,437 2,009,715 Reverse repurchase agreements (12) 214,577 - 2,822 - 96,190 211,342 Foreign official and international accounts 214,535 - 2,848 - 84,292 211,230 Others 42 + 26 - 11,897 112 Treasury cash holdings 56 + 10 - 115 60 Deposits with F.R. Banks, other than reserve balances 1,838,536 + 13,091 +1,644,884 1,854,307 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 1,643,505 - 26,228 +1,517,780 1,636,393 Foreign official 16,603 + 381 + 11,347 16,610 Other (13) 178,428 + 38,938 + 115,757 201,304 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000 Other liabilities and capital (15) 51,171 + 812 + 6,790 48,036 Total factors, other than reserve balances, absorbing reserve funds 4,225,960 + 15,545 +1,927,807 4,237,460 Reserve balances with Federal Reserve Banks 2,827,685 + 38,724 +1,311,640 2,821,849 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 19, 2020 Aug 19, 2020 Aug 12, 2020 Aug 21, 2019 Securities held in custody for foreign official and international accounts 3,417,410 + 9,624 - 53,936 3,423,177 Marketable U.S. Treasury securities (1) 2,971,644 + 9,093 - 61,794 2,978,081 Federal agency debt and mortgage-backed securities (2) 359,928 + 661 + 2,550 359,210 Other securities (3) 85,838 - 130 + 5,308 85,886 Securities lent to dealers 27,363 + 571 + 1,968 26,264 Overnight facility (4) 27,363 + 571 + 1,968 26,264 U.S. Treasury securities 27,363 + 571 + 1,968 26,264 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 19, 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) 3,386 5,595 5,408 67,800 0 ... 82,190 U.S. Treasury securities (2) Holdings 62,806 237,795 664,486 1,647,558 762,621 970,278 4,345,544 Weekly changes - 53,909 + 15,344 + 31,957 + 5,029 + 7,996 + 19,034 + 25,451 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 2,267 77,476 1,898,149 1,977,897 Weekly changes 0 0 0 + 1 - 567 + 44,915 + 44,349 Commercial paper held by Commercial Paper Funding Facility II LLC (5) 0 30 0 ... ... ... 30 Loan participations held by MS Facilities LLC (Main Street Lending Program) (6) 0 0 0 472 ... ... 472 Municipal notes held by Municipal Liquidity Facility LLC (7) 0 0 1,200 0 ... ... 1,200 Loans held by TALF II LLC (8) 10 0 0 2,255 ... ... 2,266 Repurchase agreements (9) 0 0 ... ... ... ... 0 Central bank liquidity swaps (10) 24,962 70,817 0 0 0 0 95,780 Reverse repurchase agreements (9) 211,342 0 ... ... ... ... 211,342 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 19, 2020 Mortgage-backed securities held outright (1) 1,977,897 Residential mortgage-backed securities 1,968,594 Commercial mortgage-backed securities 9,303 Commitments to buy mortgage-backed securities (2) 113,553 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 11 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 19, 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 30 30 8,558 8,588 Corporate Credit Facilities LLC 12,304 12,498 31,982 44,480 MS Facilities LLC (Main Street Lending Program) 472 472 37,511 37,983 Municipal Liquidity Facility LLC 1,200 1,200 14,889 16,089 TALF II LLC 2,266 2,266 8,505 10,771 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 19, 2020 Wednesday Wednesday consolidation Aug 12, 2020 Aug 21, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,496 - 17 - 228 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,728,809 + 71,655 +3,021,496 Securities held outright (1) 6,325,788 + 69,800 +2,733,851 U.S. Treasury securities 4,345,544 + 25,451 +2,256,624 Bills (2) 326,044 0 + 323,043 Notes and bonds, nominal (2) 3,706,835 + 25,066 +1,761,236 Notes and bonds, inflation-indexed (2) 275,707 0 + 159,162 Inflation compensation (3) 36,958 + 385 + 13,183 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 1,977,897 + 44,349 + 477,227 Unamortized premiums on securities held outright (5) 325,894 + 2,932 + 197,651 Unamortized discounts on securities held outright (5) -5,063 - 183 + 7,983 Repurchase agreements (6) 0 0 0 Loans (7) 82,190 - 894 + 82,011 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 8,588 - 15 + 8,588 Net portfolio holdings of Corporate Credit Facilities LLC (8) 44,480 + 67 + 44,480 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (8) 37,983 + 249 + 37,983 Net portfolio holdings of Municipal Liquidity Facility LLC (8) 16,089 + 1 + 16,089 Net portfolio holdings of TALF II LLC (8) 10,771 + 647 + 10,771 Items in process of collection (0) 46 + 1 - 7 Bank premises 2,197 0 + 6 Central bank liquidity swaps (9) 95,780 - 4,002 + 95,737 Foreign currency denominated assets (10) 21,722 + 204 + 893 Other assets (11) 26,440 - 15,430 + 9,963 Total assets (0) 7,010,637 + 53,360 +3,245,771 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 19, 2020 Wednesday Wednesday consolidation Aug 12, 2020 Aug 21, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,960,808 + 3,424 + 257,692 Reverse repurchase agreements (12) 211,342 - 7,004 - 89,876 Deposits (0) 4,676,159 + 58,132 +2,959,873 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,821,853 - 6,317 +1,304,033 U.S. Treasury, General Account 1,636,393 + 1,250 +1,504,946 Foreign official 16,610 + 388 + 11,354 Other (13) (0) 201,304 + 62,812 + 139,541 Deferred availability cash items (0) 291 - 43 + 84 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 Other liabilities and accrued dividends (15) 9,160 - 1,139 + 4,416 Total liabilities (0) 6,971,760 + 53,369 +3,246,188 Capital accounts Capital paid in 32,052 - 10 - 417 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,877 - 10 - 417 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 19, 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 1,496 32 36 123 88 214 143 244 29 44 95 161 289 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,728,809 162,291 3,454,705 157,920 209,945 421,949 493,998 375,335 106,878 69,308 111,800 323,453 841,227 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 8,588 0 8,588 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC (2) 44,480 0 44,480 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (2) 37,983 37,983 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (2) 16,089 0 16,089 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC (2) 10,771 0 10,771 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 95,780 4,546 32,188 3,447 8,185 20,216 4,750 3,720 1,570 750 1,010 1,137 14,261 Foreign currency denominated assets (4) 21,722 1,031 7,302 782 1,856 4,584 1,077 843 356 170 229 258 3,234 Other assets (5) 28,682 2,256 12,085 714 961 2,079 2,168 1,628 621 391 756 1,575 3,447 Interdistrict settlement account 0 - 54,887 + 475,802 - 18,159 + 22,898 - 7,299 - 110,874 - 28,034 - 23,418 - 14,702 - 27,281 - 43,275 - 170,769 Total assets 7,010,637 153,785 4,067,529 145,355 244,693 442,908 393,446 354,872 86,516 56,230 87,059 284,511 693,733 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 19, 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 1,960,808 61,233 658,658 56,518 93,469 125,522 274,109 126,675 59,583 32,882 53,340 165,101 253,718 Reverse repurchase agreements (6) 211,342 4,746 109,424 4,822 6,612 13,246 15,575 11,804 3,339 1,997 3,361 10,185 26,230 Deposits 4,676,159 46,569 3,207,572 82,318 140,954 295,112 101,279 214,292 22,656 20,580 29,683 108,114 407,031 Depository institutions 2,821,853 46,548 1,452,623 82,316 140,918 294,901 101,244 116,508 22,652 20,523 29,641 106,954 407,025 U.S. Treasury, General Account 1,636,393 0 1,636,393 0 0 0 0 0 0 0 0 0 0 Foreign official 16,610 2 16,583 1 3 8 2 2 1 0 0 0 6 Other (7) 201,304 19 101,972 0 32 202 33 97,782 4 57 42 1,160 0 Earnings remittances due to the U.S. Treasury (8) 2,641 60 1,362 60 91 188 191 143 39 21 36 118 334 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 6,810 347 2,502 232 267 654 545 431 188 423 222 340 658 Total liabilities 6,971,760 151,955 4,054,518 143,949 241,392 434,722 391,700 353,345 85,805 55,903 86,642 283,859 687,971 Capital Capital paid in 32,052 1,506 10,718 1,161 2,718 6,746 1,407 1,263 599 273 345 571 4,746 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 7,010,637 153,785 4,067,529 145,355 244,693 442,908 393,446 354,872 86,516 56,230 87,059 284,511 693,733 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 19, 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 19, 2020 Federal Reserve notes outstanding 2,112,021 Less: Notes held by F.R. Banks not subject to collateralization 151,213 Federal Reserve notes to be collateralized 1,960,808 Collateral held against Federal Reserve notes 1,960,808 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,944,571 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,325,788 Less: Face value of securities under reverse repurchase agreements 200,525 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,125,262 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.