FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, September 3, 2020

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	September 3, 2020

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Sep 2, 2020
	Week ended Sep 2, 2020	Change from week ended
	Week ended Sep 2, 2020	Aug 26, 2020	Sep 4, 2019
Reserve Bank credit	6,961,634	- 13,681	+3,239,672	6,977,204
Securities held outright¹	6,322,743	- 10,585	+2,735,651	6,338,219
U.S. Treasury securities	4,371,162	+ 17,926	+2,276,022	4,386,637
Bills²	326,044	0	+ 323,043	326,044
Notes and bonds, nominal²	3,727,642	+ 14,654	+1,775,840	3,742,629
Notes and bonds, inflation-indexed²	279,567	+ 2,661	+ 163,022	279,915
Inflation compensation³	37,908	+ 610	+ 14,116	38,049
Federal agency debt securities²	2,347	0	0	2,347
Mortgage-backed securities⁴	1,949,234	- 28,511	+ 459,629	1,949,236
Unamortized premiums on securities held outright⁵	326,672	+ 66	+ 198,985	327,480
Unamortized discounts on securities held outright⁵	-4,979	+ 28	+ 7,947	-4,987
Repurchase agreements⁶	0	0	0	0
Foreign official	0	0	0	0
Others	0	0	0	0
Loans	80,868	- 695	+ 80,771	80,462
Primary credit	2,734	+ 92	+ 2,733	2,956
Secondary credit	0	0	0	0
Seasonal credit	33	- 7	- 64	32
Primary Dealer Credit Facility	243	- 289	+ 243	243
Money Market Mutual Fund Liquidity Facility	9,649	- 778	+ 9,649	9,141
Paycheck Protection Program Liquidity Facility	68,208	+ 287	+ 68,208	68,090
Other credit extensions	0	0	0	0
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁷	8,588	0	+ 8,588	8,588
Net portfolio holdings of Corporate Credit Facilities LLC⁷	44,669	+ 127	+ 44,669	44,756
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁷	38,556	+ 358	+ 38,556	38,687
Net portfolio holdings of Municipal Liquidity Facility LLC⁷	16,541	+ 388	+ 16,541	16,542
Net portfolio holdings of TALF II LLC⁷	11,096	+ 325	+ 11,096	11,146
Float	-670	- 465	- 148	-805
Central bank liquidity swaps⁸	89,010	- 3,130	+ 88,138	88,967
Other Federal Reserve assets⁹	28,540	- 99	+ 8,879	28,148
Foreign currency denominated assets¹⁰	21,730	+ 135	+ 932	21,714
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	50,382	+ 14	+ 413	50,382

Total factors supplying reserve funds	7,049,987	- 13,532	+3,241,017	7,065,542

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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Sep 2, 2020
	Week ended Sep 2, 2020	Change from week ended
	Week ended Sep 2, 2020	Aug 26, 2020	Sep 4, 2019
Currency in circulation¹¹	2,016,978	+ 5,918	+ 256,325	2,021,810
Reverse repurchase agreements¹²	212,925	- 331	- 88,776	212,664
Foreign official and international accounts	212,920	- 312	- 81,404	212,650
Others	5	- 19	- 7,372	14
Treasury cash holdings	60	0	- 98	51
Deposits with F.R. Banks, other than reserve balances	1,806,455	- 54,744	+1,591,697	1,817,516
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	1,639,159	+ 16,469	+1,490,419	1,651,823
Foreign official	16,615	+ 3	+ 11,345	16,619
Other¹³	150,680	- 71,218	+ 89,931	149,074
Treasury contributions to credit facilities¹⁴	114,000	0	+ 114,000	114,000
Other liabilities and capital¹⁵	47,653	- 496	+ 3,508	48,901

Total factors, other than reserve balances, absorbing reserve funds	4,198,071	- 49,654	+1,876,656	4,214,942

Reserve balances with Federal Reserve Banks	2,851,916	+ 36,122	+1,364,361	2,850,600

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 Sep 2, 2020
	Week ended Sep 2, 2020	Change from week ended
	Week ended Sep 2, 2020	Aug 26, 2020	Sep 4, 2019
Securities held in custody for foreign official and international accounts	3,401,338	- 11,990	- 49,673	3,394,582
Marketable U.S. Treasury securities¹	2,961,722	- 10,446	- 48,660	2,954,611
Federal agency debt and mortgage-backed securities²	352,953	- 2,212	- 6,972	353,182
Other securities³	86,663	+ 668	+ 5,959	86,788
Securities lent to dealers	28,483	+ 2,073	+ 332	28,430
Overnight facility⁴	28,483	+ 2,073	+ 332	28,430
U.S. Treasury securities	28,483	+ 2,073	+ 332	28,430
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, September 2, 2020

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans¹	3,078	4,794	4,499	68,090	1	...	80,462
U.S. Treasury securities²
Holdings	51,692	263,002	663,688	1,662,079	766,933	979,243	4,386,637
Weekly changes	- 12,425	+ 25,817	- 128	+ 13,429	- 4,968	+ 6,354	+ 28,078
Federal agency debt securities³
Holdings	0	0	0	0	1,436	911	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities⁴
Holdings	0	0	5	2,179	75,958	1,871,094	1,949,236
Weekly changes	0	0	+ 1	+ 13	- 13	+ 8	+ 8
Commercial paper held by Commercial
Paper Funding Facility II LLC⁵	0	30	0	...	...	...	30
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)⁶	0	0	0	1,172	...	...	1,172
Municipal notes held by Municipal
Liquidity Facility LLC⁷	0	0	1,200	451	...	...	1,651
Loans held by TALF II LLC⁸	0	2	0	2,637	...	...	2,639
Repurchase agreements⁹	0	0	...	...	...	...	0
Central bank liquidity swaps¹⁰	56,068	32,899	0	0	0	0	88,967
Reverse repurchase agreements⁹	212,664	0	...	...	...	...	212,664
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
Account name	Sep 2, 2020
Mortgage-backed securities held outright¹	1,949,236
Residential mortgage-backed securities	1,939,922
Commercial mortgage-backed securities	9,313

Commitments to buy mortgage-backed securities²	137,798
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	1

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 Sep 2, 2020
		Net portfolio holdings of
		Credit Facilities LLCs
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC¹	purchases²	other assets³	Total
Commercial Paper Funding Facility II LLC	30	30	8,558	8,588
Corporate Credit Facilities LLC	12,513	12,750	32,007	44,756
MS Facilities LLC (Main Street Lending Program)	1,172	1,172	37,516	38,687
Municipal Liquidity Facility LLC	1,651	1,651	14,891	16,542
TALF II LLC	2,639	2,639	8,507	11,146

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 from consolidation	Wednesday Sep 2, 2020	Change since
			Wednesday	Wednesday
			Aug 26, 2020	Sep 4, 2019
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,477	- 13	- 225
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,741,174	+ 28,854	+3,039,338
Securities held outright¹		6,338,219	+ 28,085	+2,751,103
U.S. Treasury securities		4,386,637	+ 28,078	+2,291,473
Bills²		326,044	0	+ 323,043
Notes and bonds, nominal²		3,742,629	+ 24,460	+1,790,827
Notes and bonds, inflation-indexed²		279,915	+ 3,009	+ 163,370
Inflation compensation³		38,049	+ 609	+ 14,233
Federal agency debt securities²		2,347	0	0
Mortgage-backed securities⁴		1,949,236	+ 8	+ 459,631
Unamortized premiums on securities held outright⁵		327,480	+ 1,410	+ 199,896
Unamortized discounts on securities held outright⁵		-4,987	+ 2	+ 7,970
Repurchase agreements⁶		0	0	0
Loans⁷		80,462	- 643	+ 80,369
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁸		8,588	0	+ 8,588
Net portfolio holdings of Corporate Credit Facilities LLC⁸		44,756	+ 152	+ 44,756
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁸		38,687	+ 316	+ 38,687
Net portfolio holdings of Municipal Liquidity Facility LLC⁸		16,542	+ 1	+ 16,542
Net portfolio holdings of TALF II LLC⁸		11,146	+ 375	+ 11,146
Items in process of collection	(0)	55	+ 10	- 32
Bank premises		2,190	- 7	+ 6
Central bank liquidity swaps⁹		88,967	- 3,173	+ 88,095
Foreign currency denominated assets¹⁰		21,714	+ 120	+ 947
Other assets¹¹		25,959	+ 438	+ 8,136

Total assets	(0)	7,017,492	+ 27,074	+3,255,984

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 from consolidation	Wednesday Sep 2, 2020	Change since
			Wednesday	Wednesday
			Aug 26, 2020	Sep 4, 2019
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,972,952	+ 7,839	+ 255,371
Reverse repurchase agreements¹²		212,664	- 411	- 89,962
Deposits	(0)	4,668,116	+ 15,909	+2,971,662
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,850,600	- 24,800	+1,396,146
U.S. Treasury, General Account		1,651,823	+ 44,374	+1,477,044
Foreign official		16,619	+ 5	+ 11,364
Other¹³	(0)	149,074	- 3,669	+ 87,108
Deferred availability cash items	(0)	860	+ 489	+ 260
Treasury contributions to credit facilities¹⁴		114,000	0	+ 114,000
Other liabilities and accrued dividends¹⁵		9,820	+ 3,098	+ 4,823

Total liabilities	(0)	6,978,411	+ 26,924	+3,256,153

Capital accounts
Capital paid in		32,256	+ 150	- 169
Surplus		6,825	0	0
Other capital accounts		0	0	0

Total capital		39,081	+ 150	- 169

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, September 2, 2020

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	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	1,477	31	33	123	84	205	138	245	28	42	94	161	291
Securities, unamortized premiums and discounts, repurchase agreements, and loans¹	6,741,174	160,954	3,461,753	158,049	210,521	422,906	495,017	375,783	107,112	69,797	111,942	324,173	843,168
Net portfolio holdings of Commercial Paper Funding Facility II LLC²	8,588	0	8,588	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Corporate Credit Facilities LLC²	44,756	0	44,756	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)²	38,687	38,687	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC²	16,542	0	16,542	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC²	11,146	0	11,146	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps³	88,967	4,223	29,898	3,202	7,603	18,778	4,412	3,455	1,458	697	938	1,056	13,246
Foreign currency denominated
assets⁴	21,714	1,026	7,361	778	1,847	4,563	1,072	840	354	169	228	257	3,219
Other assets⁵	28,203	2,245	11,827	699	938	2,037	2,134	1,601	736	403	729	1,463	3,392
Interdistrict settlement account	0	- 49,893	+ 401,496	- 21,947	+ 37,126	- 20,051	- 101,910	- 6,457	- 21,313	- 12,933	- 22,590	- 43,309	- 138,217

Total assets	7,017,492	157,807	3,998,884	141,433	258,879	429,603	403,046	376,603	88,855	58,445	91,792	285,003	727,143

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, September 2, 2020 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes, net	1,972,952	61,436	661,327	56,612	93,776	127,756	276,341	127,352	59,767	33,133	54,306	165,992	255,155
Reverse repurchase agreements⁶	212,664	4,776	110,108	4,852	6,654	13,328	15,673	11,878	3,360	2,010	3,382	10,249	26,394
Deposits	4,668,116	50,362	3,134,637	78,288	154,810	279,520	108,516	235,296	24,790	21,971	33,353	107,666	438,908
Depository institutions	2,850,600	50,338	1,421,932	78,286	154,768	278,947	108,478	133,221	24,782	21,912	33,318	105,726	438,891
U.S. Treasury, General Account	1,651,823	0	1,651,823	0	0	0	0	0	0	0	0	0	0
Foreign official	16,619	2	16,592	1	3	8	2	2	1	0	0	0	6
Other⁷	149,074	21	44,289	0	39	565	35	102,073	7	59	35	1,939	11
Earnings remittances due to the U.S. Treasury⁸	2,523	53	1,289	55	81	173	195	140	38	29	40	121	310
Treasury contributions to credit facilities⁹	114,000	39,000	75,000	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	8,157	351	3,360	219	257	640	525	409	189	975	294	323	615

Total liabilities	6,978,411	155,977	3,985,721	140,026	255,578	421,417	401,249	375,075	88,143	58,118	91,374	284,351	721,382

Capital
Capital paid in	32,256	1,506	10,869	1,161	2,718	6,746	1,459	1,263	600	274	345	570	4,745
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	7,017,492	157,807	3,998,884	141,433	258,879	429,603	403,046	376,603	88,855	58,445	91,792	285,003	727,143

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, September 2, 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).

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
Federal Reserve notes and collateral	Sep 2, 2020
Federal Reserve notes outstanding	2,119,492
Less: Notes held by F.R. Banks not subject to collateralization	146,540
Federal Reserve notes to be collateralized	1,972,952
Collateral held against Federal Reserve notes	1,972,952
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,956,715
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	6,338,219
Less: Face value of securities under reverse repurchase agreements	199,878
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	6,138,342

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

1.	Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.
2.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

Statistical releases