FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks October 8, 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 Oct 7, 2020 Federal Reserve Banks Oct 7, 2020 Sep 30, 2020 Oct 9, 2019 Reserve Bank credit 7,019,728 + 3,323 +3,110,403 7,034,915 Securities held outright (1) 6,441,104 + 11,161 +2,851,604 6,454,984 U.S. Treasury securities 4,455,970 + 17,163 +2,336,081 4,469,848 Bills (2) 326,044 0 + 320,042 326,044 Notes and bonds, nominal (2) 3,800,798 + 15,450 +1,831,176 3,814,590 Notes and bonds, inflation-indexed (2) 288,760 + 1,408 + 168,910 288,760 Inflation compensation (3) 40,368 + 304 + 15,953 40,454 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,982,787 - 6,002 + 515,523 1,982,789 Unamortized premiums on securities held outright (5) 333,953 + 749 + 206,063 334,331 Unamortized discounts on securities held outright (5) -4,713 + 23 + 7,874 -4,694 Repurchase agreements (6) 1,008 + 579 - 178,313 1,059 Foreign official 1,000 + 571 + 1,000 1,000 Others 8 + 8 - 179,313 59 Loans 76,238 - 1,261 + 76,161 75,924 Primary credit 2,889 - 225 + 2,887 2,939 Secondary credit 0 0 0 0 Seasonal credit 33 - 8 - 41 33 Primary Dealer Credit Facility 233 0 + 233 233 Money Market Mutual Fund Liquidity Facility 6,507 - 689 + 6,507 6,292 Paycheck Protection Program Liquidity Facility 66,576 - 338 + 66,576 66,426 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 8,589 + 1 + 8,589 8,590 Net portfolio holdings of Corporate Credit Facilities LLC (7) 45,103 + 77 + 45,103 45,164 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (7) 39,941 + 422 + 39,941 40,076 Net portfolio holdings of Municipal Liquidity Facility LLC (7) 16,547 + 1 + 16,547 16,548 Net portfolio holdings of TALF II LLC (7) 11,715 + 199 + 11,715 11,715 Float -219 + 283 - 107 -407 Central bank liquidity swaps (8) 15,838 - 9,561 + 15,799 15,838 Other Federal Reserve assets (9) 34,624 + 649 + 9,427 35,787 Foreign currency denominated assets (10) 21,579 + 104 + 928 21,551 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,425 + 14 + 424 50,425 Total factors supplying reserve funds 7,107,973 + 3,441 +3,111,756 7,123,133 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 Oct 7, 2020 Federal Reserve Banks Oct 7, 2020 Sep 30, 2020 Oct 9, 2019 Currency in circulation (11) 2,034,914 + 4,983 + 268,619 2,038,364 Reverse repurchase agreements (12) 199,220 - 3,302 - 91,116 188,543 Foreign official and international accounts 199,218 - 2,996 - 86,779 188,532 Others 2 - 306 - 4,336 11 Treasury cash holdings 25 - 13 - 165 25 Deposits with F.R. Banks, other than reserve balances 1,869,950 - 940 +1,482,482 1,869,371 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 1,697,074 + 17,922 +1,378,883 1,687,434 Foreign official 18,892 + 14 + 13,706 18,897 Other (13) 153,984 - 18,876 + 89,893 163,039 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000 Other liabilities and capital (15) 49,003 + 1,169 + 3,530 49,473 Total factors, other than reserve balances, absorbing reserve funds 4,267,113 + 1,897 +1,777,350 4,259,776 Reserve balances with Federal Reserve Banks 2,840,860 + 1,544 +1,334,405 2,863,357 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 Oct 7, 2020 Oct 7, 2020 Sep 30, 2020 Oct 9, 2019 Securities held in custody for foreign official and international accounts 3,410,448 - 1,671 - 8,331 3,414,017 Marketable U.S. Treasury securities (1) 2,979,782 - 550 + 2,799 2,983,047 Federal agency debt and mortgage-backed securities (2) 345,393 - 969 - 14,192 345,354 Other securities (3) 85,274 - 151 + 3,063 85,617 Securities lent to dealers 23,988 - 1,364 - 3,739 28,283 Overnight facility (4) 23,988 - 1,364 - 3,739 28,283 U.S. Treasury securities 23,988 - 1,364 - 3,739 28,283 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, October 7, 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) 1,465 5,153 2,879 66,426 0 ... 75,924 U.S. Treasury securities (2) Holdings 60,673 281,358 648,353 1,686,755 797,112 995,597 4,469,848 Weekly changes + 4,567 + 42,964 - 46,446 + 13,219 + 8,244 + 1,824 + 24,371 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 2,140 78,238 1,902,405 1,982,789 Weekly changes 0 0 + 1 + 12 + 819 - 819 + 14 Commercial paper held by Commercial Paper Funding Facility II LLC (5) 30 0 0 ... ... ... 30 Loan participations held by MS Facilities LLC (Main Street Lending Program) (6) 0 0 0 2,553 ... ... 2,553 Municipal notes held by Municipal Liquidity Facility LLC (7) 0 0 1,200 451 ... ... 1,651 Loans held by TALF II LLC (8) 0 0 0 3,127 ... ... 3,127 Repurchase agreements (9) 1,059 0 ... ... ... ... 1,059 Central bank liquidity swaps (10) 10,719 5,120 0 0 0 0 15,838 Reverse repurchase agreements (9) 188,543 0 ... ... ... ... 188,543 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 Oct 7, 2020 Mortgage-backed securities held outright (1) 1,982,789 Residential mortgage-backed securities 1,973,276 Commercial mortgage-backed securities 9,514 Commitments to buy mortgage-backed securities (2) 172,317 Commitments to sell mortgage-backed securities (2) 10,000 Cash and cash equivalents (3) 2 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 Oct 7, 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 8,560 8,590 Corporate Credit Facilities LLC 12,981 13,118 32,046 45,164 MS Facilities LLC (Main Street Lending Program) 2,552 2,553 37,523 40,076 Municipal Liquidity Facility LLC 1,651 1,651 14,897 16,548 TALF II LLC 3,207 3,127 8,588 11,715 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 Oct 7, 2020 Wednesday Wednesday consolidation Sep 30, 2020 Oct 9, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,481 + 4 - 219 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,861,604 + 22,946 +2,976,317 Securities held outright (1) 6,454,984 + 24,385 +2,863,879 U.S. Treasury securities 4,469,848 + 24,371 +2,348,363 Bills (2) 326,044 0 + 320,042 Notes and bonds, nominal (2) 3,814,590 + 24,137 +1,844,624 Notes and bonds, inflation-indexed (2) 288,760 0 + 167,767 Inflation compensation (3) 40,454 + 234 + 15,930 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 1,982,789 + 14 + 515,516 Unamortized premiums on securities held outright (5) 334,331 + 909 + 206,318 Unamortized discounts on securities held outright (5) -4,694 + 42 + 7,859 Repurchase agreements (6) 1,059 + 59 - 177,591 Loans (7) 75,924 - 2,449 + 75,852 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 8,590 + 1 + 8,590 Net portfolio holdings of Corporate Credit Facilities LLC (8) 45,164 + 122 + 45,164 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (8) 40,076 + 358 + 40,076 Net portfolio holdings of Municipal Liquidity Facility LLC (8) 16,548 + 1 + 16,548 Net portfolio holdings of TALF II LLC (8) 11,715 0 + 11,715 Items in process of collection (0) 57 - 15 + 5 Bank premises 2,189 - 12 + 3 Central bank liquidity swaps (9) 15,838 - 8,057 + 15,799 Foreign currency denominated assets (10) 21,551 - 2 + 932 Other assets (11) 33,599 + 3,174 + 9,763 Total assets (0) 7,074,649 + 18,520 +3,124,694 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 Oct 7, 2020 Wednesday Wednesday consolidation Sep 30, 2020 Oct 9, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,989,441 + 5,811 + 268,451 Reverse repurchase agreements (12) 188,543 - 16,690 - 102,566 Deposits (0) 4,732,727 + 28,408 +2,840,386 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,863,357 + 120,111 +1,334,963 U.S. Treasury, General Account 1,687,434 - 94,245 +1,390,045 Foreign official 18,897 - 19 + 13,712 Other (13) (0) 163,039 + 2,562 + 101,666 Deferred availability cash items (0) 465 - 937 + 323 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 Other liabilities and accrued dividends (15) 10,254 + 1,926 + 4,204 Total liabilities (0) 7,035,431 + 18,519 +3,124,798 Capital accounts Capital paid in 32,394 + 2 - 103 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,219 + 2 - 103 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, October 7, 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 1,481 27 28 121 84 205 148 247 28 42 101 168 282 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,861,604 160,686 3,525,664 161,376 214,521 429,563 504,166 382,988 109,102 71,220 113,901 330,005 858,412 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 8,590 0 8,590 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC (2) 45,164 0 45,164 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (2) 40,076 40,076 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (2) 16,548 0 16,548 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC (2) 11,715 0 11,715 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 15,838 752 5,323 570 1,353 3,343 786 615 260 124 167 188 2,358 Foreign currency denominated assets (4) 21,551 1,023 7,244 775 1,841 4,548 1,069 837 353 169 227 256 3,208 Other assets (5) 35,845 2,408 15,852 879 1,182 2,512 2,710 2,033 715 483 862 1,859 4,350 Interdistrict settlement account 0 - 42,660 + 429,803 - 33,579 + 51,153 - 10,778 - 104,877 - 4,372 - 23,892 - 15,891 - 25,358 - 41,411 - 178,139 Total assets 7,074,649 162,844 4,071,415 130,672 270,896 430,558 406,184 383,485 87,046 56,416 90,350 292,266 692,517 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, October 7, 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 1,989,441 61,691 663,027 56,300 93,867 131,566 281,221 128,175 59,203 33,439 54,517 167,709 258,725 Reverse repurchase agreements (6) 188,543 4,234 97,620 4,302 5,899 11,817 13,895 10,531 2,979 1,782 2,998 9,087 23,401 Deposits 4,732,727 55,667 3,217,549 68,377 167,421 278,246 108,530 242,667 23,901 20,243 32,154 114,332 403,642 Depository institutions 2,863,357 55,656 1,458,095 68,376 167,349 277,037 108,430 135,377 23,894 20,189 32,126 113,233 403,595 U.S. Treasury, General Account 1,687,434 0 1,687,434 0 0 0 0 0 0 0 0 0 0 Foreign official 18,897 2 18,871 1 3 8 2 2 1 0 0 0 6 Other (7) 163,039 9 53,149 0 68 1,200 98 107,288 6 54 27 1,098 41 Earnings remittances due to the U.S. Treasury (8) 2,129 31 1,220 45 41 60 165 122 31 17 33 113 251 Treasury contributions to credit facilities (9) 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 8,590 389 3,828 240 288 691 577 460 204 605 226 363 718 Total liabilities 7,035,431 161,012 4,058,243 129,264 267,516 422,379 404,388 381,955 86,318 56,087 89,929 291,604 686,736 Capital Capital paid in 32,394 1,508 10,878 1,162 2,797 6,738 1,458 1,266 616 275 349 581 4,765 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 7,074,649 162,844 4,071,415 130,672 270,896 430,558 406,184 383,485 87,046 56,416 90,350 292,266 692,517 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, October 7, 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 and to eligible nonprofits. 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 Oct 7, 2020 Federal Reserve notes outstanding 2,135,660 Less: Notes held by F.R. Banks not subject to collateralization 146,219 Federal Reserve notes to be collateralized 1,989,441 Collateral held against Federal Reserve notes 1,989,441 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,973,204 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,456,043 Less: Face value of securities under reverse repurchase agreements 179,619 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,276,425 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.