FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks October 29, 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 28, 2020 Federal Reserve Banks Oct 28, 2020 Oct 21, 2020 Oct 30, 2019 Reserve Bank credit 7,124,894 + 14,029 +3,158,955 7,106,102 Securities held outright (1) 6,547,389 + 13,939 +2,934,591 6,529,839 U.S. Treasury securities 4,517,762 + 22,158 +2,354,787 4,527,186 Bills (2) 326,044 0 + 285,752 326,044 Notes and bonds, nominal (2) 3,853,927 + 20,232 +1,876,757 3,863,263 Notes and bonds, inflation-indexed (2) 295,962 + 1,544 + 174,969 295,962 Inflation compensation (3) 41,830 + 383 + 17,310 41,918 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 2,027,280 - 8,219 + 579,804 2,000,305 Unamortized premiums on securities held outright (5) 338,677 + 949 + 211,918 338,236 Unamortized discounts on securities held outright (5) -4,595 + 28 + 8,106 -4,589 Repurchase agreements (6) 1,000 0 - 210,736 1,000 Foreign official 1,000 0 + 1,000 1,000 Others 0 0 - 211,736 0 Loans 72,406 - 1,744 + 72,351 72,462 Primary credit 2,656 - 148 + 2,643 2,790 Secondary credit 0 0 0 0 Seasonal credit 4 - 5 - 38 1 Primary Dealer Credit Facility 236 + 43 + 236 243 Money Market Mutual Fund Liquidity Facility 5,627 - 392 + 5,627 5,530 Paycheck Protection Program Liquidity Facility 63,883 - 1,242 + 63,883 63,899 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 8,561 + 2 + 8,561 8,576 Net portfolio holdings of Corporate Credit Facilities LLC (7) 45,435 + 81 + 45,435 45,477 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (7) 41,142 + 422 + 41,142 41,273 Net portfolio holdings of Municipal Liquidity Facility LLC (7) 16,550 + 1 + 16,550 16,551 Net portfolio holdings of TALF II LLC (7) 11,762 + 7 + 11,762 11,763 Float -256 - 37 - 7 -757 Central bank liquidity swaps (8) 6,799 - 652 + 6,758 6,799 Other Federal Reserve assets (9) 40,023 + 1,033 + 12,524 39,473 Foreign currency denominated assets (10) 21,719 + 118 + 1,081 21,672 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,467 + 14 + 447 50,467 Total factors supplying reserve funds 7,213,321 + 14,161 +3,160,484 7,194,482 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 28, 2020 Federal Reserve Banks Oct 28, 2020 Oct 21, 2020 Oct 30, 2019 Currency in circulation (11) 2,042,923 + 829 + 266,884 2,044,990 Reverse repurchase agreements (12) 194,892 + 5,556 - 91,822 201,893 Foreign official and international accounts 194,891 + 5,558 - 91,716 201,888 Others 1 - 2 - 107 5 Treasury cash holdings 43 + 4 - 149 49 Deposits with F.R. Banks, other than reserve balances 1,932,177 - 10,634 +1,470,866 1,838,848 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 1,680,933 - 43,859 +1,291,061 1,653,039 Foreign official 21,249 + 1,215 + 16,062 21,251 Other (13) 229,996 + 32,011 + 163,744 164,558 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000 Other liabilities and capital (15) 48,505 - 1,896 + 3,627 47,446 Total factors, other than reserve balances, absorbing reserve funds 4,332,541 - 6,139 +1,763,406 4,247,226 Reserve balances with Federal Reserve Banks 2,880,781 + 20,301 +1,397,079 2,947,256 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 28, 2020 Oct 28, 2020 Oct 21, 2020 Oct 30, 2019 Securities held in custody for foreign official and international accounts 3,394,941 - 7,848 - 26,720 3,398,810 Marketable U.S. Treasury securities (1) 2,953,892 - 16,912 - 22,515 2,959,726 Federal agency debt and mortgage-backed securities (2) 355,041 + 8,615 - 6,958 352,714 Other securities (3) 86,008 + 449 + 2,753 86,369 Securities lent to dealers 24,854 + 3,256 + 2,405 26,544 Overnight facility (4) 24,854 + 3,256 + 2,405 26,544 U.S. Treasury securities 24,854 + 3,256 + 2,405 26,544 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 28, 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) 1,083 5,569 1,911 63,899 0 ... 72,462 U.S. Treasury securities (2) Holdings 76,703 269,340 654,840 1,710,201 809,323 1,006,780 4,527,186 Weekly changes - 2,957 + 4,341 - 1,366 + 8,860 + 4,032 + 4,500 + 17,408 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 4 2,039 76,228 1,922,034 2,000,305 Weekly changes 0 0 - 1 - 96 - 1,384 - 45,449 - 46,930 Commercial paper held by Commercial Paper Funding Facility II LLC (5) 0 0 0 ... ... ... 0 Loan participations held by MS Facilities LLC (Main Street Lending Program) (6) 0 0 0 3,732 ... ... 3,732 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 3,099 ... ... 3,099 Repurchase agreements (9) 1,000 0 ... ... ... ... 1,000 Central bank liquidity swaps (10) 1,261 5,539 0 0 0 0 6,799 Reverse repurchase agreements (9) 201,893 0 ... ... ... ... 201,893 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 28, 2020 Mortgage-backed securities held outright (1) 2,000,305 Residential mortgage-backed securities 1,990,576 Commercial mortgage-backed securities 9,729 Commitments to buy mortgage-backed securities (2) 143,928 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 115 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 28, 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 0 0 8,576 8,576 Corporate Credit Facilities LLC 13,285 13,405 32,072 45,477 MS Facilities LLC (Main Street Lending Program) 3,731 3,732 37,541 41,273 Municipal Liquidity Facility LLC 1,651 1,651 14,900 16,551 TALF II LLC 3,252 3,099 8,664 11,763 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 28, 2020 Wednesday Wednesday consolidation Oct 21, 2020 Oct 30, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,478 - 4 - 196 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,936,948 - 30,839 +2,983,878 Securities held outright (1) 6,529,839 - 29,521 +2,906,239 U.S. Treasury securities 4,527,186 + 17,408 +2,351,695 Bills (2) 326,044 0 + 275,036 Notes and bonds, nominal (2) 3,863,263 + 15,871 +1,884,292 Notes and bonds, inflation-indexed (2) 295,962 + 1,201 + 174,969 Inflation compensation (3) 41,918 + 337 + 17,399 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 2,000,305 - 46,930 + 554,543 Unamortized premiums on securities held outright (5) 338,236 - 588 + 211,584 Unamortized discounts on securities held outright (5) -4,589 + 19 + 8,161 Repurchase agreements (6) 1,000 0 - 214,500 Loans (7) 72,462 - 750 + 72,394 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 8,576 + 17 + 8,576 Net portfolio holdings of Corporate Credit Facilities LLC (8) 45,477 + 99 + 45,477 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (8) 41,273 + 380 + 41,273 Net portfolio holdings of Municipal Liquidity Facility LLC (8) 16,551 + 1 + 16,551 Net portfolio holdings of TALF II LLC (8) 11,763 + 1 + 11,763 Items in process of collection (0) 59 + 5 + 5 Bank premises 2,199 + 3 - 1 Central bank liquidity swaps (9) 6,799 - 843 + 6,758 Foreign currency denominated assets (10) 21,672 - 108 + 1,012 Other assets (11) 37,274 + 330 + 11,387 Total assets (0) 7,146,306 - 30,959 +3,126,483 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 28, 2020 Wednesday Wednesday consolidation Oct 21, 2020 Oct 30, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,996,047 + 2,250 + 263,179 Reverse repurchase agreements (12) 201,893 + 14,458 - 87,768 Deposits (0) 4,786,104 - 45,611 +2,834,585 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,947,256 + 57,126 +1,462,537 U.S. Treasury, General Account 1,653,039 - 46,458 +1,252,423 Foreign official 21,251 + 4 + 16,064 Other (13) (0) 164,558 - 56,283 + 103,560 Deferred availability cash items (0) 816 + 443 - 340 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 Other liabilities and accrued dividends (15) 8,222 - 2,500 + 2,940 Total liabilities (0) 7,107,082 - 30,960 +3,126,596 Capital accounts Capital paid in 32,399 + 1 - 113 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,224 + 1 - 113 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 28, 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 1,478 27 31 122 81 208 148 250 28 40 101 170 273 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,936,948 161,440 3,566,308 163,261 217,043 434,022 509,539 386,840 110,280 72,550 115,092 333,751 866,823 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 8,576 0 8,576 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC (2) 45,477 0 45,477 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (2) 41,273 41,273 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (2) 16,551 0 16,551 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC (2) 11,763 0 11,763 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 6,799 323 2,285 245 581 1,435 337 264 111 53 72 81 1,012 Foreign currency denominated assets (4) 21,672 1,029 7,285 780 1,852 4,574 1,075 842 355 170 229 257 3,226 Other assets (5) 39,532 2,489 17,708 967 1,295 2,727 2,978 2,233 770 505 928 2,135 4,795 Interdistrict settlement account 0 - 44,237 + 333,386 - 27,922 + 54,577 + 125,804 - 119,454 - 20,666 - 23,540 - 14,054 - 25,279 - 44,211 - 194,404 Total assets 7,146,306 162,875 4,014,852 137,983 276,189 569,934 396,806 370,900 88,483 59,535 91,592 293,385 683,771 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 28, 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 1,996,047 61,722 667,000 55,616 93,195 136,413 278,923 128,783 59,200 32,986 54,732 167,670 259,805 Reverse repurchase agreements (6) 201,893 4,534 104,532 4,606 6,317 12,653 14,879 11,277 3,190 1,908 3,211 9,730 25,057 Deposits 4,786,104 55,356 3,151,698 76,087 172,991 411,923 100,560 228,799 25,161 23,338 32,976 114,913 392,302 Depository institutions 2,947,256 55,340 1,430,366 76,086 172,959 410,487 100,456 114,504 25,156 23,033 32,938 113,674 392,256 U.S. Treasury, General Account 1,653,039 0 1,653,039 0 0 0 0 0 0 0 0 0 0 Foreign official 21,251 2 21,225 1 3 8 2 2 1 0 0 0 6 Other (7) 164,558 15 47,068 0 28 1,427 101 114,294 5 305 37 1,239 40 Earnings remittances due to the U.S. Treasury (8) 691 0 408 13 13 41 51 34 -1 4 6 38 85 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 8,348 432 3,043 252 294 725 594 476 204 970 247 370 740 Total liabilities 7,107,082 161,043 4,001,681 136,575 272,809 561,756 395,007 369,369 87,755 59,206 91,171 292,721 677,990 Capital Capital paid in 32,399 1,508 10,878 1,162 2,797 6,738 1,460 1,266 616 275 349 583 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 7,146,306 162,875 4,014,852 137,983 276,189 569,934 396,806 370,900 88,483 59,535 91,592 293,385 683,771 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 28, 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 28, 2020 Federal Reserve notes outstanding 2,152,842 Less: Notes held by F.R. Banks not subject to collateralization 156,795 Federal Reserve notes to be collateralized 1,996,047 Collateral held against Federal Reserve notes 1,996,047 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,979,810 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,530,839 Less: Face value of securities under reverse repurchase agreements 192,256 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,338,583 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.