FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, November 5, 2020

FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

November 5, 2020

In table 4, the footnote for the outstanding amount of facility asset purchases for MS Facilities LLC (Main Street Lending Program) has been revised to reflect the inclusion of an allowance for loan losses in alignment with generally accepted accounting principles. The allowance for loan losses was estimated based upon the Main Street Lending Program holdings updated as of September 30, 2020, and does not indicate actual losses experienced by the program. The estimated allowance for loan losses for the Main Street Lending program will be updated on a quarterly basis going forward.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	November 5, 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 Nov 4, 2020
	Week ended Nov 4, 2020	Change from week ended
	Week ended Nov 4, 2020	Oct 28, 2020	Nov 6, 2019
Reserve Bank credit	7,110,243	- 14,651	+3,110,502	7,117,962
Securities held outright¹	6,533,351	- 14,038	+2,902,984	6,540,758
U.S. Treasury securities	4,530,681	+ 12,919	+2,348,432	4,538,087
Bills²	326,044	0	+ 270,750	326,044
Notes and bonds, nominal²	3,866,102	+ 12,175	+1,886,450	3,872,732
Notes and bonds, inflation-indexed²	296,476	+ 514	+ 173,705	297,163
Inflation compensation³	42,059	+ 229	+ 17,527	42,148
Federal agency debt securities²	2,347	0	0	2,347
Mortgage-backed securities⁴	2,000,323	- 26,957	+ 554,552	2,000,324
Unamortized premiums on securities held outright⁵	338,578	- 99	+ 211,966	339,163
Unamortized discounts on securities held outright⁵	-4,607	- 12	+ 8,148	-4,672
Repurchase agreements⁶	1,000	0	- 226,103	1,000
Foreign official	1,000	0	+ 1,000	1,000
Others	0	0	- 227,103	0
Loans	70,671	- 1,735	+ 70,646	69,660
Primary credit	2,434	- 222	+ 2,433	2,372
Secondary credit	0	0	0	0
Seasonal credit	1	- 3	- 24	0
Primary Dealer Credit Facility	249	+ 13	+ 249	263
Money Market Mutual Fund Liquidity Facility	5,518	- 109	+ 5,518	5,504
Paycheck Protection Program Liquidity Facility	62,470	- 1,413	+ 62,470	61,522
Other credit extensions	0	0	0	0
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁷	8,562	+ 1	+ 8,562	8,559
Net portfolio holdings of Corporate Credit Facilities LLC⁷	45,528	+ 93	+ 45,528	45,663
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁷	41,475	+ 333	+ 41,475	41,683
Net portfolio holdings of Municipal Liquidity Facility LLC⁷	16,551	+ 1	+ 16,551	16,552
Net portfolio holdings of TALF II LLC⁷	12,193	+ 431	+ 12,193	12,266
Float	-319	- 63	- 128	-102
Central bank liquidity swaps⁸	7,205	+ 406	+ 7,159	7,248
Other Federal Reserve assets⁹	40,056	+ 33	+ 11,521	40,183
Foreign currency denominated assets¹⁰	21,580	- 139	+ 859	21,644
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	50,425	+ 14	+ 399	50,425

Total factors supplying reserve funds	7,198,489	- 14,776	+3,111,761	7,206,272

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 Nov 4, 2020
	Week ended Nov 4, 2020	Change from week ended
	Week ended Nov 4, 2020	Oct 28, 2020	Nov 6, 2019
Currency in circulation¹¹	2,046,762	+ 3,895	+ 264,513	2,050,037
Reverse repurchase agreements¹²	200,935	+ 6,043	- 93,336	193,037
Foreign official and international accounts	200,933	+ 6,042	- 91,092	193,037
Others	2	+ 1	- 2,244	0
Treasury cash holdings	49	+ 6	- 147	45
Deposits with F.R. Banks, other than reserve balances	1,821,360	- 110,817	+1,380,753	1,819,499
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	1,621,346	- 59,587	+1,244,317	1,618,568
Foreign official	21,257	+ 8	+ 16,074	21,264
Other¹³	178,758	- 51,238	+ 120,363	179,666
Treasury contributions to credit facilities¹⁴	114,000	0	+ 114,000	114,000
Other liabilities and capital¹⁵	48,646	+ 141	+ 3,180	50,117

Total factors, other than reserve balances, absorbing reserve funds	4,231,752	- 100,733	+1,668,963	4,226,735

Reserve balances with Federal Reserve Banks	2,966,737	+ 85,956	+1,442,798	2,979,537

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 Nov 4, 2020
	Week ended Nov 4, 2020	Change from week ended
	Week ended Nov 4, 2020	Oct 28, 2020	Nov 6, 2019
Securities held in custody for foreign official and international accounts	3,415,539	+ 20,598	- 3,326	3,415,462
Marketable U.S. Treasury securities¹	2,976,306	+ 22,414	+ 3,271	2,976,913
Federal agency debt and mortgage-backed securities²	352,717	- 2,324	- 9,612	352,724
Other securities³	86,516	+ 508	+ 3,016	85,825
Securities lent to dealers	26,027	+ 1,173	- 1,126	31,041
Overnight facility⁴	26,027	+ 1,173	- 1,126	31,041
U.S. Treasury securities	26,027	+ 1,173	- 1,126	31,041
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, November 4, 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	971	5,359	1,808	61,522	0	...	69,660
U.S. Treasury securities²
Holdings	92,517	272,111	633,540	1,714,301	812,404	1,013,214	4,538,087
Weekly changes	+ 15,814	+ 2,771	- 21,300	+ 4,100	+ 3,081	+ 6,434	+ 10,901
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	2,149	76,191	1,921,980	2,000,324
Weekly changes	0	0	+ 1	+ 110	- 37	- 54	+ 19
Commercial paper held by Commercial
Paper Funding Facility II LLC⁵	0	0	0	...	...	...	0
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)⁶	0	0	0	4,140	...	...	4,140
Municipal notes held by Municipal
Liquidity Facility LLC⁷	0	0	1,200	451	...	...	1,651
Loans held by TALF II LLC⁸	0	0	0	3,675	...	...	3,675
Repurchase agreements⁹	1,000	0	...	...	...	...	1,000
Central bank liquidity swaps¹⁰	1,538	5,711	0	0	0	0	7,248
Reverse repurchase agreements⁹	193,037	0	...	...	...	...	193,037
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	Nov 4, 2020
Mortgage-backed securities held outright¹	2,000,324
Residential mortgage-backed securities	1,990,593
Commercial mortgage-backed securities	9,731

Commitments to buy mortgage-backed securities²	188,409
Commitments to sell mortgage-backed securities²	16,000

Cash and cash equivalents³	3

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 Nov 4, 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	0	0	8,559	8,559
Corporate Credit Facilities LLC	13,393	13,532	32,131	45,663
MS Facilities LLC (Main Street Lending Program)	4,234	4,140	37,543	41,683
Municipal Liquidity Facility LLC	1,651	1,651	14,901	16,552
TALF II LLC	3,753	3,675	8,591	12,266

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, net of an allowance for loan losses updated as of
	September 30, 2020, 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 Nov 4, 2020	Change since
			Wednesday	Wednesday
			Oct 28, 2020	Nov 6, 2019
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,481	+ 3	- 193
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,945,910	+ 8,962	+2,974,463
Securities held outright¹		6,540,758	+ 10,919	+2,898,317
U.S. Treasury securities		4,538,087	+ 10,901	+2,343,769
Bills²		326,044	0	+ 260,034
Notes and bonds, nominal²		3,872,732	+ 9,469	+1,891,737
Notes and bonds, inflation-indexed²		297,163	+ 1,201	+ 174,392
Inflation compensation³		42,148	+ 230	+ 17,606
Federal agency debt securities²		2,347	0	0
Mortgage-backed securities⁴		2,000,324	+ 19	+ 554,548
Unamortized premiums on securities held outright⁵		339,163	+ 927	+ 212,559
Unamortized discounts on securities held outright⁵		-4,672	- 83	+ 8,109
Repurchase agreements⁶		1,000	0	- 214,160
Loans⁷		69,660	- 2,802	+ 69,638
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁸		8,559	- 17	+ 8,559
Net portfolio holdings of Corporate Credit Facilities LLC⁸		45,663	+ 186	+ 45,663
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁸		41,683	+ 410	+ 41,683
Net portfolio holdings of Municipal Liquidity Facility LLC⁸		16,552	+ 1	+ 16,552
Net portfolio holdings of TALF II LLC⁸		12,266	+ 503	+ 12,266
Items in process of collection	(0)	53	- 6	- 23
Bank premises		2,190	- 9	+ 4
Central bank liquidity swaps⁹		7,248	+ 449	+ 7,202
Foreign currency denominated assets¹⁰		21,644	- 28	+ 1,037
Other assets¹¹		37,993	+ 719	+ 10,822

Total assets	(0)	7,157,479	+ 11,173	+3,118,036

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 Nov 4, 2020	Change since
			Wednesday	Wednesday
			Oct 28, 2020	Nov 6, 2019
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		2,001,134	+ 5,087	+ 264,399
Reverse repurchase agreements¹²		193,037	- 8,856	- 95,459
Deposits	(0)	4,799,036	+ 12,932	+2,830,255
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,979,537	+ 32,281	+1,450,780
U.S. Treasury, General Account		1,618,568	- 34,471	+1,240,384
Foreign official		21,264	+ 13	+ 16,081
Other¹³	(0)	179,666	+ 15,108	+ 123,009
Deferred availability cash items	(0)	155	- 661	- 43
Treasury contributions to credit facilities¹⁴		114,000	0	+ 114,000
Other liabilities and accrued dividends¹⁵		10,895	+ 2,673	+ 4,979

Total liabilities	(0)	7,118,258	+ 11,176	+3,118,132

Capital accounts
Capital paid in		32,396	- 3	- 97
Surplus		6,825	0	0
Other capital accounts		0	0	0

Total capital		39,221	- 3	- 97

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, November 4, 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	1,481	28	32	124	82	207	147	251	27	42	100	169	271
Securities, unamortized premiums and discounts, repurchase agreements, and loans¹	6,945,910	161,613	3,572,272	163,250	217,419	434,684	510,343	387,429	110,439	72,570	115,184	334,236	866,471
Net portfolio holdings of Commercial Paper Funding Facility II LLC²	8,559	0	8,559	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Corporate Credit Facilities LLC²	45,663	0	45,663	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)²	41,683	41,683	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC²	16,552	0	16,552	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC²	12,266	0	12,266	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps³	7,248	344	2,436	261	619	1,530	359	281	119	57	76	86	1,079
Foreign currency denominated
assets⁴	21,644	1,027	7,276	779	1,849	4,568	1,073	840	355	169	228	257	3,222
Other assets⁵	40,236	2,507	18,121	985	1,324	2,784	3,031	2,275	804	524	943	2,051	4,887
Interdistrict settlement account	0	- 36,506	+ 282,017	- 24,813	+ 66,682	+ 123,902	- 119,257	- 32,165	- 21,969	- 13,200	- 23,105	- 48,641	- 152,945

Total assets	7,157,479	171,229	3,970,677	141,114	288,737	568,839	397,880	360,049	90,254	60,433	93,878	289,360	725,030

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, November 4, 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	2,001,134	61,643	667,315	55,426	93,212	138,509	279,797	129,607	59,208	33,012	54,726	168,386	260,292
Reverse repurchase agreements⁶	193,037	4,335	99,946	4,404	6,040	12,098	14,226	10,782	3,050	1,824	3,070	9,303	23,958
Deposits	4,799,036	64,046	3,109,747	79,581	185,742	409,235	101,296	217,534	27,016	24,946	35,388	110,527	433,979
Depository institutions	2,979,537	64,027	1,397,260	79,580	185,707	408,424	101,199	112,554	27,007	24,894	35,364	109,666	433,857
U.S. Treasury, General Account	1,618,568	0	1,618,568	0	0	0	0	0	0	0	0	0	0
Foreign official	21,264	2	21,238	1	3	8	2	2	1	0	0	0	6
Other⁷	179,666	16	72,682	0	32	803	95	104,979	8	52	24	861	115
Earnings remittances due to the U.S. Treasury⁸	2,230	55	1,154	49	66	99	179	128	44	26	39	110	280
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	8,820	317	4,345	245	296	721	583	467	208	296	234	370	739

Total liabilities	7,118,258	169,396	3,957,508	139,706	285,356	560,662	396,081	358,518	89,526	60,104	93,457	288,696	719,249

Capital
Capital paid in	32,396	1,508	10,876	1,162	2,798	6,737	1,461	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	7,157,479	171,229	3,970,677	141,114	288,737	568,839	397,880	360,049	90,254	60,433	93,878	289,360	725,030

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, November 4, 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).

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
Federal Reserve notes and collateral	Nov 4, 2020
Federal Reserve notes outstanding	2,157,430
Less: Notes held by F.R. Banks not subject to collateralization	156,296
Federal Reserve notes to be collateralized	2,001,134
Collateral held against Federal Reserve notes	2,001,134
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,984,897
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	6,541,758
Less: Face value of securities under reverse repurchase agreements	183,714
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	6,358,044

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