FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 12, 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 Nov 11, 2020 Federal Reserve Banks Nov 11, 2020 Nov 4, 2020 Nov 13, 2019 Reserve Bank credit 7,126,366 + 16,123 +3,120,015 7,135,848 Securities held outright (1) 6,546,849 + 13,498 +2,899,016 6,555,446 U.S. Treasury securities 4,544,140 + 13,459 +2,345,046 4,552,731 Bills (2) 326,044 0 + 259,177 326,044 Notes and bonds, nominal (2) 3,878,713 + 12,611 +1,895,517 3,887,266 Notes and bonds, inflation-indexed (2) 297,163 + 687 + 173,020 297,163 Inflation compensation (3) 42,220 + 161 + 17,333 42,258 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 2,000,361 + 38 + 553,969 2,000,368 Unamortized premiums on securities held outright (5) 339,043 + 465 + 212,181 339,262 Unamortized discounts on securities held outright (5) -4,669 - 62 + 8,054 -4,660 Repurchase agreements (6) 1,000 0 - 212,514 1,000 Foreign official 1,000 0 + 1,000 1,000 Others 0 0 - 213,514 0 Loans 68,820 - 1,851 + 68,796 68,178 Primary credit 2,374 - 60 + 2,370 2,317 Secondary credit 0 0 0 0 Seasonal credit 0 - 1 - 21 0 Primary Dealer Credit Facility 263 + 14 + 263 263 Money Market Mutual Fund Liquidity Facility 5,497 - 21 + 5,497 5,496 Paycheck Protection Program Liquidity Facility 60,686 - 1,784 + 60,686 60,102 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 8,559 - 3 + 8,559 8,559 Net portfolio holdings of Corporate Credit Facilities LLC (7) 45,672 + 144 + 45,672 45,692 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (7) 42,123 + 648 + 42,123 42,337 Net portfolio holdings of Municipal Liquidity Facility LLC (7) 16,552 + 1 + 16,552 16,553 Net portfolio holdings of TALF II LLC (7) 12,266 + 73 + 12,266 12,266 Float -108 + 211 - 5 -133 Central bank liquidity swaps (8) 8,059 + 854 + 8,018 8,036 Other Federal Reserve assets (9) 42,199 + 2,143 + 11,297 43,313 Foreign currency denominated assets (10) 21,776 + 196 + 1,250 21,647 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,439 + 14 + 407 50,439 Total factors supplying reserve funds 7,214,822 + 16,333 +3,121,672 7,224,175 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 Nov 11, 2020 Federal Reserve Banks Nov 11, 2020 Nov 4, 2020 Nov 13, 2019 Currency in circulation (11) 2,054,195 + 7,433 + 267,329 2,058,082 Reverse repurchase agreements (12) 194,821 - 6,114 - 88,810 195,811 Foreign official and international accounts 194,821 - 6,112 - 87,762 195,811 Others 0 - 2 - 1,048 0 Treasury cash holdings 46 - 3 - 147 52 Deposits with F.R. Banks, other than reserve balances 1,822,945 + 1,585 +1,378,309 1,811,658 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 1,600,837 - 20,509 +1,218,882 1,570,768 Foreign official 21,267 + 10 + 16,084 21,267 Other (13) 200,841 + 22,083 + 143,344 219,623 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000 Other liabilities and capital (15) 52,644 + 3,998 + 7,135 52,475 Total factors, other than reserve balances, absorbing reserve funds 4,238,652 + 6,900 +1,677,818 4,232,078 Reserve balances with Federal Reserve Banks 2,976,170 + 9,433 +1,443,854 2,992,098 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 Nov 11, 2020 Nov 11, 2020 Nov 4, 2020 Nov 13, 2019 Securities held in custody for foreign official and international accounts 3,426,654 + 11,115 + 6,224 3,428,700 Marketable U.S. Treasury securities (1) 2,988,384 + 12,078 + 14,492 2,990,772 Federal agency debt and mortgage-backed securities (2) 352,705 - 12 - 10,007 352,700 Other securities (3) 85,566 - 950 + 1,739 85,228 Securities lent to dealers 29,591 + 3,564 + 1,650 31,547 Overnight facility (4) 29,591 + 3,564 + 1,650 31,547 U.S. Treasury securities 29,591 + 3,564 + 1,650 31,547 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 11, 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) 1,466 4,881 1,729 60,102 0 ... 68,178 U.S. Treasury securities (2) Holdings 71,475 285,323 642,675 1,725,831 812,450 1,014,977 4,552,731 Weekly changes - 21,042 + 13,212 + 9,135 + 11,530 + 46 + 1,763 + 14,644 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 2,149 76,223 1,921,990 2,000,368 Weekly changes 0 0 0 0 + 32 + 10 + 44 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 4,880 ... ... 4,880 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 3,675 ... ... 3,675 Repurchase agreements (9) 1,000 0 ... ... ... ... 1,000 Central bank liquidity swaps (10) 1,427 6,609 0 0 0 0 8,036 Reverse repurchase agreements (9) 195,811 0 ... ... ... ... 195,811 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 Nov 11, 2020 Mortgage-backed securities held outright (1) 2,000,368 Residential mortgage-backed securities 1,990,593 Commercial mortgage-backed securities 9,774 Commitments to buy mortgage-backed securities (2) 199,658 Commitments to sell mortgage-backed securities (2) 4,000 Cash and cash equivalents (3) 1 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Credit Facilities LLCs Millions of dollars Credit Facilities LLCs: Wednesday Nov 11, 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 8,559 8,559 Corporate Credit Facilities LLC 13,426 13,610 32,082 45,692 MS Facilities LLC (Main Street Lending Program) 4,878 4,785 37,553 42,337 Municipal Liquidity Facility LLC 1,651 1,651 14,902 16,553 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 Wednesday Change since from Nov 11, 2020 Wednesday Wednesday consolidation Nov 4, 2020 Nov 13, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,477 - 4 - 190 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,959,226 + 13,316 +2,981,493 Securities held outright (1) 6,555,446 + 14,688 +2,901,482 U.S. Treasury securities 4,552,731 + 14,644 +2,351,202 Bills (2) 326,044 0 + 257,033 Notes and bonds, nominal (2) 3,887,266 + 14,534 +1,904,070 Notes and bonds, inflation-indexed (2) 297,163 0 + 172,791 Inflation compensation (3) 42,258 + 110 + 17,308 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 2,000,368 + 44 + 550,279 Unamortized premiums on securities held outright (5) 339,262 + 99 + 212,408 Unamortized discounts on securities held outright (5) -4,660 + 12 + 8,071 Repurchase agreements (6) 1,000 0 - 208,609 Loans (7) 68,178 - 1,482 + 68,141 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 8,559 0 + 8,559 Net portfolio holdings of Corporate Credit Facilities LLC (8) 45,692 + 29 + 45,692 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (8) 42,337 + 654 + 42,337 Net portfolio holdings of Municipal Liquidity Facility LLC (8) 16,553 + 1 + 16,553 Net portfolio holdings of TALF II LLC (8) 12,266 0 + 12,266 Items in process of collection (0) 73 + 20 - 22 Bank premises 2,195 + 5 + 7 Central bank liquidity swaps (9) 8,036 + 788 + 7,995 Foreign currency denominated assets (10) 21,647 + 3 + 1,116 Other assets (11) 41,119 + 3,126 + 11,730 Total assets (0) 7,175,417 + 17,938 +3,127,535 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 Nov 11, 2020 Wednesday Wednesday consolidation Nov 4, 2020 Nov 13, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,009,168 + 8,034 + 269,466 Reverse repurchase agreements (12) 195,811 + 2,774 - 86,261 Deposits (0) 4,803,757 + 4,721 +2,823,300 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,992,099 + 12,562 +1,449,435 U.S. Treasury, General Account 1,570,768 - 47,800 +1,200,583 Foreign official 21,267 + 3 + 16,084 Other (13) (0) 219,623 + 39,957 + 157,199 Deferred availability cash items (0) 206 + 51 - 39 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 Other liabilities and accrued dividends (15) 13,253 + 2,358 + 7,165 Total liabilities (0) 7,136,194 + 17,936 +3,127,631 Capital accounts Capital paid in 32,398 + 2 - 95 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,223 + 2 - 95 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 11, 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 1,477 26 33 124 83 205 146 250 26 43 99 169 273 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,959,226 161,712 3,579,877 163,560 217,857 435,357 511,333 388,063 110,616 72,636 115,324 334,776 868,116 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 8,559 0 8,559 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC (2) 45,692 0 45,692 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (2) 42,337 42,337 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (2) 16,553 0 16,553 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC (2) 12,266 0 12,266 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 8,036 381 2,701 289 687 1,696 399 312 132 63 85 95 1,196 Foreign currency denominated assets (4) 21,647 1,027 7,277 779 1,850 4,568 1,073 841 355 169 228 257 3,223 Other assets (5) 43,387 2,577 19,720 1,058 1,420 2,977 3,280 2,446 851 562 998 2,228 5,270 Interdistrict settlement account 0 - 38,100 + 281,986 - 23,576 + 78,278 + 105,508 - 115,494 - 22,536 - 21,262 - 13,271 - 21,286 - 42,075 - 168,174 Total assets 7,175,417 170,494 3,980,148 142,762 300,935 551,476 402,920 370,513 91,197 60,472 95,898 296,652 711,950 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 11, 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 2,009,168 62,031 669,373 55,718 93,425 139,966 280,886 130,309 59,225 33,145 54,971 169,335 260,785 Reverse repurchase agreements (6) 195,811 4,397 101,383 4,467 6,126 12,272 14,431 10,937 3,094 1,851 3,114 9,437 24,303 Deposits 4,803,757 62,797 3,114,508 80,818 197,573 390,104 104,842 227,009 27,862 24,780 37,070 116,624 419,770 Depository institutions 2,992,099 62,777 1,414,152 80,817 197,541 389,339 104,756 118,075 27,854 24,728 37,039 115,372 419,648 U.S. Treasury, General Account 1,570,768 0 1,570,768 0 0 0 0 0 0 0 0 0 0 Foreign official 21,267 2 21,240 1 3 8 2 2 1 0 0 0 6 Other (7) 219,623 18 108,347 0 29 757 84 108,932 8 52 30 1,251 115 Earnings remittances due to the U.S. Treasury (8) 4,667 109 2,452 101 135 240 358 258 80 51 89 226 571 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 8,791 327 4,263 250 295 716 605 469 208 318 234 367 740 Total liabilities 7,136,194 168,661 3,966,978 141,354 297,554 543,298 401,121 368,981 90,469 60,144 95,477 295,988 706,168 Capital Capital paid in 32,398 1,508 10,876 1,162 2,798 6,737 1,461 1,267 617 275 349 583 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 7,175,417 170,494 3,980,148 142,762 300,935 551,476 402,920 370,513 91,197 60,472 95,898 296,652 711,950 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 11, 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 Nov 11, 2020 Federal Reserve notes outstanding 2,160,076 Less: Notes held by F.R. Banks not subject to collateralization 150,909 Federal Reserve notes to be collateralized 2,009,168 Collateral held against Federal Reserve notes 2,009,168 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,992,931 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,556,446 Less: Face value of securities under reverse repurchase agreements 187,144 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,369,302 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.