FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 3, 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 Dec 2, 2020 Federal Reserve Banks Dec 2, 2020 Nov 25, 2020 Dec 4, 2019 Reserve Bank credit 7,177,035 - 37,245 +3,157,735 7,181,887 Securities held outright (1) 6,613,957 - 33,626 +2,937,409 6,620,378 U.S. Treasury securities 4,607,993 + 12,790 +2,357,516 4,614,410 Bills (2) 326,044 0 + 218,456 326,044 Notes and bonds, nominal (2) 3,934,954 + 9,707 +1,941,465 3,940,382 Notes and bonds, inflation-indexed (2) 303,875 + 2,770 + 179,503 304,826 Inflation compensation (3) 43,120 + 314 + 18,091 43,158 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 2,003,617 - 46,416 + 579,893 2,003,621 Unamortized premiums on securities held outright (5) 339,879 - 1,657 + 214,320 340,177 Unamortized discounts on securities held outright (5) -4,995 - 11 + 8,110 -5,066 Repurchase agreements (6) 1,000 0 - 209,197 1,000 Foreign official 1,000 0 + 1,000 1,000 Others 0 0 - 210,197 0 Loans 63,010 - 1,759 + 62,993 61,613 Primary credit 2,334 - 299 + 2,331 1,992 Secondary credit 0 0 0 0 Seasonal credit 0 0 - 14 0 Primary Dealer Credit Facility 243 - 10 + 243 250 Money Market Mutual Fund Liquidity Facility 4,915 - 284 + 4,915 4,492 Paycheck Protection Program Liquidity Facility 55,518 - 1,166 + 55,518 54,879 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 8,559 + 2 + 8,559 8,563 Net portfolio holdings of Corporate Credit Facilities LLC (7) 46,028 + 126 + 46,028 46,078 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (7) 43,498 + 406 + 43,498 43,783 Net portfolio holdings of Municipal Liquidity Facility LLC (7) 16,555 + 1 + 16,555 16,556 Net portfolio holdings of TALF II LLC (7) 12,218 - 75 + 12,218 12,118 Float -464 - 318 - 82 -584 Central bank liquidity swaps (8) 8,355 + 682 + 8,308 8,449 Other Federal Reserve assets (9) 29,434 - 1,017 + 9,015 28,822 Foreign currency denominated assets (10) 21,942 + 135 + 1,343 22,118 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,500 + 14 + 450 50,500 Total factors supplying reserve funds 7,265,717 - 37,097 +3,159,526 7,270,745 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 Dec 2, 2020 Federal Reserve Banks Dec 2, 2020 Nov 25, 2020 Dec 4, 2019 Currency in circulation (11) 2,067,181 + 5,050 + 273,995 2,067,772 Reverse repurchase agreements (12) 189,060 - 7,015 - 94,657 185,537 Foreign official and international accounts 189,059 - 6,661 - 94,241 185,536 Others 1 - 354 - 416 1 Treasury cash holdings 44 - 9 - 142 41 Deposits with F.R. Banks, other than reserve balances 1,728,257 - 67,551 +1,317,494 1,751,494 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 1,531,053 + 13,838 +1,184,082 1,557,239 Foreign official 21,279 + 5 + 16,096 21,288 Other (13) 175,925 - 81,394 + 117,315 172,967 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000 Other liabilities and capital (15) 49,867 - 1,245 + 4,789 50,666 Total factors, other than reserve balances, absorbing reserve funds 4,148,410 - 70,769 +1,615,480 4,169,511 Reserve balances with Federal Reserve Banks 3,117,307 + 33,671 +1,544,046 3,101,235 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 Dec 2, 2020 Dec 2, 2020 Nov 25, 2020 Dec 4, 2019 Securities held in custody for foreign official and international accounts 3,467,582 + 8,894 + 50,660 3,469,639 Marketable U.S. Treasury securities (1) 3,019,526 + 12,634 + 51,812 3,021,438 Federal agency debt and mortgage-backed securities (2) 361,267 - 5,073 - 4,033 361,465 Other securities (3) 86,789 + 1,333 + 2,882 86,736 Securities lent to dealers 31,398 + 4,016 + 484 33,829 Overnight facility (4) 31,398 + 4,016 + 484 33,829 U.S. Treasury securities 31,398 + 4,016 + 484 33,829 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, December 2, 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) 1,039 4,921 774 54,879 0 ... 61,613 U.S. Treasury securities (2) Holdings 56,723 335,898 630,853 1,726,236 829,664 1,035,037 4,614,410 Weekly changes - 22,062 + 45,148 - 38,061 + 14,341 + 2,967 + 5,498 + 7,830 Federal agency debt securities (3) Holdings 0 0 0 0 1,818 529 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (4) Holdings 0 0 4 2,112 73,904 1,927,599 2,003,621 Weekly changes 0 0 0 + 65 - 66 + 29 + 29 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 6,308 ... ... 6,308 Municipal notes held by Municipal Liquidity Facility LLC (7) 0 0 1,003 451 ... ... 1,454 Loans held by TALF II LLC (8) 0 0 0 3,548 ... ... 3,548 Repurchase agreements (9) 1,000 0 ... ... ... ... 1,000 Central bank liquidity swaps (10) 3,281 5,168 0 0 0 0 8,449 Reverse repurchase agreements (9) 185,537 0 ... ... ... ... 185,537 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 Dec 2, 2020 Mortgage-backed securities held outright (1) 2,003,621 Residential mortgage-backed securities 1,993,835 Commercial mortgage-backed securities 9,785 Commitments to buy mortgage-backed securities (2) 198,566 Commitments to sell mortgage-backed securities (2) 10 Cash and cash equivalents (3) 4 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 Dec 2, 2020 Net portfolio holdings of Credit Facilities LLCs Outstanding principal Outstanding amount amount of Treasury of loan facility contributions extended to asset and the LLC (1) purchases (2)other assets (3) Total Commercial Paper Funding Facility II LLC 0 0 8,563 8,563 Corporate Credit Facilities LLC 13,728 13,942 32,136 46,078 MS Facilities LLC (Main Street Lending Program) 6,303 6,212 37,571 43,783 Municipal Liquidity Facility LLC 1,651 1,454 15,102 16,556 TALF II LLC 3,602 3,548 8,570 12,118 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 Dec 2, 2020 Wednesday Wednesday consolidation Nov 25, 2020 Dec 4, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,514 - 8 - 106 Securities, unamortized premiums and discounts, repurchase agreements, and loans 7,018,103 + 5,674 +3,011,753 Securities held outright (1) 6,620,378 + 7,860 +2,934,453 U.S. Treasury securities 4,614,410 + 7,830 +2,354,557 Bills (2) 326,044 0 + 212,027 Notes and bonds, nominal (2) 3,940,382 + 6,067 +1,943,978 Notes and bonds, inflation-indexed (2) 304,826 + 1,664 + 180,454 Inflation compensation (3) 43,158 + 99 + 18,098 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 2,003,621 + 29 + 579,896 Unamortized premiums on securities held outright (5) 340,177 + 159 + 214,636 Unamortized discounts on securities held outright (5) -5,066 - 96 + 8,065 Repurchase agreements (6) 1,000 0 - 207,007 Loans (7) 61,613 - 2,251 + 61,604 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 8,563 + 6 + 8,563 Net portfolio holdings of Corporate Credit Facilities LLC (8) 46,078 + 96 + 46,078 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (8) 43,783 + 412 + 43,783 Net portfolio holdings of Municipal Liquidity Facility LLC (8) 16,556 + 1 + 16,556 Net portfolio holdings of TALF II LLC (8) 12,118 - 176 + 12,118 Items in process of collection (0) 74 - 21 + 21 Bank premises 2,192 - 6 + 1 Central bank liquidity swaps (9) 8,449 + 604 + 8,402 Foreign currency denominated assets (10) 22,118 + 285 + 1,514 Other assets (11) 26,631 - 931 + 8,037 Total assets (0) 7,222,414 + 5,934 +3,156,718 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 Dec 2, 2020 Wednesday Wednesday consolidation Nov 25, 2020 Dec 4, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 2,018,824 + 1,746 + 273,377 Reverse repurchase agreements (12) 185,537 - 12,367 - 91,837 Deposits (0) 4,852,730 + 14,776 +2,855,341 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,101,235 - 42,628 +1,507,516 U.S. Treasury, General Account 1,557,239 + 73,203 +1,218,786 Foreign official 21,288 + 14 + 16,107 Other (13) (0) 172,967 - 15,814 + 112,931 Deferred availability cash items (0) 658 + 338 + 150 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 Other liabilities and accrued dividends (15) 11,438 + 1,438 + 5,360 Total liabilities (0) 7,183,187 + 5,931 +3,156,390 Capital accounts Capital paid in 32,403 + 3 + 329 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,228 + 3 + 329 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, December 2, 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 1,514 30 34 129 83 204 147 254 32 43 103 176 279 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 7,018,103 162,090 3,613,379 164,640 219,355 439,386 515,529 390,175 111,498 73,110 115,850 337,545 875,548 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 8,563 0 8,563 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC (2) 46,078 0 46,078 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (2) 43,783 43,783 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (2) 16,556 0 16,556 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC (2) 12,118 0 12,118 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 8,449 401 2,839 304 722 1,783 419 328 138 66 89 100 1,258 Foreign currency denominated assets (4) 22,118 1,045 7,499 792 1,882 4,647 1,092 855 361 172 232 261 3,278 Other assets (5) 28,897 2,246 12,189 727 955 2,072 2,203 1,635 749 413 748 1,489 3,471 Interdistrict settlement account 0 - 19,708 + 230,378 - 20,600 + 71,188 + 99,801 - 117,822 - 2,852 - 23,099 - 12,390 - 20,346 - 42,804 - 141,745 Total assets 7,222,414 190,419 3,955,115 146,521 294,945 549,059 403,750 391,532 90,157 61,685 97,126 297,970 744,134 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, December 2, 2020 (continued) Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Liabilities Federal Reserve notes, net 2,018,824 62,259 674,196 55,937 92,693 143,393 280,865 131,312 58,873 33,333 54,659 169,357 261,947 Reverse repurchase agreements (6) 185,537 4,167 96,063 4,233 5,805 11,628 13,673 10,363 2,931 1,753 2,950 8,942 23,027 Deposits 4,852,730 82,730 3,091,300 84,615 192,647 384,925 106,554 247,661 27,367 25,456 38,804 118,480 452,190 Depository institutions 3,101,235 82,702 1,461,712 84,614 192,611 384,277 106,476 128,148 27,361 25,397 38,533 117,261 452,143 U.S. Treasury, General Account 1,557,239 0 1,557,239 0 0 0 0 0 0 0 0 0 0 Foreign official 21,288 2 21,262 1 3 8 2 2 1 0 0 0 6 Other (7) 172,967 26 51,087 0 32 640 76 119,511 5 59 271 1,219 40 Earnings remittances due to the U.S. Treasury (8) 2,061 40 1,094 48 73 104 156 111 30 22 36 85 263 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 10,036 391 4,294 280 344 830 703 554 226 792 256 441 926 Total liabilities 7,183,187 188,587 3,941,946 145,112 291,562 540,880 401,952 390,000 89,428 61,356 96,705 297,306 738,352 Capital Capital paid in 32,403 1,509 10,875 1,163 2,800 6,738 1,460 1,267 618 275 349 583 4,766 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 7,222,414 190,419 3,955,115 146,521 294,945 549,059 403,750 391,532 90,157 61,685 97,126 297,970 744,134 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, December 2, 2020 (continued) 1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. 2. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. 3. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 4. Revalued daily at current foreign currency exchange rates. 5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio holdings of Maiden Lane LLC; refer to the note on consolidation for additional information. 6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 7. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 8. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $6.825 billion surplus. 9. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS Facilities LLC of $37.5 billion, and Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion. Note on consolidation: The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On April 14, 2020, FRBNY began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC), a limited liability company formed to purchase three-month U.S dollar-denominated commercial paper by eligible issuers. The assets of the CPFF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. The assets of the TALF II LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses 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 Dec 2, 2020 Federal Reserve notes outstanding 2,170,510 Less: Notes held by F.R. Banks not subject to collateralization 151,687 Federal Reserve notes to be collateralized 2,018,824 Collateral held against Federal Reserve notes 2,018,824 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 2,002,587 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,621,378 Less: Face value of securities under reverse repurchase agreements 177,873 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,443,506 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.