FRB: H.4.1 Release--Factors Affecting Reserve Balances-- May 15, 2020

FEDERAL RESERVE statistical release

For Release at
4:30 P.M. Eastern time
May 14, 2020

Note: This cover note was revised on May 15, 2020, to provide clarification about the reporting lags for CCF
LLC.

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks," has been modified to include information related to Primary
Market Corporate Credit Facility (PMCCF) and Secondary Market Corporate Credit Facility (SMCCF). These facilities
operate through the Corporate Credit Facility LLC (CCF LLC), a special purpose vehicle that was formed to
support credit to employers through bond and loan issuances and to provide liquidity to the market for outstanding
corporate bonds.

On March 23, 2020, the Federal Reserve announced the PMCCF and SMCCF. On May 12, 2020, the Federal Reserve
Bank of New York (FRBNY) extended credit to the CCF LLC under the authority of section 13(3) of the Federal
Reserve Act, with approval of the Treasury Secretary, and the CCF LLC began purchasing eligible bonds and loans.

Consistent with generally accepted accounting principles, the assets and liabilities of CCF LLC have been
accounted for and consolidated with the assets and liabilities of the FRBNY in the preparation of the statements
of condition shown on the release because the FRBNY is the managing member of CCF LLC. CCF asset balances
from trading activity are reported in this release on a one-day lag after the transaction date. The net portfolio
holdings of CCF LLC appear as an asset on the statement of condition of the FRBNY (table 5), the consolidated
statement of condition of all Federal Reserve Banks (table 4), and factors affecting reserve balances of
depository institutions (table 1).

The amount provided by the U.S. Treasury as credit protection for the CCF LLC is separately presented in a
new line "Treasury contributions to credit facilities" in tables 1, 4, and 5. Additionally, amounts provided by
the U.S. Treasury as credit protection to the Commercial Paper Funding Facility II LLC previously included in
"Other liabilities" is now included in "Treasury contributions to credit facilities" in tables 1, 4, and 5.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks May 14, 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 May 13, 2020
Federal Reserve Banks May 13, 2020 May 6, 2020 May 15, 2019

Reserve Bank credit 6,742,165 + 78,465 +2,891,665 6,895,709
Securities held outright (1) 5,672,975 + 67,473 +1,973,178 5,843,376
U.S. Treasury securities 4,039,589 + 41,575 +1,916,758 4,057,268
Bills (2) 326,044 0 + 325,944 326,044
Notes and bonds, nominal (2) 3,426,259 + 35,847 +1,441,242 3,442,616
Notes and bonds, inflation-indexed (2) 250,766 + 5,357 + 135,405 252,016
Inflation compensation (3) 36,520 + 371 + 14,167 36,592
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 1,631,040 + 25,899 + 56,421 1,783,761
Unamortized premiums on securities held outright (5) 289,693 + 4,264 + 156,003 297,516
Unamortized discounts on securities held outright (5) -5,422 + 209 + 7,524 -5,354
Repurchase agreements (6) 182,487 + 9,558 + 182,468 157,354
Foreign official 1,402 + 1,402 + 1,402 1,404
Others 181,086 + 8,157 + 181,067 155,950
Loans 114,244 - 4,486 + 114,200 114,927
Primary credit 24,943 - 4,970 + 24,936 24,239
Secondary credit 0 0 0 0
Seasonal credit 2 + 2 - 36 0
Primary Dealer Credit Facility 12,044 - 7,026 + 12,044 10,288
Money Market Mutual Fund Liquidity Facility 41,333 - 3,362 + 41,333 39,820
Paycheck Protection Program Liquidity Facility 35,923 + 10,871 + 35,923 40,580
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 4,246 + 272 + 4,246 4,292
Net portfolio holdings of Corporate Credit Facility
LLC (7) 44 + 44 + 44 305
Float -181 + 94 + 7 -239
Central bank liquidity swaps (8) 442,838 - 2,127 + 442,788 440,934
Other Federal Reserve assets (9) 41,239 + 3,162 + 11,204 42,599
Foreign currency denominated assets (10) 20,498 - 155 - 240 20,484
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,303 + 14 + 402 50,303

Total factors supplying reserve funds 6,829,207 + 78,324 +2,891,826 6,982,738

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 May 13, 2020
Federal Reserve Banks May 13, 2020 May 6, 2020 May 15, 2019

Currency in circulation (11) 1,925,729 + 9,645 + 194,132 1,929,840
Reverse repurchase agreements (12) 274,149 + 3,475 + 14,846 281,150
Foreign official and international accounts 271,607 + 2,430 + 12,785 267,325
Others 2,542 + 1,045 + 2,060 13,825
Treasury cash holdings 293 - 8 - 26 277
Deposits with F.R. Banks, other than reserve balances 1,390,110 + 50,129 + 999,216 1,400,534
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,177,494 + 50,004 + 853,708 1,138,172
Foreign official 16,334 - 16 + 11,089 16,328
Other (13) 196,282 + 140 + 134,420 246,034
Treasury contributions to credit facilities (14) 26,073 + 26,073 + 26,073 47,500
Other liabilities and capital (15) 55,923 - 8,982 + 10,523 60,005

Total factors, other than reserve balances,
absorbing reserve funds 3,672,278 + 80,333 +1,244,764 3,719,306

Reserve balances with Federal Reserve Banks 3,156,929 - 2,009 +1,647,062 3,263,431

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. Refer to the note on consolidation accompanying table 5.
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 and Corporate
Credit Facility LLC.
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 May 13, 2020
May 13, 2020 May 6, 2020 May 15, 2019

Securities held in custody for foreign official and
international accounts 3,366,532 + 21,139 - 102,865 3,375,386
Marketable U.S. Treasury securities (1) 2,900,702 + 21,211 - 161,754 2,907,742
Federal agency debt and mortgage-backed securities (2) 381,058 + 602 + 48,240 383,643
Other securities (3) 84,772 - 675 + 10,649 84,001
Securities lent to dealers 33,392 - 5,058 + 11,889 34,803
Overnight facility (4) 33,392 - 5,058 + 11,889 34,803
U.S. Treasury securities 33,392 - 5,058 + 11,889 34,803
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, 4, and 5.
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, May 13, 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) 11,369 50,011 12,967 40,580 0 ... 114,927
U.S. Treasury securities (2)
Holdings 102,681 217,461 561,643 1,584,494 686,628 904,361 4,057,268
Weekly changes - 2,079 + 3,825 + 3,126 + 15,910 + 10,818 + 5,476 + 37,077
Federal agency debt securities (3)
Holdings 0 0 0 0 1,151 1,196 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 5 2,014 79,044 1,702,697 1,783,761
Weekly changes 0 0 0 0 + 97 + 178,283 + 178,381
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 0 4,255 0 ... ... ... 4,255
Repurchase agreements (6) 10,204 147,150 ... ... ... ... 157,354
Central bank liquidity swaps (7) 14,425 426,509 0 0 0 0 440,934
Reverse repurchase agreements (6) 281,150 0 ... ... ... ... 281,150
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 and Corporate Credit Facility LLC, which
were eliminated when preparing the FRBNY's statement of condition 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. Face value of commercial paper held by Commercial Paper Funding Facility II LLC.
6. Cash value of agreements.
7. 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
May 13, 2020

Mortgage-backed securities held outright (1) 1,783,761
Residential mortgage-backed securities 1,775,151
Commercial mortgage-backed securities 8,610

Commitments to buy mortgage-backed securities (2) 182,145
Commitments to sell mortgage-backed securities (2) 1,700

Cash and cash equivalents (3) 16

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 4
and table 5.

4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from May 13, 2020 Wednesday Wednesday
consolidation May 6, 2020 May 15, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,509 - 48 - 169
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 6,407,819 + 212,891 +2,600,976
Securities held outright (1) 5,843,376 + 215,458 +2,157,001
U.S. Treasury securities 4,057,268 + 37,077 +1,942,824
Bills (2) 326,044 0 + 325,944
Notes and bonds, nominal (2) 3,442,616 + 33,100 +1,466,051
Notes and bonds, inflation-indexed (2) 252,016 + 3,750 + 136,655
Inflation compensation (3) 36,592 + 227 + 14,175
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 1,783,761 + 178,381 + 214,177
Unamortized premiums on securities held outright
(5) 297,516 + 11,014 + 164,047
Unamortized discounts on securities held outright
(5) -5,354 + 180 + 7,710
Repurchase agreements (6) 157,354 - 15,346 + 157,354
Loans (7) 114,927 + 1,585 + 114,863
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 4,292 + 304 + 4,292
Net portfolio holdings of Corporate Credit
Facility LLC (8) 305 + 305 + 305
Items in process of collection (0) 49 + 19 - 70
Bank premises 2,205 + 2 + 9
Central bank liquidity swaps (9) 440,934 - 3,951 + 440,884
Foreign currency denominated assets (10) 20,484 - 37 - 227
Other assets (11) 40,394 + 3,325 + 23,480

Total assets (0) 6,934,227 + 212,807 +3,069,478

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from May 13, 2020 Wednesday Wednesday
consolidation May 6, 2020 May 15, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,881,319 + 7,994 + 196,978
Reverse repurchase agreements (12) 281,150 + 15,944 + 17,225
Deposits (0) 4,663,966 + 145,427 +2,792,583
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,263,431 + 97,825 +1,747,012
U.S. Treasury, General Account 1,138,172 - 5,096 + 843,203
Foreign official 16,328 - 8 + 11,082
Other (13) (0) 246,034 + 52,705 + 191,284
Deferred availability cash items (0) 288 + 16 - 45
Treasury contributions to credit facilities (14) 47,500 + 47,500 + 47,500
Other liabilities and accrued dividends (15) 21,114 - 4,094 + 15,734

Total liabilities (0) 6,895,336 + 212,787 +3,069,974

Capital accounts
Capital paid in 32,066 + 20 - 496
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 38,891 + 20 - 496

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. Refer to the note on consolidation accompanying table 5.
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 and Corporate
Credit Facility LLC.
15. Includes the liability for earnings remittances due to the U.S. Treasury.

5. Statement of Condition of Each Federal Reserve Bank, May 13, 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 1,509 31 44 139 83 208 144 254 20 40 99 171 276
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 6,407,819 184,010 3,295,676 145,186 197,618 398,899 466,736 355,976 101,076 61,523 103,483 305,519 792,115
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 4,292 0 4,292 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facility LLC (2) 305 0 305 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 440,934 20,930 148,182 15,867 37,680 93,067 21,869 17,123 7,228 3,453 4,650 5,235 65,651
Foreign currency denominated
assets (4) 20,484 972 6,886 737 1,750 4,323 1,016 795 336 160 216 243 3,049
Other assets (5) 42,648 1,085 20,833 1,021 1,404 2,971 3,195 2,403 839 551 969 2,204 5,172
Interdistrict settlement account 0 - 67,683 + 452,625 - 10,660 - 25,331 + 18,946 - 104,249 - 14,887 - 21,092 - 15,583 - 15,409 - 3,179 - 193,498

Total assets 6,934,227 139,879 3,934,325 152,820 213,966 519,579 390,894 362,801 88,886 50,415 94,458 311,396 674,810

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

5. Statement of Condition of Each Federal Reserve Bank, May 13, 2020 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Liabilities
Federal Reserve notes, net 1,881,319 58,151 624,276 51,301 85,397 126,493 258,722 123,412 58,621 30,366 51,187 155,215 258,179
Reverse repurchase agreements (6) 281,150 6,314 145,567 6,414 8,796 17,621 20,720 15,704 4,442 2,657 4,471 13,550 34,894
Deposits 4,663,966 73,036 3,093,542 93,167 115,761 365,733 107,988 220,958 24,779 16,506 37,945 140,963 373,587
Depository institutions 3,263,431 73,025 1,826,539 93,166 114,762 364,895 101,112 107,054 24,770 16,451 31,856 136,220 373,581
U.S. Treasury, General Account 1,138,172 0 1,138,172 0 0 0 0 0 0 0 0 0 0
Foreign official 16,328 2 16,302 1 3 8 2 2 1 0 0 0 6
Other (7) 246,034 9 112,529 0 996 830 6,874 113,902 8 54 6,089 4,742 0
Earnings remittances due to the U.S.
Treasury (8) 2,095 50 1,107 45 63 125 157 112 31 16 29 100 258
Treasury contributions to credit
facilities (9) 47,500 0 47,500 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 19,307 499 9,330 505 651 1,420 1,407 1,101 377 545 410 916 2,145

Total liabilities 6,895,336 138,050 3,921,323 151,431 210,668 511,393 388,994 361,287 88,251 50,089 94,042 310,744 669,064

Capital
Capital paid in 32,066 1,505 10,709 1,143 2,714 6,745 1,561 1,249 523 272 344 571 4,730
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 6,934,227 139,879 3,934,325 152,820 213,966 519,579 390,894 362,801 88,886 50,415 94,458 311,396 674,810

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

5. Statement of Condition of Each Federal Reserve Bank, May 13, 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. 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 and Corporate Credit Facility LLC.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) has extended loans to several 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 are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY. On May 12, 2020, FRBNY
began extending loans to the Corporate Credit Facility 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 are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY.
The FRBNY is the managing member of CPFF II LLC and CCF LLC. 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, 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, the net assets of the LLC appears as assets on table 5 (and in table 1 and table 4), and the liabilities of the LLC to entities other than the FRBNY, 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 4).The amount provided by U.S. Treasury as credit
protection to FRBNY appears as liabilities on table 5 (and in table 1 and table 4).

6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
May 13, 2020

Federal Reserve notes outstanding 2,038,395
Less: Notes held by F.R. Banks not subject to collateralization 157,076
Federal Reserve notes to be collateralized 1,881,319
Collateral held against Federal Reserve notes 1,881,319
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,865,082
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,000,730
Less: Face value of securities under reverse repurchase agreements 262,667
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,738,062

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