FRB: H.4.1 Release--Factors Affecting Reserve Balances-- May 21, 2020

FEDERAL RESERVE statistical release

For Release at
4:30 P.M. Eastern time
May 21, 2020

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 indicate additional information related to
the Money Market Mutual Fund Liquidity Facility (MMLF). The amount provided by the U.S. Treasury on May 20,
2020, as credit protection for the MMLF is included in the line "Treasury contributions to credit facilities" in
tables 1, 4, and 5. The MMLF was announced in the H.4.1 cover note on March 26, 2020
https://www.federalreserve.gov/releases/h41/20200326/.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks May 21, 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 20, 2020
Federal Reserve Banks May 20, 2020 May 13, 2020 May 22, 2019

Reserve Bank credit 6,922,036 + 179,871 +3,097,551 6,998,687
Securities held outright (1) 5,872,570 + 199,595 +2,188,336 5,954,518
U.S. Treasury securities 4,074,075 + 34,486 +1,959,571 4,089,331
Bills (2) 326,044 0 + 325,994 326,044
Notes and bonds, nominal (2) 3,457,123 + 30,864 +1,480,558 3,471,224
Notes and bonds, inflation-indexed (2) 254,194 + 3,428 + 138,833 255,266
Inflation compensation (3) 36,714 + 194 + 14,186 36,797
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 1,796,148 + 165,108 + 228,765 1,862,841
Unamortized premiums on securities held outright (5) 300,167 + 10,474 + 166,930 304,104
Unamortized discounts on securities held outright (5) -5,671 - 249 + 7,375 -5,691
Repurchase agreements (6) 161,729 - 20,758 + 161,729 157,351
Foreign official 0 - 1,402 0 1
Others 161,729 - 19,357 + 161,729 157,350
Loans 111,789 - 2,455 + 111,737 108,577
Primary credit 21,482 - 3,461 + 21,474 19,535
Secondary credit 0 0 0 0
Seasonal credit 2 0 - 42 3
Primary Dealer Credit Facility 8,969 - 3,075 + 8,969 7,501
Money Market Mutual Fund Liquidity Facility 38,047 - 3,286 + 38,047 36,449
Paycheck Protection Program Liquidity Facility 43,289 + 7,366 + 43,289 45,090
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 4,292 + 46 + 4,292 4,293
Net portfolio holdings of Corporate Credit Facility
LLC (7) 1,183 + 1,139 + 1,183 1,801
Float -174 + 7 - 32 -209
Central bank liquidity swaps (8) 446,299 + 3,461 + 446,282 446,103
Other Federal Reserve assets (9) 29,852 - 11,387 + 9,721 27,841
Foreign currency denominated assets (10) 20,481 - 17 - 147 20,595
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,317 + 14 + 414 50,317

Total factors supplying reserve funds 7,009,076 + 179,869 +3,097,819 7,085,841

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 20, 2020
Federal Reserve Banks May 20, 2020 May 13, 2020 May 22, 2019

Currency in circulation (11) 1,933,267 + 7,538 + 201,126 1,938,599
Reverse repurchase agreements (12) 260,848 - 13,301 - 7,760 266,649
Foreign official and international accounts 258,851 - 12,756 - 3,102 256,923
Others 1,997 - 545 - 4,658 9,726
Treasury cash holdings 273 - 20 - 26 245
Deposits with F.R. Banks, other than reserve balances 1,441,573 + 51,463 +1,095,323 1,476,591
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,194,410 + 16,916 + 911,546 1,193,297
Foreign official 16,318 - 16 + 11,073 16,228
Other (13) 230,845 + 34,563 + 172,704 267,066
Treasury contributions to credit facilities (14) 47,714 + 21,641 + 47,714 49,000
Other liabilities and capital (15) 52,097 - 3,826 + 6,295 50,537

Total factors, other than reserve balances,
absorbing reserve funds 3,735,772 + 63,494 +1,342,672 3,781,620

Reserve balances with Federal Reserve Banks 3,273,303 + 116,374 +1,755,146 3,304,221

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 of $10 billion
and Corporate Credit Facility LLC of $37.5 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 May 20, 2020
May 20, 2020 May 13, 2020 May 22, 2019

Securities held in custody for foreign official and
international accounts 3,388,408 + 21,876 - 80,452 3,389,296
Marketable U.S. Treasury securities (1) 2,919,746 + 19,044 - 140,343 2,922,155
Federal agency debt and mortgage-backed securities (2) 383,717 + 2,659 + 50,045 381,657
Other securities (3) 84,945 + 173 + 9,846 85,484
Securities lent to dealers 32,347 - 1,045 + 11,417 34,356
Overnight facility (4) 32,347 - 1,045 + 11,417 34,356
U.S. Treasury securities 32,347 - 1,045 + 11,417 34,356
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 20, 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) 9,723 41,376 12,389 45,090 0 ... 108,577
U.S. Treasury securities (2)
Holdings 66,859 274,175 557,843 1,568,066 711,258 911,130 4,089,331
Weekly changes - 35,822 + 56,714 - 3,800 - 16,428 + 24,630 + 6,769 + 32,063
Federal agency debt securities (3)
Holdings 0 0 0 0 1,436 911 2,347
Weekly changes 0 0 0 0 + 285 - 285 0
Mortgage-backed securities (4)
Holdings 0 0 5 2,291 81,905 1,778,639 1,862,841
Weekly changes 0 0 0 + 277 + 2,861 + 75,942 + 79,080
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 0 4,255 0 ... ... ... 4,255
Repurchase agreements (6) 9,201 148,150 ... ... ... ... 157,351
Central bank liquidity swaps (7) 13,519 432,584 0 0 0 0 446,103
Reverse repurchase agreements (6) 266,649 0 ... ... ... ... 266,649
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 20, 2020

Mortgage-backed securities held outright (1) 1,862,841
Residential mortgage-backed securities 1,853,985
Commercial mortgage-backed securities 8,856

Commitments to buy mortgage-backed securities (2) 102,673
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 13

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 20, 2020 Wednesday Wednesday
consolidation May 13, 2020 May 22, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,478 - 31 - 183
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 6,518,859 + 111,040 +2,717,465
Securities held outright (1) 5,954,518 + 111,142 +2,273,174
U.S. Treasury securities 4,089,331 + 32,063 +1,974,762
Bills (2) 326,044 0 + 325,994
Notes and bonds, nominal (2) 3,471,224 + 28,608 +1,494,659
Notes and bonds, inflation-indexed (2) 255,266 + 3,250 + 139,905
Inflation compensation (3) 36,797 + 205 + 14,205
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 1,862,841 + 79,080 + 298,413
Unamortized premiums on securities held outright
(5) 304,104 + 6,588 + 171,070
Unamortized discounts on securities held outright
(5) -5,691 - 337 + 7,343
Repurchase agreements (6) 157,351 - 3 + 157,351
Loans (7) 108,577 - 6,350 + 108,527
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 4,293 + 1 + 4,293
Net portfolio holdings of Corporate Credit
Facility LLC (8) 1,801 + 1,496 + 1,801
Items in process of collection (0) 51 + 2 - 59
Bank premises 2,206 + 1 + 9
Central bank liquidity swaps (9) 446,103 + 5,169 + 446,086
Foreign currency denominated assets (10) 20,595 + 111 - 5
Other assets (11) 25,635 - 14,759 + 7,417

Total assets (0) 7,037,258 + 103,031 +3,176,823

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 20, 2020 Wednesday Wednesday
consolidation May 13, 2020 May 22, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,890,000 + 8,681 + 203,106
Reverse repurchase agreements (12) 266,649 - 14,501 - 2,589
Deposits (0) 4,780,812 + 116,846 +2,922,238
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 3,304,221 + 40,790 +1,771,388
U.S. Treasury, General Account 1,193,297 + 55,125 + 928,716
Foreign official 16,228 - 100 + 10,983
Other (13) (0) 267,066 + 21,032 + 211,150
Deferred availability cash items (0) 261 - 27 - 18
Treasury contributions to credit facilities (14) 49,000 + 1,500 + 49,000
Other liabilities and accrued dividends (15) 11,644 - 9,470 + 5,595

Total liabilities (0) 6,998,365 + 103,029 +3,177,330

Capital accounts
Capital paid in 32,069 + 3 - 506
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 38,894 + 3 - 506

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 of $10 billion
and Corporate Credit Facility LLC of $37.5 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.

5. Statement of Condition of Each Federal Reserve Bank, May 20, 2020
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Assets
Gold certificates and special drawing
rights certificates 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045
Coin 1,478 30 42 136 85 200 140 251 21 39 96 165 272
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 6,518,859 183,417 3,351,183 148,095 201,286 406,387 475,714 362,141 103,046 63,346 105,785 311,410 807,049
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 4,293 0 4,293 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facility LLC (2) 1,801 0 1,801 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 446,103 21,175 149,919 16,053 38,122 94,158 22,125 17,324 7,313 3,493 4,705 5,296 66,420
Foreign currency denominated
assets (4) 20,595 977 6,924 741 1,760 4,346 1,021 800 338 161 217 244 3,066
Other assets (5) 27,892 2,257 11,678 685 944 2,053 2,109 1,581 606 381 734 1,524 3,340
Interdistrict settlement account 0 - 68,907 + 475,147 - 12,928 - 21,927 + 49,613 - 126,068 - 13,204 - 23,772 - 11,084 - 18,276 - 8,142 - 220,452

Total assets 7,037,258 139,482 4,006,469 153,311 221,030 557,923 377,224 370,030 88,031 56,606 93,711 311,700 661,741

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 20, 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 1,890,000 58,667 625,893 51,182 85,394 126,535 260,371 125,038 58,357 30,570 52,261 157,167 258,565
Reverse repurchase agreements (6) 266,649 5,988 138,059 6,084 8,343 16,712 19,651 14,894 4,213 2,520 4,240 12,851 33,094
Deposits 4,780,812 71,052 3,178,749 94,216 123,425 405,230 94,093 227,637 24,498 22,705 36,436 140,252 362,519
Depository institutions 3,304,221 71,032 1,834,068 94,214 121,683 404,479 92,896 109,326 24,491 22,652 31,446 135,420 362,512
U.S. Treasury, General Account 1,193,297 0 1,193,297 0 0 0 0 0 0 0 0 0 0
Foreign official 16,228 2 16,201 1 3 8 2 2 1 0 0 0 6
Other (7) 267,066 18 135,182 0 1,738 742 1,195 118,310 6 53 4,990 4,831 1
Earnings remittances due to the U.S.
Treasury (8) 1,530 43 795 32 53 104 109 82 20 10 18 68 195
Treasury contributions to credit
facilities (9) 49,000 1,500 47,500 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 10,374 403 2,470 409 518 1,157 1,099 865 307 475 339 709 1,622

Total liabilities 6,998,365 137,653 3,993,466 151,923 217,732 549,737 375,323 368,516 87,395 56,281 93,295 311,048 655,995

Capital
Capital paid in 32,069 1,505 10,709 1,143 2,715 6,745 1,562 1,249 524 272 344 571 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 7,037,258 139,482 4,006,469 153,311 221,030 557,923 377,224 370,030 88,031 56,606 93,711 311,700 661,741

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 20, 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 of $10 billion and Corporate Credit Facility LLC of $37.5 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) 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 20, 2020

Federal Reserve notes outstanding 2,048,021
Less: Notes held by F.R. Banks not subject to collateralization 158,022
Federal Reserve notes to be collateralized 1,890,000
Collateral held against Federal Reserve notes 1,890,000
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,873,763
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,111,869
Less: Face value of securities under reverse repurchase agreements 253,120
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,858,750

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