FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, April 16, 2020

FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern Time

April 16, 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 include information related to Commercial Paper Funding Facility (CPFF). This facility operates through the Commercial Paper Funding Facility II LLC (CPFF II LLC), a special purpose vehicle that was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of credit for businesses and households.

On March 17, 2020, the Federal Reserve announced the CPFF. On April 14, 2020, the Federal Reserve Bank of New York (FRBNY) extended credit to the CPFF II LLC under the authority of section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary, and the CPFF II LLC began purchasing eligible commercial paper.

Consistent with generally accepted accounting principles, the assets and liabilities of CPFF II LLC have been 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 CPFF II LLC. The net portfolio holdings of CPFF II 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 is recorded in “Other liabilities and capital” in table 1 and “Other liabilities and accrued dividends” in tables 4 and 5.

Additionally, amounts for “Net portfolio holdings of Maiden Lane LLC,” were removed from table 1 because the portfolio holdings have been reduced to de minimis balances. Amounts will be included in “Other Federal Reserve Assets” in table 1 and “Other assets” in tables 4 and 5.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	April 16, 2020

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Apr 15, 2020
	Week ended Apr 15, 2020	Change from week ended
	Week ended Apr 15, 2020	Apr 8, 2020	Apr 17, 2019
Reserve Bank credit	6,196,020	+ 227,982	+2,299,746	6,329,072
Securities held outright¹	5,195,539	+ 222,862	+1,448,965	5,359,376
U.S. Treasury securities	3,717,414	+ 206,286	+1,563,958	3,788,858
Bills²	326,044	0	+ 326,044	326,044
Notes and bonds, nominal²	3,140,587	+ 190,299	+1,124,023	3,206,144
Notes and bonds, inflation-indexed²	217,244	+ 14,619	+ 102,094	222,692
Inflation compensation³	33,539	+ 1,369	+ 11,797	33,978
Federal agency debt securities²	2,347	0	0	2,347
Mortgage-backed securities⁴	1,475,778	+ 16,576	- 114,993	1,568,171
Unamortized premiums on securities held outright⁵	250,328	+ 20,389	+ 115,251	262,334
Unamortized discounts on securities held outright⁵	-7,123	+ 834	+ 5,923	-6,896
Repurchase agreements⁶	201,596	- 26,047	+ 201,596	181,100
Foreign official	1	+ 1	+ 1	0
Others	201,596	- 26,047	+ 201,596	181,100
Loans	128,604	- 1,400	+ 128,580	120,349
Primary credit	41,034	- 2,479	+ 41,024	36,284
Secondary credit	0	0	0	0
Seasonal credit	0	0	- 13	0
Primary Dealer Credit Facility	35,590	+ 2,891	+ 35,590	33,409
Money Market Mutual Fund Liquidity Facility	51,944	- 1,849	+ 51,944	50,656
Other credit extensions	0	0	0	0
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁷	141	+ 141	+ 141	974
Float	-266	- 72	- 58	-361
Central bank liquidity swaps⁸	393,063	+ 7,698	+ 393,008	378,291
Other Federal Reserve assets⁹	34,137	+ 3,577	+ 6,338	33,904
Foreign currency denominated assets¹⁰	20,515	+ 156	- 116	20,525
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	50,247	+ 14	+ 366	50,247

Total factors supplying reserve funds	6,283,023	+ 228,152	+2,299,996	6,416,085

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

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Apr 15, 2020
	Week ended Apr 15, 2020	Change from week ended
	Week ended Apr 15, 2020	Apr 8, 2020	Apr 17, 2019
Currency in circulation¹¹	1,884,944	+ 3,933	+ 157,948	1,887,593
Reverse repurchase agreements¹²	284,464	- 128,326	+ 32,605	279,584
Foreign official and international accounts	278,571	- 3,774	+ 26,841	276,434
Others	5,893	- 124,552	+ 5,764	3,150
Treasury cash holdings	307	- 10	- 25	302
Deposits with F.R. Banks, other than reserve balances	1,134,405	+ 187,593	+ 780,064	1,103,978
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	889,815	+ 191,237	+ 604,551	856,155
Foreign official	16,352	- 408	+ 11,108	16,347
Other¹³	228,237	- 3,237	+ 164,404	231,475
Other liabilities and capital¹⁴	59,862	+ 6,372	+ 14,842	74,756

Total factors, other than reserve balances, absorbing reserve funds	3,363,982	+ 69,562	+ 985,434	3,346,212

Reserve balances with Federal Reserve Banks	2,919,041	+ 158,590	+1,314,562	3,069,872

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.	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 Apr 15, 2020
	Week ended Apr 15, 2020	Change from week ended
	Week ended Apr 15, 2020	Apr 8, 2020	Apr 17, 2019
Securities held in custody for foreign official and international accounts	3,318,168	+ 1,971	- 149,326	3,328,037
Marketable U.S. Treasury securities¹	2,847,057	+ 1,385	- 215,157	2,857,372
Federal agency debt and mortgage-backed securities²	388,210	- 70	+ 54,378	387,578
Other securities³	82,900	+ 655	+ 11,451	83,087
Securities lent to dealers	34,596	- 1,976	+ 12,652	32,721
Overnight facility⁴	34,596	- 1,976	+ 12,652	32,721
U.S. Treasury securities	34,596	- 1,976	+ 12,652	32,721
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, April 15, 2020

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans¹	13,782	88,132	18,434	0	0	...	120,349
U.S. Treasury securities²
Holdings	58,644	225,035	527,601	1,493,336	621,255	862,987	3,788,858
Weekly changes	+ 11,532	- 8,380	+ 27,012	+ 61,130	+ 44,337	+ 18,841	+ 154,472
Federal agency debt securities³
Holdings	0	0	0	0	1,151	1,196	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities⁴
Holdings	0	0	5	1,696	73,362	1,493,109	1,568,171
Weekly changes	0	0	0	- 8	+ 562	+ 107,918	+ 108,470
Commercial paper held by Commercial
Paper Funding Facility II LLC⁵	0	950	0	...	...	...	950
Repurchase agreements⁶	32,700	148,400	...	...	...	...	181,100
Central bank liquidity swaps⁷	26,361	351,930	0	0	0	0	378,291
Reverse repurchase agreements⁶	279,584	0	...	...	...	...	279,584
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, and other credit extensions. Loans exclude the loan from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, which was 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
Account name	Apr 15, 2020
Mortgage-backed securities held outright¹	1,568,171
Residential mortgage-backed securities	1,562,461
Commercial mortgage-backed securities	5,710

Commitments to buy mortgage-backed securities²	268,565
Commitments to sell mortgage-backed securities²	1,000

Cash and cash equivalents³	11

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 from consolidation	Wednesday Apr 15, 2020	Change since
			Wednesday	Wednesday
			Apr 8, 2020	Apr 17, 2019
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,656	- 12	- 38
Securities, unamortized premiums and discounts, repurchase agreements, and loans		5,916,263	+ 261,709	+2,050,671
Securities held outright¹		5,359,376	+ 262,942	+1,615,682
U.S. Treasury securities		3,788,858	+ 154,472	+1,635,449
Bills²		326,044	0	+ 326,044
Notes and bonds, nominal²		3,206,144	+ 141,284	+1,189,670
Notes and bonds, inflation-indexed²		222,692	+ 12,067	+ 107,548
Inflation compensation³		33,978	+ 1,121	+ 12,186
Federal agency debt securities²		2,347	0	0
Mortgage-backed securities⁴		1,568,171	+ 108,470	- 19,767
Unamortized premiums on securities held outright⁵		262,334	+ 19,221	+ 127,421
Unamortized discounts on securities held outright⁵		-6,896	+ 485	+ 6,138
Repurchase agreements⁶		181,100	- 11,651	+ 181,100
Loans⁷		120,349	- 9,288	+ 120,330
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁸		974	+ 974	+ 974
Items in process of collection	(0)	35	- 4	- 30
Bank premises		2,203	+ 2	0
Central bank liquidity swaps⁹		378,291	+ 20,214	+ 378,236
Foreign currency denominated assets¹⁰		20,525	+ 152	- 101
Other assets¹¹		31,703	+ 1,713	+ 6,347

Total assets	(0)	6,367,887	+ 284,746	+2,436,060

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 from consolidation	Wednesday Apr 15, 2020	Change since
			Wednesday	Wednesday
			Apr 8, 2020	Apr 17, 2019
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,839,299	+ 4,074	+ 159,130
Reverse repurchase agreements¹²		279,584	- 54,904	+ 23,902
Deposits	(0)	4,173,852	+ 315,492	+2,222,729
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,069,874	+ 295,368	+1,545,577
U.S. Treasury, General Account		856,155	+ 28,977	+ 486,790
Foreign official		16,347	- 299	+ 11,104
Other¹³	(0)	231,475	- 8,555	+ 179,256
Deferred availability cash items	(0)	396	+ 52	+ 80
Other liabilities and accrued dividends¹⁴		35,924	+ 20,032	+ 30,730

Total liabilities	(0)	6,329,055	+ 284,746	+2,436,570

Capital accounts
Capital paid in		32,007	0	- 510
Surplus		6,825	0	0
Other capital accounts		0	0	0

Total capital		38,832	0	- 510

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, 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.	Includes the liability for earnings remittances due to the U.S. Treasury.

5. Statement of Condition of Each Federal Reserve Bank, April 15, 2020

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Assets
Gold certificates and special drawing rights certificates	16,237	547	5,525	537	768	1,166	2,214	1,135	478	276	445	1,172	1,974
Coin	1,656	39	48	150	90	224	158	276	29	50	110	189	294
Securities, unamortized premiums and discounts, repurchase agreements, and loans¹	5,916,263	171,952	3,216,038	140,699	170,616	355,201	396,430	308,255	83,574	50,317	86,869	253,004	683,306
Net portfolio holdings of Commercial Paper Funding Facility II LLC²	974	0	974	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps³	378,291	17,956	127,130	13,613	32,327	79,845	18,762	14,691	6,201	2,962	3,989	4,491	56,324
Foreign currency denominated
assets⁴	20,525	974	6,899	738	1,754	4,331	1,018	797	336	161	216	244	3,056
Other assets⁵	33,941	809	17,233	861	1,065	2,378	2,388	1,825	641	406	791	1,657	3,888
Interdistrict settlement account	0	- 30,758	+ 92,050	- 14,798	+ 1,964	+ 75,875	- 56,279	+ 23,416	- 7,250	- 6,401	- 604	+ 48,467	- 125,681

Total assets	6,367,887	161,518	3,465,898	141,801	208,583	519,020	364,691	350,394	84,009	47,770	91,816	309,224	623,161

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, April 15, 2020 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes, net	1,839,299	56,991	618,290	50,348	83,899	123,857	252,792	118,987	57,718	29,801	49,485	150,153	246,977
Reverse repurchase agreements⁶	279,584	5,800	152,533	6,771	8,180	17,110	19,116	14,676	4,018	2,419	4,146	12,140	32,676
Deposits	4,173,852	96,339	2,657,062	82,685	112,475	368,281	89,307	213,999	21,239	14,557	37,330	145,290	335,288
Depository institutions	3,069,874	96,325	1,700,373	82,683	105,413	367,145	88,989	95,662	21,234	14,501	25,698	136,569	335,281
U.S. Treasury, General Account	856,155	0	856,155	0	0	0	0	0	0	0	0	0	0
Foreign official	16,347	2	16,321	1	3	8	2	2	1	0	0	0	6
Other⁷	231,475	12	84,213	0	7,058	1,128	316	118,336	4	56	11,632	8,720	1
Earnings remittances due to the U.S. Treasury⁸	2,104	53	1,165	48	72	135	136	100	22	19	20	82	252
Other liabilities and accrued dividends	34,216	505	23,847	562	661	1,487	1,440	1,135	377	649	420	913	2,221

Total liabilities	6,329,055	159,688	3,452,897	140,413	205,286	510,869	362,791	348,896	83,375	47,445	91,402	308,578	617,414

Capital
Capital paid in	32,007	1,506	10,707	1,143	2,714	6,710	1,561	1,233	523	272	342	565	4,731
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	6,367,887	161,518	3,465,898	141,801	208,583	519,020	364,691	350,394	84,009	47,770	91,816	309,224	623,161

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, April 15, 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, 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.

Note on consolidation:

On April 14, 2020, the Federal Reserve Bank of New York (FRBNY) began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC) under the authority of section 13(3) of the Federal Reserve Act. CPFF II LLC is 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.

The FRBNY is the managing member of CPFF II LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the CPFF II LLC have been 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 FRBNY to CPFF II LLC is eliminated, the net assets of the CPFF II LLC appear as assets on the previous page (and in table 1 and table 4), and the liabilities of the CPFF II LLC to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the CPFF II LLC are included in other liabilities in this table (and 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
Federal Reserve notes and collateral	Apr 15, 2020
Federal Reserve notes outstanding	2,007,661
Less: Notes held by F.R. Banks not subject to collateralization	168,361
Federal Reserve notes to be collateralized	1,839,299
Collateral held against Federal Reserve notes	1,839,299
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,823,063
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	5,540,476
Less: Face value of securities under reverse repurchase agreements	266,203
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,274,273

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