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.