FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, June 18, 2020

FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

June 18, 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 on the Term Asset-Backed Securities Loan Facility (TALF) and a new table 4 that provides supplemental information on all credit facilities.

Table 4, “Information on Principal Accounts of Credit Facilities LLCs,” was added to provide information about outstanding principal amount of loans extended to LLCs by Reserve Banks. The table also provides information on the net portfolio holdings of credit facilities LLCs including outstanding amounts of facility asset purchases, Treasury contributions, and other assets.

The TALF operates through the Term Asset-Backed Securities Loan Facility II LLC (TALF II LLC), a special purpose vehicle that was formed to help support the flow of credit to consumers and businesses. On March 23, 2020, the Federal Reserve announced the TALF. On June 16, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury’s equity contribution for the TALF program.

Consistent with generally accepted accounting principles, the assets and liabilities of TALF 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 TALF II LLC. The net portfolio holdings of TALF II LLC appear as an asset on the statement of condition of the FRBNY (now table 6), the consolidated statement of condition of all Federal Reserve Banks (now table 5), factors affecting reserve balances of depository institutions (table 1), and information on principal accounts of credit facilities LLC (table 4). The amount provided by the U.S. Treasury as credit protection for the TALF II LLC is included in “Treasury contributions to credit facilities” in tables 1, 4, 5, and 6.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	June 18, 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 Jun 17, 2020
	Week ended Jun 17, 2020	Change from week ended
	Week ended Jun 17, 2020	Jun 10, 2020	Jun 19, 2019
Reserve Bank credit	7,085,167	- 28,041	+3,276,184	7,055,889
Securities held outright¹	6,078,625	+ 97,492	+2,413,566	6,090,428
U.S. Treasury securities	4,163,270	+ 20,079	+2,053,217	4,169,340
Bills²	326,044	0	+ 326,007	326,044
Notes and bonds, nominal²	3,538,225	+ 17,737	+1,567,955	3,542,389
Notes and bonds, inflation-indexed²	262,694	+ 2,543	+ 146,178	264,552
Inflation compensation³	36,307	- 201	+ 13,078	36,356
Federal agency debt securities²	2,347	0	0	2,347
Mortgage-backed securities⁴	1,913,008	+ 77,413	+ 360,349	1,918,741
Unamortized premiums on securities held outright⁵	310,353	+ 4,243	+ 178,384	311,026
Unamortized discounts on securities held outright⁵	-5,408	+ 67	+ 7,539	-5,366
Repurchase agreements⁶	120,429	- 63,886	+ 120,429	79,053
Foreign official	0	0	0	0
Others	120,429	- 63,885	+ 120,429	79,053
Loans	96,402	- 3,201	+ 96,330	95,031
Primary credit	7,939	- 1,313	+ 7,920	7,479
Secondary credit	0	0	0	0
Seasonal credit	12	+ 2	- 41	13
Primary Dealer Credit Facility	5,621	- 225	+ 5,621	5,306
Money Market Mutual Fund Liquidity Facility	25,604	- 2,564	+ 25,604	24,680
Paycheck Protection Program Liquidity Facility	57,226	+ 901	+ 57,226	57,552
Other credit extensions	0	0	0	0
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁷	12,796	+ 1	+ 12,796	12,797
Net portfolio holdings of Corporate Credit Facilities LLC⁷	38,110	+ 1,290	+ 38,110	38,916
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁷	31,875	+ 27,321	+ 31,875	31,876
Net portfolio holdings of Municipal Liquidity Facility LLC⁷	16,078	+ 2	+ 16,078	16,079
Net portfolio holdings of TALF II LLC⁷	0	0	0	0
Float	-229	- 44	- 91	-216
Central bank liquidity swaps⁸	352,584	- 93,675	+ 352,567	352,470
Other Federal Reserve assets⁹	33,553	+ 2,349	+ 8,601	33,795
Foreign currency denominated assets¹⁰	20,923	+ 71	+ 107	20,866
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	50,373	+ 14	+ 454	50,373

Total factors supplying reserve funds	7,172,705	- 27,955	+3,276,745	7,143,369

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 Jun 17, 2020
	Week ended Jun 17, 2020	Change from week ended
	Week ended Jun 17, 2020	Jun 10, 2020	Jun 19, 2019
Currency in circulation¹¹	1,956,927	+ 2,960	+ 219,969	1,959,750
Reverse repurchase agreements¹²	232,965	- 8,657	- 35,616	225,462
Foreign official and international accounts	232,340	- 9,101	- 29,204	225,461
Others	626	+ 445	- 6,411	1
Treasury cash holdings	113	- 38	- 98	83
Deposits with F.R. Banks, other than reserve balances	1,746,476	+ 77,794	+1,470,015	1,726,191
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	1,560,850	+ 54,292	+1,362,452	1,565,306
Foreign official	16,250	- 120	+ 11,006	16,247
Other¹³	169,376	+ 23,621	+ 96,558	144,637
Treasury contributions to credit facilities¹⁴	106,857	+ 2,857	+ 106,857	114,000
Other liabilities and capital¹⁵	50,875	+ 863	+ 5,081	48,445

Total factors, other than reserve balances, absorbing reserve funds	4,094,214	+ 75,781	+1,766,210	4,073,930

Reserve balances with Federal Reserve Banks	3,078,491	- 103,737	+1,510,536	3,069,439

Note: Components may not sum to totals because of rounding.

1.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.	Face value of the securities.
3.	Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.	Cash value of agreements.
7.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
8.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
9.	Includes bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC.
10.	Revalued daily at current foreign currency exchange rates.
11.	Estimated.
12.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities
13.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
14.	Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.
15.	Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Jun 17, 2020
	Week ended Jun 17, 2020	Change from week ended
	Week ended Jun 17, 2020	Jun 10, 2020	Jun 19, 2019
Securities held in custody for foreign official and international accounts	3,419,320	+ 12,264	- 58,114	3,423,057
Marketable U.S. Treasury securities¹	2,956,733	+ 11,938	- 99,648	2,960,181
Federal agency debt and mortgage-backed securities²	377,573	+ 226	+ 33,440	377,751
Other securities³	85,014	+ 100	+ 8,094	85,125
Securities lent to dealers	33,661	- 66	+ 6,599	30,094
Overnight facility⁴	33,661	- 66	+ 6,599	30,094
U.S. Treasury securities	33,661	- 66	+ 6,599	30,094
Federal agency debt securities	0	0	0	0

Note: Components may not sum to totals because of rounding.

1.	Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.
2.	Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities.
3.	Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4.	Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, June 17, 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	10,098	19,628	8,953	56,352	0	...	95,031
U.S. Treasury securities²
Holdings	70,365	276,151	587,886	1,581,775	729,159	924,006	4,169,340
Weekly changes	+ 27,492	- 16,676	+ 1,168	+ 740	+ 3,843	+ 2,366	+ 18,931
Federal agency debt securities³
Holdings	0	0	0	0	1,436	911	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities⁴
Holdings	0	0	5	2,267	80,708	1,835,761	1,918,741
Weekly changes	0	0	0	+ 37	- 176	+ 83,284	+ 83,146
Commercial paper held by Commercial
Paper Funding Facility II LLC⁵	0	4,251	0	...	...	...	4,251
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)⁶	0	0	0	0	...	...	0
Municipal notes held by Municipal
Liquidity Facility LLC⁷	0	0	1,200	0	...	...	1,200
Loans held by TALF II LLC⁸	0	0	0	0	...	...	0
Repurchase agreements⁸	25,853	53,200	...	...	...	...	79,053
Central bank liquidity swaps⁹	242,962	109,508	0	0	0	0	352,470
Reverse repurchase agreements⁸	225,462	0	...	...	...	...	225,462
Term deposits	0	0	0	...	...	...	0

Note: Components may not sum to totals because of rounding.
...Not applicable.

1.	Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans exclude the loans from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II LLC, and from the Federal Reserve Bank of Boston (FRBB) to MS Facilities LLC, which were eliminated when preparing the FRBNY's and FRBB's statement of condition, respectively, consistent with consolidation under generally accepted accounting principles.
2.	Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.
3.	Face value.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Book value of commercial paper held by Commercial Paper Funding Facility II LLC.
6.	Book value of the loan participations held by the MS Facilities LLC.
7.	Book value of the municipal notes held by the Municipal Liquidity Facility LLC.
8.	Book value of the loans held by the TALF II LLC.
9.	Cash value of agreements.
10.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Jun 17, 2020
Mortgage-backed securities held outright¹	1,918,741
Residential mortgage-backed securities	1,909,628
Commercial mortgage-backed securities	9,113

Commitments to buy mortgage-backed securities²	96,199
Commitments to sell mortgage-backed securities²	3,815

Cash and cash equivalents³	0

1.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2.	Current face value. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days.
3.	This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Credit Facilities LLCs

Millions of dollars

Credit Facilities LLCs:	Wednesday Jun 17, 2020
		Net portfolio holdings of
		Credit Facilities LLCs
	Outstanding
	principal	Outstanding
	amount	amount of	Treasury
	of loan	facility	contributions
	extended to	asset	and
	the LLC¹	purchases²	other assets³	Total
Commercial Paper Funding Facility II LLC	4,243	4,251	8,547	12,797
Corporate Credit Facilities LLC	6,567	7,027	31,889	38,916
MS Facilities LLC (Main Street Lending Program)	0	0	31,876	31,876
Municipal Liquidity Facility LLC	1,200	1,200	14,879	16,079
TALF II LLC	0	0	0	0

Note: Components may not sum to totals because of rounding.

1.	Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity.
2.	Outstanding amount of facility asset purchases:
	a. For the Commercial Paper Funding Facility II LLC includes commercial paper at book value.
	b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and corporate bonds at book value. Asset balances
	from trading activity are reported on a one-day lag after the transaction date.
	c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value.
	d. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on
	a one-day lag after the transaction date.
	e. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value.
3.	Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are initially 15% of Treasury contributions to the credit facilities from the following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, and Municipal Liquidity Facility LLC. Refer to the note on consolidation accompanying table 6.

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Jun 17, 2020	Change since
			Wednesday	Wednesday
			Jun 10, 2020	Jun 19, 2019
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,431	+ 19	- 239
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,570,172	+ 14,930	+2,789,947
Securities held outright¹		6,090,428	+ 102,077	+2,429,201
U.S. Treasury securities		4,169,340	+ 18,931	+2,059,256
Bills²		326,044	0	+ 326,039
Notes and bonds, nominal²		3,542,389	+ 15,615	+1,572,119
Notes and bonds, inflation-indexed²		264,552	+ 3,401	+ 148,036
Inflation compensation³		36,356	- 84	+ 13,063
Federal agency debt securities²		2,347	0	0
Mortgage-backed securities⁴		1,918,741	+ 83,146	+ 369,945
Unamortized premiums on securities held outright⁵		311,026	+ 4,210	+ 179,246
Unamortized discounts on securities held outright⁵		-5,366	+ 86	+ 7,570
Repurchase agreements⁶		79,053	- 88,247	+ 79,053
Loans⁷		95,031	- 3,196	+ 94,877
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁸		12,797	+ 1	+ 12,797
Net portfolio holdings of Corporate Credit Facilities LLC⁸		38,916	+ 1,542	+ 38,916
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁸		31,876	+ 1	+ 31,876
Net portfolio holdings of Municipal Liquidity Facility LLC⁸		16,079	+ 2	+ 16,079
Net portfolio holdings of TALF II LLC⁸		0	0	0
Items in process of collection	(0)	51	+ 11	- 2
Bank premises		2,202	+ 1	+ 10
Central bank liquidity swaps⁹		352,470	- 92,050	+ 352,453
Foreign currency denominated assets¹⁰		20,866	- 149	+ 55
Other assets¹¹		31,594	+ 1,447	+ 8,784

Total assets	(0)	7,094,690	- 74,246	+3,250,674

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

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Jun 17, 2020	Change since
			Wednesday	Wednesday
			Jun 10, 2020	Jun 19, 2019
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,910,886	+ 3,859	+ 221,230
Reverse repurchase agreements¹²		225,462	- 15,352	- 59,233
Deposits	(0)	4,795,630	- 71,652	+2,971,426
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		3,069,439	- 121,215	+1,567,915
U.S. Treasury, General Account		1,565,306	+ 60,737	+1,306,665
Foreign official		16,247	- 9	+ 11,003
Other¹³	(0)	144,637	- 11,165	+ 85,842
Deferred availability cash items	(0)	268	- 9	+ 103
Treasury contributions to credit facilities¹⁴		114,000	+ 10,000	+ 114,000
Other liabilities and accrued dividends¹⁵		9,531	- 1,090	+ 3,453

Total liabilities	(0)	7,055,776	- 74,245	+3,250,978

Capital accounts
Capital paid in		32,090	- 1	- 302
Surplus		6,825	0	0
Other capital accounts		0	0	0

Total capital		38,915	- 1	- 302

Note: Components may not sum to totals because of rounding.

1.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.	Face value of the securities.
3.	Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.	Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7.	Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.
8.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
9.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
10.	Revalued daily at current foreign currency exchange rates.
11.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC.
12.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
13.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
14.	Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.
15.	Includes the liability for earnings remittances due to the U.S. Treasury.

6. Statement of Condition of Each Federal Reserve Bank, June 17, 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	533	5,483	529	761	1,165	2,183	1,137	479	270	450	1,202	2,045
Coin	1,431	24	38	127	81	196	142	242	23	38	91	164	267
Securities, unamortized premiums and discounts, repurchase agreements, and loans¹	6,570,172	173,086	3,373,822	151,540	203,703	410,728	481,418	365,354	104,210	64,483	109,262	314,853	817,715
Net portfolio holdings of Commercial Paper Funding Facility II LLC²	12,797	0	12,797	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Corporate Credit Facilities LLC²	38,916	0	38,916	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)²	31,876	31,876	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC²	16,079	0	16,079	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC²	0	0	0	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps³	352,470	16,730	118,452	12,684	30,120	74,395	17,481	13,688	5,778	2,760	3,717	4,185	52,479
Foreign currency denominated
assets⁴	20,866	990	7,014	751	1,783	4,404	1,035	810	342	163	220	248	3,106
Other assets⁵	33,847	8,014	9,104	821	1,120	2,412	2,539	1,907	816	430	812	1,799	4,074
Interdistrict settlement account	0	- 67,296	+ 472,892	- 14,968	+ 1,877	- 23,540	- 111,944	- 32,494	- 24,237	- 13,455	- 22,437	- 19,151	- 145,245

Total assets	7,094,690	163,958	4,054,597	151,483	239,444	469,759	392,854	350,643	87,409	54,689	92,115	303,299	734,442

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

6. Statement of Condition of Each Federal Reserve Bank, June 17, 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	1,910,886	58,128	640,562	52,952	85,644	125,029	263,286	126,109	58,375	30,819	52,781	161,799	255,402
Reverse repurchase agreements⁶	225,462	5,063	116,735	5,144	7,054	14,131	16,616	12,593	3,562	2,131	3,585	10,866	27,983
Deposits	4,795,630	59,566	3,205,011	91,690	143,091	321,595	110,310	209,846	24,611	20,991	35,083	129,514	444,321
Depository institutions	3,069,439	59,544	1,568,615	91,689	143,020	321,105	110,208	124,301	24,608	20,934	33,592	127,508	444,315
U.S. Treasury, General Account	1,565,306	0	1,565,306	0	0	0	0	0	0	0	0	0	0
Foreign official	16,247	2	16,221	1	3	8	2	2	1	0	0	0	6
Other⁷	144,637	21	54,869	0	68	482	99	85,543	3	57	1,490	2,005	0
Earnings remittances due to the U.S. Treasury⁸	1,331	27	738	26	33	58	101	74	20	10	12	69	163
Treasury contributions to credit facilities⁹	114,000	39,000	75,000	0	0	0	0	0	0	0	0	0	0
Other liabilities and accrued dividends	8,468	343	3,540	263	323	761	638	506	206	414	237	400	838

Total liabilities	7,055,776	162,128	4,041,585	150,076	236,146	461,573	390,950	349,128	86,774	54,364	91,699	302,647	728,707

Capital
Capital paid in	32,090	1,505	10,718	1,161	2,715	6,745	1,565	1,250	523	272	344	571	4,719
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	7,094,690	163,958	4,054,597	151,483	239,444	469,759	392,854	350,643	87,409	54,689	92,115	303,299	734,442

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

6. Statement of Condition of Each Federal Reserve Bank, June 17, 2020 (continued)

1.	Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.
2.	Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below.
3.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
4.	Revalued daily at current foreign currency exchange rates.
5.	Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio holdings of Maiden Lane LLC; refer to the note on consolidation for additional information.
6.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
7.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
8.	Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $6.825 billion surplus.
9.	Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS Facilities LLC of $37.5 billion, and Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) 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 and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On May 12, 2020, FRBNY began extending loans to the Corporate Credit Facilities LLC (CCF LLC), a limited liability company formed to purchase eligible bonds or portions of syndicated loans or bonds at issuance through the Primary Market Corporate Credit Facility and to purchase eligible individual corporate bonds and exchange-traded funds through the Secondary Market Corporate Credit Facility. The assets of the CCF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY. On June 5, 2020, FRBNY began extending loans to the Municipal Liquidity Facility LLC (MLF LLC), a limited liability company formed to purchase municipal notes from eligible issuers. The assets of the MLF LLC and the amount provided by U.S. Treasury as credit protection to the FRBNY are used to secure the loan from the FRBNY.

The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II LLC. The Federal Reserve Bank of Boston (FRBB) is the managing member of MS Facilities LLC (Main Street Lending Program). Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY or FRBB, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY or FRBB for LLCs consolidated to FRBB. Treasury contributions to credit facilities are held at FRBNY until invested. Net assets of the LLC appears as assets on table 6 (and in table 1 and table 5), and the liabilities of the LLC to entities other than the FRBNY or FRBB, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 5). The amount provided by U.S. Treasury as credit protection to FRBNY and FRBB appears as liabilities on table 6 (and in table 1 and table 5).

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Federal Reserve notes and collateral	Wednesday
Federal Reserve notes and collateral	Jun 17, 2020
Federal Reserve notes outstanding	2,067,014
Less: Notes held by F.R. Banks not subject to collateralization	156,128
Federal Reserve notes to be collateralized	1,910,886
Collateral held against Federal Reserve notes	1,910,886
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,894,649
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	6,169,481
Less: Face value of securities under reverse repurchase agreements	216,811
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	5,952,670

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