FRB: H.4.1 Release--Factors Affecting Reserve Balances-- July 09, 2020

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks July 9, 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 Jul 8, 2020
Federal Reserve Banks Jul 8, 2020 Jul 1, 2020 Jul 10, 2019

Reserve Bank credit 6,915,285 - 60,514 +3,140,119 6,881,742
Securities held outright (1) 6,134,474 + 16,223 +2,503,976 6,145,103
U.S. Treasury securities 4,220,727 + 16,186 +2,125,302 4,231,355
Bills (2) 326,044 0 + 326,040 326,044
Notes and bonds, nominal (2) 3,588,645 + 12,556 +1,633,375 3,599,273
Notes and bonds, inflation-indexed (2) 270,206 + 3,524 + 153,690 270,206
Inflation compensation (3) 35,832 + 106 + 12,198 35,833
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 1,911,401 + 38 + 378,675 1,911,401
Unamortized premiums on securities held outright (5) 314,652 + 1,074 + 183,982 315,251
Unamortized discounts on securities held outright (5) -5,318 - 22 + 7,542 -5,299
Repurchase agreements (6) 41,286 - 34,093 + 41,286 0
Foreign official 143 - 1 + 143 0
Others 41,143 - 34,093 + 41,143 0
Loans 95,294 - 1,592 + 95,174 93,355
Primary credit 5,319 - 558 + 5,301 4,846
Secondary credit 0 0 0 0
Seasonal credit 19 + 6 - 83 22
Primary Dealer Credit Facility 2,276 - 340 + 2,276 1,874
Money Market Mutual Fund Liquidity Facility 19,624 - 1,993 + 19,624 18,927
Paycheck Protection Program Liquidity Facility 68,057 + 1,294 + 68,057 67,685
Other credit extensions 0 0 0 0
Net portfolio holdings of Commercial Paper Funding
Facility II LLC (7) 12,800 + 1 + 12,800 12,802
Net portfolio holdings of Corporate Credit Facilities
LLC (7) 42,313 + 954 + 42,313 42,644
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (7) 37,502 0 + 37,502 37,503
Net portfolio holdings of Municipal Liquidity
Facility LLC (7) 16,081 + 1 + 16,081 16,082
Net portfolio holdings of TALF II LLC (7) 8,753 0 + 8,753 8,753
Float -208 + 289 + 2 -216
Central bank liquidity swaps (8) 182,077 - 44,726 + 182,038 179,095
Other Federal Reserve assets (9) 35,578 + 1,375 + 8,669 36,669
Foreign currency denominated assets (10) 20,903 + 23 + 88 20,973
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,415 + 14 + 478 50,415

Total factors supplying reserve funds 7,002,844 - 60,478 +3,140,686 6,969,371

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 Jul 8, 2020
Federal Reserve Banks Jul 8, 2020 Jul 1, 2020 Jul 10, 2019

Currency in circulation (11) 1,974,841 + 7,620 + 223,890 1,977,346
Reverse repurchase agreements (12) 228,115 + 8,016 - 67,253 224,860
Foreign official and international accounts 228,114 + 8,272 - 60,876 224,859
Others 1 - 257 - 6,376 1
Treasury cash holdings 61 - 4 - 107 51
Deposits with F.R. Banks, other than reserve balances 1,824,408 - 6,326 +1,553,213 1,791,570
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 1,653,098 - 4,522 +1,441,983 1,624,404
Foreign official 17,119 + 902 + 11,866 16,232
Other (13) 154,191 - 2,706 + 99,364 150,934
Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000
Other liabilities and capital (15) 47,452 + 1,069 + 2,781 48,248

Total factors, other than reserve balances,
absorbing reserve funds 4,188,877 + 10,374 +1,826,525 4,156,076

Reserve balances with Federal Reserve Banks 2,813,967 - 70,852 +1,314,161 2,813,296

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
Week ended Change from week ended Jul 8, 2020
Jul 8, 2020 Jul 1, 2020 Jul 10, 2019

Securities held in custody for foreign official and
international accounts 3,402,678 - 11,368 - 55,550 3,400,818
Marketable U.S. Treasury securities (1) 2,949,322 - 10,970 - 84,616 2,947,548
Federal agency debt and mortgage-backed securities (2) 368,639 - 123 + 22,432 368,626
Other securities (3) 84,717 - 276 + 6,635 84,645
Securities lent to dealers 32,135 + 3,957 + 2,199 30,768
Overnight facility (4) 32,135 + 3,957 + 2,199 30,768
U.S. Treasury securities 32,135 + 3,957 + 2,199 30,768
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, July 8, 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) 6,838 12,475 6,356 67,685 0 ... 93,355
U.S. Treasury securities (2)
Holdings 66,114 270,043 618,085 1,607,239 735,426 934,448 4,231,355
Weekly changes + 1,643 + 19,223 - 17,375 + 9,311 + 3,276 + 2,057 + 18,135
Federal agency debt securities (3)
Holdings 0 0 0 0 1,436 911 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 5 2,302 79,588 1,829,505 1,911,401
Weekly changes 0 0 0 + 127 + 187 - 294 + 20
Commercial paper held by Commercial
Paper Funding Facility II LLC (5) 2,739 1,514 0 ... ... ... 4,253
Loan participations held by MS
Facilities LLC (Main Street Lending
Program) (6) 0 0 0 0 ... ... 0
Municipal notes held by Municipal
Liquidity Facility LLC (7) 0 0 1,200 0 ... ... 1,200
Loans held by TALF II LLC (8) 0 0 0 252 ... ... 252
Repurchase agreements (9) 0 0 ... ... ... ... 0
Central bank liquidity swaps (10) 90,531 88,564 0 0 0 0 179,095
Reverse repurchase agreements (9) 224,860 0 ... ... ... ... 224,860
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
Jul 8, 2020

Mortgage-backed securities held outright (1) 1,911,401
Residential mortgage-backed securities 1,902,227
Commercial mortgage-backed securities 9,174

Commitments to buy mortgage-backed securities (2) 123,486
Commitments to sell mortgage-backed securities (2) 3,758

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 5
and table 6.

4. Information on Principal Accounts of Credit Facilities LLCs
Millions of dollars
Credit Facilities LLCs: Wednesday Jul 8, 2020
Net portfolio holdings of
Credit Facilities LLCs
Outstanding
principal Outstanding
amount amount of Treasury
of loan facility contributions
extended to asset and
the LLC (1) purchases (2)other assets (3) Total

Commercial Paper Funding Facility II LLC 4,243 4,253 8,549 12,802
Corporate Credit Facilities LLC 10,427 10,716 31,929 42,644
MS Facilities LLC (Main Street Lending Program) 0 0 37,503 37,503
Municipal Liquidity Facility LLC 1,200 1,200 14,882 16,082
TALF II LLC 252 252 8,501 8,753

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,
Municipal Liquidity Facility LLC, and TALF II 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 Wednesday Change since
from Jul 8, 2020 Wednesday Wednesday
consolidation Jul 1, 2020 Jul 10, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,497 + 22 - 173
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 6,548,409 - 45,852 +2,800,004
Securities held outright (1) 6,145,103 + 18,155 +2,514,582
U.S. Treasury securities 4,231,355 + 18,135 +2,135,907
Bills (2) 326,044 0 + 326,042
Notes and bonds, nominal (2) 3,599,273 + 18,134 +1,644,003
Notes and bonds, inflation-indexed (2) 270,206 0 + 153,690
Inflation compensation (3) 35,833 + 2 + 12,174
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 1,911,401 + 20 + 378,675
Unamortized premiums on securities held outright
(5) 315,251 + 927 + 184,634
Unamortized discounts on securities held outright
(5) -5,299 + 46 + 7,551
Repurchase agreements (6) 0 - 61,201 0
Loans (7) 93,355 - 3,778 + 93,238
Net portfolio holdings of Commercial Paper
Funding Facility II LLC (8) 12,802 + 3 + 12,802
Net portfolio holdings of Corporate Credit
Facilities LLC (8) 42,644 + 704 + 42,644
Net portfolio holdings of MS Facilities LLC (Main
Street Lending Program) (8) 37,503 + 1 + 37,503
Net portfolio holdings of Municipal Liquidity
Facility LLC (8) 16,082 + 1 + 16,082
Net portfolio holdings of TALF II LLC (8) 8,753 0 + 8,753
Items in process of collection (0) 51 + 5 - 39
Bank premises 2,196 + 3 + 10
Central bank liquidity swaps (9) 179,095 - 46,319 + 179,052
Foreign currency denominated assets (10) 20,973 - 11 + 120
Other assets (11) 34,473 + 3,118 + 8,917

Total assets (0) 6,920,716 - 88,324 +3,105,678

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 Wednesday Change since
from Jul 8, 2020 Wednesday Wednesday
consolidation Jul 1, 2020 Jul 10, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,928,475 + 5,488 + 226,297
Reverse repurchase agreements (12) 224,860 - 2,376 - 63,635
Deposits (0) 4,604,866 - 93,220 +2,824,808
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 2,813,296 - 49,900 +1,287,944
U.S. Treasury, General Account 1,624,404 - 32,343 +1,429,178
Foreign official 16,232 + 9 + 10,978
Other (13) (0) 150,934 - 10,986 + 96,709
Deferred availability cash items (0) 266 - 535 - 4
Treasury contributions to credit facilities (14) 114,000 0 + 114,000
Other liabilities and accrued dividends (15) 9,487 + 2,403 + 4,676

Total liabilities (0) 6,881,955 - 88,240 +3,106,143

Capital accounts
Capital paid in 31,936 - 84 - 466
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 38,761 - 84 - 466

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, July 8, 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 1,497 30 42 123 87 210 149 246 27 41 92 169 281
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 6,548,409 166,114 3,359,568 153,766 203,848 410,392 480,063 364,948 104,017 65,637 109,123 313,897 817,035
Net portfolio holdings of Commercial
Paper Funding Facility II LLC (2) 12,802 0 12,802 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Corporate
Credit Facilities LLC (2) 42,644 0 42,644 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program) (2) 37,503 37,503 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Municipal
Liquidity Facility LLC (2) 16,082 0 16,082 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF II LLC (2) 8,753 0 8,753 0 0 0 0 0 0 0 0 0 0
Central bank liquidity swaps (3) 179,095 8,501 60,187 6,445 15,305 37,801 8,882 6,955 2,936 1,402 1,889 2,126 26,665
Foreign currency denominated
assets (4) 20,973 995 7,050 755 1,792 4,426 1,040 814 344 164 221 249 3,122
Other assets (5) 36,720 2,452 16,296 889 1,211 2,581 2,770 2,084 734 486 864 1,901 4,452
Interdistrict settlement account 0 - 62,253 + 383,328 - 14,568 + 23,305 - 39,737 - 92,581 - 10,755 - 20,710 - 12,043 - 20,563 - 23,605 - 109,817

Total assets 6,920,716 153,875 3,912,235 147,938 246,309 416,838 402,506 365,430 87,827 55,957 92,076 295,940 743,784

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, July 8, 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 1,928,475 58,333 648,032 56,226 87,697 124,439 265,843 126,526 58,636 30,686 52,866 163,780 255,410
Reverse repurchase agreements (6) 224,860 5,050 116,423 5,130 7,035 14,093 16,571 12,559 3,553 2,125 3,576 10,837 27,908
Deposits 4,604,866 49,319 3,054,951 84,917 147,960 269,397 117,682 224,312 24,796 22,416 34,982 120,258 453,874
Depository institutions 2,813,296 49,297 1,356,532 84,916 147,887 268,838 117,584 133,888 24,792 22,361 34,952 118,381 453,868
U.S. Treasury, General Account 1,624,404 0 1,624,404 0 0 0 0 0 0 0 0 0 0
Foreign official 16,232 2 16,206 1 3 8 2 2 1 0 0 0 6
Other (7) 150,934 21 57,809 0 70 551 96 90,423 3 55 29 1,876 0
Earnings remittances due to the U.S.
Treasury (8) 2,351 41 1,281 50 75 133 163 125 28 17 35 108 296
Treasury contributions to credit
facilities (9) 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0
Other liabilities and accrued
dividends 7,402 302 3,541 209 244 590 492 392 179 387 201 305 561

Total liabilities 6,881,955 152,045 3,899,228 146,532 243,011 408,653 400,753 363,915 87,191 55,631 91,659 295,288 738,049

Capital
Capital paid in 31,936 1,506 10,714 1,161 2,715 6,745 1,414 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 6,920,716 153,875 3,912,235 147,938 246,309 416,838 402,506 365,430 87,827 55,957 92,076 295,940 743,784

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, July 8, 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. On June 25, 2020, FRBNY began extending loans to the TALF II LLC, a special purpose vehicle that was formed to help
support the flow of credit to consumers and businesses. The assets of the TALF 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.
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
Jul 8, 2020

Federal Reserve notes outstanding 2,080,559
Less: Notes held by F.R. Banks not subject to collateralization 152,084
Federal Reserve notes to be collateralized 1,928,475
Collateral held against Federal Reserve notes 1,928,475
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,912,238
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,145,103
Less: Face value of securities under reverse repurchase agreements 212,086
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,933,017

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