FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, July 30, 2020

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	July 30, 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 Jul 29, 2020
	Week ended Jul 29, 2020	Change from week ended
	Week ended Jul 29, 2020	Jul 22, 2020	Jul 31, 2019
Reserve Bank credit	6,916,542	+ 4,383	+3,164,944	6,908,643
Securities held outright¹	6,233,390	+ 10,484	+2,627,056	6,229,291
U.S. Treasury securities	4,276,076	+ 16,768	+2,183,864	4,293,563
Bills²	326,044	0	+ 326,042	326,044
Notes and bonds, nominal²	3,644,005	+ 13,962	+1,691,595	3,661,492
Notes and bonds, inflation-indexed²	270,514	+ 2,573	+ 154,446	270,514
Inflation compensation³	35,513	+ 233	+ 11,782	35,513
Federal agency debt securities²	2,347	0	0	2,347
Mortgage-backed securities⁴	1,954,967	- 6,284	+ 443,192	1,933,380
Unamortized premiums on securities held outright⁵	320,660	+ 1,577	+ 191,320	320,706
Unamortized discounts on securities held outright⁵	-5,060	+ 167	+ 7,700	-5,004
Repurchase agreements⁶	0	0	0	0
Foreign official	0	0	0	0
Others	0	0	0	0
Loans	92,072	- 711	+ 91,943	90,523
Primary credit	4,147	- 458	+ 4,145	3,611
Secondary credit	0	0	0	0
Seasonal credit	34	+ 6	- 92	35
Primary Dealer Credit Facility	1,830	- 43	+ 1,830	1,788
Money Market Mutual Fund Liquidity Facility	15,900	- 2,052	+ 15,900	14,273
Paycheck Protection Program Liquidity Facility	70,115	+ 1,789	+ 70,115	70,816
Other credit extensions	0	0	0	0
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁷	9,789	- 510	+ 9,789	8,900
Net portfolio holdings of Corporate Credit Facilities LLC⁷	44,170	+ 376	+ 44,170	44,210
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁷	37,528	+ 12	+ 37,528	37,588
Net portfolio holdings of Municipal Liquidity Facility LLC⁷	16,085	+ 1	+ 16,085	16,086
Net portfolio holdings of TALF II LLC⁷	9,439	0	+ 9,439	9,439
Float	-271	- 97	+ 69	-932
Central bank liquidity swaps⁸	118,041	- 8,281	+ 118,030	117,473
Other Federal Reserve assets⁹	40,699	+ 1,366	+ 11,815	40,363
Foreign currency denominated assets¹⁰	21,498	+ 350	+ 799	21,641
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	50,457	+ 14	+ 502	50,457

Total factors supplying reserve funds	7,004,737	+ 4,746	+3,166,244	6,996,983

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 Jul 29, 2020
	Week ended Jul 29, 2020	Change from week ended
	Week ended Jul 29, 2020	Jul 22, 2020	Jul 31, 2019
Currency in circulation¹¹	1,988,357	+ 5,322	+ 242,670	1,992,869
Reverse repurchase agreements¹²	216,280	- 666	- 73,788	217,053
Foreign official and international accounts	216,280	- 665	- 69,973	217,052
Others	0	- 1	- 3,815	1
Treasury cash holdings	47	+ 2	- 127	49
Deposits with F.R. Banks, other than reserve balances	2,022,663	+ 17,636	+1,799,502	1,940,702
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	1,816,687	+ 11,743	+1,652,924	1,792,434
Foreign official	16,224	- 7	+ 10,969	16,224
Other¹³	189,752	+ 5,900	+ 135,609	132,045
Treasury contributions to credit facilities¹⁴	114,000	0	+ 114,000	114,000
Other liabilities and capital¹⁵	48,118	- 1,040	+ 3,239	46,932

Total factors, other than reserve balances, absorbing reserve funds	4,389,465	+ 21,254	+2,085,495	4,311,606

Reserve balances with Federal Reserve Banks	2,615,272	- 16,508	+1,080,749	2,685,376

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 Jul 29, 2020
	Week ended Jul 29, 2020	Change from week ended
	Week ended Jul 29, 2020	Jul 22, 2020	Jul 31, 2019
Securities held in custody for foreign official and international accounts	3,407,393	+ 5,080	- 55,466	3,404,155
Marketable U.S. Treasury securities¹	2,960,683	+ 8,408	- 64,032	2,959,076
Federal agency debt and mortgage-backed securities²	361,354	- 3,701	+ 3,984	358,902
Other securities³	85,356	+ 373	+ 4,582	86,177
Securities lent to dealers	24,755	+ 1,373	- 1,808	28,222
Overnight facility⁴	24,755	+ 1,373	- 1,808	28,222
U.S. Treasury securities	24,755	+ 1,373	- 1,808	28,222
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 29, 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	5,047	9,031	5,629	70,816	0	...	90,523
U.S. Treasury securities²
Holdings	75,015	256,470	644,020	1,627,218	746,156	944,684	4,293,563
Weekly changes	+ 116	- 2,755	+ 6,486	+ 20,083	+ 289	+ 3,465	+ 27,685
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	4	2,248	77,688	1,853,439	1,933,380
Weekly changes	0	0	- 1	- 99	- 1,444	- 35,677	- 37,220
Commercial paper held by Commercial
Paper Funding Facility II LLC⁵	307	30	0	...	...	...	337
Loan participations held by MS
Facilities LLC (Main Street Lending
Program)⁶	0	0	0	82	...	...	82
Municipal notes held by Municipal
Liquidity Facility LLC⁷	0	0	1,200	0	...	...	1,200
Loans held by TALF II LLC⁸	0	0	0	937	...	...	937
Repurchase agreements⁹	0	0	...	...	...	...	0
Central bank liquidity swaps¹⁰	26,420	91,053	0	0	0	0	117,473
Reverse repurchase agreements⁹	217,053	0	...	...	...	...	217,053
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	Jul 29, 2020
Mortgage-backed securities held outright¹	1,933,380
Residential mortgage-backed securities	1,924,203
Commercial mortgage-backed securities	9,177

Commitments to buy mortgage-backed securities²	101,085
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	298

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 29, 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	336	337	8,564	8,900
Corporate Credit Facilities LLC	11,978	12,255	31,954	44,210
MS Facilities LLC (Main Street Lending Program)	82	82	37,506	37,588
Municipal Liquidity Facility LLC	1,200	1,200	14,886	16,086
TALF II LLC	937	937	8,503	9,439

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 from consolidation	Wednesday Jul 29, 2020	Change since
			Wednesday	Wednesday
			Jul 22, 2020	Jul 31, 2019
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,522	0	- 160
Securities, unamortized premiums and discounts, repurchase agreements, and loans		6,635,516	- 11,198	+2,924,070
Securities held outright¹		6,229,291	- 9,534	+2,634,469
U.S. Treasury securities		4,293,563	+ 27,685	+2,212,863
Bills²		326,044	0	+ 326,042
Notes and bonds, nominal²		3,661,492	+ 25,067	+1,721,096
Notes and bonds, inflation-indexed²		270,514	+ 2,401	+ 153,969
Inflation compensation³		35,513	+ 217	+ 11,756
Federal agency debt securities²		2,347	0	0
Mortgage-backed securities⁴		1,933,380	- 37,220	+ 421,605
Unamortized premiums on securities held outright⁵		320,706	+ 208	+ 191,450
Unamortized discounts on securities held outright⁵		-5,004	+ 157	+ 7,760
Repurchase agreements⁶		0	0	0
Loans⁷		90,523	- 2,029	+ 90,391
Net portfolio holdings of Commercial Paper Funding Facility II LLC⁸		8,900	- 1,205	+ 8,900
Net portfolio holdings of Corporate Credit Facilities LLC⁸		44,210	+ 164	+ 44,210
Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)⁸		37,588	+ 70	+ 37,588
Net portfolio holdings of Municipal Liquidity Facility LLC⁸		16,086	+ 1	+ 16,086
Net portfolio holdings of TALF II LLC⁸		9,439	0	+ 9,439
Items in process of collection	(0)	57	+ 5	- 11
Bank premises		2,200	+ 1	+ 5
Central bank liquidity swaps⁹		117,473	- 4,519	+ 117,462
Foreign currency denominated assets¹⁰		21,641	+ 374	+ 926
Other assets¹¹		38,163	+ 584	+ 11,417

Total assets	(0)	6,949,032	- 15,723	+3,169,930

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 Jul 29, 2020	Change since
			Wednesday	Wednesday
			Jul 22, 2020	Jul 31, 2019
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,943,979	+ 6,964	+ 244,369
Reverse repurchase agreements¹²		217,053	+ 2,388	- 91,657
Deposits	(0)	4,626,079	- 24,816	+2,900,763
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,685,376	+ 25,718	+1,194,830
U.S. Treasury, General Account		1,792,434	+ 15,254	+1,615,772
Foreign official		16,224	0	+ 10,970
Other¹³	(0)	132,045	- 65,788	+ 79,191
Deferred availability cash items	(0)	989	+ 682	+ 103
Treasury contributions to credit facilities¹⁴		114,000	0	+ 114,000
Other liabilities and accrued dividends¹⁵		8,141	- 972	+ 2,789

Total liabilities	(0)	6,910,241	- 15,753	+3,170,365

Capital accounts
Capital paid in		31,966	+ 30	- 435
Surplus		6,825	0	0
Other capital accounts		0	0	0

Total capital		38,791	+ 30	- 435

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 29, 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	1,522	35	39	122	87	213	160	242	32	43	92	167	292
Securities, unamortized premiums and discounts, repurchase agreements, and loans¹	6,635,516	163,676	3,406,126	155,973	206,758	416,180	486,644	369,496	105,258	68,269	110,584	318,495	828,057
Net portfolio holdings of Commercial Paper Funding Facility II LLC²	8,900	0	8,900	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Corporate Credit Facilities LLC²	44,210	0	44,210	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of MS
Facilities LLC (Main Street Lending
Program)²	37,588	37,588	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Municipal Liquidity Facility LLC²	16,086	0	16,086	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF II LLC²	9,439	0	9,439	0	0	0	0	0	0	0	0	0	0
Central bank liquidity swaps³	117,473	5,576	39,479	4,227	10,039	24,795	5,826	4,562	1,926	920	1,239	1,395	17,491
Foreign currency denominated
assets⁴	21,641	1,027	7,275	779	1,849	4,567	1,073	840	355	169	228	257	3,222
Other assets⁵	40,420	2,528	18,173	974	1,324	2,791	3,042	2,286	788	512	933	2,165	4,902
Interdistrict settlement account	0	- 52,598	+ 523,333	- 20,925	+ 10,972	- 34,790	- 110,104	- 29,299	- 25,829	- 16,404	- 25,725	- 40,739	- 177,892

Total assets	6,949,032	158,364	4,078,543	141,678	231,790	414,920	388,824	349,266	83,009	53,780	87,801	282,942	678,116

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 29, 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	1,943,979	58,509	655,178	57,370	90,641	124,474	270,243	126,276	58,460	30,771	53,074	164,266	254,717
Reverse repurchase agreements⁶	217,053	4,874	112,381	4,952	6,791	13,604	15,996	12,123	3,429	2,051	3,452	10,461	26,939
Deposits	4,626,079	53,770	3,219,419	77,693	130,738	267,868	100,210	208,859	20,295	19,507	30,628	107,189	389,904
Depository institutions	2,685,376	53,741	1,371,581	77,692	130,703	267,451	100,253	117,826	20,291	19,446	30,596	105,899	389,897
U.S. Treasury, General Account	1,792,434	0	1,792,434	0	0	0	0	0	0	0	0	0	0
Foreign official	16,224	2	16,197	1	3	8	2	2	1	0	0	0	6
Other⁷	132,045	27	39,206	0	32	409	-45	91,032	3	61	31	1,290	0
Earnings remittances due to the U.S. Treasury⁸	1,279	34	620	31	58	161	81	58	6	7	10	46	166
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	7,851	348	2,938	225	263	628	540	429	183	1,118	221	328	632

Total liabilities	6,910,241	156,535	4,065,536	140,272	228,491	406,734	387,069	347,745	82,373	53,454	87,384	282,290	672,358

Capital
Capital paid in	31,966	1,506	10,714	1,161	2,715	6,745	1,417	1,256	523	272	344	571	4,742
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	6,949,032	158,364	4,078,543	141,678	231,790	414,920	388,824	349,266	83,009	53,780	87,801	282,942	678,116

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 29, 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) and the Federal Reserve Bank of Boston (FRBB) have extended loans to 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. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.
	The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II LLC. The 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).

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) and the Federal Reserve Bank of Boston (FRBB) have extended loans to 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. On July 15, 2020, the FRBB began extending loans to the MS Facilities LLC (Main Street Lending Program), a special purpose vehicle that was formed to help ensure credit flows to small and medium-sized businesses. The assets of the MS Facilities LLC and the amount provided by U.S. Treasury as credit protection to the FRBB are used to secure the loan from the FRBB.

The FRBNY is the managing member of CPFF II LLC, CCF LLC, MLF LLC, and TALF II LLC. The 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	Jul 29, 2020
Federal Reserve notes outstanding	2,095,331
Less: Notes held by F.R. Banks not subject to collateralization	151,353
Federal Reserve notes to be collateralized	1,943,979
Collateral held against Federal Reserve notes	1,943,979
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,927,742
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	6,229,291
Less: Face value of securities under reverse repurchase agreements	204,511
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	6,024,779

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