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FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time July 16, 2020 The Board's H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks,” has been modified to include information related to MS Facilities LLC (Main Street Lending Program). The program was introduced on the H.4.1 cover note on June 4, 2020 https://www.federalreserve.gov/releases/h41/20200604/. On July 6, 2020, the Main Street Lending Program announced it was operationally ready to purchase participations in loans originated by eligible lenders to facilitate lending support to small and medium-sized businesses, and on July 15, 2020, the Main Street Lending Program began purchasing participations in loans in accordance with the program. The Federal Reserve Bank of Boston extended credit to the MS Facilities LLC under the authority of section 13(3) of the Federal Reserve Act, with approval of the Board and Treasury Secretary. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 16, 2020 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks Reserve Bank credit Securities held outright1 U.S. Treasury securities Bills2 Notes and bonds, nominal2 Notes and bonds, inflation-indexed2 Inflation compensation3 Federal agency debt securities2 Mortgage-backed securities4 Unamortized premiums on securities held outright5 Unamortized discounts on securities held outright5 Repurchase agreements6 Foreign official Others Loans Primary credit Secondary credit Seasonal credit Primary Dealer Credit Facility Money Market Mutual Fund Liquidity Facility Paycheck Protection Program Liquidity Facility Other credit extensions Net portfolio holdings of Commercial Paper Funding Facility II LLC7 Net portfolio holdings of Corporate Credit Facilities LLC7 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)7 Net portfolio holdings of Municipal Liquidity Facility LLC7 Net portfolio holdings of TALF II LLC7 Float Central bank liquidity swaps8 Other Federal Reserve assets9 Foreign currency denominated assets10 Gold stock Special drawing rights certificate account Treasury currency outstanding11 Week ended Jul 15, 2020 Averages of daily figures Change from week ended Jul 8, 2020 Jul 17, 2019 6,881,203 6,167,191 4,240,828 326,044 3,608,352 270,593 35,839 2,347 1,924,016 316,487 -5,272 0 0 0 93,358 4,791 0 22 1,828 18,704 68,013 0 + + 12,334 43,053 + 466 740 + + 12,334 43,053 10,659 43,423 37,505 16,082 8,851 -246 153,494 38,367 21,024 11,041 5,200 50,429 + + + + + 3 1 98 38 28,583 2,789 121 0 0 14 + + + + + + 37,505 16,082 8,851 49 153,456 9,926 158 0 0 486 37,515 16,084 9,439 -228 154,850 37,680 21,094 11,041 5,200 50,429 +3,108,389 7,007,233 + + + + + + + - + 34,082 32,717 20,101 0 19,707 387 7 0 12,615 1,835 46 41,286 143 41,143 1,936 528 0 3 448 920 44 0 6,968,898 33,946 Total factors supplying reserve funds Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. +3,107,744 +2,539,705 +2,145,994 + 326,042 +1,653,467 + 154,303 + 12,182 0 + 393,711 + 186,086 + 7,554 0 0 0 + 93,243 + 4,783 0 85 + 1,828 + 18,704 + 68,013 0 Wednesday Jul 15, 2020 + 6,919,469 6,203,965 4,253,229 326,044 3,625,089 266,914 35,182 2,347 1,948,388 317,957 -5,280 2 2 0 93,404 5,058 0 24 1,699 18,635 67,989 0 H.4.1 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 Week ended Jul 15, 2020 Averages of daily figures Change from week ended Jul 8, 2020 Jul 17, 2019 Currency in circulation11 Reverse repurchase agreements12 Foreign official and international accounts Others Treasury cash holdings Deposits with F.R. Banks, other than reserve balances Term deposits held by depository institutions U.S. Treasury, General Account Foreign official Other13 Treasury contributions to credit facilities14 Other liabilities and capital15 1,978,666 221,442 221,441 0 50 1,826,691 0 1,655,320 16,232 155,138 114,000 50,446 + + Total factors, other than reserve balances, absorbing reserve funds Reserve balances with Federal Reserve Banks Note: Components may not sum to totals because of rounding. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Wednesday Jul 15, 2020 + 3,825 6,673 6,673 1 11 2,283 0 2,222 887 947 0 2,994 + 231,322 58,437 54,020 4,418 111 +1,554,360 0 +1,458,315 + 10,977 + 85,067 + 114,000 + 5,316 1,981,644 224,229 224,228 1 45 1,905,320 0 1,740,455 16,232 148,633 114,000 49,347 4,191,295 + 2,418 +1,846,450 4,274,585 2,777,603 - 36,364 +1,261,939 2,732,649 + + Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. Face value of the securities. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 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. Cash value of agreements. 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. 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. Includes bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. Revalued daily at current foreign currency exchange rates. Estimated. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities 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. 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. Includes the liability for earnings remittances due to the U.S. Treasury. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. H.4.1 1A. Memorandum Items Millions of dollars Memorandum item Securities held in custody for foreign official and international accounts Marketable U.S. Treasury securities1 Federal agency debt and mortgage-backed securities2 Other securities3 Securities lent to dealers Overnight facility4 U.S. Treasury securities Federal agency debt securities Note: Components may not sum to totals because of rounding. 1. 2. 3. 4. Week ended Jul 15, 2020 3,405,122 2,951,842 368,615 84,664 27,982 27,982 27,982 0 Averages of daily figures Change from week ended Jul 8, 2020 Jul 17, 2019 + + - 2,444 2,520 24 53 4,153 4,153 4,153 0 + + + + + 60,432 88,769 22,401 5,934 2,687 2,687 2,687 0 Wednesday Jul 15, 2020 3,398,871 2,946,444 367,891 84,536 26,885 26,885 26,885 0 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. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value. Face value. Fully collateralized by U.S. Treasury securities. H.4.1 2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, July 15, 2020 Millions of dollars Within 15 days Remaining Maturity 7,929 Loans1 U.S. Treasury securities2 Holdings Weekly changes Federal agency debt securities3 Holdings Weekly changes 16 days to 90 days - 58,895 7,219 0 0 11,304 + 279,380 9,337 0 0 Mortgage-backed securities4 0 0 Holdings 0 0 Weekly changes Commercial paper held by Commercial 1,768 336 Paper Funding Facility II LLC5 Loan participations held by MS Facilities LLC (Main Street Lending 0 0 Program)6 Municipal notes held by Municipal 0 0 Liquidity Facility LLC7 0 0 Loans held by TALF II LLC8 2 0 Repurchase agreements9 61,566 93,284 Central bank liquidity swaps10 224,229 0 Reverse repurchase agreements9 0 0 Term deposits Note: Components may not sum to totals because of rounding. ...Not applicable. Over 1 year to 5 years Over 5 year to 10 years 6,183 67,989 0 633,384 15,299 1,604,839 2,400 0 0 0 0 91 days to 1 year + 5 0 - 2,293 9 + 738,129 2,703 Over 10 years ... + 1,436 0 - 78,962 626 All 938,604 4,156 93,404 + 911 0 + 1,867,128 37,623 4,253,229 21,874 2,347 0 + 1,948,388 36,987 0 ... ... ... 2,104 0 12 ... ... 12 1,200 0 ... 0 ... 0 0 937 ... 0 ... ... ... ... ... 0 ... ... ... ... ... 0 ... ... 1,200 937 2 154,850 224,229 0 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. 1. H.4.1 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Account name Wednesday Jul 15, 2020 Mortgage-backed securities held outright1 Residential mortgage-backed securities Commercial mortgage-backed securities 1,948,388 1,939,214 9,174 91,157 Commitments to buy mortgage-backed securities2 Commitments to sell mortgage-backed securities2 79 24 Cash and cash equivalents3 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 Wednesday Jul 15, 2020 Net portfolio holdings of Credit Facilities LLCs Outstanding principal amount of loan extended to the LLC1 2,099 Commercial Paper Funding Facility II LLC 11,163 Corporate Credit Facilities LLC 12 MS Facilities LLC (Main Street Lending Program) 1,200 Municipal Liquidity Facility LLC 937 TALF II LLC Note: Components may not sum to totals because of rounding. Credit Facilities LLCs: Outstanding amount of facility asset purchases2 2,104 11,485 12 1,200 937 Treasury contributions and other assets3 8,555 31,938 37,504 14,884 8,502 Total 10,659 43,423 37,515 16,084 9,439 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. H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Assets Gold certificate account Special drawing rights certificate account Coin Securities, unamortized premiums and discounts, repurchase agreements, and loans Securities held outright1 U.S. Treasury securities Bills2 Notes and bonds, nominal2 Notes and bonds, inflation-indexed2 Inflation compensation3 Federal agency debt securities2 Mortgage-backed securities4 Unamortized premiums on securities held outright5 Unamortized discounts on securities held outright5 Repurchase agreements6 Loans7 Net portfolio holdings of Commercial Paper Funding Facility II LLC8 Net portfolio holdings of Corporate Credit Facilities LLC8 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)8 Net portfolio holdings of Municipal Liquidity Facility LLC8 Net portfolio holdings of TALF II LLC8 Items in process of collection Bank premises Central bank liquidity swaps9 Foreign currency denominated assets10 Other assets11 Eliminations from consolidation Wednesday Jul 15, 2020 11,037 5,200 1,523 (0) Change since Wednesday Wednesday Jul 8, 2020 Jul 17, 2019 + 0 0 26 - 0 0 151 6,610,048 6,203,965 4,253,229 326,044 3,625,089 266,914 35,182 2,347 1,948,388 317,957 -5,280 2 93,404 + + + + + + + + 61,639 58,862 21,874 0 25,816 3,292 651 0 36,987 2,706 19 2 49 10,659 43,423 + 2,143 779 + + 10,659 43,423 37,515 16,084 9,439 53 2,198 154,850 21,094 35,481 + + + + + + + 12 2 686 2 2 24,245 121 1,008 + + + + + + + 37,515 16,084 9,439 31 11 154,812 245 9,399 + 37,888 +3,150,494 (0) 6,958,604 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. + - +2,869,088 +2,580,541 +2,159,245 + 326,042 +1,670,718 + 150,925 + 11,560 0 + 421,295 + 187,734 + 7,527 + 2 + 93,284 H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Liabilities Federal Reserve notes, net of F.R. Bank holdings Reverse repurchase agreements12 Deposits Term deposits held by depository institutions Other deposits held by depository institutions U.S. Treasury, General Account Foreign official Other13 Deferred availability cash items Treasury contributions to credit facilities14 Other liabilities and accrued dividends15 Total liabilities Capital accounts Capital paid in Surplus Other capital accounts Total capital Note: Components may not sum to totals because of rounding. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. Eliminations from consolidation (0) (0) (0) (0) Wednesday Jul 15, 2020 Change since Wednesday Wednesday Jul 8, 2020 Jul 17, 2019 1,932,779 224,229 4,637,969 0 2,732,649 1,740,455 16,232 148,633 280 114,000 10,586 + + + 4,304 631 33,103 0 80,647 116,051 0 2,301 14 0 1,099 + 233,781 58,367 +2,856,591 0 +1,217,580 +1,534,252 + 10,977 + 93,781 + 49 + 114,000 + 4,907 6,919,843 + 37,888 +3,150,961 + + 31,936 6,825 0 0 0 0 - 466 0 0 38,761 0 - 466 Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. Face value of the securities. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 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. 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. 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. 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. Revalued daily at current foreign currency exchange rates. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 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. 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. Includes the liability for earnings remittances due to the U.S. Treasury. H.4.1 6. Statement of Condition of Each Federal Reserve Bank, July 15, 2020 Millions of dollars Assets, liabilities, and capital Assets Gold certificates and special drawing rights certificates Coin Securities, unamortized premiums and discounts, repurchase agreements, and loans1 Net portfolio holdings of Commercial Paper Funding Facility II LLC2 Net portfolio holdings of Corporate Credit Facilities LLC2 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program)2 Net portfolio holdings of Municipal Liquidity Facility LLC2 Net portfolio holdings of TALF II LLC2 Central bank liquidity swaps3 Foreign currency denominated assets4 Other assets5 Interdistrict settlement account Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco Dallas 16,237 1,523 533 33 5,483 41 529 122 761 90 1,165 212 2,183 156 1,137 248 479 27 270 43 450 94 1,202 170 2,045 288 6,610,048 167,233 3,391,486 155,200 205,771 414,273 484,559 368,189 104,975 66,202 110,065 317,160 824,934 10,659 0 10,659 0 0 0 0 0 0 0 0 0 0 43,423 0 43,423 0 0 0 0 0 0 0 0 0 0 37,515 37,515 0 0 0 0 0 0 0 0 0 0 0 16,084 9,439 154,850 0 0 7,350 16,084 9,439 52,039 0 0 5,572 0 0 13,233 0 0 32,684 0 0 7,680 0 0 6,014 0 0 2,538 0 0 1,213 0 0 1,633 0 0 1,838 0 0 23,056 1,001 2,476 59,057 + 7,091 16,812 475,050 - 759 914 17,135 + 1,046 2,847 95,283 - 819 2,136 27,042 - 346 746 22,532 - 165 469 13,041 - 222 888 21,677 - 250 1,985 28,744 - 86,578 55,321 91,676 21,094 37,733 0 - 1,802 1,242 6,600 - 6,958,604 157,085 4,027,607 145,962 229,500 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 4,452 2,641 47,428 407,999 403,187 351,500 293,861 3,140 4,577 149,712 708,328 H.4.1 6. Statement of Condition of Each Federal Reserve Bank, July 15, 2020 (continued) Millions of dollars Assets, liabilities, and capital Liabilities Federal Reserve notes, net Reverse repurchase agreements6 Deposits Depository institutions U.S. Treasury, General Account Foreign official Other7 Earnings remittances due to the U.S. Treasury8 Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco Dallas 1,932,779 224,229 4,637,969 58,378 5,035 52,478 650,070 116,096 3,167,718 56,814 5,116 82,355 88,396 7,015 130,458 124,332 14,053 260,660 266,357 16,525 117,880 126,554 12,524 210,373 58,498 3,543 23,690 30,705 2,119 21,735 52,920 3,566 34,531 164,146 10,807 117,832 255,608 27,830 418,260 2,732,649 1,740,455 16,232 148,633 52,455 0 2 21 1,352,910 1,740,455 16,205 58,147 82,353 0 1 0 130,404 0 3 51 259,469 0 8 1,182 117,806 0 2 72 123,203 0 2 87,168 23,686 0 1 3 21,678 0 0 56 34,503 0 0 28 115,929 0 0 1,903 418,253 0 6 0 1,922 25 1,034 42 69 123 139 101 23 16 20 87 244 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0 8,944 339 4,681 229 263 645 534 433 189 420 223 338 651 6,919,843 155,255 4,014,599 144,555 226,201 399,813 401,434 349,985 85,943 54,995 91,259 293,209 702,592 31,936 6,825 0 1,506 324 0 10,714 2,294 0 1,161 246 0 2,715 583 0 6,745 1,441 0 1,414 338 0 1,250 265 0 523 112 0 272 53 0 344 72 0 571 81 0 4,719 1,016 0 6,958,604 157,085 4,027,607 145,962 229,500 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 407,999 403,187 351,500 86,578 55,321 91,676 293,861 708,328 Treasury contributions to credit facilities9 Other liabilities and accrued dividends Total liabilities Capital Capital paid in Surplus Other capital H.4.1 6. Statement of Condition of Each Federal Reserve Bank, July 15, 2020 (continued) 1. 2. 3. 4. 5. 6. 7. 8. 9. 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. 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. 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. Revalued daily at current foreign currency exchange rates. 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. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 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. 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. 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 dollardenominated 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 Federal Reserve Bank of Boston (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 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). H.4.1 7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts Millions of dollars Federal Reserve notes and collateral Federal Reserve notes outstanding Less: Notes held by F.R. Banks not subject to collateralization Federal Reserve notes to be collateralized Collateral held against Federal Reserve notes Gold certificate account Special drawing rights certificate account U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 Other assets pledged Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 Less: Face value of securities under reverse repurchase agreements U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged Note: Components may not sum to totals because of rounding. 1. 2. 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. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. Wednesday Jul 15, 2020 2,086,113 153,334 1,932,779 1,932,779 11,037 5,200 1,916,542 0 6,203,967 211,414 5,992,553
@FedFRASER