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FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time May 28, 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 Municipal Liquidity Facility (MLF). This facility operates through the Municipal Liquidity Facility LLC (MLF LLC), a special purpose vehicle that was formed to help support state and local governments better manage cash flow pressures in order to continue to serve households and business in their communities. On April 9, 2020, the Federal Reserve announced the MLF. On May 26, 2020, the Federal Reserve Bank of New York (FRBNY) received Treasury’s equity contribution for the MLF program. Consistent with generally accepted accounting principles, the assets and liabilities of MLF LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on the release because the FRBNY is the managing member of MLF LLC. MLF asset balances from trading activity will be reported in this release on a one-day lag after the transaction date. The net portfolio holdings of MLF LLC appear as an asset on the statement of condition of the FRBNY (table 5), the consolidated statement of condition of all Federal Reserve Banks (table 4), and factors affecting reserve balances of depository institutions (table 1). The amount provided by the U.S. Treasury as credit protection for the MLF LLC is included in “Treasury contributions to credit facilities” in tables 1, 4, and 5. On May 22, 2020 and pursuant to the facility agreements, 85% of the Treasury’s equity contributions were invested in nonmarketable Treasury securities and reported in “Net portfolio holdings of Commercial Paper Funding Facility II LLC” and “Net portfolio holdings of Corporate Credit Facilities LLC” in tables 1, 4, and 5. Note 7 in table 1, note 8 in table 4, and note 2 in table 5, each regarding the net portfolio holdings of the LLCs, were modified to indicate inclusion of those assets. Additionally, the note on consolidation in table 5 was modified to include information related to this activity. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 28, 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 Municipal Liquidity Facility 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 May 27, 2020 Averages of daily figures Change from week ended May 20, 2020 May 29, 2019 7,059,561 5,958,725 4,101,108 326,044 3,481,681 256,594 36,789 2,347 1,855,270 304,609 -5,544 174,930 1 174,929 107,306 18,831 0 2 6,961 34,321 47,192 0 + + + 11,578 29,852 0 -212 448,736 29,581 20,525 11,041 5,200 50,331 + + + + + + + + + + + - + + + + 137,525 86,155 27,033 0 24,558 2,400 75 0 59,122 4,442 127 13,201 1 13,200 4,483 2,651 0 0 2,008 3,726 3,903 0 7,286 28,669 0 38 2,437 271 44 0 0 14 7,146,658 + 137,582 Total factors supplying reserve funds Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. +3,239,597 +2,279,834 +1,986,418 + 325,994 +1,505,116 + 141,233 + 14,075 0 + 293,416 + 171,805 + 7,470 + 174,930 + 1 + 174,929 + 107,243 + 18,811 0 41 + 6,961 + 34,321 + 47,192 0 + + Wednesday May 27, 2020 7,058,713 5,946,969 4,109,512 326,044 3,489,174 257,451 36,843 2,347 1,835,110 304,256 -5,500 181,101 1 181,100 106,896 18,198 0 2 6,241 33,244 49,211 0 11,578 29,852 0 8 448,719 8,159 172 0 0 426 12,794 34,853 0 -288 448,946 28,687 20,564 11,041 5,200 50,331 +3,239,850 7,145,850 + + + - + 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 May 27, 2020 Averages of daily figures Change from week ended May 20, 2020 May 29, 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 1,944,218 245,506 244,887 619 239 1,585,565 0 1,310,491 16,246 258,828 54,000 48,985 + + 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 May 27, 2020 + + + - 10,951 15,342 13,964 1,378 34 143,992 0 116,081 72 27,983 6,286 3,112 + 206,641 21,894 17,870 4,024 31 +1,274,073 0 +1,062,714 + 11,001 + 200,358 + 54,000 + 3,626 1,948,196 243,976 239,650 4,326 207 1,522,210 0 1,326,897 16,251 179,062 66,500 47,074 3,878,513 + 142,741 +1,516,416 3,828,162 3,268,144 - 5,159 +1,723,433 3,317,688 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, and Municipal Liquidity Facility LLC of $17.5 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 Week ended May 27, 2020 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. Averages of daily figures Change from week ended May 20, 2020 May 29, 2019 3,391,236 2,924,975 380,841 85,420 32,694 32,694 32,694 0 + + + + + + 2,828 5,229 2,876 475 347 347 347 0 + + + + + Wednesday May 27, 2020 72,101 130,847 49,165 9,581 11,237 11,237 11,237 0 3,384,052 2,921,251 377,355 85,447 32,934 32,934 32,934 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, 4, and 5. 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. 2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 27, 2020 Millions of dollars Within 15 days Remaining Maturity Loans1 U.S. Treasury securities2 Holdings Weekly changes Federal agency debt securities3 Holdings Weekly changes 16 days to 90 days 9,777 - 55,608 11,251 0 0 36,411 + 279,039 4,864 1. 2. 3. 4. 5. 6. 7. + 0 0 Mortgage-backed securities4 0 0 Holdings 0 0 Weekly changes Commercial paper held by Commercial 0 4,255 Paper Funding Facility II LLC5 139,551 41,550 Repurchase agreements6 126,741 322,205 Central bank liquidity swaps7 243,976 0 Reverse repurchase agreements6 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 11,497 49,211 0 564,220 6,377 1,577,552 + 9,486 0 0 0 0 91 days to 1 year - 4 1 0 ... 0 ... 0 - 2,217 74 ... ... 0 ... ... + 719,915 8,657 Over 10 years ... + 1,436 0 - 80,749 1,156 ... ... 0 ... ... All 913,177 2,047 106,896 + 911 0 - 1,752,140 26,499 ... ... 0 ... ... 4,109,512 20,181 2,347 0 - 1,835,110 27,731 4,255 181,101 448,946 243,976 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, and Municipal Liquidity Facility LLC, which were eliminated when preparing the FRBNY's statement of condition consistent with consolidation under generally accepted accounting principles. 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. Face value. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. Face value of commercial paper held by Commercial Paper Funding Facility II LLC. Cash value of agreements. 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. H.4.1 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Account name Mortgage-backed securities held outright1 Residential mortgage-backed securities Commercial mortgage-backed securities Commitments to buy mortgage-backed securities2 Commitments to sell mortgage-backed securities2 Wednesday May 27, 2020 1,835,110 1,826,212 8,898 120,231 20 115 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 4 and table 5. H.4.1 4. 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 Municipal Liquidity Facility LLC8 Items in process of collection Bank premises Central bank liquidity swaps9 Foreign currency denominated assets10 Other assets11 Eliminations from consolidation Wednesday May 27, 2020 11,037 5,200 1,447 (0) Change since Wednesday Wednesday May 20, 2020 May 29, 2019 - 6,533,722 5,946,969 4,109,512 326,044 3,489,174 257,451 36,843 2,347 1,835,110 304,256 -5,500 181,101 106,896 + + 12,794 34,853 0 67 2,205 448,946 20,564 26,482 + + (0) 7,097,316 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 0 0 31 - 0 0 202 14,863 7,549 20,181 0 17,950 2,185 46 0 27,731 152 191 23,750 1,681 +2,741,627 +2,274,473 +1,994,768 + 325,994 +1,512,609 + 142,090 + 14,076 0 + 279,705 + 171,706 + 7,504 + 181,101 + 106,843 + + + + + 8,501 33,052 0 16 1 2,843 31 847 + 60,058 +3,245,872 + + + + + + - + + + 12,794 34,853 0 65 10 448,929 96 8,024 H.4.1 4. 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 May 27, 2020 Change since Wednesday Wednesday May 20, 2020 May 29, 2019 1,899,514 243,976 4,839,897 0 3,317,688 1,326,897 16,251 179,062 355 66,500 8,160 + + + + + + + - 9,514 22,673 59,085 0 13,467 133,600 23 88,004 94 17,500 3,484 + 207,934 21,441 +2,990,692 0 +1,782,896 +1,077,886 + 11,006 + 118,905 303 + 66,500 + 2,762 7,058,402 + 60,037 +3,246,145 32,089 6,825 0 + 20 0 0 - 273 0 0 38,914 + 20 - 273 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, and Municipal Liquidity Facility LLC of $17.5 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 5. Statement of Condition of Each Federal Reserve Bank, May 27, 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 Municipal Liquidity Facility 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 1,447 533 29 5,483 40 529 134 761 83 1,165 201 2,183 133 1,137 246 479 21 270 38 450 94 1,202 159 2,045 269 6,533,722 180,750 3,358,998 149,481 201,973 407,529 477,557 362,591 103,304 63,845 106,172 312,152 809,371 12,794 0 12,794 0 0 0 0 0 0 0 0 0 0 34,853 0 34,853 0 0 0 0 0 0 0 0 0 0 0 448,946 0 21,310 0 150,874 0 16,156 0 38,365 0 94,758 0 22,266 0 17,435 0 7,359 0 3,515 0 4,735 0 5,330 0 66,844 976 2,278 66,139 + 6,913 12,077 431,820 - 740 704 13,450 - 1,757 957 17,040 + 4,340 2,083 58,829 - 337 724 23,576 - 161 387 11,346 - 217 722 18,435 - 88,649 56,870 93,954 20,564 28,754 0 - 7,097,316 139,736 4,013,851 154,293 226,856 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 568,904 1,020 2,177 120,532 384,804 798 1,628 11,331 372,504 244 1,575 3,023 317,638 3,061 3,443 205,776 679,257 H.4.1 5. Statement of Condition of Each Federal Reserve Bank, May 27, 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 1,899,514 243,976 4,839,897 59,106 5,479 71,422 628,939 126,320 3,179,865 51,366 5,566 95,565 85,880 7,633 129,542 126,604 15,291 417,675 261,477 17,980 102,344 126,129 13,627 230,397 58,539 3,855 25,331 30,803 2,306 22,897 52,547 3,880 36,781 158,924 11,758 145,617 259,200 30,280 382,462 3,317,688 1,326,897 16,251 179,062 71,400 0 2 20 1,782,055 1,326,897 16,225 54,689 95,564 0 1 0 126,392 0 3 3,147 416,272 0 8 1,394 100,541 0 2 1,801 121,100 0 2 109,296 25,325 0 1 5 22,827 0 0 70 32,330 0 0 4,451 141,428 0 0 4,189 382,455 0 6 1 1,160 30 614 24 33 92 82 61 7 8 13 55 141 66,500 1,500 65,000 0 0 0 0 0 0 0 0 0 0 7,355 371 99 374 470 1,056 1,020 776 282 530 318 632 1,427 7,058,402 137,907 4,000,837 152,896 223,558 560,718 382,902 370,990 88,013 56,545 93,538 316,986 673,511 32,089 6,825 0 1,505 324 0 10,720 2,294 0 1,151 246 0 2,715 583 0 6,745 1,441 0 1,563 338 0 1,249 265 0 524 112 0 272 53 0 344 72 0 571 81 0 4,730 1,016 0 7,097,316 139,736 4,013,851 154,293 226,856 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 568,904 384,804 372,504 88,649 56,870 93,954 317,638 679,257 Treasury contributions to credit facilities9 Other liabilities and accrued dividends Total liabilities Capital Capital paid in Surplus Other capital H.4.1 5. Statement of Condition of Each Federal Reserve Bank, May 27, 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, and Municipal Liquidity Facility LLC of $17.5 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 are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY. On May 12, 2020, FRBNY began extending loans to the Corporate Credit 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 are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY. The FRBNY is the managing member of CPFF II LLC, CCF LLC, and Municipal Liquidity Facility LLC. Consistent with generally accepted accounting principles, the assets and liabilities of each LLC have been accounted for and consolidated with the assets and liabilities of the FRBNY, in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the Reserve Bank to the LLC is eliminated as are any balances held at the FRBNY for LLCs consolidated to FRBNY. Treasury contributions to credit facilities are held at the Reserve Bank until invested. Net assets of the LLC appears as assets on table 5 (and in table 1 and table 4), and the liabilities of the LLC to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLC, are included in other liabilities in this table (and table 1 and table 4).The amount provided by U.S. Treasury as credit protection to FRBNY appears as liabilities on table 5 (and in table 1 and table 4). H.4.1 6. 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 May 27, 2020 2,051,425 151,911 1,899,514 1,899,514 11,037 5,200 1,883,277 0 6,128,070 232,932 5,895,138
@FedFRASER