Release Date: September 24, 2020

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 24, 2020 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Sep 23, 2020 Federal Reserve Banks Sep 23, 2020 Sep 16, 2020 Sep 25, 2019 Reserve Bank credit 7,032,062 + 40,629 +3,223,547 7,053,440 Securities held outright (1) 6,438,478 + 58,075 +2,850,488 6,458,738 U.S. Treasury securities 4,416,105 + 13,346 +2,308,700 4,431,523 Bills (2) 326,044 0 + 320,042 326,044 Notes and bonds, nominal (2) 3,764,553 + 10,705 +1,805,605 3,779,831 Notes and bonds, inflation-indexed (2) 285,918 + 2,058 + 167,772 285,918 Inflation compensation (3) 39,590 + 583 + 15,281 39,731 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 2,020,027 + 44,729 + 541,789 2,024,868 Unamortized premiums on securities held outright (5) 332,945 + 2,741 + 205,379 333,951 Unamortized discounts on securities held outright (5) -4,870 + 53 + 7,856 -4,837 Repurchase agreements (6) 0 0 - 82,250 0 Foreign official 0 0 0 0 Others 0 0 - 82,250 0 Loans 77,924 - 153 + 77,829 78,231 Primary credit 3,137 + 342 + 3,133 3,359 Secondary credit 0 0 0 0 Seasonal credit 35 + 4 - 55 41 Primary Dealer Credit Facility 233 - 14 + 233 233 Money Market Mutual Fund Liquidity Facility 7,377 - 276 + 7,377 7,344 Paycheck Protection Program Liquidity Facility 67,141 - 210 + 67,141 67,254 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 8,588 0 + 8,588 8,588 Net portfolio holdings of Corporate Credit Facilities LLC (7) 44,974 + 122 + 44,974 44,972 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (7) 39,177 + 256 + 39,177 39,355 Net portfolio holdings of Municipal Liquidity Facility LLC (7) 16,545 + 2 + 16,545 16,546 Net portfolio holdings of TALF II LLC (7) 11,431 + 244 + 11,431 11,431 Float -204 + 45 - 75 -446 Central bank liquidity swaps (8) 32,610 - 22,209 + 32,568 31,950 Other Federal Reserve assets (9) 34,465 + 1,456 + 11,038 34,960 Foreign currency denominated assets (10) 21,680 + 26 + 1,063 21,510 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,397 + 14 + 409 50,397 Total factors supplying reserve funds 7,120,380 + 40,668 +3,225,019 7,141,588 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 1. Factors Affecting Reserve Balances of Depository Institutions (continued) Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Sep 23, 2020 Federal Reserve Banks Sep 23, 2020 Sep 16, 2020 Sep 25, 2019 Currency in circulation (11) 2,028,408 - 717 + 266,746 2,029,101 Reverse repurchase agreements (12) 200,304 + 118 - 93,787 204,352 Foreign official and international accounts 200,296 + 120 - 88,741 204,351 Others 8 - 2 - 5,046 1 Treasury cash holdings 47 - 3 - 123 40 Deposits with F.R. Banks, other than reserve balances 1,897,710 + 98,326 +1,503,659 1,898,360 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 1,680,688 + 65,833 +1,366,499 1,661,732 Foreign official 18,871 + 1,648 + 13,686 18,871 Other (13) 198,152 + 30,845 + 123,475 217,757 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000 Other liabilities and capital (15) 49,413 - 2,141 + 4,197 47,652 Total factors, other than reserve balances, absorbing reserve funds 4,289,881 + 95,581 +1,794,691 4,293,506 Reserve balances with Federal Reserve Banks 2,830,499 - 54,913 +1,430,328 2,848,082 Note: Components may not sum to totals because of rounding. 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements. 7. Includes assets purchased pursuant to terms of the credit facility and amounts related to Treasury contributions to the facility. Refer to note on consolidation below. 8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 9. Includes bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. 10. Revalued daily at current foreign currency exchange rates. 11. Estimated. 12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities 13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 14. Book value. Amount of equity investments in Commercial Paper Funding Facility II LLC of $10 billion, Corporate Credit Facilities LLC of $37.5 billion, MS Facilities LLC of $37.5 billion, Municipal Liquidity Facility LLC of $17.5 billion, and TALF II LLC of $10 billion, and credit protection in the Money Market Mutual Fund Liquidity Facility of $1.5 billion. 15. Includes the liability for earnings remittances due to the U.S. Treasury. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. 1A. Memorandum Items Millions of dollars Memorandum item Averages of daily figures Wednesday Week ended Change from week ended Sep 23, 2020 Sep 23, 2020 Sep 16, 2020 Sep 25, 2019 Securities held in custody for foreign official and international accounts 3,424,105 + 17,397 - 34,458 3,422,115 Marketable U.S. Treasury securities (1) 2,987,481 + 21,233 - 27,911 2,988,192 Federal agency debt and mortgage-backed securities (2) 350,974 - 3,184 - 10,197 348,338 Other securities (3) 85,649 - 653 + 3,650 85,585 Securities lent to dealers 24,377 - 2,742 - 7,489 24,827 Overnight facility (4) 24,377 - 2,742 - 7,489 24,827 U.S. Treasury securities 24,377 - 2,742 - 7,489 24,827 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, September 23, 2020 Millions of dollars Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All days 90 days 1 year to 5 years to 10 years years Loans (1) 3,100 3,457 4,420 67,254 0 ... 78,231 U.S. Treasury securities (2) Holdings 72,212 247,998 671,972 1,665,299 787,290 986,752 4,431,523 Weekly changes + 12,799 - 9,884 + 3,879 + 6,795 + 9,053 + 1,876 + 24,518 Federal agency debt securities (3) Holdings 0 0 0 0 1,436 911 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (4) Holdings 0 0 5 2,225 78,972 1,943,665 2,024,868 Weekly changes 0 0 0 + 55 + 111 + 19,666 + 19,833 Commercial paper held by Commercial Paper Funding Facility II LLC (5) 0 30 0 ... ... ... 30 Loan participations held by MS Facilities LLC (Main Street Lending Program) (6) 0 0 0 1,837 ... ... 1,837 Municipal notes held by Municipal Liquidity Facility LLC (7) 0 0 1,200 451 ... ... 1,651 Loans held by TALF II LLC (8) 0 26 0 2,871 ... ... 2,896 Repurchase agreements (9) 0 0 ... ... ... ... 0 Central bank liquidity swaps (10) 24,559 7,391 0 0 0 0 31,950 Reverse repurchase agreements (9) 204,352 0 ... ... ... ... 204,352 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 Sep 23, 2020 Mortgage-backed securities held outright (1) 2,024,868 Residential mortgage-backed securities 2,015,471 Commercial mortgage-backed securities 9,397 Commitments to buy mortgage-backed securities (2) 107,312 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 57 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 Sep 23, 2020 Net portfolio holdings of Credit Facilities LLCs Outstanding principal Outstanding amount amount of Treasury of loan facility contributions extended to asset and the LLC (1) purchases (2)other assets (3) Total Commercial Paper Funding Facility II LLC 30 30 8,558 8,588 Corporate Credit Facilities LLC 12,815 12,911 32,061 44,972 MS Facilities LLC (Main Street Lending Program) 1,837 1,837 37,518 39,355 Municipal Liquidity Facility LLC 1,651 1,651 14,895 16,546 TALF II LLC 2,922 2,896 8,535 11,431 Note: Components may not sum to totals because of rounding. 1. Book value. This amount was eliminated when preparing the Federal Reserve Banks' statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. Loans are extended from the Federal Reserve Bank to the LLC upon settlement of the investment activity. 2. Outstanding amount of facility asset purchases: a. For the Commercial Paper Funding Facility II LLC includes commercial paper at book value. b. For the Corporate Credit Facilities LLC includes exchange traded-funds at fair value and corporate bonds at book value. Asset balances from trading activity are reported on a one-day lag after the transaction date. c. For the MS Facilities LLC (Main Street Lending Program) includes loan participations at face value. d. For the Municipal Liquidity Facility LLC includes municipal notes at book value. Asset balances from trading activity may be reported on a one-day lag after the transaction date. e. For the TALF II LLC includes loans to holders of eligible asset-backed securities at book value. 3. Includes short term receivables, interest and dividend receivables, and other assets of the facility. Also includes the portion of the Treasury contribution to the credit facilities, which is held as investments in nonmarketable Treasury securities and the residual portion which is held as cash and cash equivalents at the FRBNY. The amount of cash and cash equivalents held at the FRBNY are eliminated in consolidation and, as result, are excluded from net portfolio holdings in Tables 1, 5, and 6. Amounts excluded are initially 15% of Treasury contributions to the credit facilities from the following consolidated LLCs: Commercial Paper Funding Facility II LLC, Corporate Credit Facilities LLC, Municipal Liquidity Facility LLC, and TALF II LLC. Refer to the note on consolidation accompanying table 6. 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Sep 23, 2020 Wednesday Wednesday consolidation Sep 16, 2020 Sep 25, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,467 0 - 231 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,866,084 + 46,788 +3,069,255 Securities held outright (1) 6,458,738 + 44,351 +2,881,451 U.S. Treasury securities 4,431,523 + 24,518 +2,323,840 Bills (2) 326,044 0 + 320,042 Notes and bonds, nominal (2) 3,779,831 + 24,136 +1,820,626 Notes and bonds, inflation-indexed (2) 285,918 0 + 167,772 Inflation compensation (3) 39,731 + 383 + 15,401 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 2,024,868 + 19,833 + 557,611 Unamortized premiums on securities held outright (5) 333,951 + 2,084 + 206,790 Unamortized discounts on securities held outright (5) -4,837 + 69 + 7,877 Repurchase agreements (6) 0 0 - 105,000 Loans (7) 78,231 + 283 + 78,135 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 8,588 0 + 8,588 Net portfolio holdings of Corporate Credit Facilities LLC (8) 44,972 + 49 + 44,972 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (8) 39,355 + 396 + 39,355 Net portfolio holdings of Municipal Liquidity Facility LLC (8) 16,546 + 2 + 16,546 Net portfolio holdings of TALF II LLC (8) 11,431 + 1 + 11,431 Items in process of collection (0) 59 - 2 + 6 Bank premises 2,195 + 4 + 5 Central bank liquidity swaps (9) 31,950 - 20,324 + 31,908 Foreign currency denominated assets (10) 21,510 - 206 + 948 Other assets (11) 32,767 + 1,979 + 12,662 Total assets (0) 7,093,161 + 28,686 +3,235,446 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Sep 23, 2020 Wednesday Wednesday consolidation Sep 16, 2020 Sep 25, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,980,207 - 98 + 265,474 Reverse repurchase agreements (12) 204,352 + 5,870 - 86,189 Deposits (0) 4,746,445 + 23,212 +2,938,809 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,848,085 - 21,226 +1,420,796 U.S. Treasury, General Account 1,661,732 - 31,077 +1,355,922 Foreign official 18,871 + 5 + 13,684 Other (13) (0) 217,757 + 75,510 + 148,406 Deferred availability cash items (0) 505 + 231 + 370 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 Other liabilities and accrued dividends (15) 8,543 - 538 + 3,156 Total liabilities (0) 7,054,053 + 28,678 +3,235,620 Capital accounts Capital paid in 32,283 + 8 - 174 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,108 + 8 - 174 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, September 23, 2020 Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Assets Gold certificates and special drawing rights certificates 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045 Coin 1,467 28 30 119 80 207 144 243 25 43 99 163 286 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,866,084 161,808 3,527,168 161,078 214,572 430,885 504,339 383,200 109,143 71,078 113,960 330,039 858,815 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 8,588 0 8,588 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Corporate Credit Facilities LLC (2) 44,972 0 44,972 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (2) 39,355 39,355 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (2) 16,546 0 16,546 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC (2) 11,431 0 11,431 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 31,950 1,517 10,737 1,150 2,730 6,744 1,585 1,241 524 250 337 379 4,757 Foreign currency denominated assets (4) 21,510 1,021 7,231 774 1,838 4,539 1,067 835 353 168 227 255 3,202 Other assets (5) 35,021 2,392 15,424 860 1,150 2,465 2,646 1,980 680 452 845 1,886 4,241 Interdistrict settlement account 0 - 53,492 + 521,249 - 34,115 + 33,613 - 27,701 - 107,880 - 18,442 - 24,648 - 16,828 - 26,886 - 52,329 - 192,541 Total assets 7,093,161 153,162 4,168,860 130,395 254,743 418,304 404,082 370,194 86,555 55,434 89,031 281,596 680,805 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, September 23, 2020 (continued) Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Liabilities Federal Reserve notes, net 1,980,207 61,483 661,616 56,127 93,629 130,456 280,046 127,429 59,150 33,350 54,385 166,917 255,620 Reverse repurchase agreements (6) 204,352 4,589 105,805 4,662 6,394 12,808 15,060 11,414 3,229 1,931 3,250 9,849 25,363 Deposits 4,746,445 45,850 3,309,755 67,919 151,092 266,109 106,466 229,266 23,242 19,166 30,721 103,720 393,140 Depository institutions 2,848,085 45,811 1,523,000 67,918 151,052 265,552 106,384 119,412 23,237 19,108 30,684 102,805 393,123 U.S. Treasury, General Account 1,661,732 0 1,661,732 0 0 0 0 0 0 0 0 0 0 Foreign official 18,871 2 18,844 1 3 8 2 2 1 0 0 0 6 Other (7) 217,757 37 106,179 0 37 549 80 109,853 4 57 37 914 11 Earnings remittances due to the U.S. Treasury (8) 1,806 33 994 38 41 77 139 101 27 15 28 94 219 Treasury contributions to credit facilities (9) 114,000 39,000 75,000 0 0 0 0 0 0 0 0 0 0 Other liabilities and accrued dividends 7,242 376 2,521 240 282 676 571 453 194 644 227 355 703 Total liabilities 7,054,053 151,330 4,155,691 128,987 251,438 410,125 402,282 368,663 85,841 55,106 88,610 280,935 675,044 Capital Capital paid in 32,283 1,507 10,875 1,162 2,722 6,738 1,461 1,266 602 275 349 580 4,746 Surplus 6,825 324 2,294 246 583 1,441 338 265 112 53 72 81 1,016 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 7,093,161 153,162 4,168,860 130,395 254,743 418,304 404,082 370,194 86,555 55,434 89,031 281,596 680,805 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, September 23, 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 and to eligible nonprofits. 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 Sep 23, 2020 Federal Reserve notes outstanding 2,131,210 Less: Notes held by F.R. Banks not subject to collateralization 151,003 Federal Reserve notes to be collateralized 1,980,207 Collateral held against Federal Reserve notes 1,980,207 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,963,970 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,458,738 Less: Face value of securities under reverse repurchase agreements 194,569 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,264,169 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.

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