Release Date: September 17, 2020

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks September 17, 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 16, 2020 Federal Reserve Banks Sep 16, 2020 Sep 9, 2020 Sep 18, 2019 Reserve Bank credit 6,991,433 + 23,204 +3,241,472 7,024,780 Securities held outright (1) 6,380,403 + 37,004 +2,787,274 6,414,387 U.S. Treasury securities 4,402,759 + 11,254 +2,300,669 4,407,005 Bills (2) 326,044 0 + 322,614 326,044 Notes and bonds, nominal (2) 3,753,848 + 7,886 +1,797,587 3,755,695 Notes and bonds, inflation-indexed (2) 283,860 + 2,744 + 165,714 285,918 Inflation compensation (3) 39,007 + 623 + 14,753 39,348 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,975,298 + 25,751 + 486,606 2,005,035 Unamortized premiums on securities held outright (5) 330,204 + 2,065 + 202,077 331,867 Unamortized discounts on securities held outright (5) -4,923 + 45 + 7,803 -4,906 Repurchase agreements (6) 0 0 - 18,307 0 Foreign official 0 0 0 0 Others 0 0 - 18,307 0 Loans 78,077 - 1,394 + 77,945 77,948 Primary credit 2,795 - 43 + 2,740 3,036 Secondary credit 0 0 0 0 Seasonal credit 31 - 3 - 46 33 Primary Dealer Credit Facility 247 + 4 + 247 258 Money Market Mutual Fund Liquidity Facility 7,653 - 972 + 7,653 7,440 Paycheck Protection Program Liquidity Facility 67,351 - 381 + 67,351 67,181 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) 44,852 + 55 + 44,852 44,923 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (7) 38,921 + 86 + 38,921 38,959 Net portfolio holdings of Municipal Liquidity Facility LLC (7) 16,543 + 1 + 16,543 16,544 Net portfolio holdings of TALF II LLC (7) 11,187 + 41 + 11,187 11,430 Float -249 - 74 - 121 -213 Central bank liquidity swaps (8) 54,819 - 17,250 + 54,780 52,274 Other Federal Reserve assets (9) 33,009 + 2,623 + 9,928 32,977 Foreign currency denominated assets (10) 21,654 + 67 + 994 21,716 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,383 + 14 + 402 50,383 Total factors supplying reserve funds 7,079,712 + 23,285 +3,242,868 7,113,120 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 16, 2020 Federal Reserve Banks Sep 16, 2020 Sep 9, 2020 Sep 18, 2019 Currency in circulation (11) 2,029,125 + 2,076 + 267,029 2,029,177 Reverse repurchase agreements (12) 200,186 - 7,722 - 98,916 198,482 Foreign official and international accounts 200,176 - 7,732 - 94,007 198,427 Others 10 + 10 - 4,909 55 Treasury cash holdings 50 - 1 - 115 48 Deposits with F.R. Banks, other than reserve balances 1,799,384 + 325 +1,462,957 1,853,922 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 1,614,855 + 3,772 +1,364,629 1,692,809 Foreign official 17,223 + 471 + 11,998 18,866 Other (13) 167,307 - 3,917 + 86,332 142,247 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 114,000 Other liabilities and capital (15) 51,554 + 658 + 6,622 48,181 Total factors, other than reserve balances, absorbing reserve funds 4,194,300 - 4,664 +1,751,578 4,243,810 Reserve balances with Federal Reserve Banks 2,885,412 + 27,949 +1,491,290 2,869,309 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 16, 2020 Sep 16, 2020 Sep 9, 2020 Sep 18, 2019 Securities held in custody for foreign official and international accounts 3,406,708 + 8,135 - 60,178 3,416,927 Marketable U.S. Treasury securities (1) 2,966,248 + 7,751 - 54,189 2,976,433 Federal agency debt and mortgage-backed securities (2) 354,158 + 812 - 10,672 354,656 Other securities (3) 86,302 - 427 + 4,683 85,838 Securities lent to dealers 27,119 - 1,915 - 6,900 25,116 Overnight facility (4) 27,119 - 1,915 - 6,900 25,116 U.S. Treasury securities 27,119 - 1,915 - 6,900 25,116 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 16, 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) 2,357 3,954 4,456 67,181 1 ... 77,948 U.S. Treasury securities (2) Holdings 59,413 257,882 668,093 1,658,504 778,237 984,876 4,407,005 Weekly changes + 16,497 - 21,581 + 12,061 - 3,662 + 7,286 + 2,783 + 13,384 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 2,170 78,861 1,923,999 2,005,035 Weekly changes 0 0 0 - 9 - 595 + 56,041 + 55,436 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 1,445 ... ... 1,445 Municipal notes held by Municipal Liquidity Facility LLC (7) 0 0 1,200 451 ... ... 1,651 Loans held by TALF II LLC (8) 25 0 0 2,896 ... ... 2,922 Repurchase agreements (9) 0 0 ... ... ... ... 0 Central bank liquidity swaps (10) 39,656 12,618 0 0 0 0 52,274 Reverse repurchase agreements (9) 198,482 0 ... ... ... ... 198,482 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 16, 2020 Mortgage-backed securities held outright (1) 2,005,035 Residential mortgage-backed securities 1,995,639 Commercial mortgage-backed securities 9,397 Commitments to buy mortgage-backed securities (2) 115,536 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 75 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 16, 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 12,707 12,867 32,056 44,923 MS Facilities LLC (Main Street Lending Program) 1,445 1,445 37,514 38,959 Municipal Liquidity Facility LLC 1,651 1,651 14,894 16,544 TALF II LLC 2,922 2,922 8,509 11,430 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 16, 2020 Wednesday Wednesday consolidation Sep 9, 2020 Sep 18, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,467 - 2 - 236 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,819,296 + 71,663 +3,036,421 Securities held outright (1) 6,414,387 + 68,820 +2,821,780 U.S. Treasury securities 4,407,005 + 13,384 +2,301,179 Bills (2) 326,044 0 + 320,042 Notes and bonds, nominal (2) 3,755,695 + 7,733 +1,798,291 Notes and bonds, inflation-indexed (2) 285,918 + 4,802 + 167,772 Inflation compensation (3) 39,348 + 849 + 15,074 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 2,005,035 + 55,436 + 520,601 Unamortized premiums on securities held outright (5) 331,867 + 3,207 + 203,940 Unamortized discounts on securities held outright (5) -4,906 + 52 + 7,840 Repurchase agreements (6) 0 - 2 - 75,000 Loans (7) 77,948 - 414 + 77,861 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) 44,923 + 133 + 44,923 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (8) 38,959 + 60 + 38,959 Net portfolio holdings of Municipal Liquidity Facility LLC (8) 16,544 + 1 + 16,544 Net portfolio holdings of TALF II LLC (8) 11,430 + 283 + 11,430 Items in process of collection (0) 61 - 13 + 14 Bank premises 2,191 + 1 + 2 Central bank liquidity swaps (9) 52,274 - 19,795 + 52,235 Foreign currency denominated assets (10) 21,716 + 134 + 1,064 Other assets (11) 30,788 + 1,395 + 9,835 Total assets (0) 7,064,475 + 53,861 +3,219,780 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 16, 2020 Wednesday Wednesday consolidation Sep 9, 2020 Sep 18, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,980,305 - 966 + 265,737 Reverse repurchase agreements (12) 198,482 - 5,483 - 126,636 Deposits (0) 4,723,233 + 61,998 +2,962,892 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,869,311 - 37,543 +1,483,885 U.S. Treasury, General Account 1,692,809 + 122,276 +1,389,752 Foreign official 18,866 + 2,092 + 13,680 Other (13) (0) 142,247 - 24,826 + 75,574 Deferred availability cash items (0) 274 - 62 + 108 Treasury contributions to credit facilities (14) 114,000 0 + 114,000 Other liabilities and accrued dividends (15) 9,081 - 1,634 + 3,874 Total liabilities (0) 7,025,375 + 53,853 +3,219,975 Capital accounts Capital paid in 32,275 + 8 - 195 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,100 + 8 - 195 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 16, 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 30 30 123 81 206 144 243 26 41 98 165 280 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,819,296 160,985 3,503,117 159,848 213,055 427,999 500,922 380,306 108,402 70,593 113,218 327,768 853,082 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) 44,923 0 44,923 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of MS Facilities LLC (Main Street Lending Program) (2) 38,959 38,959 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Municipal Liquidity Facility LLC (2) 16,544 0 16,544 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF II LLC (2) 11,430 0 11,430 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 52,274 2,481 17,567 1,881 4,467 11,033 2,593 2,030 857 409 551 621 7,783 Foreign currency denominated assets (4) 21,716 1,031 7,300 781 1,855 4,583 1,077 843 356 170 229 258 3,233 Other assets (5) 33,040 2,344 14,322 809 1,087 2,337 2,497 1,867 800 420 814 1,752 3,990 Interdistrict settlement account 0 - 25,521 + 451,756 - 33,391 + 38,626 - 37,965 - 98,481 - 20,728 - 21,723 - 14,719 - 23,724 - 42,365 - 171,765 Total assets 7,064,475 180,842 4,081,062 130,581 259,934 409,358 410,935 365,698 89,197 57,185 91,636 289,400 698,648 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 16, 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 1,980,305 61,690 662,365 55,816 93,907 129,719 278,975 127,442 59,690 33,330 54,626 167,001 255,744 Reverse repurchase agreements (6) 198,482 4,457 102,766 4,528 6,210 12,440 14,627 11,086 3,136 1,876 3,156 9,566 24,634 Deposits 4,723,233 73,452 3,223,842 68,548 156,165 258,209 114,814 225,084 25,434 21,229 33,176 111,725 411,556 Depository institutions 2,869,311 73,413 1,473,192 68,546 156,129 257,751 114,711 123,399 25,429 21,163 33,139 110,901 411,539 U.S. Treasury, General Account 1,692,809 0 1,692,809 0 0 0 0 0 0 0 0 0 0 Foreign official 18,866 2 18,839 1 3 8 2 2 1 0 0 0 6 Other (7) 142,247 37 39,002 0 33 449 101 101,684 4 66 36 824 11 Earnings remittances due to the U.S. Treasury (8) 2,404 55 1,244 54 80 164 177 128 36 20 36 110 300 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 6,951 357 2,680 227 267 648 542 428 188 402 222 337 653 Total liabilities 7,025,375 179,011 4,067,896 129,174 256,629 401,180 409,136 364,168 88,484 56,856 91,216 288,739 692,887 Capital Capital paid in 32,275 1,507 10,872 1,162 2,722 6,738 1,461 1,265 602 275 348 580 4,745 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 7,064,475 180,842 4,081,062 130,581 259,934 409,358 410,935 365,698 89,197 57,185 91,636 289,400 698,648 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 16, 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 16, 2020 Federal Reserve notes outstanding 2,128,461 Less: Notes held by F.R. Banks not subject to collateralization 148,157 Federal Reserve notes to be collateralized 1,980,305 Collateral held against Federal Reserve notes 1,980,305 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,964,068 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 6,414,387 Less: Face value of securities under reverse repurchase agreements 186,151 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 6,228,235 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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