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FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern time April 23, 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 Paycheck Protection Program Liquidity Facility (PPPLF). The Federal Reserve established the PPPLF to facilitate lending to small businesses via the Small Business Administration's Paycheck Protection Program (PPP). Information for the facility is presented in tables 1, 2, 4, and 5. The PPPLF program was announced by the Federal Reserve on April 9, 2020, and began operations on April 16, 2020. The PPPLF program will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 23, 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 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 Apr 22, 2020 Averages of daily figures Change from week ended Apr 15, 2020 Apr 24, 2019 6,451,209 5,451,772 3,863,557 326,044 3,271,573 231,192 34,749 2,347 1,585,868 271,013 -6,443 171,508 1 171,507 118,841 34,953 0 0 31,266 49,646 2,977 0 + + + 2,516 -204 406,272 35,935 20,458 11,041 5,200 50,261 + + + + - + + + + + + - + + 255,189 256,233 146,143 0 130,986 13,948 1,210 0 110,090 20,685 680 30,088 0 30,089 9,763 6,081 0 0 4,324 2,298 2,977 0 2,375 62 13,209 1,798 57 0 0 14 6,538,169 + 255,146 Total factors supplying reserve funds Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. +2,559,091 +1,709,940 +1,710,063 + 326,044 +1,255,099 + 116,048 + 12,872 0 122 + 136,333 + 6,566 + 171,508 + 1 + 171,507 + 118,818 + 34,946 0 16 + 31,266 + 49,646 + 2,977 0 + + + - Wednesday Apr 22, 2020 6,534,516 5,534,186 3,909,352 326,044 3,314,644 233,692 34,972 2,347 1,622,487 278,037 -6,128 157,500 0 157,500 122,088 33,742 0 0 31,526 48,810 8,009 0 2,516 62 406,217 7,256 108 0 0 372 2,732 -306 409,712 36,694 20,405 11,041 5,200 50,261 +2,559,355 6,621,424 + 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 Apr 22, 2020 Averages of daily figures Change from week ended Apr 15, 2020 Apr 24, 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 Other liabilities and capital14 1,890,915 290,604 281,882 8,722 301 1,186,593 0 901,331 16,293 268,969 66,251 + + + + + 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. + + + + + + + + 5,971 6,140 3,311 2,829 6 52,188 0 11,516 59 40,732 6,389 3,434,665 + 70,683 3,103,504 + 184,463 Wednesday Apr 22, 2020 + + + + 163,716 31,588 25,449 6,139 31 745,411 0 522,729 11,018 211,664 20,597 1,895,994 289,292 278,467 10,825 297 1,272,433 0 949,999 16,303 306,130 63,428 + 961,282 3,521,444 +1,598,074 3,099,980 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. Refer to the note on consolidation accompanying table 5. 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. 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 Apr 22, 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 Apr 15, 2020 Apr 24, 2019 3,320,189 2,851,587 385,809 82,793 35,893 35,893 35,893 0 + + + + + 2,021 4,530 2,401 107 1,297 1,297 1,297 0 + + + + + Wednesday Apr 22, 2020 132,128 194,861 51,926 10,807 8,831 8,831 8,831 0 3,320,905 2,853,978 384,086 82,841 36,556 36,556 36,556 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, April 22, 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 15,559 + 58,869 225 0 0 81,103 + 243,599 18,564 0 0 Mortgage-backed securities4 0 0 Holdings 0 0 Weekly changes Commercial paper held by Commercial 0 2,710 Paper Funding Facility II LLC5 7,800 149,700 Repurchase agreements6 24,501 385,212 Central bank liquidity swaps7 289,292 0 Reverse repurchase agreements6 0 0 Term deposits Note: Components may not sum to totals because of rounding. ...Not applicable. 1. 2. 3. 4. 5. 6. 7. Over 1 year to 5 years Over 5 year to 10 years 17,417 8,009 0 528,185 584 1,536,392 + 43,056 0 0 0 0 91 days to 1 year + 5 0 0 ... 0 ... 0 + 1,911 215 ... ... 0 ... ... + 659,309 38,054 Over 10 years ... + 1,151 0 + 77,338 3,976 ... ... 0 ... ... All 882,997 20,010 122,088 + 1,196 0 + 1,543,233 50,124 ... ... 0 ... ... 3,909,352 120,494 2,347 0 + 1,622,487 54,316 2,710 157,500 409,712 289,292 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 loan from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, which was 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 Wednesday Apr 22, 2020 Mortgage-backed securities held outright1 Residential mortgage-backed securities Commercial mortgage-backed securities 1,622,487 1,615,615 6,872 Commitments to buy mortgage-backed securities2 Commitments to sell mortgage-backed securities2 263,013 0 0 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 Items in process of collection Bank premises Central bank liquidity swaps9 Foreign currency denominated assets10 Other assets11 Eliminations from consolidation Wednesday Apr 22, 2020 11,037 5,200 1,636 (0) Change since Wednesday Wednesday Apr 15, 2020 Apr 24, 2019 - 6,085,683 5,534,186 3,909,352 326,044 3,314,644 233,692 34,972 2,347 1,622,487 278,037 -6,128 157,500 122,088 + + + 2,732 35 2,207 409,712 20,405 34,487 + (0) 6,573,136 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. + + + + + + + 0 0 20 169,420 174,810 120,494 0 108,500 11,000 994 0 54,316 15,703 768 23,600 1,739 + + + 1,758 0 4 31,421 120 2,784 + 205,249 - 0 0 43 +2,224,872 +1,794,902 +1,755,808 + 326,044 +1,298,170 + 118,548 + 13,046 0 + 39,094 + 143,544 + 6,870 + 157,500 + 122,056 + + + + 2,732 23 3 409,657 122 7,785 +2,644,863 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 Other liabilities and accrued dividends14 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. Eliminations from consolidation (0) (0) (0) (0) Wednesday Apr 22, 2020 Change since Wednesday Wednesday Apr 15, 2020 Apr 24, 2019 1,847,662 289,292 4,372,413 0 3,099,980 949,999 16,303 306,130 341 24,597 + + + + + + - 8,363 9,708 198,561 0 30,106 93,844 44 74,655 55 11,327 + 166,961 + 18,892 +2,440,750 0 +1,627,168 + 551,083 + 11,059 + 251,438 + 71 + 18,669 6,534,304 + 205,249 +2,645,341 32,006 6,825 0 - 1 0 0 - 480 0 0 38,831 - 1 - 480 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. Refer to the note on consolidation accompanying table 5. 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. Includes the liability for earnings remittances due to the U.S. Treasury. H.4.1 5. Statement of Condition of Each Federal Reserve Bank, April 22, 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 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 Dallas San Francisco 16,237 1,636 533 38 5,483 48 529 150 761 90 1,165 221 2,183 159 1,137 273 479 27 270 50 450 108 1,202 183 2,045 290 6,085,683 184,102 3,140,694 136,569 186,979 374,819 440,651 338,372 94,803 56,860 96,544 289,388 745,902 2,732 409,712 0 19,448 2,732 137,689 0 14,744 0 35,012 0 86,477 0 20,320 0 15,911 0 6,716 0 3,208 0 4,321 0 4,864 0 61,002 968 933 66,555 + 6,859 17,805 411,279 - 734 886 11,467 - 1,744 1,213 29,192 + 4,306 2,599 57,752 - 1,012 2,750 96,054 - 334 728 20,312 - 160 465 13,809 - 215 866 13,156 + 82,775 47,204 89,348 20,405 36,729 0 - 6,573,136 139,467 3,722,589 142,146 196,607 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 527,338 371,022 792 2,079 9,701 348,863 242 1,962 2,345 300,186 3,038 4,444 211,131 605,590 H.4.1 5. Statement of Condition of Each Federal Reserve Bank, April 22, 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 Other liabilities and accrued dividends Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 1,847,662 289,292 4,372,413 57,167 6,497 73,569 618,895 149,783 2,923,768 50,491 6,600 83,265 83,740 9,051 100,024 124,458 18,131 375,489 254,120 21,320 92,598 119,347 16,158 211,012 58,261 4,571 19,008 29,950 2,734 13,651 49,579 4,600 34,418 151,242 13,942 133,659 250,412 35,905 311,951 3,099,980 949,999 16,303 306,130 73,548 0 2 20 1,801,401 949,999 16,277 156,091 83,264 0 1 0 90,530 0 3 9,491 374,098 0 8 1,383 87,789 0 2 4,807 90,610 0 2 120,400 19,002 0 1 6 13,594 0 0 57 24,342 0 0 10,075 129,859 0 0 3,799 311,944 0 6 1 2,205 59 1,157 51 56 123 168 125 38 13 40 109 267 22,732 345 15,985 350 440 986 916 724 263 530 297 589 1,309 6,534,304 137,637 3,709,588 140,757 193,310 519,187 369,123 347,367 82,140 46,879 88,933 299,540 599,843 32,006 6,825 0 1,506 324 0 10,707 2,294 0 1,143 246 0 2,714 583 0 6,710 1,441 0 1,561 338 0 1,232 265 0 523 112 0 272 53 0 342 72 0 565 81 0 4,731 1,016 0 6,573,136 139,467 3,722,589 142,146 196,607 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 527,338 371,022 348,863 82,775 47,204 89,348 300,186 605,590 Total liabilities Capital Capital paid in Surplus Other capital H.4.1 5. Statement of Condition of Each Federal Reserve Bank, April 22, 2020 (continued) 1. 2. 3. 4. 5. 6. 7. 8. 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. 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. Note on consolidation: On April 14, 2020, the Federal Reserve Bank of New York (FRBNY) began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC) under the authority of section 13(3) of the Federal Reserve Act. CPFF II LLC is 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. The FRBNY is the managing member of CPFF II LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the CPFF II LLC have been 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 FRBNY to CPFF II LLC is eliminated, the net assets of the CPFF II LLC appear as assets on the previous page (and in table 1 and table 4), and the liabilities of the CPFF II LLC to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the CPFF II LLC are included in other liabilities in this table (and 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 Apr 22, 2020 2,015,588 167,927 1,847,662 1,847,662 11,037 5,200 1,831,425 0 5,691,686 273,188 5,418,498
@FedFRASER