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FEDERAL RESERVE statistical release For Release at 4:30 P.M. EDT April 9, 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 the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) and the purchases of agency commercial mortgagebacked securities. The FIMA Repo Facility was announced by the Federal Reserve on March 31, 2020, and began operations on April 6, 2020. The FIMA Repo Facility will allow FIMA account holders, which consist of central banks and other international monetary authorities with accounts at the Federal Reserve Bank of New York, to enter into repurchase agreements with the Federal Reserve’s System Open Market Account (SOMA). Beginning with this release, in table 1 the line item “Repurchase agreements” reports in aggregate repurchase agreements conducted through the FIMA Repo Facility and those conducted with primary dealers. Repurchase agreements conducted with primary dealers, formerly reported in the line item “Repurchase agreements” in prior releases, are now presented in the line item “Others.” The FIMA Repo Facility is presented in the line item “Foreign official” under “Repurchase agreements.” Aggregate repurchase agreements also are reported in tables 2, 4, 5, and 6. The Federal Reserve announced on March 23, 2020 that SOMA will start buying agency commercial mortgage-backed securities and operations began on March 27, 2020. Two new lines were added to table 3, Supplemental Information on Mortgage-Backed Securities, to separately report commercial mortgage-backed securities and residential mortgage-backed securities. These securities are presented in tables 1 and 4 in the line item “Mortgage-backed securities” and in table 5 in the line item “Securities, unamortized premiums and discounts, repurchase agreements, and loans.” FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 9, 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 Other credit extensions Net portfolio holdings of Maiden Lane 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 8, 2020 5,968,038 4,972,677 3,511,128 326,044 2,950,288 202,625 32,170 2,347 1,459,202 229,939 -7,957 227,643 0 227,643 130,004 43,513 0 0 32,699 53,793 0 0 -194 385,365 30,560 20,359 11,041 5,200 50,233 Averages of daily figures Change from week ended Apr 1, 2020 Apr 10, 2019 + + + + + + + + + - + + + + - + 393,234 367,694 336,013 0 312,705 21,563 1,743 0 31,682 38,341 1,248 74,820 0 74,820 304 6,065 0 0 1,183 6,944 0 0 249 57,578 3,247 242 0 0 14 6,054,871 + 393,006 Total factors supplying reserve funds Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. Wednesday Apr 8, 2020 +2,071,135 +1,224,187 +1,357,734 + 326,044 + 933,656 + 87,471 + 10,562 0 - 133,548 + 94,594 + 5,119 + 227,643 0 + 227,643 + 129,991 + 43,509 0 9 + 32,699 + 53,793 0 0 15 + 385,310 + 4,306 246 0 0 + 360 6,044,516 5,096,434 3,634,386 326,044 3,064,860 210,625 32,857 2,347 1,459,701 243,113 -7,381 192,751 1 192,750 129,637 43,449 0 0 33,018 53,171 0 0 -305 358,077 32,189 20,373 11,041 5,200 50,233 +2,071,248 6,131,363 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 8, 2020 Averages of daily figures Change from week ended Apr 1, 2020 Apr 10, 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 1,881,011 412,790 282,345 130,445 317 946,812 0 698,578 16,760 231,474 53,490 + + + 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. + + + + + + + 4,133 72,088 11,909 83,997 10 233,706 0 269,311 448 35,157 722 3,294,420 + 2,760,451 + Wednesday Apr 8, 2020 + + + + 154,317 159,116 29,255 129,861 19 623,820 0 435,961 11,517 176,342 8,154 1,883,487 334,488 281,005 53,483 307 1,083,854 0 827,178 16,646 240,030 54,724 166,463 + 945,389 3,356,860 226,543 +1,125,860 2,774,503 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 accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also, includes Reserve Bank premises and equipment net of allowances for depreciation. 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 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 1, 2020 Apr 10, 2019 Week ended Apr 8, 2020 3,316,197 2,845,672 388,280 82,245 36,572 36,572 36,572 0 - 22,224 21,676 249 299 332 332 332 0 + + + + + Wednesday Apr 8, 2020 155,042 228,000 61,457 11,502 10,020 10,020 10,020 0 3,314,710 2,843,669 388,276 82,765 38,787 38,787 38,787 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 8, 2020 Millions of dollars Within 15 days Remaining Maturity Loans1 U.S. Treasury securities2 Holdings Weekly changes Federal agency debt securities3 Holdings Weekly changes Mortgage-backed securities4 Holdings Weekly changes Repurchase agreements5 Central bank liquidity swaps6 16 days to 90 days 15,203 + 47,112 10,874 96,019 + 233,415 406 2. 3. 4. 5. 6. Over 5 year to 10 years 18,415 0 0 + 500,589 32,526 1,432,206 + 133,861 0 0 0 0 0 0 0 0 0 0 57,801 57,053 0 0 134,950 301,024 5 0 ... 0 334,488 Reverse repurchase agreements5 0 Term deposits Note: Components may not sum to totals because of rounding. ...Not applicable. 1. Over 1 year to 5 years 91 days to 1 year 0 0 ... 0 + 1,704 62 ... 0 ... ... + 576,918 67,690 Over 10 years ... + 1,151 0 + 72,800 531 ... 0 ... ... All 844,146 48,197 129,637 + 1,196 0 + 1,385,191 1,386 ... 0 ... ... 3,634,386 293,554 2,347 0 + 1,459,701 1,980 192,751 358,077 334,488 0 Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions. 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. 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 8, 2020 Mortgage-backed securities held outright1 Residential mortgage-backed securities Commercial mortgage-backed securities 1,459,701 1,456,242 3,459 Commitments to buy mortgage-backed securities2 Commitments to sell mortgage-backed securities2 326,103 0 17 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 Maiden Lane LLC8 Items in process of collection Bank premises Central bank liquidity swaps9 Foreign currency denominated assets10 Other assets11 Eliminations from consolidation Wednesday Apr 8, 2020 11,037 5,200 1,668 (0) 5,654,554 5,096,434 3,634,386 326,044 3,064,860 210,625 32,857 2,347 1,459,701 243,113 -7,381 192,751 129,637 0 39 2,201 358,077 20,373 29,990 (0) 6,083,141 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. Change since Wednesday Wednesday Apr 1, 2020 Apr 10, 2019 + + + + 0 0 8 - 0 0 40 + + + 258,295 295,533 293,554 0 273,000 18,900 1,653 0 1,980 31,774 1,111 70,299 176 0 1 3 9,533 211 3,905 +1,783,613 +1,347,732 +1,480,943 + 326,044 +1,048,228 + 95,471 + 11,199 0 - 133,211 + 107,830 + 5,684 + 192,751 + 129,616 0 16 1 + 358,022 302 + 5,078 + 271,534 +2,146,357 + + + + + + + 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 8, 2020 Change since Wednesday Wednesday Apr 1, 2020 Apr 10, 2019 1,835,225 334,488 3,858,360 0 2,774,506 827,178 16,646 240,030 344 15,892 + + + + + + 4,240 159,939 424,650 0 90,108 320,245 1,099 15,395 247 2,825 + 154,735 + 78,114 +1,904,215 0 +1,127,946 + 581,514 + 11,402 + 183,354 + 102 + 9,701 6,044,309 + 271,529 +2,146,867 32,007 6,825 0 + 5 0 0 - 510 0 0 38,832 + 5 - 510 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, 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. 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 8, 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 Central bank liquidity swaps2 Foreign currency denominated assets3 Other assets4 Interdistrict settlement account Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 16,237 1,668 547 40 5,525 49 537 151 768 92 1,166 226 2,214 157 1,135 279 478 31 276 51 445 111 1,172 187 1,974 295 5,654,554 358,077 168,358 16,997 3,076,306 120,337 134,302 12,886 162,668 30,599 338,460 75,578 377,904 17,759 294,022 13,906 79,667 5,870 47,829 2,804 83,079 3,776 241,236 4,251 650,724 53,314 20,373 32,230 0 - 967 763 35,653 + 6,848 16,310 132,891 - 733 819 12,995 - 1,741 1,013 16,511 + 6,083,141 152,019 3,358,266 136,433 180,370 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 4,300 2,269 67,575 489,574 1,010 2,275 50,526 + 350,794 791 1,740 45,209 357,082 334 620 8,827 78,172 160 417 6,978 44,558 215 761 574 + 87,813 242 1,554 44,470 293,112 3,033 3,689 158,081 554,948 H.4.1 5. Statement of Condition of Each Federal Reserve Bank, April 8, 2020 (continued) Millions of dollars Assets, liabilities, and capital Liabilities Federal Reserve notes, net Reverse repurchase agreements5 Deposits Depository institutions U.S. Treasury, General Account Foreign official Other6 Earnings remittances due to the U.S. Treasury7 Other liabilities and accrued dividends Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco Dallas 1,835,225 334,488 3,858,360 56,878 6,939 86,021 617,062 182,487 2,536,452 50,228 8,100 76,336 84,516 9,786 82,329 123,702 20,469 336,259 253,346 22,870 71,726 118,667 17,558 218,599 57,445 4,807 15,012 29,983 2,894 10,830 49,204 4,960 32,933 149,848 14,524 127,487 244,346 39,093 264,375 2,774,506 827,178 16,646 240,030 85,977 0 2 43 1,605,322 827,178 16,620 87,333 76,335 0 1 0 76,890 0 3 5,436 334,660 0 8 1,591 71,081 0 2 642 88,224 0 2 130,373 15,008 0 1 4 10,764 0 0 66 20,914 0 0 12,019 124,963 0 0 2,523 264,368 0 6 1 2,022 36 1,204 42 46 71 135 104 26 13 27 89 229 14,214 315 8,060 339 396 921 818 656 246 512 274 519 1,158 6,044,309 150,189 3,345,265 135,044 177,073 481,423 348,895 355,584 77,537 44,232 87,398 292,467 549,201 32,007 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 1,233 265 0 523 112 0 272 53 0 342 72 0 564 81 0 4,731 1,016 0 6,083,141 152,019 3,358,266 136,433 180,370 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 489,574 350,794 357,082 78,172 44,558 87,813 293,112 554,948 Total liabilities Capital Capital paid in Surplus Other capital H.4.1 5. Statement of Condition of Each Federal Reserve Bank, April 8, 2020 (continued) 1. 2. 3. 4. 5. 6. 7. 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, and other credit extensions. 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 June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as a component of Other assets on the previous page (and as assets in table 1 and table 4), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were 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 8, 2020 1,997,778 162,554 1,835,225 1,835,225 11,037 5,200 1,818,988 0 5,289,185 318,521 4,970,664