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FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 12, 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 Loans Primary credit Secondary credit Seasonal credit 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 Mar 11, 2020 4,221,590 3,890,132 2,515,940 314,613 2,043,138 132,424 25,764 2,347 1,371,846 124,459 -13,394 199,301 8 8 0 0 0 0 -194 58 21,218 21,187 11,041 5,200 50,211 Averages of daily figures Change from week ended Mar 4, 2020 Mar 13, 2019 + + + + + + + + + + + - + + + + + 77,249 25,125 25,124 19,070 4,314 1,372 367 0 2 1,023 83 49,008 4 3 0 0 0 0 297 10 1,706 532 0 0 14 4,309,229 + 77,795 Total factors supplying reserve funds Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. + + + + + + + + + Wednesday Mar 11, 2020 + 289,898 104,634 340,483 314,613 4,127 17,270 4,471 62 235,785 12,283 199 199,301 3 5 0 9 0 0 37 9 1,508 552 0 0 372 4,272,427 3,897,224 2,523,031 321,043 2,043,482 132,653 25,853 2,347 1,371,846 124,423 -13,366 242,375 11 11 0 0 0 0 -312 58 22,014 21,147 11,041 5,200 50,211 + 290,822 4,360,026 - + 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 Mar 11, 2020 Averages of daily figures Change from week ended Mar 4, 2020 Mar 13, 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 1,814,071 228,063 226,117 1,946 307 476,127 0 380,556 5,355 90,217 46,136 + + + + 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. + + + + + + + 10,550 171 28 199 18 20,001 0 6,041 168 13,793 1,727 2,564,704 + 1,744,525 + Wednesday Mar 11, 2020 + + + + 94,186 8,851 10,679 1,828 24 164,382 0 134,584 112 29,688 551 1,818,957 233,275 231,950 1,325 315 482,365 0 372,337 5,187 104,842 45,123 32,125 + 250,245 2,580,036 45,670 + 40,577 1,779,990 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 Week ended Mar 11, 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 Mar 4, 2020 Mar 13, 2019 3,439,994 2,980,070 377,239 82,684 33,850 33,850 33,850 0 + + + + + 17,681 18,579 169 728 1,528 1,528 1,528 0 + + + + + Wednesday Mar 11, 2020 32,178 95,997 52,987 10,830 10,193 10,193 10,193 0 3,421,998 2,961,623 377,502 82,873 33,287 33,287 33,287 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, March 11, 2020 Millions of dollars Within 15 days Remaining Maturity Loans U.S. Treasury securities1 Holdings Weekly changes Federal agency debt securities2 Holdings Weekly changes Mortgage-backed securities3 Holdings Weekly changes Repurchase agreements4 Central bank liquidity swaps5 16 days to 90 days 11 - 21,427 1,252 0 + 221,961 8,680 2. 3. 4. 5. 0 + 378,403 10,583 + Over 1 year to 5 years Over 5 year to 10 years 0 0 915,101 762 + 327,906 1,583 Over 10 years All ... + 658,232 51 11 + 2,523,031 20,407 0 0 0 0 0 0 0 0 1,151 0 1,196 0 2,347 0 0 0 242,375 58 0 0 0 0 4 0 ... 0 1,649 0 ... 0 71,812 0 ... 0 1,298,380 0 ... 0 1,371,846 0 242,375 58 0 0 ... 0 ... ... ... ... ... ... 233,275 0 233,275 Reverse repurchase agreements4 0 Term deposits Note: Components may not sum to totals because of rounding. ...Not applicable. 1. 91 days to 1 year 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 Mar 11, 2020 Mortgage-backed securities held outright1 1,371,846 Commitments to buy mortgage-backed securities2 Commitments to sell mortgage-backed securities2 3,641 0 1 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. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. 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 Loans Net portfolio holdings of Maiden Lane LLC7 Items in process of collection Bank premises Central bank liquidity swaps8 Foreign currency denominated assets9 Other assets10 Eliminations from consolidation Wednesday Mar 11, 2020 11,037 5,200 1,729 (0) 4,250,666 3,897,224 2,523,031 321,043 2,043,482 132,653 25,853 2,347 1,371,846 124,423 -13,366 242,375 11 0 59 2,199 58 21,147 19,815 (0) 4,311,911 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. Change since Wednesday Wednesday Mar 4, 2020 Mar 13, 2019 + + + + + + + 0 0 22 - 0 0 34 + + + + + + + + + + + + + 67,868 20,408 20,407 18,001 401 1,601 404 0 0 17 59 47,375 10 0 17 1 10 372 2,158 + + - 341,529 111,569 347,552 321,043 4,471 17,499 4,539 62 235,921 12,233 182 242,375 0 0 11 3 9 446 1,590 + 70,404 + 340,352 + + + + 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 agreements11 Deposits Term deposits held by depository institutions Other deposits held by depository institutions U.S. Treasury, General Account Foreign official Other12 Deferred availability cash items Other liabilities and accrued dividends13 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. Eliminations from consolidation (0) (0) (0) (0) Wednesday Mar 11, 2020 Change since Wednesday Wednesday Mar 4, 2020 Mar 13, 2019 1,770,786 233,275 2,262,355 0 1,779,990 372,337 5,187 104,842 371 6,529 + + + + + + + + 8,661 3,427 64,955 0 44,984 8,965 1 28,936 299 477 + + + + + 97,205 6,208 249,470 0 72,865 133,956 56 42,707 152 373 4,273,317 + 70,368 + 340,993 31,769 6,825 0 + 36 0 0 - 642 0 0 38,594 + 36 - 642 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. 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, March 11, 2020 Millions of dollars Assets, liabilities, and capital Assets Gold certificate account Special drawing rights certificate acct. Coin Securities, unamortized premiums and discounts, repurchase agreements, and loans Securities held outright1 U.S. Treasury securities Bills2 Notes and bonds3 Federal agency debt securities2 Mortgage-backed securities4 Unamortized premiums on securities held outright5 Unamortized discounts on securities held outright5 Repurchase agreements6 Loans Net portfolio holdings of Maiden Lane LLC7 Items in process of collection Bank premises Central bank liquidity swaps8 Foreign currency denominated assets9 Other assets10 Interdistrict settlement account Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 11,037 5,200 1,729 351 196 40 3,707 1,818 52 327 210 162 531 237 94 754 412 235 1,560 654 159 711 424 292 328 150 33 186 90 53 292 153 118 890 282 196 1,400 574 295 4,250,666 3,897,224 2,523,031 321,043 2,201,988 2,347 1,371,846 88,185 80,852 52,343 6,660 45,683 49 28,461 2,319,034 2,126,211 1,376,492 175,152 1,201,340 1,280 748,439 102,936 94,377 61,099 7,775 53,325 57 33,221 124,364 114,023 73,817 9,393 64,425 69 40,137 260,125 238,496 154,400 19,647 134,754 144 83,952 290,630 266,465 172,507 21,951 150,557 160 93,797 223,123 204,571 132,437 16,852 115,585 123 72,010 61,093 56,013 36,263 4,614 31,648 34 19,717 36,782 33,724 21,832 2,778 19,054 20 11,871 63,040 57,790 37,412 4,761 32,652 35 20,342 184,569 169,222 109,553 13,940 95,613 102 59,567 496,786 455,479 294,874 37,521 257,352 274 160,331 124,423 2,581 67,881 3,013 3,640 7,614 8,507 6,531 1,788 1,077 1,845 5,403 14,542 -13,366 242,375 11 -277 5,028 0 -7,292 132,233 0 -324 5,869 0 -391 7,091 1 -818 14,832 0 -914 16,572 0 -702 12,723 0 -192 3,484 0 -116 2,097 0 -198 3,594 10 -580 10,524 0 -1,562 28,327 0 0 59 2,199 58 0 0 104 2 0 0 455 18 0 0 95 3 0 0 119 5 0 0 191 12 0 59 202 3 0 0 191 2 0 0 102 1 0 0 92 0 0 0 227 1 0 0 223 1 0 0 197 9 1,688 585 7,765 + 4,509 1,433 4,479 + 21,147 19,815 0 + 911 420 18,052 - 6,712 10,206 189,353 + 1,222 471 546 + 4,311,911 108,261 2,152,649 105,972 135,387 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 272,150 1,230 1,326 23,420 + 319,244 883 1,004 40,973 + 267,603 322 577 8,919 + 71,526 101 237 5,445 + 42,987 205 371 6,972 + 71,379 262 905 29,275 + 216,601 3,104 2,279 43,508 548,153 H.4.1 5. Statement of Condition of Each Federal Reserve Bank, March 11, 2020 (continued) Millions of dollars Assets, liabilities, and capital Liabilities Federal Reserve notes outstanding Less: Notes held by F.R. Banks Federal Reserve notes, net Reverse repurchase agreements11 Deposits Term deposits held by depository institutions Other deposits held by depository institutions U.S. Treasury, General Account Foreign official Other12 Deferred availability cash items Earnings remittances due to the U.S. Treasury13 Other liabilities and accrued dividends Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco Dallas 1,965,527 194,741 1,770,786 233,275 2,262,355 60,867 5,864 55,002 4,840 46,366 649,947 50,871 599,076 127,268 1,410,463 57,218 8,592 48,627 5,649 50,073 93,647 8,496 85,151 6,825 39,851 134,240 15,353 118,887 14,276 130,169 273,969 30,328 243,642 15,950 57,276 126,617 12,263 114,354 12,245 139,104 59,302 4,390 54,912 3,353 12,462 32,042 2,691 29,352 2,019 10,833 54,062 6,889 47,173 3,459 20,130 163,543 18,056 145,487 10,129 60,232 260,072 30,948 229,125 27,264 285,395 0 0 0 0 0 0 0 0 0 0 0 0 0 1,779,990 372,337 5,187 104,842 371 46,334 0 2 30 0 997,092 372,337 5,159 35,875 0 50,071 0 2 0 0 39,822 0 3 26 0 128,339 0 9 1,821 0 57,242 0 2 32 53 72,288 0 2 66,814 0 12,459 0 1 3 0 10,771 0 0 63 319 20,099 0 0 31 0 60,085 0 0 147 0 285,389 0 6 0 0 2,078 47 1,099 58 78 173 146 93 30 14 27 79 234 4,451 176 1,744 178 189 514 280 310 137 147 181 211 384 4,273,317 106,431 2,139,649 104,585 132,094 264,019 317,347 266,106 70,894 42,683 70,969 216,138 542,401 31,769 6,825 0 1,505 324 0 10,706 2,294 0 1,141 246 0 2,710 583 0 6,691 1,441 0 1,558 338 0 1,232 265 0 520 112 0 251 53 0 337 72 0 381 81 0 4,736 1,016 0 4,311,911 108,261 2,152,649 105,972 135,387 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 272,150 319,244 267,603 71,526 42,987 71,379 216,601 548,153 Total liabilities Capital Capital paid in Surplus Other capital H.4.1 5. Statement of Condition of Each Federal Reserve Bank, March 11, 2020 (continued) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. Face value of the securities. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such 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. Refer to the note on consolidation below. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. Revalued daily at current foreign currency exchange rates. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. 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 assets on the previous page (and 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 Mar 11, 2020 1,965,527 194,741 1,770,786 1,770,786 11,037 5,200 1,754,550 0 4,139,599 226,126 3,913,472
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