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FEDERAL RESERVE statistical release For Release at 4:30 P.M. EDT March 19, 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 consolidate certain lines on table 5. Modifications include the consolidation of amounts previously reported as “Loans,” which includes discount window borrowing, into the line “Securities, unamortized premiums and discounts, repurchase agreements, and loans.” This modification supports the Federal Reserve’s goal, expressed in its statement on March 15, 2020, of encouraging depository institutions to use the discount window to help meet demands for credit from households and businesses, including needs related to the spread of the coronavirus.1 More detailed information about specific components is available on tables 1 and 4. 1 https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315b.htm FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 19, 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 18, 2020 4,463,041 3,929,025 2,556,247 321,043 2,075,200 133,939 26,066 2,347 1,370,430 128,537 -12,887 388,806 6,687 6,687 0 0 0 0 -230 45 23,059 20,700 11,041 5,200 50,225 Averages of daily figures Change from week ended Mar 11, 2020 Mar 20, 2019 + + + + + + + + + + + + + - + 241,451 38,893 40,307 6,430 32,062 1,515 302 0 1,416 4,078 507 189,505 6,679 6,679 0 0 0 0 36 13 1,841 487 0 0 14 4,550,208 + 240,979 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 18, 2020 + 534,834 147,655 380,731 321,043 36,189 18,785 4,715 62 233,015 7,841 277 388,806 6,677 6,686 0 9 0 0 58 23 658 2 0 0 377 4,629,659 4,009,794 2,640,771 321,043 2,154,496 138,653 26,579 2,347 1,366,676 138,294 -12,036 441,945 28,224 28,224 0 0 0 0 -226 45 23,619 20,363 11,041 5,200 50,225 + 535,211 4,716,488 - - 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 18, 2020 Averages of daily figures Change from week ended Mar 11, 2020 Mar 20, 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 1,827,149 242,056 231,492 10,565 317 540,241 0 362,576 6,359 171,306 44,857 + + + + + + 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. + + + + + - 13,078 13,993 5,375 8,619 10 64,114 0 17,980 1,004 81,089 1,279 2,654,620 + 1,895,588 + Wednesday Mar 18, 2020 + + + + 106,546 3,897 13,552 9,656 18 166,549 0 58,953 1,115 106,481 174 1,843,254 233,946 233,469 477 325 649,733 0 401,354 6,887 241,491 43,838 89,916 + 269,354 2,771,095 151,063 + 265,857 1,945,393 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 18, 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 11, 2020 Mar 20, 2019 3,410,689 2,948,649 378,819 83,222 35,027 35,027 35,027 0 + + + + + 29,305 31,421 1,580 538 1,177 1,177 1,177 0 + + + + + Wednesday Mar 18, 2020 68,695 134,120 53,508 11,919 12,052 12,052 12,052 0 3,381,813 2,919,968 378,762 83,082 35,296 35,296 35,296 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 18, 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 5,086 + 35,806 14,379 23,138 - 211,429 10,532 0 0 0 0 0 0 253,995 45 0 0 187,950 0 233,946 Reverse repurchase agreements4 0 Term deposits Note: Components may not sum to totals because of rounding. ...Not applicable. 1. 2. 3. 4. 5. 91 days to 1 year 0 0 0 + 387,117 8,714 + 0 0 - 3 1 ... 0 ... 0 Over 1 year to 5 years Over 5 year to 10 years 0 0 966,762 51,661 + 0 0 - 1,644 5 ... 0 ... ... 357,666 29,760 Over 10 years ... + 1,151 0 - 71,329 483 ... 0 ... ... All 681,991 23,759 28,224 + 2,640,771 117,740 1,196 0 - 1,293,699 4,681 ... 0 ... ... 2,347 0 - 1,366,676 5,170 441,945 45 233,946 0 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 18, 2020 Mortgage-backed securities held outright1 1,366,676 Commitments to buy mortgage-backed securities2 Commitments to sell mortgage-backed securities2 19,506 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. 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 18, 2020 11,037 5,200 1,675 (0) 4,606,221 4,009,794 2,640,771 321,043 2,154,496 138,653 26,579 2,347 1,366,676 138,294 -12,036 441,945 28,224 0 51 2,202 45 20,363 21,418 (0) 4,668,212 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 11, 2020 Mar 20, 2019 + + + 0 0 54 - 0 0 70 + + + + + + + + + + + + + 355,555 112,570 117,740 0 111,014 6,000 726 0 5,170 13,871 1,330 199,570 28,213 0 8 3 13 784 1,603 + 705,807 232,376 465,234 321,043 115,485 23,499 5,206 62 232,796 2,156 1,117 441,945 28,213 0 4 2 23 370 124 + 356,301 + 705,464 + + + + + + + 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 18, 2020 Change since Wednesday Wednesday Mar 11, 2020 Mar 20, 2019 1,795,024 233,946 2,595,127 0 1,945,394 401,354 6,887 241,491 278 5,229 + + + + + + + + + - 24,238 671 332,772 0 165,404 29,017 1,700 136,649 93 1,300 + + + + + + 120,527 6,926 592,254 0 321,582 86,605 1,643 182,422 44 275 4,629,604 + 356,287 + 706,173 31,784 6,825 0 + 15 0 0 - 709 0 0 38,609 + 15 - 709 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 18, 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 1,675 547 37 5,525 50 537 160 768 91 1,166 226 2,214 150 1,135 285 478 29 276 52 445 114 1,172 187 1,974 294 4,606,221 45 96,547 2 2,516,701 14 111,042 3 135,216 4 280,260 10 313,014 3 241,539 2 66,051 1 39,799 0 68,331 0 199,987 1 537,735 7 20,363 23,672 0 + 877 561 25,207 - 6,463 11,525 184,311 + 1,176 604 1,336 + 1,625 750 16,438 + 4,668,212 123,777 2,355,967 114,858 154,892 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 4,341 1,727 18,062 + 305,792 1,184 1,689 1,738 + 319,990 850 1,279 65,849 + 310,939 310 701 3,940 + 71,511 97 316 2,625 + 43,165 197 623 6,771 + 76,482 252 1,234 13,253 + 216,085 2,989 2,662 29,092 574,753 H.4.1 5. Statement of Condition of Each Federal Reserve Bank, March 18, 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 1,795,024 233,946 2,595,127 55,980 4,853 60,957 606,367 127,634 1,606,382 49,461 5,665 58,190 86,852 6,845 57,732 120,189 14,317 162,703 247,928 15,996 53,797 116,091 12,280 180,760 55,545 3,362 11,832 29,781 2,024 10,664 47,859 3,469 24,564 146,523 10,158 58,692 232,450 27,342 308,854 1,945,394 401,354 6,887 241,491 60,899 0 2 56 1,065,463 401,354 6,860 132,705 58,187 0 2 0 57,670 0 3 59 161,973 0 9 721 53,749 0 2 46 80,362 0 2 100,396 11,828 0 1 4 10,597 0 0 67 21,630 0 0 2,934 55,710 0 0 2,982 307,327 0 6 1,521 947 -1 696 -4 -7 -18 78 45 7 3 15 65 67 4,560 159 1,887 158 173 469 293 266 131 387 165 185 288 4,629,604 121,948 2,342,966 113,471 151,595 297,659 318,091 309,442 70,877 42,859 76,072 215,622 569,001 31,784 6,825 0 1,506 324 0 10,707 2,294 0 1,141 246 0 2,714 583 0 6,693 1,441 0 1,561 338 0 1,233 265 0 522 112 0 252 53 0 338 72 0 382 81 0 4,736 1,016 0 4,668,212 123,777 2,355,967 114,858 154,892 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 305,792 319,990 310,939 71,511 43,165 76,482 216,085 574,753 Total liabilities Capital Capital paid in Surplus Other capital H.4.1 5. Statement of Condition of Each Federal Reserve Bank, March 18, 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. 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 Mar 18, 2020 1,967,167 172,142 1,795,024 1,795,024 11,037 5,200 1,778,788 0 4,451,739 226,814 4,224,924
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