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FEDERAL RESERVE statistical release For Release at 4:30 P.M. EDT March 26, 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 Primary Dealer Credit Facility (PDCF) and Money Market Mutual Fund Liquidity Facility (MMLF). Information for both facilities is presented in tables 1, 2, 4, and 5. The PDCF was approved by the Board of Governors on March 17, 2020, and began operations on March 20, 2020. The PDCF will offer primary dealers overnight and term funding with maturities of up to 90 days. The MMLF was approved by the Board of Governors on March 18, 2020, and began operations on March 23, 2020. The MMLF will offer eligible financial institutions loans secured by high-quality assets purchased by the financial institution from money market mutual funds. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 26, 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 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 Mar 25, 2020 4,970,364 4,187,418 2,813,486 326,044 2,304,820 154,473 28,149 2,347 1,371,585 151,479 -11,005 387,528 61,330 39,929 0 0 14,390 7,011 0 0 -190 168,814 24,989 20,043 11,041 5,200 50,239 Averages of daily figures Change from week ended Mar 18, 2020 Mar 27, 2019 + + + + + + + + + + + + + + + + + - + 507,323 258,393 257,239 5,001 229,620 20,534 2,083 0 1,155 22,942 1,882 1,278 54,643 33,242 0 0 14,390 7,011 0 0 40 168,769 1,930 657 0 0 14 5,056,887 + 506,679 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 25, 2020 +1,049,045 + 412,821 + 637,911 + 326,044 + 265,809 + 39,319 + 6,739 53 - 225,038 + 15,575 + 2,129 + 387,528 + 61,315 + 39,921 0 7 + 14,390 + 7,011 0 0 14 + 168,748 + 943 722 0 0 + 382 5,215,959 4,365,282 2,978,372 326,044 2,456,125 166,932 29,271 2,347 1,384,563 168,273 -10,026 352,355 109,119 50,768 0 0 27,718 30,634 0 0 -271 206,051 25,175 20,133 11,041 5,200 50,239 +1,048,705 5,302,572 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 25, 2020 Averages of daily figures Change from week ended Mar 18, 2020 Mar 27, 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 1,859,800 283,469 254,373 29,096 325 679,684 0 390,252 10,359 279,073 46,637 + + + + + + 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. + + + + + + + + + 32,651 41,413 22,881 18,531 8 139,443 0 27,676 4,000 107,767 1,780 2,869,916 + 2,186,971 + Wednesday Mar 25, 2020 + + + + 138,011 41,616 14,852 26,765 9 303,207 0 79,384 5,116 218,707 1,190 1,872,242 359,114 261,703 97,411 328 673,519 0 384,890 16,261 272,368 49,621 215,296 + 484,015 2,954,825 291,383 + 564,689 2,347,747 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 Mar 18, 2020 Mar 27, 2019 Week ended Mar 25, 2020 3,355,273 2,891,327 380,891 83,055 34,947 34,947 34,943 3 + + 55,416 57,322 2,072 167 80 80 84 3 + + + + + + Wednesday Mar 25, 2020 114,824 180,594 54,966 10,804 10,409 10,409 10,405 3 3,339,743 2,868,190 388,655 82,897 38,368 38,368 38,368 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 25, 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 15,991 + 44,037 8,231 83,194 + 221,051 9,622 0 0 0 0 0 0 179,155 92,399 0 0 173,200 113,652 359,114 Reverse repurchase agreements5 0 Term deposits Note: Components may not sum to totals because of rounding. ...Not applicable. 1. 2. 3. 4. 5. 6. 0 0 Over 1 year to 5 years Over 5 year to 10 years 9,933 0 0 430,067 42,950 1,111,145 + 144,383 0 0 0 0 91 days to 1 year + + 4 1 ... 0 ... 0 - 1,643 1 ... 0 ... ... + 436,318 78,652 Over 10 years ... + 1,151 0 - 70,824 505 ... 0 ... ... All 735,754 53,763 109,119 + 1,196 0 + 1,312,093 18,394 ... 0 ... ... 2,978,372 337,601 2,347 0 + 1,384,563 17,887 352,355 206,051 359,114 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 Mar 25, 2020 Mortgage-backed securities held outright1 1,384,563 Commitments to buy mortgage-backed securities2 Commitments to sell mortgage-backed securities2 141,828 0 44 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 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 Mar 25, 2020 11,037 5,200 1,641 (0) 4,985,004 4,365,282 2,978,372 326,044 2,456,125 166,932 29,271 2,347 1,384,563 168,273 -10,026 352,355 109,119 0 37 2,207 206,051 20,133 22,968 (0) 5,254,278 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 18, 2020 Mar 27, 2019 + + + + + + + 0 0 34 - 0 0 88 + + + 378,783 355,488 337,601 5,001 301,629 28,279 2,692 0 17,887 29,979 2,010 89,590 80,895 0 14 5 206,006 230 1,550 +1,091,729 + 594,616 + 802,776 + 326,044 + 417,114 + 51,778 + 7,840 0 - 208,160 + 32,568 + 3,096 + 352,355 + 109,092 0 21 0 + 205,985 567 + 1,621 + 586,066 +1,298,661 + + + + 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 Mar 25, 2020 Change since Wednesday Wednesday Mar 18, 2020 Mar 27, 2019 1,823,968 359,114 3,021,266 0 2,347,747 384,890 16,261 272,368 308 10,827 + + + + + + + + 28,944 125,168 426,139 0 402,353 16,464 9,374 30,877 30 5,598 + 148,049 + 117,514 +1,028,800 0 + 714,959 + 89,297 + 11,018 + 213,526 101 + 4,948 5,215,483 + 585,879 +1,299,211 31,969 6,825 0 + 185 0 0 - 551 0 0 38,794 + 185 - 551 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, March 25, 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 1,641 547 39 5,525 47 537 154 768 92 1,166 224 2,214 143 1,135 281 478 26 276 50 445 112 1,172 186 1,974 287 4,985,004 206,051 134,896 8,874 2,719,855 65,381 118,421 11,905 144,815 16,450 298,671 43,937 333,608 11,983 260,470 8,603 70,308 3,142 42,214 980 73,247 1,995 213,180 2,550 575,320 30,251 20,133 25,212 0 - 867 590 1,155 - 6,390 12,323 102,288 + 1,163 644 160 + 1,607 794 12,340 + 5,254,278 144,659 2,707,233 132,985 176,866 Total assets Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 4,293 1,824 5,359 355,473 1,171 1,775 10,594 + 340,299 840 1,356 71,039 343,724 307 720 762 + 74,218 96 338 733 + 44,686 195 645 5,076 + 81,715 249 1,368 62,494 281,198 2,956 2,835 42,401 571,221 H.4.1 5. Statement of Condition of Each Federal Reserve Bank, March 25, 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 1,823,968 359,114 3,021,266 57,025 7,450 78,160 612,531 195,922 1,878,098 50,101 8,697 72,605 87,399 10,507 75,455 122,253 21,977 202,579 253,629 24,554 59,798 118,547 18,850 204,465 56,183 5,161 12,083 30,258 3,107 10,578 48,827 5,325 26,962 148,558 15,593 116,133 238,658 41,971 284,349 2,347,747 384,890 16,261 272,368 78,104 0 2 55 1,342,631 384,890 16,234 134,343 72,603 0 2 0 67,803 0 3 7,649 201,275 0 9 1,295 58,646 0 2 1,150 86,724 0 2 117,739 12,079 0 1 4 10,499 0 0 79 20,125 0 0 6,837 113,464 0 0 2,668 283,794 0 6 549 1,430 18 886 21 22 30 99 73 21 15 19 67 158 9,705 175 6,796 174 186 500 321 290 135 422 171 201 333 5,215,483 142,829 2,694,232 131,598 173,568 347,338 338,400 342,227 73,584 44,381 81,305 280,553 565,469 31,969 6,825 0 1,506 324 0 10,707 2,294 0 1,141 246 0 2,714 583 0 6,694 1,441 0 1,561 338 0 1,233 265 0 523 112 0 252 53 0 338 72 0 564 81 0 4,736 1,016 0 5,254,278 144,659 2,707,233 132,985 176,866 Total liabilities and capital Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 355,473 340,299 343,724 74,218 44,686 81,715 281,198 571,221 Total liabilities Capital Capital paid in Surplus Other capital H.4.1 5. Statement of Condition of Each Federal Reserve Bank, March 25, 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 Mar 25, 2020 1,973,700 149,732 1,823,968 1,823,968 11,037 5,200 1,807,731 0 4,717,637 324,866 4,392,771
@FedFRASER