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

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Mar 11, 2020 Mar 4, 2020 Mar 13, 2019

Wednesday

Mar 11, 2020

Reserve Bank credit 4,221,590 + 77,249 + 289,898 4,272,427

Securities held outright1 3,890,132 + 25,125 + 104,634 3,897,224

U.S. Treasury securities 2,515,940 + 25,124 + 340,483 2,523,031

Bills2 314,613 + 19,070 + 314,613 321,043

Notes and bonds, nominal2 2,043,138 + 4,314 + 4,127 2,043,482

Notes and bonds, inflation-indexed2 132,424 + 1,372 + 17,270 132,653

Inflation compensation3 25,764 + 367 + 4,471 25,853

Federal agency debt securities2 2,347 0 - 62 2,347

Mortgage-backed securities4 1,371,846 + 2 - 235,785 1,371,846

Unamortized premiums on securities held outright5 124,459 + 1,023 - 12,283 124,423

Unamortized discounts on securities held outright5 -13,394 + 83 - 199 -13,366

Repurchase agreements6 199,301 + 49,008 + 199,301 242,375

Loans 8 - 4 - 3 11

Primary credit 8 - 3 + 5 11

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 9 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -194 + 297 - 37 -312

Central bank liquidity swaps8 58 + 10 - 9 58

Other Federal Reserve assets9 21,218 + 1,706 - 1,508 22,014

Foreign currency denominated assets10 21,187 + 532 + 552 21,147

Gold stock 11,041 0 0 11,041

Special drawing rights certificate account 5,200 0 0 5,200

Treasury currency outstanding11 50,211 + 14 + 372 50,211

Total factors supplying reserve funds 4,309,229 + 77,795 + 290,822 4,360,026

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Mar 11, 2020 Mar 4, 2020 Mar 13, 2019

Wednesday

Mar 11, 2020

Currency in circulation11 1,814,071 + 10,550 + 94,186 1,818,957

Reverse repurchase agreements12 228,063 - 171 - 8,851 233,275

Foreign official and international accounts 226,117 + 28 - 10,679 231,950

Others 1,946 - 199 + 1,828 1,325

Treasury cash holdings 307 + 18 - 24 315

Deposits with F.R. Banks, other than reserve balances 476,127 + 20,001 + 164,382 482,365

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 380,556 + 6,041 + 134,584 372,337

Foreign official 5,355 + 168 + 112 5,187

Other13 90,217 + 13,793 + 29,688 104,842

Other liabilities and capital14 46,136 + 1,727 + 551 45,123

Total factors, other than reserve balances,

absorbing reserve funds 2,564,704 + 32,125 + 250,245 2,580,036

Reserve balances with Federal Reserve Banks 1,744,525 + 45,670 + 40,577 1,779,990

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

5. 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.

6. Cash value of agreements.

7. Refer to the note on consolidation accompanying table 5.

8. 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.

9. 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.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13. 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.

14. 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

Averages of daily figures

Memorandum item Week ended Change from week ended

Mar 11, 2020 Mar 4, 2020 Mar 13, 2019

Wednesday

Mar 11, 2020

Securities held in custody for foreign official and international

accounts 3,439,994 - 17,681 - 32,178 3,421,998

Marketable U.S. Treasury securities1 2,980,070 - 18,579 - 95,997 2,961,623

Federal agency debt and mortgage-backed securities2 377,239 + 169 + 52,987 377,502

Other securities3 82,684 + 728 + 10,830 82,873

Securities lent to dealers 33,850 + 1,528 + 10,193 33,287

Overnight facility4 33,850 + 1,528 + 10,193 33,287

U.S. Treasury securities 33,850 + 1,528 + 10,193 33,287

Federal agency debt securities 0 0 0 0

Note: Components may not sum to totals because of rounding.

1. 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.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. 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

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 11 0 0 0 0 ... 11

U.S. Treasury securities1

Holdings 21,427 221,961 378,403 915,101 327,906 658,232 2,523,031

Weekly changes - 1,252 + 8,680 + 10,583 + 762 + 1,583 + 51 + 20,407

Federal agency debt securities2

Holdings 0 0 0 0 1,151 1,196 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 4 1,649 71,812 1,298,380 1,371,846

Weekly changes 0 0 0 0 0 0 0

Repurchase agreements4 242,375 0 ... ... ... ... 242,375

Central bank liquidity swaps5 58 0 0 0 0 0 58

Reverse repurchase agreements4 233,275 0 ... ... ... ... 233,275

Term deposits 0 0 0 ... ... ... 0

Note: Components may not sum to totals because of rounding.

...Not applicable.

1. 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.

2. Face value.

3. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

4. Cash value of agreements.

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.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Mar 11, 2020

Mortgage-backed securities held outright1 1,371,846

Commitments to buy mortgage-backed securities2 3,641

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 1

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

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Mar 11, 2020 Mar 4, 2020 Mar 13, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,729 - 22 - 34

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,250,666 + 67,868 + 341,529

Securities held outright1 3,897,224 + 20,408 + 111,569

U.S. Treasury securities 2,523,031 + 20,407 + 347,552

Bills2 321,043 + 18,001 + 321,043

Notes and bonds, nominal2 2,043,482 + 401 + 4,471

Notes and bonds, inflation-indexed2 132,653 + 1,601 + 17,499

Inflation compensation3 25,853 + 404 + 4,539

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,371,846 0 - 235,921

Unamortized premiums on securities held outright5 124,423 + 17 - 12,233

Unamortized discounts on securities held outright5 -13,366 + 59 - 182

Repurchase agreements6 242,375 + 47,375 + 242,375

Loans 11 + 10 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 59 + 17 + 11

Bank premises 2,199 + 1 - 3

Central bank liquidity swaps8 58 + 10 - 9

Foreign currency denominated assets9 21,147 + 372 + 446

Other assets10 19,815 + 2,158 - 1,590

Total assets (0) 4,311,911 + 70,404 + 340,352

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Mar 11, 2020 Mar 4, 2020 Mar 13, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,770,786 + 8,661 + 97,205

Reverse repurchase agreements11 233,275 - 3,427 - 6,208

Deposits (0) 2,262,355 + 64,955 + 249,470

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,779,990 + 44,984 + 72,865

U.S. Treasury, General Account 372,337 - 8,965 + 133,956

Foreign official 5,187 + 1 - 56

Other12 (0) 104,842 + 28,936 + 42,707

Deferred availability cash items (0) 371 - 299 + 152

Other liabilities and accrued dividends13 6,529 + 477 + 373

Total liabilities (0) 4,273,317 + 70,368 + 340,993

Capital accounts

Capital paid in 31,769 + 36 - 642

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,594 + 36 - 642

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. 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.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Refer to the note on consolidation accompanying table 5.

8. 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.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

12. 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.

13. 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

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificate account 11,037 351 3,707 327 531 754 1,560 711 328 186 292 890 1,400

Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574

Coin 1,729 40 52 162 94 235 159 292 33 53 118 196 295

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,250,666 88,185 2,319,034 102,936 124,364 260,125 290,630 223,123 61,093 36,782 63,040 184,569 496,786

Securities held outright1 3,897,224 80,852 2,126,211 94,377 114,023 238,496 266,465 204,571 56,013 33,724 57,790 169,222 455,479

U.S. Treasury securities 2,523,031 52,343 1,376,492 61,099 73,817 154,400 172,507 132,437 36,263 21,832 37,412 109,553 294,874

Bills2 321,043 6,660 175,152 7,775 9,393 19,647 21,951 16,852 4,614 2,778 4,761 13,940 37,521

Notes and bonds3 2,201,988 45,683 1,201,340 53,325 64,425 134,754 150,557 115,585 31,648 19,054 32,652 95,613 257,352

Federal agency debt securities2 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274

Mortgage-backed securities4 1,371,846 28,461 748,439 33,221 40,137 83,952 93,797 72,010 19,717 11,871 20,342 59,567 160,331

Unamortized premiums on securities 

held outright5 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

Unamortized discounts on securities 

held outright5 -13,366 -277 -7,292 -324 -391 -818 -914 -702 -192 -116 -198 -580 -1,562

Repurchase agreements6 242,375 5,028 132,233 5,869 7,091 14,832 16,572 12,723 3,484 2,097 3,594 10,524 28,327

Loans 11 0 0 0 1 0 0 0 0 0 10 0 0

Net portfolio holdings of Maiden

Lane LLC7 0 0 0 0 0 0 0 0 0 0 0 0 0

Items in process of collection 59 0 0 0 0 0 59 0 0 0 0 0 0

Bank premises 2,199 104 455 95 119 191 202 191 102 92 227 223 197

Central bank liquidity swaps8 58 2 18 3 5 12 3 2 1 0 1 1 9

Foreign currency denominated

assets9 21,147 911 6,712 1,222 1,688 4,509 1,230 883 322 101 205 262 3,104

Other assets10 19,815 420 10,206 471 585 1,433 1,326 1,004 577 237 371 905 2,279

Interdistrict settlement account 0 + 18,052 - 189,353 + 546 + 7,765 + 4,479 + 23,420 + 40,973 + 8,919 + 5,445 + 6,972 + 29,275 + 43,508

Total assets 4,311,911 108,261 2,152,649 105,972 135,387 272,150 319,244 267,603 71,526 42,987 71,379 216,601 548,153

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, March 11, 2020 (continued)

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Liabilities

Federal Reserve notes outstanding 1,965,527 60,867 649,947 57,218 93,647 134,240 273,969 126,617 59,302 32,042 54,062 163,543 260,072

Less: Notes held by F.R. Banks 194,741 5,864 50,871 8,592 8,496 15,353 30,328 12,263 4,390 2,691 6,889 18,056 30,948

Federal Reserve notes, net 1,770,786 55,002 599,076 48,627 85,151 118,887 243,642 114,354 54,912 29,352 47,173 145,487 229,125

Reverse repurchase agreements11 233,275 4,840 127,268 5,649 6,825 14,276 15,950 12,245 3,353 2,019 3,459 10,129 27,264

Deposits 2,262,355 46,366 1,410,463 50,073 39,851 130,169 57,276 139,104 12,462 10,833 20,130 60,232 285,395

Term deposits held by depository

institutions 0 0 0 0 0 0 0 0 0 0 0 0 0

Other deposits held by depository

institutions 1,779,990 46,334 997,092 50,071 39,822 128,339 57,242 72,288 12,459 10,771 20,099 60,085 285,389

U.S. Treasury, General Account 372,337 0 372,337 0 0 0 0 0 0 0 0 0 0

Foreign official 5,187 2 5,159 2 3 9 2 2 1 0 0 0 6

Other12 104,842 30 35,875 0 26 1,821 32 66,814 3 63 31 147 0

Deferred availability cash items 371 0 0 0 0 0 53 0 0 319 0 0 0

Earnings remittances due to the U.S.

Treasury13 2,078 47 1,099 58 78 173 146 93 30 14 27 79 234

Other liabilities and accrued

dividends 4,451 176 1,744 178 189 514 280 310 137 147 181 211 384

Total liabilities 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

Capital

Capital paid in 31,769 1,505 10,706 1,141 2,710 6,691 1,558 1,232 520 251 337 381 4,736

Surplus 6,825 324 2,294 246 583 1,441 338 265 112 53 72 81 1,016

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,311,911 108,261 2,152,649 105,972 135,387 272,150 319,244 267,603 71,526 42,987 71,379 216,601 548,153

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, March 11, 2020 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. 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.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. 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.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Refer to the note on consolidation below.

8. 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.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

12. 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.

13. 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

Wednesday Federal Reserve notes and collateral Mar 11, 2020

Federal Reserve notes outstanding 1,965,527

Less: Notes held by F.R. Banks not subject to collateralization 194,741

Federal Reserve notes to be collateralized 1,770,786

Collateral held against Federal Reserve notes 1,770,786

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,754,550

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,139,599

Less: Face value of securities under reverse repurchase agreements 226,126

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,913,472

Note: Components may not sum to totals because of rounding.

1. 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.

2. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.