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

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 25, 2020 Mar 18, 2020 Mar 27, 2019

Wednesday

Mar 25, 2020

Reserve Bank credit 4,970,364 + 507,323 +1,049,045 5,215,959

Securities held outright1 4,187,418 + 258,393 + 412,821 4,365,282

U.S. Treasury securities 2,813,486 + 257,239 + 637,911 2,978,372

Bills2 326,044 + 5,001 + 326,044 326,044

Notes and bonds, nominal2 2,304,820 + 229,620 + 265,809 2,456,125

Notes and bonds, inflation-indexed2 154,473 + 20,534 + 39,319 166,932

Inflation compensation3 28,149 + 2,083 + 6,739 29,271

Federal agency debt securities2 2,347 0 - 53 2,347

Mortgage-backed securities4 1,371,585 + 1,155 - 225,038 1,384,563

Unamortized premiums on securities held outright5 151,479 + 22,942 + 15,575 168,273

Unamortized discounts on securities held outright5 -11,005 + 1,882 + 2,129 -10,026

Repurchase agreements6 387,528 - 1,278 + 387,528 352,355

Loans 61,330 + 54,643 + 61,315 109,119

Primary credit 39,929 + 33,242 + 39,921 50,768

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 7 0

Primary Dealer Credit Facility 14,390 + 14,390 + 14,390 27,718

Money Market Mutual Fund Liquidity Facility 7,011 + 7,011 + 7,011 30,634

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -190 + 40 - 14 -271

Central bank liquidity swaps8 168,814 + 168,769 + 168,748 206,051

Other Federal Reserve assets9 24,989 + 1,930 + 943 25,175

Foreign currency denominated assets10 20,043 - 657 - 722 20,133

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,239 + 14 + 382 50,239

Total factors supplying reserve funds 5,056,887 + 506,679 +1,048,705 5,302,572

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 25, 2020 Mar 18, 2020 Mar 27, 2019

Wednesday

Mar 25, 2020

Currency in circulation11 1,859,800 + 32,651 + 138,011 1,872,242

Reverse repurchase agreements12 283,469 + 41,413 + 41,616 359,114

Foreign official and international accounts 254,373 + 22,881 + 14,852 261,703

Others 29,096 + 18,531 + 26,765 97,411

Treasury cash holdings 325 + 8 - 9 328

Deposits with F.R. Banks, other than reserve balances 679,684 + 139,443 + 303,207 673,519

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 390,252 + 27,676 + 79,384 384,890

Foreign official 10,359 + 4,000 + 5,116 16,261

Other13 279,073 + 107,767 + 218,707 272,368

Other liabilities and capital14 46,637 + 1,780 + 1,190 49,621

Total factors, other than reserve balances,

absorbing reserve funds 2,869,916 + 215,296 + 484,015 2,954,825

Reserve balances with Federal Reserve Banks 2,186,971 + 291,383 + 564,689 2,347,747

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 25, 2020 Mar 18, 2020 Mar 27, 2019

Wednesday

Mar 25, 2020

Securities held in custody for foreign official and international

accounts 3,355,273 - 55,416 - 114,824 3,339,743

Marketable U.S. Treasury securities1 2,891,327 - 57,322 - 180,594 2,868,190

Federal agency debt and mortgage-backed securities2 380,891 + 2,072 + 54,966 388,655

Other securities3 83,055 - 167 + 10,804 82,897

Securities lent to dealers 34,947 - 80 + 10,409 38,368

Overnight facility4 34,947 - 80 + 10,409 38,368

U.S. Treasury securities 34,943 - 84 + 10,405 38,368

Federal agency debt securities 3 + 3 + 3 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 25, 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

Loans1 15,991 83,194 9,933 0 0 ... 109,119

U.S. Treasury securities2

Holdings 44,037 221,051 430,067 1,111,145 436,318 735,754 2,978,372

Weekly changes + 8,231 + 9,622 + 42,950 + 144,383 + 78,652 + 53,763 + 337,601

Federal agency debt securities3

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

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 0 4 1,643 70,824 1,312,093 1,384,563

Weekly changes 0 0 + 1 - 1 - 505 + 18,394 + 17,887

Repurchase agreements5 179,155 173,200 ... ... ... ... 352,355

Central bank liquidity swaps6 92,399 113,652 0 0 0 0 206,051

Reverse repurchase agreements5 359,114 0 ... ... ... ... 359,114

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

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

...Not applicable.

1. 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.

2. 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.

3. Face value.

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

5. Cash value of agreements.

6. 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 25, 2020

Mortgage-backed securities held outright1 1,384,563

Commitments to buy mortgage-backed securities2 141,828

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 44

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 25, 2020 Mar 18, 2020 Mar 27, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,641 - 34 - 88

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,985,004 + 378,783 +1,091,729

Securities held outright1 4,365,282 + 355,488 + 594,616

U.S. Treasury securities 2,978,372 + 337,601 + 802,776

Bills2 326,044 + 5,001 + 326,044

Notes and bonds, nominal2 2,456,125 + 301,629 + 417,114

Notes and bonds, inflation-indexed2 166,932 + 28,279 + 51,778

Inflation compensation3 29,271 + 2,692 + 7,840

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 1,384,563 + 17,887 - 208,160

Unamortized premiums on securities held outright5 168,273 + 29,979 + 32,568

Unamortized discounts on securities held outright5 -10,026 + 2,010 + 3,096

Repurchase agreements6 352,355 - 89,590 + 352,355

Loans7 109,119 + 80,895 + 109,092

Net portfolio holdings of Maiden Lane LLC8 0 0 0

Items in process of collection (0) 37 - 14 - 21

Bank premises 2,207 + 5 0

Central bank liquidity swaps9 206,051 + 206,006 + 205,985

Foreign currency denominated assets10 20,133 - 230 - 567

Other assets11 22,968 + 1,550 + 1,621

Total assets (0) 5,254,278 + 586,066 +1,298,661

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 25, 2020 Mar 18, 2020 Mar 27, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,823,968 + 28,944 + 148,049

Reverse repurchase agreements12 359,114 + 125,168 + 117,514

Deposits (0) 3,021,266 + 426,139 +1,028,800

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,347,747 + 402,353 + 714,959

U.S. Treasury, General Account 384,890 - 16,464 + 89,297

Foreign official 16,261 + 9,374 + 11,018

Other13 (0) 272,368 + 30,877 + 213,526

Deferred availability cash items (0) 308 + 30 - 101

Other liabilities and accrued dividends14 10,827 + 5,598 + 4,948

Total liabilities (0) 5,215,483 + 585,879 +1,299,211

Capital accounts

Capital paid in 31,969 + 185 - 551

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,794 + 185 - 551

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. 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.

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

9. 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.

10. Revalued daily at current foreign currency exchange rates.

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

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.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, March 25, 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 certificates and special drawing

rights certificates 16,237 547 5,525 537 768 1,166 2,214 1,135 478 276 445 1,172 1,974

Coin 1,641 39 47 154 92 224 143 281 26 50 112 186 287

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 4,985,004 134,896 2,719,855 118,421 144,815 298,671 333,608 260,470 70,308 42,214 73,247 213,180 575,320

Central bank liquidity swaps2 206,051 8,874 65,381 11,905 16,450 43,937 11,983 8,603 3,142 980 1,995 2,550 30,251

Foreign currency denominated

assets3 20,133 867 6,390 1,163 1,607 4,293 1,171 840 307 96 195 249 2,956

Other assets4 25,212 590 12,323 644 794 1,824 1,775 1,356 720 338 645 1,368 2,835

Interdistrict settlement account 0 - 1,155 - 102,288 + 160 + 12,340 + 5,359 - 10,594 + 71,039 - 762 + 733 + 5,076 + 62,494 - 42,401

Total assets 5,254,278 144,659 2,707,233 132,985 176,866 355,473 340,299 343,724 74,218 44,686 81,715 281,198 571,221

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 25, 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, net 1,823,968 57,025 612,531 50,101 87,399 122,253 253,629 118,547 56,183 30,258 48,827 148,558 238,658

Reverse repurchase agreements5 359,114 7,450 195,922 8,697 10,507 21,977 24,554 18,850 5,161 3,107 5,325 15,593 41,971

Deposits 3,021,266 78,160 1,878,098 72,605 75,455 202,579 59,798 204,465 12,083 10,578 26,962 116,133 284,349

Depository institutions 2,347,747 78,104 1,342,631 72,603 67,803 201,275 58,646 86,724 12,079 10,499 20,125 113,464 283,794

U.S. Treasury, General Account 384,890 0 384,890 0 0 0 0 0 0 0 0 0 0

Foreign official 16,261 2 16,234 2 3 9 2 2 1 0 0 0 6

Other6 272,368 55 134,343 0 7,649 1,295 1,150 117,739 4 79 6,837 2,668 549

Earnings remittances due to the U.S.

Treasury7 1,430 18 886 21 22 30 99 73 21 15 19 67 158

Other liabilities and accrued

dividends 9,705 175 6,796 174 186 500 321 290 135 422 171 201 333

Total liabilities 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

Capital

Capital paid in 31,969 1,506 10,707 1,141 2,714 6,694 1,561 1,233 523 252 338 564 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 5,254,278 144,659 2,707,233 132,985 176,866 355,473 340,299 343,724 74,218 44,686 81,715 281,198 571,221

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 25, 2020 (continued)

1. 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.

2. 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.

3. Revalued daily at current foreign currency exchange rates.

4. 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.

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

6. 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.

7. 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

Wednesday Federal Reserve notes and collateral Mar 25, 2020

Federal Reserve notes outstanding 1,973,700

Less: Notes held by F.R. Banks not subject to collateralization 149,732

Federal Reserve notes to be collateralized 1,823,968

Collateral held against Federal Reserve notes 1,823,968

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,807,731

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,717,637

Less: Face value of securities under reverse repurchase agreements 324,866

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,392,771

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.