FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks February 13, 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

Feb 12, 2020 Feb 5, 2020 Feb 13, 2019

Wednesday

Feb 12, 2020

Reserve Bank credit 4,135,017 + 15,078 + 146,431 4,144,202

Securities held outright1 3,828,262 + 22,789 - 1,621 3,836,494

U.S. Treasury securities 2,438,021 + 22,184 + 232,377 2,442,621

Bills2 255,466 + 18,646 + 255,466 258,038

Notes and bonds, nominal2 2,026,276 + 1,938 - 43,120 2,028,077

Notes and bonds, inflation-indexed2 130,823 + 1,578 + 16,054 131,052

Inflation compensation3 25,456 + 22 + 3,977 25,454

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

Mortgage-backed securities4 1,387,894 + 605 - 233,936 1,391,526

Unamortized premiums on securities held outright5 123,836 + 294 - 14,318 124,249

Unamortized discounts on securities held outright5 -13,307 + 1 - 69 -13,266

Repurchase agreements6 164,724 - 10,595 + 164,724 164,400

Loans 0 - 6 - 20 0

Primary credit 0 - 5 - 6 0

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 14 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -95 + 249 + 27 -102

Central bank liquidity swaps8 55 + 7 - 16 55

Other Federal Reserve assets9 31,542 + 2,339 - 2,276 32,372

Foreign currency denominated assets10 20,370 - 250 - 426 20,310

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,190 + 14 + 385 50,190

Total factors supplying reserve funds 4,221,818 + 14,841 + 146,390 4,230,943

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

Feb 12, 2020 Feb 5, 2020 Feb 13, 2019

Wednesday

Feb 12, 2020

Currency in circulation11 1,794,429 + 1,774 + 88,343 1,796,425

Reverse repurchase agreements12 228,286 - 16,258 - 20,890 223,829

Foreign official and international accounts 227,562 - 12,693 - 19,653 223,520

Others 724 - 3,565 - 1,237 309

Treasury cash holdings 231 + 12 - 37 248

Deposits with F.R. Banks, other than reserve balances 478,775 - 2,000 + 53,305 470,728

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 411,237 - 2,085 + 52,128 404,341

Foreign official 5,183 + 1 - 61 5,183

Other13 62,355 + 85 + 1,237 61,204

Other liabilities and capital14 44,532 + 764 + 77 44,632

Total factors, other than reserve balances,

absorbing reserve funds 2,546,252 - 15,708 + 120,796 2,535,861

Reserve balances with Federal Reserve Banks 1,675,566 + 30,550 + 25,593 1,695,082

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

Feb 12, 2020 Feb 5, 2020 Feb 13, 2019

Wednesday

Feb 12, 2020

Securities held in custody for foreign official and international

accounts 3,458,431 + 32,086 + 31,613 3,464,467

Marketable U.S. Treasury securities1 3,008,942 + 29,221 - 27,269 3,000,571

Federal agency debt and mortgage-backed securities2 367,288 + 2,414 + 47,161 381,634

Other securities3 82,201 + 451 + 11,721 82,262

Securities lent to dealers 32,778 + 1,349 + 14,113 33,034

Overnight facility4 32,778 + 1,349 + 14,113 33,034

U.S. Treasury securities 32,778 + 1,349 + 14,113 33,034

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, February 12, 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 0 0 0 0 0 ... 0

U.S. Treasury securities1

Holdings 52,182 129,306 376,189 918,350 319,315 647,278 2,442,621

Weekly changes - 1,182 + 14,130 - 2,449 + 395 - 14 + 3,859 + 14,741

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 1 4 1,394 71,691 1,318,437 1,391,526

Weekly changes 0 0 0 0 0 + 4,237 + 4,237

Repurchase agreements4 164,400 0 ... ... ... ... 164,400

Central bank liquidity swaps5 55 0 0 0 0 0 55

Reverse repurchase agreements4 223,829 0 ... ... ... ... 223,829

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 Feb 12, 2020

Mortgage-backed securities held outright1 1,391,526

Commitments to buy mortgage-backed securities2 3,956

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 0

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

Feb 12, 2020 Feb 5, 2020 Feb 13, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,783 + 11 - 26

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,111,877 + 13,900 + 157,054

Securities held outright1 3,836,494 + 18,978 + 6,525

U.S. Treasury securities 2,442,621 + 14,741 + 237,017

Bills2 258,038 + 10,502 + 258,038

Notes and bonds, nominal2 2,028,077 + 2,602 - 41,319

Notes and bonds, inflation-indexed2 131,052 + 1,601 + 16,283

Inflation compensation3 25,454 + 36 + 4,015

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,391,526 + 4,237 - 230,430

Unamortized premiums on securities held outright5 124,249 + 707 - 13,814

Unamortized discounts on securities held outright5 -13,266 + 67 - 40

Repurchase agreements6 164,400 - 5,850 + 164,400

Loans 0 - 1 - 18

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 55 - 21 - 5

Bank premises 2,197 + 4 - 4

Central bank liquidity swaps8 55 + 7 - 16

Foreign currency denominated assets9 20,310 - 143 - 398

Other assets10 30,175 + 2,223 - 2,348

Total assets (0) 4,182,689 + 15,982 + 154,258

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

Feb 12, 2020 Feb 5, 2020 Feb 13, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,748,261 + 1,767 + 86,375

Reverse repurchase agreements11 223,829 - 15,334 - 22,436

Deposits (0) 2,165,810 + 28,547 + 90,316

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,695,082 + 42,209 + 60,665

U.S. Treasury, General Account 404,341 - 12,244 + 29,222

Foreign official 5,183 0 - 61

Other12 (0) 61,204 - 1,417 + 490

Deferred availability cash items (0) 158 - 22 - 47

Other liabilities and accrued dividends13 6,112 + 1,007 + 691

Total liabilities (0) 4,144,169 + 15,964 + 154,898

Capital accounts

Capital paid in 31,695 + 18 - 641

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,520 + 18 - 641

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, February 12, 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 1,783 42 54 158 102 237 178 288 37 52 120 206 307

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,111,877 85,306 2,243,320 99,576 120,303 251,632 281,142 215,838 59,098 35,581 60,972 178,543 480,566

Securities held outright1 3,836,494 79,593 2,093,079 92,907 112,246 234,780 262,313 201,383 55,140 33,198 56,889 166,585 448,382

U.S. Treasury securities 2,442,621 50,675 1,332,622 59,152 71,465 149,480 167,009 128,217 35,107 21,137 36,220 106,061 285,476

Bills2 258,038 5,353 140,778 6,249 7,550 15,791 17,643 13,545 3,709 2,233 3,826 11,204 30,158

Notes and bonds3 2,184,583 45,322 1,191,845 52,903 63,915 133,689 149,367 114,672 31,398 18,904 32,394 94,857 255,318

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

Mortgage-backed securities4 1,391,526 28,869 759,176 33,698 40,713 85,156 95,143 73,043 20,000 12,041 20,634 60,422 162,631

Unamortized premiums on securities 

held outright5 124,249 2,578 67,787 3,009 3,635 7,604 8,495 6,522 1,786 1,075 1,842 5,395 14,521

Unamortized discounts on securities 

held outright5 -13,266 -275 -7,238 -321 -388 -812 -907 -696 -191 -115 -197 -576 -1,550

Repurchase agreements6 164,400 3,411 89,692 3,981 4,810 10,061 11,241 8,630 2,363 1,423 2,438 7,138 19,214

Loans 0 0 0 0 0 0 0 0 0 0 0 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 55 0 0 0 0 0 55 0 0 0 0 0 0

Bank premises 2,197 105 455 94 117 192 202 192 102 93 228 222 196

Central bank liquidity swaps8 55 2 18 3 4 12 3 2 1 0 1 1 8

Foreign currency denominated

assets9 20,310 875 6,447 1,173 1,621 4,330 1,181 848 310 97 197 251 2,981

Other assets10 30,175 642 15,939 724 900 2,084 2,041 1,550 547 334 547 1,383 3,484

Interdistrict settlement account 0 + 1,025 - 65,344 - 11,627 + 12,744 - 10,096 + 23,383 + 6,634 + 8,714 + 3,858 + 6,421 + 21,734 + 2,552

Total assets 4,182,689 88,544 2,206,413 90,639 136,561 249,557 310,399 226,488 69,287 40,291 68,930 203,512 492,069

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, February 12, 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 1,960,230 60,763 644,158 57,436 93,822 134,324 274,099 126,709 59,447 32,138 54,134 163,810 259,389

Less: Notes held by F.R. Banks 211,969 6,234 52,300 8,820 10,113 16,787 32,973 13,628 5,048 3,114 7,056 20,027 35,869

Federal Reserve notes, net 1,748,261 54,530 591,858 48,616 83,708 117,537 241,126 113,081 54,400 29,024 47,078 143,783 223,520

Reverse repurchase agreements11 223,829 4,644 122,114 5,420 6,549 13,698 15,304 11,749 3,217 1,937 3,319 9,719 26,159

Deposits 2,165,810 27,352 1,476,694 35,012 42,799 109,632 51,612 99,773 10,874 8,767 17,927 49,259 236,108

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 1,695,082 27,344 1,046,302 35,010 42,766 109,260 51,577 60,067 10,871 8,716 17,899 49,168 236,102

U.S. Treasury, General Account 404,341 0 404,341 0 0 0 0 0 0 0 0 0 0

Foreign official 5,183 2 5,156 2 3 9 2 2 1 0 0 0 6

Other12 61,204 6 20,896 0 30 363 32 39,704 3 51 28 90 0

Deferred availability cash items 158 0 0 0 0 0 50 0 0 107 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,034 11 629 17 11 11 96 55 16 8 16 63 100

Other liabilities and accrued

dividends 5,078 179 2,171 186 201 549 314 335 148 147 182 231 437

Total liabilities 4,144,169 86,715 2,193,466 89,252 133,268 241,426 308,503 224,992 68,655 39,990 68,523 203,054 486,324

Capital

Capital paid in 31,695 1,505 10,653 1,141 2,709 6,691 1,558 1,231 520 248 336 377 4,728

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 4,182,689 88,544 2,206,413 90,639 136,561 249,557 310,399 226,488 69,287 40,291 68,930 203,512 492,069

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, February 12, 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 Feb 12, 2020

Federal Reserve notes outstanding 1,960,230

Less: Notes held by F.R. Banks not subject to collateralization 211,969

Federal Reserve notes to be collateralized 1,748,261

Collateral held against Federal Reserve notes 1,748,261

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,732,024

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,000,894

Less: Face value of securities under reverse repurchase agreements 220,163

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,780,731

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.