FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks November 21, 2019

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

Nov 20, 2019 Nov 13, 2019 Nov 21, 2018

Wednesday

Nov 20, 2019

Reserve Bank credit 3,987,351 - 19,000 - 82,706 3,991,619

Securities held outright1 3,652,458 + 4,625 - 267,715 3,659,904

U.S. Treasury securities 2,208,019 + 8,925 - 45,048 2,220,361

Bills2 74,369 + 7,502 + 74,369 84,013

Notes and bonds, nominal2 1,984,312 + 1,116 - 131,072 1,986,999

Notes and bonds, inflation-indexed2 124,372 + 229 + 8,793 124,372

Inflation compensation3 24,967 + 80 + 2,863 24,977

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

Mortgage-backed securities4 1,442,091 - 4,301 - 222,606 1,437,197

Unamortized premiums on securities held outright5 126,481 - 381 - 15,948 126,210

Unamortized discounts on securities held outright5 -12,907 - 184 + 646 -12,993

Repurchase agreements6 200,109 - 13,405 + 200,100 199,159

Loans 25 + 1 - 66 26

Primary credit 4 0 - 1 7

Secondary credit 0 0 0 0

Seasonal credit 21 0 - 65 19

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 7 0

Float -87 + 16 + 62 -71

Central bank liquidity swaps8 48 + 7 - 10 48

Other Federal Reserve assets9 21,224 - 9,678 + 233 19,334

Foreign currency denominated assets10 20,598 + 72 - 83 20,607

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,092 + 14 + 357 50,092

Total factors supplying reserve funds 4,074,282 - 18,914 - 82,432 4,078,559

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

Nov 20, 2019 Nov 13, 2019 Nov 21, 2018

Wednesday

Nov 20, 2019

Currency in circulation11 1,785,542 - 1,370 + 82,759 1,785,928

Reverse repurchase agreements12 289,073 + 5,442 + 44,574 300,914

Foreign official and international accounts 277,384 - 5,199 + 47,742 274,817

Others 11,689 + 10,641 - 3,167 26,097

Treasury cash holdings 185 - 8 - 33 183

Deposits with F.R. Banks, other than reserve balances 435,164 - 9,472 + 29,140 416,214

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 368,813 - 13,142 + 38,611 357,551

Foreign official 5,183 0 - 74 5,183

Other13 61,169 + 3,672 - 9,396 53,481

Other liabilities and capital14 45,558 + 49 + 96 45,162

Total factors, other than reserve balances,

absorbing reserve funds 2,555,522 - 5,358 + 156,536 2,548,401

Reserve balances with Federal Reserve Banks 1,518,759 - 13,557 - 238,970 1,530,158

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

Nov 20, 2019 Nov 13, 2019 Nov 21, 2018

Wednesday

Nov 20, 2019

Securities held in custody for foreign official and international

accounts 3,415,505 - 4,925 + 10,386 3,415,248

Marketable U.S. Treasury securities1 2,968,465 - 5,427 - 62,882 2,966,133

Federal agency debt and mortgage-backed securities2 362,851 + 139 + 55,114 364,718

Other securities3 84,190 + 363 + 18,154 84,397

Securities lent to dealers 29,935 + 1,994 + 14,261 30,689

Overnight facility4 29,935 + 1,994 + 14,261 30,689

U.S. Treasury securities 29,935 + 1,994 + 14,261 30,689

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, November 20, 2019

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 26 0 0 0 0 ... 26

U.S. Treasury securities1

Holdings 10,034 96,881 282,729 876,899 317,309 636,510 2,220,361

Weekly changes - 31,771 + 29,914 - 5,221 + 9,633 + 7,271 + 9,007 + 18,832

Federal agency debt securities2

Holdings 0 0 0 0 486 1,861 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 15 1,009 76,945 1,359,228 1,437,197

Weekly changes 0 0 0 + 56 - 546 - 12,402 - 12,892

Repurchase agreements4 199,159 0 ... ... ... ... 199,159

Central bank liquidity swaps5 48 0 0 0 0 0 48

Reverse repurchase agreements4 300,914 0 ... ... ... ... 300,914

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 Nov 20, 2019

Mortgage-backed securities held outright1 1,437,197

Commitments to buy mortgage-backed securities2 5,083

Commitments to sell mortgage-backed securities2 10

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

Nov 20, 2019 Nov 13, 2019 Nov 21, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,658 - 9 - 40

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,972,307 - 5,426 - 73,726

Securities held outright1 3,659,904 + 5,940 - 257,420

U.S. Treasury securities 2,220,361 + 18,832 - 32,724

Bills2 84,013 + 15,002 + 84,013

Notes and bonds, nominal2 1,986,999 + 3,803 - 128,385

Notes and bonds, inflation-indexed2 124,372 0 + 8,793

Inflation compensation3 24,977 + 27 + 2,855

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,437,197 - 12,892 - 224,633

Unamortized premiums on securities held outright5 126,210 - 644 - 15,967

Unamortized discounts on securities held outright5 -12,993 - 262 + 545

Repurchase agreements6 199,159 - 10,450 + 199,159

Loans 26 - 11 - 45

Net portfolio holdings of Maiden Lane LLC7 0 0 - 7

Items in process of collection (0) 57 - 38 - 16

Bank premises 2,193 + 5 + 1

Central bank liquidity swaps8 48 + 7 - 10

Foreign currency denominated assets9 20,607 + 76 - 58

Other assets10 17,141 - 12,248 - 2,094

Total assets (0) 4,030,249 - 17,633 - 75,949

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

Nov 20, 2019 Nov 13, 2019 Nov 21, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,737,673 - 2,029 + 79,596

Reverse repurchase agreements11 300,914 + 18,842 + 50,045

Deposits (0) 1,946,373 - 34,084 - 205,227

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,530,158 - 12,506 - 227,349

U.S. Treasury, General Account 357,551 - 12,634 + 40,220

Foreign official 5,183 0 - 74

Other12 (0) 53,481 - 8,943 - 18,024

Deferred availability cash items (0) 128 - 117 - 123

Other liabilities and accrued dividends13 6,261 + 173 - 12

Total liabilities (0) 3,991,349 - 17,214 - 75,721

Capital accounts

Capital paid in 32,075 - 418 - 228

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,900 - 418 - 228

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, November 20, 2019

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 1,658 43 45 149 106 211 170 275 34 46 110 186 284

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,972,307 82,410 2,167,165 96,195 116,219 243,089 271,604 208,511 57,092 34,385 58,903 172,481 464,251

Securities held outright1 3,659,904 75,929 1,996,737 88,630 107,079 223,973 250,239 192,113 52,602 31,670 54,270 158,917 427,743

U.S. Treasury securities 2,220,361 46,064 1,211,364 53,770 64,962 135,878 151,813 116,550 31,912 19,213 32,924 96,411 259,500

Bills2 84,013 1,743 45,835 2,035 2,458 5,141 5,744 4,410 1,207 727 1,246 3,648 9,819

Notes and bonds3 2,136,348 44,321 1,165,529 51,735 62,504 130,737 146,069 112,140 30,705 18,486 31,679 92,763 249,681

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

Mortgage-backed securities4 1,437,197 29,816 784,092 34,804 42,049 87,951 98,266 75,440 20,656 12,436 21,311 62,405 167,969

Unamortized premiums on securities 

held outright5 126,210 2,618 68,857 3,056 3,693 7,724 8,629 6,625 1,814 1,092 1,871 5,480 14,751

Unamortized discounts on securities 

held outright5 -12,993 -270 -7,089 -315 -380 -795 -888 -682 -187 -112 -193 -564 -1,519

Repurchase agreements6 199,159 4,132 108,655 4,823 5,827 12,188 13,617 10,454 2,862 1,723 2,953 8,648 23,276

Loans 26 0 5 0 0 0 7 1 0 12 1 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 57 0 0 0 0 0 56 0 0 1 0 0 0

Bank premises 2,193 107 455 87 116 191 204 195 102 94 228 225 190

Central bank liquidity swaps8 48 2 15 3 4 10 3 2 1 0 0 1 7

Foreign currency denominated

assets9 20,607 887 6,540 1,191 1,645 4,394 1,198 860 314 98 200 255 3,025

Other assets10 17,141 368 8,862 406 502 1,253 1,149 873 437 182 319 828 1,962

Interdistrict settlement account 0 + 7,381 - 176,273 - 12,474 + 15,007 + 9,618 + 31,360 + 12,434 + 8,870 + 4,407 + 8,496 + 25,570 + 65,604

Total assets 4,030,249 91,745 2,012,336 86,093 134,367 259,933 307,958 224,285 67,327 39,489 68,700 200,717 537,298

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, November 20, 2019 (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 1,950,692 60,204 641,707 56,492 93,722 133,396 272,562 126,512 58,744 31,197 53,458 163,288 259,411

Less: Notes held by F.R. Banks 213,019 6,512 55,962 9,107 9,422 15,788 30,595 13,610 5,824 3,445 7,664 20,972 34,118

Federal Reserve notes, net 1,737,673 53,691 585,745 47,386 84,300 117,608 241,966 112,902 52,920 27,752 45,793 142,317 225,292

Reverse repurchase agreements11 300,914 6,243 164,170 7,287 8,804 18,415 20,574 15,795 4,325 2,604 4,462 13,066 35,169

Deposits 1,946,373 29,811 1,246,909 29,655 37,751 115,116 42,565 93,692 9,291 8,603 17,864 44,572 270,543

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 1,530,158 29,791 864,142 29,653 37,723 114,645 42,530 61,053 9,287 8,550 17,811 44,437 270,537

U.S. Treasury, General Account 357,551 0 357,551 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 53,481 18 20,060 0 25 462 33 32,638 4 52 53 135 1

Deferred availability cash items 128 0 0 0 0 0 42 0 0 86 0 0 0

Earnings remittances due to the U.S.

Treasury13 949 16 521 25 32 58 82 46 14 7 11 44 93

Other liabilities and accrued

dividends 5,313 196 2,175 204 226 591 357 339 155 159 173 257 480

Total liabilities 3,991,349 89,957 1,999,521 84,557 131,113 251,787 305,587 222,775 66,705 39,210 68,304 200,256 531,577

Capital

Capital paid in 32,075 1,494 10,650 1,142 2,709 6,690 1,975 1,225 518 247 330 376 4,719

Surplus 6,825 294 2,166 394 545 1,455 397 285 104 32 66 84 1,002

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

Total liabilities and capital 4,030,249 91,745 2,012,336 86,093 134,367 259,933 307,958 224,285 67,327 39,489 68,700 200,717 537,298

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, November 20, 2019 (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 Nov 20, 2019

Federal Reserve notes outstanding 1,950,692

Less: Notes held by F.R. Banks not subject to collateralization 213,019

Federal Reserve notes to be collateralized 1,737,673

Collateral held against Federal Reserve notes 1,737,673

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,721,436

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,859,063

Less: Face value of securities under reverse repurchase agreements 289,553

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,569,511

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.