FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks November 29, 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 27, 2019 Nov 20, 2019 Nov 28, 2018

Wednesday

Nov 27, 2019

Reserve Bank credit 4,001,805 + 14,454 - 62,021 4,013,621

Securities held outright1 3,667,197 + 14,739 - 246,563 3,674,569

U.S. Treasury securities 2,233,410 + 25,391 - 19,693 2,248,498

Bills2 94,729 + 20,360 + 94,729 106,516

Notes and bonds, nominal2 1,989,315 + 5,003 - 126,069 1,992,602

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

Inflation compensation3 24,995 + 28 + 2,854 25,008

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

Mortgage-backed securities4 1,431,440 - 10,651 - 226,807 1,423,724

Unamortized premiums on securities held outright5 125,909 - 572 - 16,042 125,635

Unamortized discounts on securities held outright5 -13,053 - 146 + 470 -13,108

Repurchase agreements6 201,969 + 1,860 + 201,969 207,243

Loans 23 - 2 - 53 40

Primary credit 4 0 - 6 20

Secondary credit 0 0 0 0

Seasonal credit 19 - 2 - 47 20

Other credit extensions 0 0 0 0

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

Float -252 - 165 - 72 -821

Central bank liquidity swaps8 47 - 1 - 20 47

Other Federal Reserve assets9 19,965 - 1,259 - 1,705 20,015

Foreign currency denominated assets10 20,553 - 45 - 26 20,493

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,106 + 14 + 366 50,106

Total factors supplying reserve funds 4,088,705 + 14,423 - 61,681 4,100,461

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 27, 2019 Nov 20, 2019 Nov 28, 2018

Wednesday

Nov 27, 2019

Currency in circulation11 1,787,863 + 2,321 + 81,796 1,792,322

Reverse repurchase agreements12 282,931 - 6,142 + 43,743 281,921

Foreign official and international accounts 278,709 + 1,325 + 47,826 281,415

Others 4,222 - 7,467 - 4,083 506

Treasury cash holdings 183 - 2 - 24 185

Deposits with F.R. Banks, other than reserve balances 446,424 + 11,260 + 24,864 421,790

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 360,941 - 7,872 + 20,345 358,896

Foreign official 5,181 - 2 - 78 5,181

Other13 80,302 + 19,133 + 4,597 57,712

Other liabilities and capital14 44,607 - 951 - 99 44,524

Total factors, other than reserve balances,

absorbing reserve funds 2,562,008 + 6,486 + 150,281 2,540,742

Reserve balances with Federal Reserve Banks 1,526,697 + 7,938 - 211,962 1,559,719

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 27, 2019 Nov 20, 2019 Nov 28, 2018

Wednesday

Nov 27, 2019

Securities held in custody for foreign official and international

accounts 3,414,903 - 602 + 13,098 3,410,979

Marketable U.S. Treasury securities1 2,963,851 - 4,614 - 65,080 2,961,763

Federal agency debt and mortgage-backed securities2 366,771 + 3,920 + 59,927 365,230

Other securities3 84,281 + 91 + 18,252 83,986

Securities lent to dealers 29,477 - 458 + 13,192 30,126

Overnight facility4 29,477 - 458 + 13,192 30,126

U.S. Treasury securities 29,477 - 458 + 13,192 30,126

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 27, 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 40 0 0 0 0 ... 40

U.S. Treasury securities1

Holdings 10,203 97,984 303,961 882,505 317,323 636,521 2,248,498

Weekly changes + 169 + 1,103 + 21,232 + 5,606 + 14 + 11 + 28,137

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 12 976 75,844 1,346,892 1,423,724

Weekly changes 0 0 - 3 - 33 - 1,101 - 12,336 - 13,473

Repurchase agreements4 182,243 25,000 ... ... ... ... 207,243

Central bank liquidity swaps5 47 0 0 0 0 0 47

Reverse repurchase agreements4 281,921 0 ... ... ... ... 281,921

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 27, 2019

Mortgage-backed securities held outright1 1,423,724

Commitments to buy mortgage-backed securities2 7,394

Commitments to sell mortgage-backed securities2 20

Cash and cash equivalents3 2

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 27, 2019 Nov 20, 2019 Nov 28, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,621 - 37 - 70

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,994,379 + 22,072 - 42,909

Securities held outright1 3,674,569 + 14,665 - 234,425

U.S. Treasury securities 2,248,498 + 28,137 - 4,619

Bills2 106,516 + 22,503 + 106,516

Notes and bonds, nominal2 1,992,602 + 5,603 - 122,782

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

Inflation compensation3 25,008 + 31 + 2,854

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,423,724 - 13,473 - 229,744

Unamortized premiums on securities held outright5 125,635 - 575 - 16,086

Unamortized discounts on securities held outright5 -13,108 - 115 + 404

Repurchase agreements6 207,243 + 8,084 + 207,243

Loans 40 + 14 - 44

Net portfolio holdings of Maiden Lane LLC7 0 0 - 7

Items in process of collection (0) 83 + 26 + 1

Bank premises 2,205 + 12 + 5

Central bank liquidity swaps8 47 - 1 - 21

Foreign currency denominated assets9 20,493 - 114 + 10

Other assets10 17,809 + 668 - 1,305

Total assets (0) 4,052,875 + 22,626 - 44,295

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 27, 2019 Nov 20, 2019 Nov 28, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,744,018 + 6,345 + 85,513

Reverse repurchase agreements11 281,921 - 18,993 + 54,606

Deposits (0) 1,981,509 + 35,136 - 185,525

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,559,719 + 29,561 - 198,962

U.S. Treasury, General Account 358,896 + 1,345 + 26,560

Foreign official 5,181 - 2 - 76

Other12 (0) 57,712 + 4,231 - 13,047

Deferred availability cash items (0) 904 + 776 + 437

Other liabilities and accrued dividends13 5,623 - 638 + 903

Total liabilities (0) 4,013,975 + 22,626 - 44,066

Capital accounts

Capital paid in 32,075 0 - 229

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,900 0 - 229

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 27, 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 1,621 40 42 149 105 209 158 273 32 45 108 183 278

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,994,379 82,867 2,179,194 96,729 116,864 244,439 273,113 209,668 57,409 34,576 59,230 173,459 466,829

Securities held outright1 3,674,569 76,233 2,004,737 88,986 107,509 224,870 251,241 192,883 52,813 31,797 54,488 159,554 429,457

U.S. Treasury securities 2,248,498 46,648 1,226,715 54,451 65,785 137,600 153,737 118,027 32,317 19,457 33,342 97,632 262,788

Bills2 106,516 2,210 58,112 2,579 3,116 6,518 7,283 5,591 1,531 922 1,579 4,625 12,449

Notes and bonds3 2,141,982 44,438 1,168,603 51,872 62,669 131,082 146,454 112,436 30,786 18,535 31,762 93,007 250,339

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

Mortgage-backed securities4 1,423,724 29,537 776,742 34,478 41,655 87,127 97,344 74,733 20,463 12,320 21,112 61,820 166,395

Unamortized premiums on securities 

held outright5 125,635 2,606 68,543 3,042 3,676 7,688 8,590 6,595 1,806 1,087 1,863 5,455 14,683

Unamortized discounts on securities 

held outright5 -13,108 -272 -7,151 -317 -384 -802 -896 -688 -188 -113 -194 -569 -1,532

Repurchase agreements6 207,243 4,299 113,066 5,019 6,063 12,683 14,170 10,878 2,979 1,793 3,073 8,999 24,221

Loans 40 0 0 0 0 0 8 0 0 12 0 20 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 83 0 0 0 0 0 82 0 0 0 0 0 0

Bank premises 2,205 107 465 88 116 192 203 195 102 94 228 225 191

Central bank liquidity swaps8 47 2 15 3 4 10 3 2 1 0 0 1 7

Foreign currency denominated

assets9 20,493 882 6,510 1,183 1,635 4,367 1,191 855 312 97 198 253 3,007

Other assets10 17,809 380 9,186 421 520 1,316 1,188 901 444 198 329 890 2,034

Interdistrict settlement account 0 + 10,631 - 164,499 - 11,860 + 21,384 + 10,623 + 35,282 + 16,330 + 9,528 + 6,686 + 8,420 + 24,717 + 32,757

Total assets 4,052,875 95,456 2,036,439 87,250 141,397 262,323 313,435 229,360 68,305 41,973 68,958 200,899 507,078

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 27, 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 1,952,101 60,479 640,978 57,142 93,740 133,871 272,804 126,349 59,034 31,149 53,582 163,395 259,580

Less: Notes held by F.R. Banks 208,084 6,434 56,047 8,802 8,978 15,848 29,339 12,831 5,532 3,268 7,379 20,034 33,592

Federal Reserve notes, net 1,744,018 54,045 584,931 48,339 84,762 118,023 243,464 113,518 53,502 27,881 46,203 143,361 225,988

Reverse repurchase agreements11 281,921 5,849 153,808 6,827 8,248 17,253 19,276 14,798 4,052 2,440 4,180 12,241 32,949

Deposits 1,981,509 33,575 1,282,540 30,335 44,899 118,282 47,842 99,192 9,978 10,373 17,997 44,552 241,944

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 1,559,719 33,551 897,177 30,333 44,867 117,865 47,808 63,447 9,973 10,312 17,965 44,483 241,937

U.S. Treasury, General Account 358,896 0 358,896 0 0 0 0 0 0 0 0 0 0

Foreign official 5,181 2 5,154 2 3 9 2 2 1 0 0 0 6

Other12 57,712 22 21,313 0 29 408 32 35,743 4 61 32 68 1

Deferred availability cash items 904 0 0 0 0 0 67 0 0 836 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,219 22 705 25 30 17 114 58 16 11 21 66 132

Other liabilities and accrued

dividends 4,404 177 1,639 187 205 603 300 284 136 153 160 218 343

Total liabilities 4,013,975 93,668 2,023,623 85,714 138,144 254,178 311,064 227,850 67,683 41,694 68,562 200,438 501,357

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 4,052,875 95,456 2,036,439 87,250 141,397 262,323 313,435 229,360 68,305 41,973 68,958 200,899 507,078

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 27, 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 27, 2019

Federal Reserve notes outstanding 1,952,101

Less: Notes held by F.R. Banks not subject to collateralization 208,084

Federal Reserve notes to be collateralized 1,744,018

Collateral held against Federal Reserve notes 1,744,018

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,727,781

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,881,812

Less: Face value of securities under reverse repurchase agreements 270,160

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,611,652

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.