FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks April 2, 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

Apr 1, 2020 Mar 25, 2020 Apr 3, 2019

Wednesday

Apr 1, 2020

Reserve Bank credit 5,574,804 + 604,440 +1,665,932 5,772,536

Securities held outright1 4,604,983 + 417,565 + 843,862 4,800,901

U.S. Treasury securities 3,175,115 + 361,629 +1,009,063 3,340,832

Bills2 326,044 0 + 326,044 326,044

Notes and bonds, nominal2 2,637,583 + 332,763 + 608,163 2,791,860

Notes and bonds, inflation-indexed2 181,062 + 26,589 + 65,908 191,725

Inflation compensation3 30,427 + 2,278 + 8,949 31,204

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

Mortgage-backed securities4 1,427,520 + 55,935 - 165,203 1,457,721

Unamortized premiums on securities held outright5 191,598 + 40,119 + 56,044 211,339

Unamortized discounts on securities held outright5 -9,205 + 1,800 + 3,899 -8,492

Repurchase agreements6 302,463 - 85,065 + 302,463 263,050

Loans 130,308 + 68,978 + 130,250 129,461

Primary credit 49,578 + 9,649 + 49,527 43,744

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 7 0

Primary Dealer Credit Facility 33,882 + 19,492 + 33,882 33,050

Money Market Mutual Fund Liquidity Facility 46,849 + 39,838 + 46,849 52,667

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -443 - 253 + 136 -550

Central bank liquidity swaps8 327,787 + 158,973 + 326,422 348,544

Other Federal Reserve assets9 27,313 + 2,324 + 2,857 28,283

Foreign currency denominated assets10 20,601 + 558 - 42 20,584

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,219 + 14 + 354 50,219

Total factors supplying reserve funds 5,661,865 + 605,012 +1,666,243 5,859,580

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

Apr 1, 2020 Mar 25, 2020 Apr 3, 2019

Wednesday

Apr 1, 2020

Currency in circulation11 1,876,878 + 17,112 + 152,132 1,879,230

Reverse repurchase agreements12 484,878 + 201,409 + 234,571 494,427

Foreign official and international accounts 270,436 + 16,063 + 20,522 286,599

Others 214,442 + 185,346 + 214,049 207,828

Treasury cash holdings 327 + 2 - 9 318

Deposits with F.R. Banks, other than reserve balances 713,106 + 33,422 + 337,652 749,312

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 429,267 + 39,015 + 119,079 506,933

Foreign official 17,208 + 6,849 + 11,965 17,745

Other13 266,631 - 12,442 + 206,607 224,635

Other liabilities and capital14 52,768 + 6,131 + 8,388 51,895

Total factors, other than reserve balances,

absorbing reserve funds 3,127,957 + 258,075 + 732,733 3,175,183

Reserve balances with Federal Reserve Banks 2,533,908 + 346,937 + 933,510 2,684,398

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

Apr 1, 2020 Mar 25, 2020 Apr 3, 2019

Wednesday

Apr 1, 2020

Securities held in custody for foreign official and international

accounts 3,338,421 - 16,852 - 121,354 3,325,434

Marketable U.S. Treasury securities1 2,867,348 - 23,979 - 194,838 2,855,182

Federal agency debt and mortgage-backed securities2 388,529 + 7,638 + 62,810 388,293

Other securities3 82,544 - 511 + 10,674 81,958

Securities lent to dealers 36,904 + 1,957 + 7,953 37,705

Overnight facility4 36,904 + 1,957 + 7,953 37,705

U.S. Treasury securities 36,904 + 1,961 + 7,953 37,705

Federal agency debt securities 0 - 3 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, April 1, 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 16,026 95,825 17,611 0 0 ... 129,461

U.S. Treasury securities2

Holdings 36,238 233,009 468,063 1,298,345 509,228 795,949 3,340,832

Weekly changes - 7,799 + 11,958 + 37,996 + 187,200 + 72,910 + 60,195 + 362,460

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 5 1,642 72,269 1,383,805 1,457,721

Weekly changes 0 0 + 1 - 1 + 1,445 + 71,712 + 73,158

Repurchase agreements5 131,400 131,650 ... ... ... ... 263,050

Central bank liquidity swaps6 119,087 229,457 0 0 0 0 348,544

Reverse repurchase agreements5 494,427 0 ... ... ... ... 494,427

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 Apr 1, 2020

Mortgage-backed securities held outright1 1,457,721

Commitments to buy mortgage-backed securities2 214,729

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 270

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

Apr 1, 2020 Mar 25, 2020 Apr 3, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,660 + 19 - 59

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 5,396,259 + 411,255 +1,525,495

Securities held outright1 4,800,901 + 435,619 +1,052,523

U.S. Treasury securities 3,340,832 + 362,460 +1,187,524

Bills2 326,044 0 + 326,044

Notes and bonds, nominal2 2,791,860 + 335,735 + 775,228

Notes and bonds, inflation-indexed2 191,725 + 24,793 + 76,571

Inflation compensation3 31,204 + 1,933 + 9,681

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 1,457,721 + 73,158 - 135,002

Unamortized premiums on securities held outright5 211,339 + 43,066 + 75,871

Unamortized discounts on securities held outright5 -8,492 + 1,534 + 4,601

Repurchase agreements6 263,050 - 89,305 + 263,050

Loans7 129,461 + 20,342 + 129,450

Net portfolio holdings of Maiden Lane LLC8 0 0 0

Items in process of collection (0) 40 + 3 - 6

Bank premises 2,198 - 9 - 1

Central bank liquidity swaps9 348,544 + 142,493 + 347,179

Foreign currency denominated assets10 20,584 + 451 - 22

Other assets11 26,085 + 3,117 + 3,513

Total assets (0) 5,811,607 + 557,329 +1,876,098

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

Apr 1, 2020 Mar 25, 2020 Apr 3, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,830,985 + 7,017 + 151,353

Reverse repurchase agreements12 494,427 + 135,313 + 245,062

Deposits (0) 3,433,710 + 412,444 +1,471,855

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,684,398 + 336,651 +1,053,411

U.S. Treasury, General Account 506,933 + 122,043 + 236,463

Foreign official 17,745 + 1,484 + 12,502

Other13 (0) 224,635 - 47,733 + 169,480

Deferred availability cash items (0) 591 + 283 + 54

Other liabilities and accrued dividends14 13,067 + 2,240 + 8,285

Total liabilities (0) 5,772,780 + 557,297 +1,876,610

Capital accounts

Capital paid in 32,002 + 33 - 512

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,827 + 33 - 512

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, April 1, 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 1,660 41 49 151 92 226 151 279 29 50 110 187 293

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 5,396,259 162,924 2,934,918 127,985 155,267 322,677 360,353 280,293 75,956 45,593 79,141 229,969 621,183

Central bank liquidity swaps2 348,544 16,544 117,133 12,543 29,785 73,566 17,287 13,536 5,713 2,729 3,676 4,138 51,895

Foreign currency denominated

assets3 20,584 977 6,920 741 1,759 4,344 1,021 799 337 161 217 244 3,064

Other assets4 28,323 671 14,212 726 901 2,027 2,013 1,538 565 384 702 1,352 3,233

Interdistrict settlement account 0 - 13,288 - 36,306 - 4,899 - 4,151 + 50,213 - 26,638 + 63,914 - 4,366 - 2,274 + 6,028 + 59,284 - 87,516

Total assets 5,811,607 168,415 3,042,450 137,784 184,421 454,219 356,400 361,494 78,713 46,919 90,320 296,346 594,126

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, April 1, 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 1,830,985 57,034 615,049 50,206 85,754 123,337 253,476 118,496 56,848 30,394 49,096 149,545 241,749

Reverse repurchase agreements5 494,427 10,257 269,745 11,973 14,466 30,257 33,805 25,953 7,106 4,278 7,332 21,469 57,785

Deposits 3,433,710 98,922 2,138,615 73,803 80,429 291,379 66,209 214,757 13,843 11,142 33,180 124,057 287,375

Depository institutions 2,684,398 98,837 1,544,831 73,802 75,485 290,037 63,419 82,535 13,837 10,841 21,905 121,524 287,346

U.S. Treasury, General Account 506,933 0 506,933 0 0 0 0 0 0 0 0 0 0

Foreign official 17,745 2 17,718 1 3 8 2 2 1 0 0 0 6

Other6 224,635 83 69,133 0 4,940 1,334 2,788 132,221 5 301 11,275 2,532 23

Earnings remittances due to the U.S.

Treasury7 2,244 60 1,171 67 66 163 165 115 30 22 28 94 264

Other liabilities and accrued

dividends 11,414 311 4,870 346 409 932 846 674 252 757 274 536 1,206

Total liabilities 5,772,780 166,585 3,029,449 136,396 181,123 446,069 354,501 359,996 78,078 46,594 89,909 295,700 588,379

Capital

Capital paid in 32,002 1,506 10,707 1,143 2,714 6,710 1,561 1,233 523 272 339 564 4,731

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 5,811,607 168,415 3,042,450 137,784 184,421 454,219 356,400 361,494 78,713 46,919 90,320 296,346 594,126

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, April 1, 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 Apr 1, 2020

Federal Reserve notes outstanding 1,984,531

Less: Notes held by F.R. Banks not subject to collateralization 153,546

Federal Reserve notes to be collateralized 1,830,985

Collateral held against Federal Reserve notes 1,830,985

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,814,748

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 5,063,951

Less: Face value of securities under reverse repurchase agreements 418,431

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,645,520

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.