FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 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

Jan 1, 2020 Dec 25, 2019 Jan 2, 2019

Wednesday

Jan 1, 2020

Reserve Bank credit 4,121,396 + 1,034 + 92,386 4,134,215

Securities held outright1 3,739,935 - 4,974 - 132,537 3,739,957

U.S. Treasury securities 2,328,911 + 7,235 + 95,971 2,328,933

Bills2 169,525 + 5,358 + 169,525 169,525

Notes and bonds, nominal2 2,007,558 + 1,397 - 86,434 2,006,550

Notes and bonds, inflation-indexed2 126,376 + 403 + 9,831 127,384

Inflation compensation3 25,452 + 76 + 3,049 25,474

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

Mortgage-backed securities4 1,408,677 - 12,209 - 228,446 1,408,677

Unamortized premiums on securities held outright5 124,625 - 545 - 15,481 124,577

Unamortized discounts on securities held outright5 -13,283 + 33 + 147 -13,284

Repurchase agreements6 242,326 + 7,114 + 242,326 255,619

Loans 26 + 12 - 38 42

Primary credit 15 + 13 + 1 32

Secondary credit 0 0 0 0

Seasonal credit 11 0 - 39 10

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -470 - 360 + 133 -643

Central bank liquidity swaps8 3,729 0 - 478 3,728

Other Federal Reserve assets9 24,508 - 245 - 1,685 24,219

Foreign currency denominated assets10 20,701 + 126 - 246 20,792

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,138 + 14 + 376 50,138

Total factors supplying reserve funds 4,208,477 + 1,175 + 92,517 4,221,387

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

Jan 1, 2020 Dec 25, 2019 Jan 2, 2019

Wednesday

Jan 1, 2020

Currency in circulation11 1,805,947 + 6,784 + 86,908 1,807,740

Reverse repurchase agreements12 285,809 + 27,086 + 19,189 336,649

Foreign official and international accounts 265,756 + 16,259 + 15,695 272,562

Others 20,052 + 10,825 + 3,494 64,087

Treasury cash holdings 171 0 - 43 171

Deposits with F.R. Banks, other than reserve balances 455,803 + 3,182 - 7,373 483,110

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 382,553 + 14,733 + 2,651 403,853

Foreign official 5,182 0 - 62 5,182

Other13 68,068 - 11,551 - 9,963 74,075

Other liabilities and capital14 44,901 + 205 - 154 44,867

Total factors, other than reserve balances,

absorbing reserve funds 2,592,631 + 37,256 + 98,527 2,672,537

Reserve balances with Federal Reserve Banks 1,615,846 - 36,081 - 6,010 1,548,849

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

Jan 1, 2020 Dec 25, 2019 Jan 2, 2019

Wednesday

Jan 1, 2020

Securities held in custody for foreign official and international

accounts 3,398,201 - 11,000 + 9,220 3,398,249

Marketable U.S. Treasury securities1 2,956,682 - 7,362 - 59,098 2,956,741

Federal agency debt and mortgage-backed securities2 358,904 - 3,145 + 51,778 358,916

Other securities3 82,615 - 494 + 16,540 82,591

Securities lent to dealers 34,992 + 1,941 + 10,487 41,450

Overnight facility4 34,992 + 1,941 + 10,487 41,450

U.S. Treasury securities 34,992 + 1,941 + 10,487 41,450

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, January 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

Loans 42 0 0 0 0 ... 42

U.S. Treasury securities1

Holdings 8,260 115,689 341,875 900,972 321,591 640,547 2,328,933

Weekly changes - 10,111 + 1,316 - 3,249 + 12,708 - 617 + 25 + 71

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 1,135 73,528 1,334,002 1,408,677

Weekly changes 0 - 1 - 2 - 40 - 1,634 - 9,627 - 11,303

Repurchase agreements4 205,619 50,000 ... ... ... ... 255,619

Central bank liquidity swaps5 3,728 0 0 0 0 0 3,728

Reverse repurchase agreements4 336,649 0 ... ... ... ... 336,649

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 Jan 1, 2020

Mortgage-backed securities held outright1 1,408,677

Commitments to buy mortgage-backed securities2 4,129

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

Jan 1, 2020 Dec 25, 2019 Jan 2, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,657 - 4 - 65

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,106,911 + 8,975 + 118,266

Securities held outright1 3,739,957 - 11,232 - 122,092

U.S. Treasury securities 2,328,933 + 71 + 106,416

Bills2 169,525 0 + 169,525

Notes and bonds, nominal2 2,006,550 - 1,411 - 77,036

Notes and bonds, inflation-indexed2 127,384 + 1,411 + 10,839

Inflation compensation3 25,474 + 71 + 3,088

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,408,677 - 11,303 - 228,446

Unamortized premiums on securities held outright5 124,577 - 503 - 15,431

Unamortized discounts on securities held outright5 -13,284 + 32 + 134

Repurchase agreements6 255,619 + 20,650 + 255,619

Loans 42 + 29 + 36

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 82 - 21 - 127

Bank premises 2,211 + 4 + 9

Central bank liquidity swaps8 3,728 - 1 - 479

Foreign currency denominated assets9 20,792 + 221 - 207

Other assets10 22,007 - 1,139 - 2,151

Total assets (0) 4,173,626 + 8,035 + 115,248

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

Jan 1, 2020 Dec 25, 2019 Jan 2, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,759,427 + 5,361 + 87,318

Reverse repurchase agreements11 336,649 + 83,159 + 60,255

Deposits (0) 2,031,959 - 80,621 - 33,958

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,548,849 - 99,389 - 58,487

U.S. Treasury, General Account 403,853 + 51,919 + 21,237

Foreign official 5,182 0 - 62

Other12 (0) 74,075 - 33,151 + 3,355

Deferred availability cash items (0) 725 + 558 + 376

Other liabilities and accrued dividends13 6,344 - 421 + 1,867

Total liabilities (0) 4,135,103 + 8,034 + 115,858

Capital accounts

Capital paid in 31,698 + 1 - 610

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,523 + 1 - 610

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, January 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 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 1,657 40 41 146 100 220 169 276 31 48 113 192 282

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,106,911 85,202 2,240,597 99,454 120,157 251,326 280,800 215,594 59,027 35,547 60,899 178,325 479,982

Securities held outright1 3,739,957 77,590 2,040,411 90,569 109,422 228,872 255,712 196,315 53,753 32,363 55,457 162,393 437,099

U.S. Treasury securities 2,328,933 48,316 1,270,598 56,399 68,139 142,522 159,236 122,249 33,473 20,153 34,534 101,125 272,189

Bills2 169,525 3,517 92,488 4,105 4,960 10,374 11,591 8,899 2,437 1,467 2,514 7,361 19,813

Notes and bonds3 2,159,408 44,799 1,178,110 52,294 63,179 132,148 147,645 113,350 31,036 18,686 32,021 93,764 252,376

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

Mortgage-backed securities4 1,408,677 29,225 768,533 34,113 41,214 86,206 96,316 73,943 20,246 12,190 20,888 61,166 164,636

Unamortized premiums on securities 

held outright5 124,577 2,584 67,965 3,017 3,645 7,624 8,518 6,539 1,790 1,078 1,847 5,409 14,560

Unamortized discounts on securities 

held outright5 -13,284 -276 -7,248 -322 -389 -813 -908 -697 -191 -115 -197 -577 -1,553

Repurchase agreements6 255,619 5,303 139,458 6,190 7,479 15,643 17,477 13,418 3,674 2,212 3,790 11,099 29,875

Loans 42 0 10 0 0 0 1 19 1 9 1 0 1

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 82 0 0 1 0 0 81 0 0 0 0 0 0

Bank premises 2,211 105 463 92 119 193 203 194 102 93 228 224 196

Central bank liquidity swaps8 3,728 161 1,183 215 298 795 217 156 57 18 36 46 547

Foreign currency denominated

assets9 20,792 895 6,607 1,200 1,659 4,430 1,208 867 317 99 201 257 3,050

Other assets10 22,007 473 11,596 529 658 1,575 1,494 1,131 398 245 405 953 2,548

Interdistrict settlement account 0 + 22,360 - 164,247 - 16,517 + 17,906 + 18,119 + 30,900 + 32,973 + 10,242 + 5,657 + 12,323 + 23,773 + 6,512

Total assets 4,173,626 109,783 2,101,766 85,660 141,664 277,824 317,286 252,325 70,652 41,982 74,650 204,943 495,092

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, January 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 outstanding 1,955,848 60,894 639,366 57,674 94,151 134,122 272,995 126,718 59,595 31,976 54,173 164,224 259,960

Less: Notes held by F.R. Banks 196,421 5,475 51,623 7,978 8,280 15,317 29,567 11,593 4,775 2,837 6,680 18,681 33,616

Federal Reserve notes, net 1,759,427 55,419 587,743 49,696 85,871 118,805 243,428 115,124 54,821 29,139 47,493 145,543 226,344

Reverse repurchase agreements11 336,649 6,984 183,666 8,152 9,849 20,602 23,018 17,671 4,839 2,913 4,992 14,618 39,345

Deposits 2,031,959 45,380 1,314,711 26,042 42,435 129,639 48,343 117,645 10,203 8,847 21,592 44,009 223,111

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 1,548,849 45,313 884,120 26,040 42,395 129,285 47,428 69,052 10,200 8,744 19,336 43,935 223,003

U.S. Treasury, General Account 403,853 0 403,853 0 0 0 0 0 0 0 0 0 0

Foreign official 5,182 2 5,154 2 3 9 2 2 1 0 0 0 6

Other12 74,075 65 21,584 0 37 346 913 48,592 3 103 2,256 74 102

Deferred availability cash items 725 0 0 0 0 0 67 0 0 646 12 0 0

Earnings remittances due to the U.S.

Treasury13 2,120 41 1,129 65 70 139 186 75 35 19 25 97 240

Other liabilities and accrued

dividends 4,224 160 1,698 169 185 494 274 294 130 138 135 216 330

Total liabilities 4,135,103 107,984 2,088,947 84,125 138,411 269,679 315,317 250,810 70,028 41,701 74,249 204,483 489,370

Capital

Capital paid in 31,698 1,505 10,653 1,141 2,709 6,690 1,572 1,231 520 248 334 376 4,720

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 4,173,626 109,783 2,101,766 85,660 141,664 277,824 317,286 252,325 70,652 41,982 74,650 204,943 495,092

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, January 1, 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 Jan 1, 2020

Federal Reserve notes outstanding 1,955,848

Less: Notes held by F.R. Banks not subject to collateralization 196,421

Federal Reserve notes to be collateralized 1,759,427

Collateral held against Federal Reserve notes 1,759,427

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,743,190

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,995,576

Less: Face value of securities under reverse repurchase agreements 325,629

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,669,947

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.