FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 26, 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

Dec 25, 2019 Dec 18, 2019 Dec 26, 2018

Wednesday

Dec 25, 2019

Reserve Bank credit 4,120,362 + 32,769 + 76,380 4,126,954

Securities held outright1 3,744,909 + 29,001 - 141,699 3,751,189

U.S. Treasury securities 2,321,676 + 34,429 + 80,978 2,328,862

Bills2 164,167 + 27,861 + 164,167 169,525

Notes and bonds, nominal2 2,006,161 + 6,490 - 95,635 2,007,961

Notes and bonds, inflation-indexed2 125,973 0 + 9,428 125,973

Inflation compensation3 25,376 + 79 + 3,019 25,403

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

Mortgage-backed securities4 1,420,886 - 5,428 - 222,615 1,419,980

Unamortized premiums on securities held outright5 125,170 - 402 - 15,355 125,080

Unamortized discounts on securities held outright5 -13,316 - 166 + 143 -13,316

Repurchase agreements6 235,212 - 80 + 235,212 234,969

Loans 14 - 10 - 88 13

Primary credit 2 - 13 - 36 1

Secondary credit 0 0 0 0

Seasonal credit 11 + 2 - 53 12

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -110 - 4 + 128 -64

Central bank liquidity swaps8 3,729 + 3,650 - 478 3,729

Other Federal Reserve assets9 24,753 + 779 - 1,483 25,353

Foreign currency denominated assets10 20,575 - 43 - 272 20,571

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,124 + 14 + 366 50,124

Total factors supplying reserve funds 4,207,302 + 32,739 + 76,474 4,213,891

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

Dec 25, 2019 Dec 18, 2019 Dec 26, 2018

Wednesday

Dec 25, 2019

Currency in circulation11 1,799,163 + 6,297 + 86,739 1,802,362

Reverse repurchase agreements12 258,723 - 988 + 6,780 253,490

Foreign official and international accounts 249,497 - 7,912 + 5,106 249,067

Others 9,227 + 6,925 + 1,675 4,423

Treasury cash holdings 171 - 4 - 35 171

Deposits with F.R. Banks, other than reserve balances 452,621 + 36,421 - 7,471 464,342

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 367,820 + 35,228 - 6,265 351,934

Foreign official 5,182 0 - 197 5,182

Other13 79,619 + 1,193 - 1,009 107,226

Other liabilities and capital14 44,696 - 667 - 244 45,287

Total factors, other than reserve balances,

absorbing reserve funds 2,555,375 + 41,061 + 85,770 2,565,653

Reserve balances with Federal Reserve Banks 1,651,927 - 8,322 - 9,296 1,648,238

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

Dec 25, 2019 Dec 18, 2019 Dec 26, 2018

Wednesday

Dec 25, 2019

Securities held in custody for foreign official and international

accounts 3,409,201 + 3,769 + 12,293 3,407,159

Marketable U.S. Treasury securities1 2,964,044 + 7,430 - 59,123 2,962,826

Federal agency debt and mortgage-backed securities2 362,049 - 3,408 + 54,485 361,256

Other securities3 83,109 - 251 + 16,932 83,077

Securities lent to dealers 33,051 + 2,282 + 10,338 36,565

Overnight facility4 33,051 + 2,282 + 10,338 36,565

U.S. Treasury securities 33,051 + 2,282 + 10,338 36,565

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, December 25, 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 13 0 0 0 0 ... 13

U.S. Treasury securities1

Holdings 18,371 114,373 345,124 888,264 322,208 640,522 2,328,862

Weekly changes - 3,808 + 9,907 + 16,408 + 5,612 + 36 + 29 + 28,184

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 1 14 1,175 75,162 1,343,629 1,419,980

Weekly changes 0 0 0 0 - 1 - 2,454 - 2,456

Repurchase agreements4 159,969 75,000 ... ... ... ... 234,969

Central bank liquidity swaps5 1 3,728 0 0 0 0 3,729

Reverse repurchase agreements4 253,490 0 ... ... ... ... 253,490

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 Dec 25, 2019

Mortgage-backed securities held outright1 1,419,980

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

Dec 25, 2019 Dec 18, 2019 Dec 26, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,661 - 12 - 65

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,097,936 + 23,603 + 90,801

Securities held outright1 3,751,189 + 25,728 - 129,060

U.S. Treasury securities 2,328,862 + 28,184 + 88,145

Bills2 169,525 + 22,503 + 169,525

Notes and bonds, nominal2 2,007,961 + 5,603 - 93,835

Notes and bonds, inflation-indexed2 125,973 0 + 9,428

Inflation compensation3 25,403 + 78 + 3,027

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,419,980 - 2,456 - 217,143

Unamortized premiums on securities held outright5 125,080 - 318 - 15,177

Unamortized discounts on securities held outright5 -13,316 - 79 + 132

Repurchase agreements6 234,969 - 1,693 + 234,969

Loans 13 - 35 - 64

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 103 + 49 - 136

Bank premises 2,207 + 12 + 1

Central bank liquidity swaps8 3,729 + 3,650 - 478

Foreign currency denominated assets9 20,571 - 16 - 303

Other assets10 23,146 + 1,251 + 135

Total assets (0) 4,165,591 + 28,539 + 89,955

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

Dec 25, 2019 Dec 18, 2019 Dec 26, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,754,066 + 6,332 + 85,860

Reverse repurchase agreements11 253,490 - 10,491 + 8,670

Deposits (0) 2,112,580 + 31,892 - 5,140

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,648,238 + 16,790 - 12,694

U.S. Treasury, General Account 351,934 - 26,639 - 16,302

Foreign official 5,182 0 - 1,009

Other12 (0) 107,226 + 41,741 + 24,865

Deferred availability cash items (0) 167 + 19 - 284

Other liabilities and accrued dividends13 6,765 + 780 + 1,485

Total liabilities (0) 4,127,069 + 28,534 + 90,593

Capital accounts

Capital paid in 31,697 + 5 - 638

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,522 + 5 - 638

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, December 25, 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 1,661 39 43 146 100 221 171 276 31 47 113 192 282

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,097,936 85,016 2,235,707 99,238 119,895 250,778 280,188 215,106 58,899 35,470 60,766 177,937 478,935

Securities held outright1 3,751,189 77,823 2,046,539 90,841 109,750 229,559 256,480 196,905 53,914 32,460 55,624 162,881 438,412

U.S. Treasury securities 2,328,862 48,315 1,270,559 56,397 68,137 142,518 159,231 122,245 33,472 20,152 34,533 101,122 272,181

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 2,159,337 44,798 1,178,071 52,292 63,177 132,144 147,640 113,347 31,035 18,685 32,019 93,761 252,368

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

Mortgage-backed securities4 1,419,980 29,459 774,700 34,387 41,545 86,898 97,088 74,537 20,409 12,287 21,056 61,657 165,957

Unamortized premiums on securities 

held outright5 125,080 2,595 68,240 3,029 3,660 7,654 8,552 6,566 1,798 1,082 1,855 5,431 14,618

Unamortized discounts on securities 

held outright5 -13,316 -276 -7,265 -322 -390 -815 -910 -699 -191 -115 -197 -578 -1,556

Repurchase agreements6 234,969 4,875 128,192 5,690 6,875 14,379 16,066 12,334 3,377 2,033 3,484 10,203 27,461

Loans 13 0 0 1 0 0 1 1 1 10 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 103 0 0 0 0 0 103 0 0 0 0 0 0

Bank premises 2,207 107 465 90 116 192 203 194 102 93 228 225 193

Central bank liquidity swaps8 3,729 161 1,183 215 298 795 217 156 57 18 36 46 548

Foreign currency denominated

assets9 20,571 886 6,529 1,188 1,642 4,386 1,196 859 314 98 199 254 3,020

Other assets10 23,146 495 12,140 555 683 1,636 1,564 1,183 391 244 417 1,172 2,667

Interdistrict settlement account 0 + 6,789 - 109,722 - 15,729 + 15,301 + 22,759 + 20,194 + 16,082 + 8,844 + 5,008 + 6,091 + 16,706 + 7,677

Total assets 4,165,591 94,040 2,151,870 86,241 138,803 281,932 306,051 234,992 69,115 41,252 68,296 197,703 495,295

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, December 25, 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 1,957,034 60,926 639,685 57,703 94,193 134,183 273,247 126,776 59,630 31,984 54,198 164,310 260,199

Less: Notes held by F.R. Banks 202,968 5,875 53,168 8,225 8,678 16,003 30,394 12,160 4,979 2,988 6,903 19,208 34,388

Federal Reserve notes, net 1,754,066 55,051 586,517 49,478 85,516 118,180 242,853 114,616 54,652 28,996 47,295 145,101 225,812

Reverse repurchase agreements11 253,490 5,259 138,297 6,139 7,416 15,513 17,332 13,306 3,643 2,194 3,759 11,007 29,626

Deposits 2,112,580 31,708 1,411,292 28,848 42,347 139,387 43,301 105,156 10,029 9,530 16,655 40,792 233,535

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 1,648,238 31,696 992,838 28,846 42,298 139,251 43,264 59,710 10,021 9,437 16,624 40,725 233,529

U.S. Treasury, General Account 351,934 0 351,934 0 0 0 0 0 0 0 0 0 0

Foreign official 5,182 2 5,155 2 3 9 2 2 1 0 0 0 6

Other12 107,226 11 61,366 0 46 128 35 45,444 7 92 31 66 1

Deferred availability cash items 167 0 0 0 0 0 85 0 0 82 0 0 0

Earnings remittances due to the U.S.

Treasury13 2,604 46 1,477 61 68 120 213 121 31 17 39 131 278

Other liabilities and accrued

dividends 4,161 176 1,468 181 203 586 298 277 137 153 148 211 322

Total liabilities 4,127,069 92,241 2,139,052 84,706 135,550 273,786 304,082 233,476 68,492 40,972 67,896 197,242 489,573

Capital

Capital paid in 31,697 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 4,165,591 94,040 2,151,870 86,241 138,803 281,932 306,051 234,992 69,115 41,252 68,296 197,703 495,295

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, December 25, 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 Dec 25, 2019

Federal Reserve notes outstanding 1,957,034

Less: Notes held by F.R. Banks not subject to collateralization 202,968

Federal Reserve notes to be collateralized 1,754,066

Collateral held against Federal Reserve notes 1,754,066

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,737,829

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,986,158

Less: Face value of securities under reverse repurchase agreements 246,738

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,739,421

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.