FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks February 27, 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

Feb 26, 2020 Feb 19, 2020 Feb 27, 2019

Wednesday

Feb 26, 2020

Reserve Bank credit 4,119,491 - 25,347 + 179,698 4,119,718

Securities held outright1 3,846,566 + 9,362 + 50,635 3,848,250

U.S. Treasury securities 2,465,213 + 20,244 + 283,081 2,474,060

Bills2 276,255 + 16,074 + 276,255 280,541

Notes and bonds, nominal2 2,032,508 + 4,202 - 13,594 2,037,082

Notes and bonds, inflation-indexed2 131,052 0 + 16,283 131,052

Inflation compensation3 25,398 - 32 + 4,137 25,385

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

Mortgage-backed securities4 1,379,007 - 10,882 - 232,383 1,371,843

Unamortized premiums on securities held outright5 123,508 - 540 - 13,794 123,303

Unamortized discounts on securities held outright5 -13,492 - 191 - 262 -13,447

Repurchase agreements6 143,843 - 23,571 + 143,843 143,440

Loans 2 0 - 21 13

Primary credit 2 0 - 11 13

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 10 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -183 - 69 + 90 -591

Central bank liquidity swaps8 45 - 23 - 43 44

Other Federal Reserve assets9 19,202 - 10,314 - 750 18,705

Foreign currency denominated assets10 20,176 - 67 - 604 20,275

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,183 + 14 + 361 50,183

Total factors supplying reserve funds 4,206,091 - 25,401 + 179,455 4,206,417

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

Feb 26, 2020 Feb 19, 2020 Feb 27, 2019

Wednesday

Feb 26, 2020

Currency in circulation11 1,798,942 + 803 + 88,110 1,800,040

Reverse repurchase agreements12 221,747 - 4,017 - 31,785 219,968

Foreign official and international accounts 218,861 - 4,753 - 30,839 217,668

Others 2,886 + 736 - 946 2,300

Treasury cash holdings 272 + 21 - 28 287

Deposits with F.R. Banks, other than reserve balances 514,165 + 5,105 + 137,872 461,918

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 439,365 + 10,560 + 128,791 387,615

Foreign official 5,187 + 2 - 57 5,186

Other13 69,613 - 5,457 + 9,138 69,117

Other liabilities and capital14 44,496 + 336 - 433 44,134

Total factors, other than reserve balances,

absorbing reserve funds 2,579,622 + 2,248 + 193,736 2,526,347

Reserve balances with Federal Reserve Banks 1,626,469 - 27,649 - 14,281 1,680,070

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

Feb 26, 2020 Feb 19, 2020 Feb 27, 2019

Wednesday

Feb 26, 2020

Securities held in custody for foreign official and international

accounts 3,460,325 - 2,182 + 18,010 3,463,805

Marketable U.S. Treasury securities1 3,000,338 + 2,909 - 46,616 3,004,655

Federal agency debt and mortgage-backed securities2 377,957 - 4,833 + 53,950 377,183

Other securities3 82,029 - 260 + 10,676 81,968

Securities lent to dealers 29,319 + 3,550 + 6,751 29,152

Overnight facility4 29,319 + 3,550 + 6,751 29,152

U.S. Treasury securities 29,319 + 3,550 + 6,751 29,152

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, February 26, 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 13 0 0 0 0 ... 13

U.S. Treasury securities1

Holdings 34,812 188,784 355,980 913,398 325,382 655,702 2,474,060

Weekly changes + 3,574 + 17,976 - 5,964 + 6,810 - 14 - 13 + 22,372

Federal agency debt securities2

Holdings 0 0 0 0 1,151 1,196 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 3 1,486 70,196 1,300,157 1,371,843

Weekly changes 0 0 - 1 - 65 - 1,043 - 12,832 - 13,941

Repurchase agreements4 143,440 0 ... ... ... ... 143,440

Central bank liquidity swaps5 44 0 0 0 0 0 44

Reverse repurchase agreements4 219,968 0 ... ... ... ... 219,968

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 Feb 26, 2020

Mortgage-backed securities held outright1 1,371,843

Commitments to buy mortgage-backed securities2 2,686

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

Feb 26, 2020 Feb 19, 2020 Feb 27, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,770 - 4 - 12

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,101,559 - 12,533 + 185,556

Securities held outright1 3,848,250 + 8,431 + 56,141

U.S. Treasury securities 2,474,060 + 22,372 + 291,968

Bills2 280,541 + 15,002 + 280,541

Notes and bonds, nominal2 2,037,082 + 7,404 - 9,020

Notes and bonds, inflation-indexed2 131,052 0 + 16,283

Inflation compensation3 25,385 - 34 + 4,164

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,371,843 - 13,941 - 235,766

Unamortized premiums on securities held outright5 123,303 - 563 - 13,796

Unamortized discounts on securities held outright5 -13,447 + 52 - 229

Repurchase agreements6 143,440 - 20,460 + 143,440

Loans 13 + 8 + 1

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 47 - 24 - 5

Bank premises 2,202 + 3 - 3

Central bank liquidity swaps8 44 - 23 - 44

Foreign currency denominated assets9 20,275 + 163 - 517

Other assets10 16,503 - 515 - 929

Total assets (0) 4,158,637 - 12,933 + 184,047

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

Feb 26, 2020 Feb 19, 2020 Feb 27, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,751,909 + 319 + 87,337

Reverse repurchase agreements11 219,968 - 6,996 - 31,380

Deposits (0) 2,141,988 - 7,216 + 129,060

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,680,070 + 21,049 - 2,140

U.S. Treasury, General Account 387,615 - 33,436 + 121,591

Foreign official 5,186 - 1 - 57

Other12 (0) 69,117 + 5,172 + 9,666

Deferred availability cash items (0) 638 + 451 - 310

Other liabilities and accrued dividends13 5,583 + 504 - 51

Total liabilities (0) 4,120,086 - 12,939 + 184,655

Capital accounts

Capital paid in 31,726 + 6 - 609

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,551 + 6 - 609

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, February 26, 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 1,770 43 56 158 100 236 173 288 38 53 119 203 303

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,101,559 85,092 2,237,683 99,325 120,001 251,000 280,435 215,296 58,950 35,492 60,820 178,094 479,370

Securities held outright1 3,848,250 79,836 2,099,492 93,192 112,590 235,499 263,117 202,000 55,309 33,300 57,063 167,096 449,756

U.S. Treasury securities 2,474,060 51,327 1,349,775 59,913 72,385 151,404 169,159 129,867 35,559 21,409 36,686 107,427 289,150

Bills2 280,541 5,820 153,055 6,794 8,208 17,168 19,181 14,726 4,032 2,428 4,160 12,181 32,788

Notes and bonds3 2,193,519 45,507 1,196,720 53,120 64,177 134,236 149,978 115,141 31,527 18,981 32,526 95,245 256,363

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

Mortgage-backed securities4 1,371,843 28,460 748,437 33,221 40,137 83,952 93,797 72,010 19,717 11,871 20,342 59,567 160,331

Unamortized premiums on securities 

held outright5 123,303 2,558 67,270 2,986 3,608 7,546 8,431 6,472 1,772 1,067 1,828 5,354 14,411

Unamortized discounts on securities 

held outright5 -13,447 -279 -7,336 -326 -393 -823 -919 -706 -193 -116 -199 -584 -1,572

Repurchase agreements6 143,440 2,976 78,257 3,474 4,197 8,778 9,807 7,529 2,062 1,241 2,127 6,228 16,764

Loans 13 1 0 0 0 0 0 0 0 0 1 0 11

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 47 0 0 0 0 0 46 0 0 0 0 0 0

Bank premises 2,202 105 457 95 117 191 202 193 102 93 228 223 196

Central bank liquidity swaps8 44 2 14 3 4 9 3 2 1 0 0 1 7

Foreign currency denominated

assets9 20,275 873 6,435 1,171 1,618 4,323 1,179 846 309 96 196 251 2,976

Other assets10 16,503 351 8,369 391 482 1,216 1,096 835 521 183 312 856 1,891

Interdistrict settlement account 0 + 9,441 - 134,456 - 5,340 + 7,349 + 4,540 + 27,471 + 19,230 + 10,741 + 6,725 + 8,645 + 25,326 + 20,327

Total assets 4,158,637 96,454 2,124,083 96,341 130,440 262,681 312,820 237,825 71,140 42,918 70,766 206,125 507,044

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, February 26, 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 1,963,622 60,946 647,168 57,305 93,609 134,174 274,376 126,719 59,375 32,065 54,136 163,741 260,007

Less: Notes held by F.R. Banks 211,713 6,311 54,613 8,691 9,673 16,605 32,548 13,626 5,173 2,971 7,158 19,842 34,501

Federal Reserve notes, net 1,751,909 54,635 592,556 48,614 83,936 117,569 241,828 113,093 54,202 29,095 46,978 143,898 225,506

Reverse repurchase agreements11 219,968 4,563 120,008 5,327 6,436 13,461 15,040 11,546 3,162 1,903 3,262 9,551 25,708

Deposits 2,141,988 35,230 1,396,261 40,803 36,545 122,892 53,630 111,318 12,998 10,869 19,931 51,958 249,554

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 1,680,070 35,215 978,502 40,801 36,504 122,479 53,596 67,890 12,994 10,816 19,893 51,832 249,547

U.S. Treasury, General Account 387,615 0 387,615 0 0 0 0 0 0 0 0 0 0

Foreign official 5,186 2 5,159 2 3 9 2 2 1 0 0 0 6

Other12 69,117 13 24,985 0 38 404 31 43,427 3 52 37 125 1

Deferred availability cash items 638 0 0 0 0 0 41 0 0 597 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,000 22 514 29 38 90 83 47 6 4 11 45 112

Other liabilities and accrued

dividends 4,583 175 1,773 181 193 538 301 322 141 150 175 215 419

Total liabilities 4,120,086 94,625 2,111,111 94,954 127,147 254,550 310,923 236,327 70,508 42,617 70,356 205,668 501,299

Capital

Capital paid in 31,726 1,505 10,678 1,141 2,710 6,691 1,558 1,233 520 248 337 377 4,729

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 4,158,637 96,454 2,124,083 96,341 130,440 262,681 312,820 237,825 71,140 42,918 70,766 206,125 507,044

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, February 26, 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 Feb 26, 2020

Federal Reserve notes outstanding 1,963,622

Less: Notes held by F.R. Banks not subject to collateralization 211,713

Federal Reserve notes to be collateralized 1,751,909

Collateral held against Federal Reserve notes 1,751,909

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,735,672

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,991,690

Less: Face value of securities under reverse repurchase agreements 215,542

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,776,147

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.