FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 23, 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 22, 2020 Jan 15, 2020 Jan 23, 2019

Wednesday

Jan 22, 2020

Reserve Bank credit 4,114,302 - 18,465 + 103,542 4,107,163

Securities held outright1 3,778,361 + 8,441 - 75,854 3,782,010

U.S. Treasury securities 2,373,053 + 13,959 + 152,906 2,381,020

Bills2 203,602 + 10,288 + 203,602 210,031

Notes and bonds, nominal2 2,015,974 + 4,429 - 67,612 2,017,518

Notes and bonds, inflation-indexed2 128,005 - 612 + 13,236 128,005

Inflation compensation3 25,472 - 146 + 3,681 25,467

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

Mortgage-backed securities4 1,402,961 - 5,518 - 228,698 1,398,642

Unamortized premiums on securities held outright5 124,202 - 259 - 14,986 123,974

Unamortized discounts on securities held outright5 -13,254 + 19 + 78 -13,272

Repurchase agreements6 196,617 - 27,233 + 196,617 186,076

Loans 6 + 1 - 38 0

Primary credit 6 + 2 - 34 0

Secondary credit 0 0 0 0

Seasonal credit 0 - 1 - 3 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -116 - 12 + 20 -158

Central bank liquidity swaps8 54 - 5 - 32 54

Other Federal Reserve assets9 28,431 + 582 - 2,265 28,480

Foreign currency denominated assets10 20,527 - 63 - 371 20,526

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,148 + 14 + 365 50,148

Total factors supplying reserve funds 4,201,219 - 18,513 + 103,537 4,194,078

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 22, 2020 Jan 15, 2020 Jan 23, 2019

Wednesday

Jan 22, 2020

Currency in circulation11 1,794,741 - 2,524 + 89,978 1,794,751

Reverse repurchase agreements12 262,569 - 3,878 + 5,412 265,357

Foreign official and international accounts 249,157 - 16,631 + 2,943 249,753

Others 13,412 + 12,753 + 2,468 15,604

Treasury cash holdings 191 + 14 - 46 207

Deposits with F.R. Banks, other than reserve balances 477,853 + 53,839 + 8,101 480,494

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 403,941 + 52,954 + 14,315 411,708

Foreign official 5,181 - 1 - 103 5,180

Other13 68,731 + 885 - 6,111 63,605

Other liabilities and capital14 44,175 - 853 + 278 43,676

Total factors, other than reserve balances,

absorbing reserve funds 2,579,529 + 46,598 + 103,723 2,584,484

Reserve balances with Federal Reserve Banks 1,621,689 - 65,112 - 187 1,609,594

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 22, 2020 Jan 15, 2020 Jan 23, 2019

Wednesday

Jan 22, 2020

Securities held in custody for foreign official and international

accounts 3,413,121 - 6,622 + 4,660 3,428,153

Marketable U.S. Treasury securities1 2,969,583 - 8,872 - 57,800 2,979,204

Federal agency debt and mortgage-backed securities2 359,906 + 1,238 + 47,805 365,247

Other securities3 83,632 + 1,012 + 14,656 83,701

Securities lent to dealers 28,307 - 3,322 + 7,748 28,725

Overnight facility4 28,307 - 3,322 + 7,748 28,725

U.S. Treasury securities 28,307 - 3,322 + 7,748 28,725

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 22, 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 0 0 0 0 0 ... 0

U.S. Treasury securities1

Holdings 23,659 126,629 369,212 902,619 315,605 643,297 2,381,020

Weekly changes + 8,792 - 4,875 + 19,614 - 5,131 - 7 - 7 + 18,385

Federal agency debt securities2

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

Weekly changes 0 0 0 0 + 665 - 665 0

Mortgage-backed securities3

Holdings 0 1 14 1,235 73,118 1,324,274 1,398,642

Weekly changes 0 0 0 + 94 + 136 - 5,906 - 5,676

Repurchase agreements4 186,076 0 ... ... ... ... 186,076

Central bank liquidity swaps5 54 0 0 0 0 0 54

Reverse repurchase agreements4 265,357 0 ... ... ... ... 265,357

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 22, 2020

Mortgage-backed securities held outright1 1,398,642

Commitments to buy mortgage-backed securities2 3,966

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 3

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 22, 2020 Jan 15, 2020 Jan 23, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,744 + 31 - 36

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,078,787 - 31,179 + 101,675

Securities held outright1 3,782,010 + 12,710 - 69,409

U.S. Treasury securities 2,381,020 + 18,385 + 160,905

Bills2 210,031 + 15,002 + 210,031

Notes and bonds, nominal2 2,017,518 + 3,402 - 66,068

Notes and bonds, inflation-indexed2 128,005 0 + 13,236

Inflation compensation3 25,467 - 18 + 3,707

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,398,642 - 5,676 - 230,253

Unamortized premiums on securities held outright5 123,974 - 436 - 15,022

Unamortized discounts on securities held outright5 -13,272 - 51 + 50

Repurchase agreements6 186,076 - 43,392 + 186,076

Loans 0 - 9 - 19

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 84 - 7 - 122

Bank premises 2,200 + 1 - 5

Central bank liquidity swaps8 54 - 5 - 32

Foreign currency denominated assets9 20,526 - 81 - 404

Other assets10 26,280 + 1,302 - 2,217

Total assets (0) 4,145,912 - 29,938 + 98,860

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 22, 2020 Jan 15, 2020 Jan 23, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,746,549 - 939 + 89,468

Reverse repurchase agreements11 265,357 + 4,444 + 11,740

Deposits (0) 2,090,087 - 32,970 - 2,064

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,609,594 - 63,768 - 2,124

U.S. Treasury, General Account 411,708 + 30,906 + 9,481

Foreign official 5,180 - 1 - 63

Other12 (0) 63,605 - 107 - 9,358

Deferred availability cash items (0) 242 + 90 - 189

Other liabilities and accrued dividends13 5,153 - 565 + 513

Total liabilities (0) 4,107,390 - 29,937 + 99,471

Capital accounts

Capital paid in 31,698 0 - 610

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,523 0 - 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 22, 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 1,744 41 48 153 103 231 179 286 33 50 117 202 302

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,078,787 84,619 2,225,267 98,774 119,335 249,607 278,879 214,101 58,623 35,295 60,482 177,106 476,699

Securities held outright1 3,782,010 78,462 2,063,354 91,587 110,652 231,445 258,588 198,523 54,357 32,727 56,081 164,219 442,014

U.S. Treasury securities 2,381,020 49,397 1,299,015 57,660 69,663 145,710 162,798 124,983 34,222 20,604 35,307 103,387 278,276

Bills2 210,031 4,357 114,587 5,086 6,145 12,853 14,360 11,025 3,019 1,817 3,114 9,120 24,547

Notes and bonds3 2,170,989 45,040 1,184,428 52,574 63,518 132,857 148,437 113,958 31,203 18,786 32,192 94,267 253,730

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

Mortgage-backed securities4 1,398,642 29,016 763,058 33,870 40,921 85,592 95,629 73,417 20,102 12,103 20,740 60,731 163,463

Unamortized premiums on securities 

held outright5 123,974 2,572 67,636 3,002 3,627 7,587 8,476 6,508 1,782 1,073 1,838 5,383 14,489

Unamortized discounts on securities 

held outright5 -13,272 -275 -7,241 -321 -388 -812 -907 -697 -191 -115 -197 -576 -1,551

Repurchase agreements6 186,076 3,860 101,518 4,506 5,444 11,387 12,723 9,767 2,674 1,610 2,759 8,080 21,747

Loans 0 0 0 0 0 0 0 0 0 0 0 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 84 0 0 0 0 0 83 0 0 1 0 0 0

Bank premises 2,200 105 456 91 117 192 203 194 102 93 228 224 196

Central bank liquidity swaps8 54 2 17 3 4 11 3 2 1 0 1 1 8

Foreign currency denominated

assets9 20,526 884 6,515 1,186 1,638 4,376 1,194 857 313 98 199 254 3,013

Other assets10 26,280 561 13,855 629 783 1,840 1,778 1,348 460 268 480 1,244 3,033

Interdistrict settlement account 0 + 7,478 - 59,761 - 11,532 + 3,349 - 2,875 + 19,514 + 8,274 + 7,321 + 4,057 + 5,949 + 15,106 + 3,118

Total assets 4,145,912 94,238 2,191,921 89,843 126,098 254,549 304,046 226,197 67,331 40,138 67,900 195,309 488,343

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 22, 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 1,956,470 60,897 640,111 57,569 93,910 134,159 273,545 126,543 59,466 32,074 54,185 164,236 259,775

Less: Notes held by F.R. Banks 209,921 5,999 49,719 8,630 10,012 17,153 32,573 13,128 5,440 2,905 7,135 20,289 36,937

Federal Reserve notes, net 1,746,549 54,898 590,392 48,939 83,897 117,006 240,972 113,416 54,026 29,169 47,051 143,947 222,838

Reverse repurchase agreements11 265,357 5,505 144,771 6,426 7,764 16,239 18,143 13,929 3,814 2,296 3,935 11,522 31,013

Deposits 2,090,087 31,843 1,441,827 32,745 30,975 112,612 42,489 97,001 8,709 8,077 16,338 39,108 228,365

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 1,609,594 31,831 1,002,493 32,743 30,941 112,016 42,455 56,691 8,706 8,015 16,300 39,043 228,359

U.S. Treasury, General Account 411,708 0 411,708 0 0 0 0 0 0 0 0 0 0

Foreign official 5,180 2 5,153 2 3 9 2 2 1 0 0 0 6

Other12 63,605 10 22,473 0 30 588 31 40,308 2 62 37 64 0

Deferred availability cash items 242 0 0 0 0 0 88 0 0 155 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,180 10 462 184 2 66 179 71 25 4 11 85 82

Other liabilities and accrued

dividends 3,973 153 1,524 162 168 495 266 284 127 136 160 189 310

Total liabilities 4,107,390 92,409 2,178,975 88,456 122,806 246,419 302,136 224,701 66,699 39,837 67,494 194,852 482,607

Capital

Capital paid in 31,698 1,505 10,653 1,141 2,709 6,690 1,572 1,230 519 248 334 377 4,720

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 4,145,912 94,238 2,191,921 89,843 126,098 254,549 304,046 226,197 67,331 40,138 67,900 195,309 488,343

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 22, 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 22, 2020

Federal Reserve notes outstanding 1,956,470

Less: Notes held by F.R. Banks not subject to collateralization 209,921

Federal Reserve notes to be collateralized 1,746,549

Collateral held against Federal Reserve notes 1,746,549

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,730,313

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,968,086

Less: Face value of securities under reverse repurchase agreements 259,845

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,708,240

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.