FEDERAL RESERVE statistical release

For Release at

4:30 P.M. Eastern time

April 23, 2020

The Board's H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository

Institutions and Condition Statement of Federal Reserve Banks,” has been modified to include

information related to Paycheck Protection Program Liquidity Facility (PPPLF). The Federal

Reserve established the PPPLF to facilitate lending to small businesses via the Small Business

Administration's Paycheck Protection Program (PPP). Information for the facility is presented in

tables 1, 2, 4, and 5.

The PPPLF program was announced by the Federal Reserve on April 9, 2020, and began

operations on April 16, 2020. The PPPLF program will extend credit to eligible financial

institutions that originate PPP loans, taking the loans as collateral at face value.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks April 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

Apr 22, 2020 Apr 15, 2020 Apr 24, 2019

Wednesday

Apr 22, 2020

Reserve Bank credit 6,451,209 + 255,189 +2,559,091 6,534,516

Securities held outright1 5,451,772 + 256,233 +1,709,940 5,534,186

U.S. Treasury securities 3,863,557 + 146,143 +1,710,063 3,909,352

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

Notes and bonds, nominal2 3,271,573 + 130,986 +1,255,099 3,314,644

Notes and bonds, inflation-indexed2 231,192 + 13,948 + 116,048 233,692

Inflation compensation3 34,749 + 1,210 + 12,872 34,972

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

Mortgage-backed securities4 1,585,868 + 110,090 - 122 1,622,487

Unamortized premiums on securities held outright5 271,013 + 20,685 + 136,333 278,037

Unamortized discounts on securities held outright5 -6,443 + 680 + 6,566 -6,128

Repurchase agreements6 171,508 - 30,088 + 171,508 157,500

Foreign official 1 0 + 1 0

Others 171,507 - 30,089 + 171,507 157,500

Loans 118,841 - 9,763 + 118,818 122,088

Primary credit 34,953 - 6,081 + 34,946 33,742

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 16 0

Primary Dealer Credit Facility 31,266 - 4,324 + 31,266 31,526

Money Market Mutual Fund Liquidity Facility 49,646 - 2,298 + 49,646 48,810

Paycheck Protection Program Liquidity Facility 2,977 + 2,977 + 2,977 8,009

Other credit extensions 0 0 0 0

Net portfolio holdings of Commercial Paper Funding

Facility II LLC7 2,516 + 2,375 + 2,516 2,732

Float -204 + 62 - 62 -306

Central bank liquidity swaps8 406,272 + 13,209 + 406,217 409,712

Other Federal Reserve assets9 35,935 + 1,798 + 7,256 36,694

Foreign currency denominated assets10 20,458 - 57 - 108 20,405

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,261 + 14 + 372 50,261

Total factors supplying reserve funds 6,538,169 + 255,146 +2,559,355 6,621,424

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Apr 22, 2020 Apr 15, 2020 Apr 24, 2019

Wednesday

Apr 22, 2020

Currency in circulation11 1,890,915 + 5,971 + 163,716 1,895,994

Reverse repurchase agreements12 290,604 + 6,140 + 31,588 289,292

Foreign official and international accounts 281,882 + 3,311 + 25,449 278,467

Others 8,722 + 2,829 + 6,139 10,825

Treasury cash holdings 301 - 6 - 31 297

Deposits with F.R. Banks, other than reserve balances 1,186,593 + 52,188 + 745,411 1,272,433

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 901,331 + 11,516 + 522,729 949,999

Foreign official 16,293 - 59 + 11,018 16,303

Other13 268,969 + 40,732 + 211,664 306,130

Other liabilities and capital14 66,251 + 6,389 + 20,597 63,428

Total factors, other than reserve balances,

absorbing reserve funds 3,434,665 + 70,683 + 961,282 3,521,444

Reserve balances with Federal Reserve Banks 3,103,504 + 184,463 +1,598,074 3,099,980

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 bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks

as fiscal agents of the United States.

14. Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Apr 22, 2020 Apr 15, 2020 Apr 24, 2019

Wednesday

Apr 22, 2020

Securities held in custody for foreign official and international

accounts 3,320,189 + 2,021 - 132,128 3,320,905

Marketable U.S. Treasury securities1 2,851,587 + 4,530 - 194,861 2,853,978

Federal agency debt and mortgage-backed securities2 385,809 - 2,401 + 51,926 384,086

Other securities3 82,793 - 107 + 10,807 82,841

Securities lent to dealers 35,893 + 1,297 + 8,831 36,556

Overnight facility4 35,893 + 1,297 + 8,831 36,556

U.S. Treasury securities 35,893 + 1,297 + 8,831 36,556

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, April 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

Loans1 15,559 81,103 17,417 8,009 0 ... 122,088

U.S. Treasury securities2

Holdings 58,869 243,599 528,185 1,536,392 659,309 882,997 3,909,352

Weekly changes + 225 + 18,564 + 584 + 43,056 + 38,054 + 20,010 + 120,494

Federal agency debt securities3

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

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities4

Holdings 0 0 5 1,911 77,338 1,543,233 1,622,487

Weekly changes 0 0 0 + 215 + 3,976 + 50,124 + 54,316

Commercial paper held by Commercial

Paper Funding Facility II LLC5 0 2,710 0 ... ... ... 2,710

Repurchase agreements6 7,800 149,700 ... ... ... ... 157,500

Central bank liquidity swaps7 24,501 385,212 0 0 0 0 409,712

Reverse repurchase agreements6 289,292 0 ... ... ... ... 289,292

Term deposits 0 0 0 ... ... ... 0

Note: Components may not sum to totals because of rounding.

...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund

Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans exclude the loan from the Federal Reserve Bank

of New York (FRBNY) to Commercial Paper Funding Facility II LLC, which was eliminated when preparing the FRBNY's statement of condition

consistent with consolidation under generally accepted accounting principles.

2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original

face value of such securities.

3. Face value.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. Face value of commercial paper held by Commercial Paper Funding Facility II LLC.

6. Cash value of agreements.

7. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Apr 22, 2020

Mortgage-backed securities held outright1 1,622,487

Residential mortgage-backed securities 1,615,615

Commercial mortgage-backed securities 6,872

Commitments to buy mortgage-backed securities2 263,013

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. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within

180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed

securities generally settle within three business days.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4 and table 5.
H.4.1

4. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Apr 22, 2020 Apr 15, 2020 Apr 24, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,636 - 20 - 43

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 6,085,683 + 169,420 +2,224,872

Securities held outright1 5,534,186 + 174,810 +1,794,902

U.S. Treasury securities 3,909,352 + 120,494 +1,755,808

Bills2 326,044 0 + 326,044

Notes and bonds, nominal2 3,314,644 + 108,500 +1,298,170

Notes and bonds, inflation-indexed2 233,692 + 11,000 + 118,548

Inflation compensation3 34,972 + 994 + 13,046

Federal agency debt securities2 2,347 0 0

Mortgage-backed securities4 1,622,487 + 54,316 + 39,094

Unamortized premiums on securities held outright5 278,037 + 15,703 + 143,544

Unamortized discounts on securities held outright5 -6,128 + 768 + 6,870

Repurchase agreements6 157,500 - 23,600 + 157,500

Loans7 122,088 + 1,739 + 122,056

Net portfolio holdings of Commercial Paper Funding

Facility II LLC8 2,732 + 1,758 + 2,732

Items in process of collection (0) 35 0 - 23

Bank premises 2,207 + 4 + 3

Central bank liquidity swaps9 409,712 + 31,421 + 409,657

Foreign currency denominated assets10 20,405 - 120 - 122

Other assets11 34,487 + 2,784 + 7,785

Total assets (0) 6,573,136 + 205,249 +2,644,863

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Apr 22, 2020 Apr 15, 2020 Apr 24, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,847,662 + 8,363 + 166,961

Reverse repurchase agreements12 289,292 + 9,708 + 18,892

Deposits (0) 4,372,413 + 198,561 +2,440,750

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 3,099,980 + 30,106 +1,627,168

U.S. Treasury, General Account 949,999 + 93,844 + 551,083

Foreign official 16,303 - 44 + 11,059

Other13 (0) 306,130 + 74,655 + 251,438

Deferred availability cash items (0) 341 - 55 + 71

Other liabilities and accrued dividends14 24,597 - 11,327 + 18,669

Total liabilities (0) 6,534,304 + 205,249 +2,645,341

Capital accounts

Capital paid in 32,006 - 1 - 480

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,831 - 1 - 480

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund

Liquidity Facility, Paycheck Protection Program Liquidity Facility, and other credit extensions.

8. Refer to the note on consolidation accompanying table 5.

9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

10. Revalued daily at current foreign currency exchange rates.

11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also includes net portfolio

holdings of Maiden Lane LLC.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks

as fiscal agents of the United States.

14. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, April 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 certificates and special drawing

rights certificates 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045

Coin 1,636 38 48 150 90 221 159 273 27 50 108 183 290

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 6,085,683 184,102 3,140,694 136,569 186,979 374,819 440,651 338,372 94,803 56,860 96,544 289,388 745,902

Net portfolio holdings of Commercial

Paper Funding Facility II LLC2 2,732 0 2,732 0 0 0 0 0 0 0 0 0 0

Central bank liquidity swaps3 409,712 19,448 137,689 14,744 35,012 86,477 20,320 15,911 6,716 3,208 4,321 4,864 61,002

Foreign currency denominated

assets4 20,405 968 6,859 734 1,744 4,306 1,012 792 334 160 215 242 3,038

Other assets5 36,729 933 17,805 886 1,213 2,599 2,750 2,079 728 465 866 1,962 4,444

Interdistrict settlement account 0 - 66,555 + 411,279 - 11,467 - 29,192 + 57,752 - 96,054 - 9,701 - 20,312 - 13,809 - 13,156 + 2,345 - 211,131

Total assets 6,573,136 139,467 3,722,589 142,146 196,607 527,338 371,022 348,863 82,775 47,204 89,348 300,186 605,590

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, April 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, net 1,847,662 57,167 618,895 50,491 83,740 124,458 254,120 119,347 58,261 29,950 49,579 151,242 250,412

Reverse repurchase agreements6 289,292 6,497 149,783 6,600 9,051 18,131 21,320 16,158 4,571 2,734 4,600 13,942 35,905

Deposits 4,372,413 73,569 2,923,768 83,265 100,024 375,489 92,598 211,012 19,008 13,651 34,418 133,659 311,951

Depository institutions 3,099,980 73,548 1,801,401 83,264 90,530 374,098 87,789 90,610 19,002 13,594 24,342 129,859 311,944

U.S. Treasury, General Account 949,999 0 949,999 0 0 0 0 0 0 0 0 0 0

Foreign official 16,303 2 16,277 1 3 8 2 2 1 0 0 0 6

Other7 306,130 20 156,091 0 9,491 1,383 4,807 120,400 6 57 10,075 3,799 1

Earnings remittances due to the U.S.

Treasury8 2,205 59 1,157 51 56 123 168 125 38 13 40 109 267

Other liabilities and accrued

dividends 22,732 345 15,985 350 440 986 916 724 263 530 297 589 1,309

Total liabilities 6,534,304 137,637 3,709,588 140,757 193,310 519,187 369,123 347,367 82,140 46,879 88,933 299,540 599,843

Capital

Capital paid in 32,006 1,506 10,707 1,143 2,714 6,710 1,561 1,232 523 272 342 565 4,731

Surplus 6,825 324 2,294 246 583 1,441 338 265 112 53 72 81 1,016

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 6,573,136 139,467 3,722,589 142,146 196,607 527,338 371,022 348,863 82,775 47,204 89,348 300,186 605,590

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, April 22, 2020 (continued)

1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities

lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the

purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on

an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary,

secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, Paycheck Protection Program Liquidity Facility, and

other credit extensions.

2. Refer to note on consolidation below.

3. 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.

4. Revalued daily at current foreign currency exchange rates.

5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio

holdings of Maiden Lane LLC; refer to the note on consolidation for additional information.

6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

7. 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.

8. 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 April 14, 2020, the Federal Reserve Bank of New York (FRBNY) began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC) under the authority of section 13(3) of the

Federal Reserve Act. CPFF II LLC is a limited liability company formed to purchase three-month U.S dollar-denominated commercial paper by eligible issuers. The assets of the CPFF II LLC are

used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY.

The FRBNY is the managing member of CPFF II LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the CPFF II LLC have been consolidated with the assets

and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBNY to CPFF II LLC is eliminated, the

net assets of the CPFF II LLC appear as assets on the previous page (and in table 1 and table 4), and the liabilities of the CPFF II LLC to entities other than the FRBNY, including those with recourse

only to the portfolio holdings of the CPFF II LLC are included in other liabilities in this table (and table 1 and table 4).
H.4.1

6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Apr 22, 2020

Federal Reserve notes outstanding 2,015,588

Less: Notes held by F.R. Banks not subject to collateralization 167,927

Federal Reserve notes to be collateralized 1,847,662

Collateral held against Federal Reserve notes 1,847,662

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,831,425

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 5,691,686

Less: Face value of securities under reverse repurchase agreements 273,188

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,418,498

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.