FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 5, 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 4, 2019 Nov 27, 2019 Dec 5, 2018

Wednesday

Dec 4, 2019

Reserve Bank credit 4,019,300 + 17,495 - 28,467 4,026,728

Securities held outright1 3,676,548 + 9,351 - 221,657 3,685,925

U.S. Treasury securities 2,250,477 + 17,067 + 8,151 2,259,853

Bills2 107,588 + 12,859 + 107,588 114,017

Notes and bonds, nominal2 1,993,489 + 4,174 - 110,248 1,996,404

Notes and bonds, inflation-indexed2 124,372 0 + 7,965 124,372

Inflation compensation3 25,029 + 34 + 2,846 25,060

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

Mortgage-backed securities4 1,423,724 - 7,716 - 229,746 1,423,725

Unamortized premiums on securities held outright5 125,559 - 350 - 16,035 125,541

Unamortized discounts on securities held outright5 -13,105 - 52 + 440 -13,131

Repurchase agreements6 210,197 + 8,228 + 210,178 208,007

Loans 17 - 6 - 38 9

Primary credit 3 - 1 - 2 1

Secondary credit 0 0 0 0

Seasonal credit 14 - 5 - 36 8

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 7 0

Float -382 - 130 + 105 -455

Central bank liquidity swaps8 47 0 - 147 47

Other Federal Reserve assets9 20,419 + 454 - 1,305 20,784

Foreign currency denominated assets10 20,599 + 46 - 27 20,604

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,120 + 14 + 375 50,120

Total factors supplying reserve funds 4,106,261 + 17,556 - 28,118 4,113,692

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 4, 2019 Nov 27, 2019 Dec 5, 2018

Wednesday

Dec 4, 2019

Currency in circulation11 1,793,256 + 5,393 + 88,807 1,793,762

Reverse repurchase agreements12 283,717 + 786 + 51,197 277,374

Foreign official and international accounts 283,300 + 4,591 + 53,331 277,374

Others 417 - 3,805 - 2,134 0

Treasury cash holdings 186 + 3 - 17 190

Deposits with F.R. Banks, other than reserve balances 410,763 - 35,661 - 3,474 403,670

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 346,971 - 13,970 + 9,407 338,453

Foreign official 5,183 + 2 - 88 5,181

Other13 58,610 - 21,692 - 12,792 60,036

Other liabilities and capital14 45,078 + 471 + 249 44,977

Total factors, other than reserve balances,

absorbing reserve funds 2,533,000 - 29,008 + 136,762 2,519,973

Reserve balances with Federal Reserve Banks 1,573,261 + 46,564 - 164,880 1,593,719

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 4, 2019 Nov 27, 2019 Dec 5, 2018

Wednesday

Dec 4, 2019

Securities held in custody for foreign official and international

accounts 3,416,922 + 2,019 + 13,010 3,409,249

Marketable U.S. Treasury securities1 2,967,714 + 3,863 - 61,208 2,960,241

Federal agency debt and mortgage-backed securities2 365,300 - 1,471 + 56,957 365,295

Other securities3 83,907 - 374 + 17,261 83,713

Securities lent to dealers 30,914 + 1,437 + 11,925 33,343

Overnight facility4 30,914 + 1,437 + 11,925 33,343

U.S. Treasury securities 30,914 + 1,437 + 11,925 33,343

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 4, 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 4 5 0 0 0 ... 9

U.S. Treasury securities1

Holdings 8,372 110,535 301,082 881,241 322,057 636,566 2,259,853

Weekly changes - 1,831 + 12,551 - 2,879 - 1,264 + 4,734 + 45 + 11,355

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 1,179 75,681 1,346,851 1,423,725

Weekly changes 0 + 1 + 2 + 203 - 163 - 41 + 1

Repurchase agreements4 158,007 50,000 ... ... ... ... 208,007

Central bank liquidity swaps5 47 0 0 0 0 0 47

Reverse repurchase agreements4 277,374 0 ... ... ... ... 277,374

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 4, 2019

Mortgage-backed securities held outright1 1,423,725

Commitments to buy mortgage-backed securities2 9,568

Commitments to sell mortgage-backed securities2 98

Cash and cash equivalents3 2

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 4, 2019 Nov 27, 2019 Dec 5, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,620 - 1 - 89

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,006,350 + 11,971 - 18,137

Securities held outright1 3,685,925 + 11,356 - 210,505

U.S. Treasury securities 2,259,853 + 11,355 + 19,302

Bills2 114,017 + 7,501 + 114,017

Notes and bonds, nominal2 1,996,404 + 3,802 - 105,392

Notes and bonds, inflation-indexed2 124,372 0 + 7,827

Inflation compensation3 25,060 + 52 + 2,850

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,423,725 + 1 - 229,745

Unamortized premiums on securities held outright5 125,541 - 94 - 15,932

Unamortized discounts on securities held outright5 -13,131 - 23 + 408

Repurchase agreements6 208,007 + 764 + 207,941

Loans 9 - 31 - 48

Net portfolio holdings of Maiden Lane LLC7 0 0 - 7

Items in process of collection (0) 53 - 30 - 9

Bank premises 2,191 - 14 - 1

Central bank liquidity swaps8 47 0 - 147

Foreign currency denominated assets9 20,604 + 111 - 7

Other assets10 18,594 + 785 - 1,951

Total assets (0) 4,065,696 + 12,821 - 20,348

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 4, 2019 Nov 27, 2019 Dec 5, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,745,447 + 1,429 + 87,209

Reverse repurchase agreements11 277,374 - 4,547 + 41,717

Deposits (0) 1,997,389 + 15,880 - 148,914

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,593,719 + 34,000 - 142,588

U.S. Treasury, General Account 338,453 - 20,443 + 9,840

Foreign official 5,181 0 - 176

Other12 (0) 60,036 + 2,324 - 15,991

Deferred availability cash items (0) 508 - 396 0

Other liabilities and accrued dividends13 6,078 + 455 - 130

Total liabilities (0) 4,026,797 + 12,822 - 20,117

Capital accounts

Capital paid in 32,074 - 1 - 231

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,899 - 1 - 231

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 4, 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 1,620 39 43 147 107 213 151 273 31 45 109 183 279

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,006,350 83,116 2,185,743 97,020 117,215 245,174 273,929 210,299 57,582 34,673 59,408 173,960 468,232

Securities held outright1 3,685,925 76,469 2,010,933 89,261 107,841 225,565 252,018 193,479 52,976 31,895 54,656 160,047 430,784

U.S. Treasury securities 2,259,853 46,883 1,232,910 54,726 66,118 138,295 154,513 118,623 32,480 19,555 33,510 98,125 264,115

Bills2 114,017 2,365 62,204 2,761 3,336 6,977 7,796 5,985 1,639 987 1,691 4,951 13,325

Notes and bonds3 2,145,836 44,518 1,170,705 51,965 62,782 131,317 146,717 112,638 30,841 18,568 31,819 93,175 250,790

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

Mortgage-backed securities4 1,423,725 29,537 776,743 34,478 41,655 87,127 97,344 74,733 20,463 12,320 21,112 61,820 166,395

Unamortized premiums on securities 

held outright5 125,541 2,604 68,491 3,040 3,673 7,683 8,584 6,590 1,804 1,086 1,862 5,451 14,672

Unamortized discounts on securities 

held outright5 -13,131 -272 -7,164 -318 -384 -804 -898 -689 -189 -114 -195 -570 -1,535

Repurchase agreements6 208,007 4,315 113,483 5,037 6,086 12,729 14,222 10,919 2,990 1,800 3,084 9,032 24,310

Loans 9 0 0 0 0 0 3 0 0 5 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 53 0 0 0 0 0 52 0 0 1 0 0 0

Bank premises 2,191 106 454 89 117 190 203 193 102 94 228 224 190

Central bank liquidity swaps8 47 2 15 3 4 10 3 2 1 0 0 1 7

Foreign currency denominated

assets9 20,604 887 6,540 1,190 1,645 4,393 1,198 860 314 98 199 255 3,024

Other assets10 18,594 399 9,681 442 549 1,338 1,250 947 475 213 343 820 2,136

Interdistrict settlement account 0 + 9,830 - 171,623 - 11,897 + 19,405 - 766 + 36,625 + 23,335 + 9,906 + 4,782 + 7,758 + 28,505 + 44,140

Total assets 4,065,696 94,927 2,036,378 87,531 139,810 251,717 315,626 237,044 68,888 40,181 68,490 205,120 519,984

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 4, 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 1,953,628 60,470 640,856 57,128 93,699 134,100 272,938 126,578 59,398 31,162 53,581 163,862 259,856

Less: Notes held by F.R. Banks 208,180 6,251 55,558 8,772 8,940 16,368 29,220 13,013 5,418 3,322 7,295 20,156 33,868

Federal Reserve notes, net 1,745,447 54,219 585,298 48,357 84,759 117,731 243,719 113,565 53,980 27,840 46,286 143,705 225,988

Reverse repurchase agreements11 277,374 5,754 151,327 6,717 8,115 16,974 18,965 14,560 3,987 2,400 4,113 12,044 32,418

Deposits 1,997,389 32,960 1,284,341 30,697 43,422 108,187 50,114 107,047 10,125 9,040 17,520 48,623 255,313

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 1,593,719 32,934 918,974 30,694 43,392 107,645 50,080 69,559 10,116 8,987 17,494 48,537 255,306

U.S. Treasury, General Account 338,453 0 338,453 0 0 0 0 0 0 0 0 0 0

Foreign official 5,181 2 5,154 2 3 9 2 2 1 0 0 0 6

Other12 60,036 24 21,761 0 27 534 32 37,486 8 52 26 85 1

Deferred availability cash items 508 0 0 0 0 0 49 0 0 459 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,314 22 692 36 44 113 99 62 24 11 15 56 139

Other liabilities and accrued

dividends 4,764 182 1,905 190 215 566 308 302 151 152 159 231 405

Total liabilities 4,026,797 93,138 2,023,563 85,996 136,556 243,572 313,254 235,535 68,266 39,901 68,093 204,659 514,263

Capital

Capital paid in 32,074 1,495 10,649 1,141 2,709 6,690 1,975 1,224 518 248 330 376 4,719

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 4,065,696 94,927 2,036,378 87,531 139,810 251,717 315,626 237,044 68,888 40,181 68,490 205,120 519,984

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 4, 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 4, 2019

Federal Reserve notes outstanding 1,953,628

Less: Notes held by F.R. Banks not subject to collateralization 208,180

Federal Reserve notes to be collateralized 1,745,447

Collateral held against Federal Reserve notes 1,745,447

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,729,210

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,893,932

Less: Face value of securities under reverse repurchase agreements 270,646

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,623,286

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.