FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 5, 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

Mar 4, 2020 Feb 26, 2020 Mar 6, 2019

Wednesday

Mar 4, 2020

Reserve Bank credit 4,144,341 + 24,850 + 215,099 4,202,074

Securities held outright1 3,865,007 + 18,441 + 79,591 3,876,816

U.S. Treasury securities 2,490,816 + 25,603 + 315,417 2,502,624

Bills2 295,543 + 19,288 + 295,543 303,042

Notes and bonds, nominal2 2,038,824 + 6,316 - 187 2,043,081

Notes and bonds, inflation-indexed2 131,052 0 + 15,898 131,052

Inflation compensation3 25,397 - 1 + 4,163 25,449

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

Mortgage-backed securities4 1,371,844 - 7,163 - 235,765 1,371,846

Unamortized premiums on securities held outright5 123,436 - 72 - 13,509 124,406

Unamortized discounts on securities held outright5 -13,477 + 15 - 254 -13,425

Repurchase agreements6 150,293 + 6,450 + 150,293 195,000

Loans 12 + 10 0 1

Primary credit 11 + 9 + 5 1

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 6 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -491 - 308 - 158 -628

Central bank liquidity swaps8 48 + 3 - 17 48

Other Federal Reserve assets9 19,512 + 310 - 849 19,855

Foreign currency denominated assets10 20,655 + 479 - 64 20,775

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,197 + 14 + 367 50,197

Total factors supplying reserve funds 4,231,434 + 25,343 + 215,401 4,289,287

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

Mar 4, 2020 Feb 26, 2020 Mar 6, 2019

Wednesday

Mar 4, 2020

Currency in circulation11 1,803,521 + 4,579 + 88,749 1,810,269

Reverse repurchase agreements12 228,234 + 6,487 - 21,866 236,702

Foreign official and international accounts 226,089 + 7,228 - 21,495 231,677

Others 2,145 - 741 - 371 5,025

Treasury cash holdings 289 + 17 - 26 306

Deposits with F.R. Banks, other than reserve balances 456,126 - 58,039 + 171,303 462,394

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 374,515 - 64,850 + 154,470 381,302

Foreign official 5,187 0 - 57 5,186

Other13 76,424 + 6,811 + 16,890 75,906

Other liabilities and capital14 44,409 - 87 + 1 44,610

Total factors, other than reserve balances,

absorbing reserve funds 2,532,579 - 47,043 + 238,161 2,554,282

Reserve balances with Federal Reserve Banks 1,698,855 + 72,386 - 22,759 1,735,005

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

Mar 4, 2020 Feb 26, 2020 Mar 6, 2019

Wednesday

Mar 4, 2020

Securities held in custody for foreign official and international

accounts 3,457,675 - 2,650 - 8,278 3,442,481

Marketable U.S. Treasury securities1 2,998,649 - 1,689 - 71,973 2,982,812

Federal agency debt and mortgage-backed securities2 377,070 - 887 + 53,351 377,112

Other securities3 81,956 - 73 + 10,344 82,557

Securities lent to dealers 32,322 + 3,003 + 5,842 35,719

Overnight facility4 32,322 + 3,003 + 5,842 35,719

U.S. Treasury securities 32,322 + 3,003 + 5,842 35,719

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, March 4, 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 1 0 0 0 0 ... 1

U.S. Treasury securities1

Holdings 22,679 213,281 367,820 914,339 326,323 658,181 2,502,624

Weekly changes - 12,133 + 24,497 + 11,840 + 941 + 941 + 2,479 + 28,564

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 4 1,649 71,812 1,298,380 1,371,846

Weekly changes 0 0 + 1 + 163 + 1,616 - 1,777 + 3

Repurchase agreements4 195,000 0 ... ... ... ... 195,000

Central bank liquidity swaps5 48 0 0 0 0 0 48

Reverse repurchase agreements4 236,702 0 ... ... ... ... 236,702

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 Mar 4, 2020

Mortgage-backed securities held outright1 1,371,846

Commitments to buy mortgage-backed securities2 2,763

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 1

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

Mar 4, 2020 Feb 26, 2020 Mar 6, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,751 - 19 - 19

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,182,798 + 81,239 + 273,710

Securities held outright1 3,876,816 + 28,566 + 91,378

U.S. Treasury securities 2,502,624 + 28,564 + 327,204

Bills2 303,042 + 22,501 + 303,042

Notes and bonds, nominal2 2,043,081 + 5,999 + 4,070

Notes and bonds, inflation-indexed2 131,052 0 + 15,898

Inflation compensation3 25,449 + 64 + 4,194

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,371,846 + 3 - 235,763

Unamortized premiums on securities held outright5 124,406 + 1,103 - 12,450

Unamortized discounts on securities held outright5 -13,425 + 22 - 212

Repurchase agreements6 195,000 + 51,560 + 195,000

Loans 1 - 12 - 5

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 42 - 5 - 22

Bank premises 2,198 - 4 - 1

Central bank liquidity swaps8 48 + 4 - 17

Foreign currency denominated assets9 20,775 + 500 + 96

Other assets10 17,657 + 1,154 - 1,376

Total assets (0) 4,241,507 + 82,870 + 272,373

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

Mar 4, 2020 Feb 26, 2020 Mar 6, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,762,125 + 10,216 + 90,472

Reverse repurchase agreements11 236,702 + 16,734 - 430

Deposits (0) 2,197,400 + 55,412 + 182,123

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,735,006 + 54,936 - 1,541

U.S. Treasury, General Account 381,302 - 6,313 + 167,691

Foreign official 5,186 0 - 58

Other12 (0) 75,906 + 6,789 + 16,032

Deferred availability cash items (0) 670 + 32 + 12

Other liabilities and accrued dividends13 6,052 + 469 + 826

Total liabilities (0) 4,202,949 + 82,863 + 273,003

Capital accounts

Capital paid in 31,733 + 7 - 630

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,558 + 7 - 630

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, March 4, 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 1,751 41 54 159 97 236 166 287 36 54 118 201 302

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,182,798 86,777 2,282,012 101,293 122,378 255,972 285,991 219,562 60,118 36,195 62,024 181,622 488,855

Securities held outright1 3,876,816 80,429 2,115,077 93,883 113,426 237,247 265,070 203,499 55,720 33,547 57,487 168,336 453,094

U.S. Treasury securities 2,502,624 51,920 1,365,358 60,605 73,220 153,152 171,112 131,366 35,969 21,656 37,110 108,667 292,488

Bills2 303,042 6,287 165,331 7,339 8,866 18,545 20,720 15,907 4,356 2,622 4,494 13,158 35,417

Notes and bonds3 2,199,582 45,633 1,200,027 53,266 64,354 134,607 150,392 115,459 31,614 19,033 32,616 95,508 257,071

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

Mortgage-backed securities4 1,371,846 28,461 748,439 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 124,406 2,581 67,872 3,013 3,640 7,613 8,506 6,530 1,788 1,077 1,845 5,402 14,540

Unamortized discounts on securities 

held outright5 -13,425 -279 -7,324 -325 -393 -822 -918 -705 -193 -116 -199 -583 -1,569

Repurchase agreements6 195,000 4,046 106,386 4,722 5,705 11,933 13,333 10,236 2,803 1,687 2,892 8,467 22,790

Loans 1 0 0 0 0 0 0 1 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 42 0 0 0 0 0 42 0 0 0 0 0 0

Bank premises 2,198 104 454 94 119 191 202 191 102 92 227 223 197

Central bank liquidity swaps8 48 2 15 3 4 10 3 2 1 0 0 1 7

Foreign currency denominated

assets9 20,775 895 6,594 1,200 1,658 4,429 1,208 867 317 99 201 257 3,050

Other assets10 17,657 379 9,052 420 524 1,299 1,181 896 553 207 334 782 2,031

Interdistrict settlement account 0 + 39,056 - 180,967 + 1,186 + 6,052 + 25 + 28,278 + 17,793 + 10,498 + 6,497 + 7,447 + 28,028 + 36,107

Total assets 4,241,507 127,801 2,122,739 104,894 131,600 263,329 319,284 240,733 72,102 43,420 70,797 212,286 532,523

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, March 4, 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 1,964,485 60,909 648,634 57,264 93,598 134,100 274,105 126,665 59,341 32,055 54,093 163,610 260,111

Less: Notes held by F.R. Banks 202,360 6,011 53,214 8,660 8,800 15,646 31,686 12,821 4,603 2,781 7,085 18,532 32,522

Federal Reserve notes, net 1,762,125 54,898 595,420 48,604 84,797 118,454 242,420 113,844 54,738 29,275 47,008 145,078 227,589

Reverse repurchase agreements11 236,702 4,911 129,138 5,732 6,925 14,485 16,184 12,425 3,402 2,048 3,510 10,278 27,664

Deposits 2,197,400 65,955 1,382,677 48,944 36,316 121,609 58,304 112,599 13,149 11,012 19,682 56,196 270,957

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 1,735,006 65,941 966,361 48,942 36,262 121,119 58,269 67,341 13,145 10,959 19,657 56,058 270,950

U.S. Treasury, General Account 381,302 0 381,302 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 75,906 13 29,855 0 51 481 32 45,256 3 53 24 137 1

Deferred availability cash items 670 0 0 0 0 0 46 0 0 624 0 0 0

Earnings remittances due to the U.S.

Treasury13 2,091 41 1,023 64 92 174 171 99 46 22 27 82 251

Other liabilities and accrued

dividends 3,961 167 1,507 162 177 477 263 271 135 137 160 194 310

Total liabilities 4,202,949 125,972 2,109,765 103,507 128,307 255,198 317,388 239,237 71,470 43,118 70,388 211,828 526,771

Capital

Capital paid in 31,733 1,505 10,681 1,141 2,710 6,691 1,558 1,231 520 248 337 377 4,736

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 4,241,507 127,801 2,122,739 104,894 131,600 263,329 319,284 240,733 72,102 43,420 70,797 212,286 532,523

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, March 4, 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 Mar 4, 2020

Federal Reserve notes outstanding 1,964,485

Less: Notes held by F.R. Banks not subject to collateralization 202,360

Federal Reserve notes to be collateralized 1,762,125

Collateral held against Federal Reserve notes 1,762,125

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,745,888

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,071,816

Less: Face value of securities under reverse repurchase agreements 229,676

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,842,140

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.