FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 19, 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 18, 2019 Dec 11, 2019 Dec 19, 2018

Wednesday

Dec 18, 2019

Reserve Bank credit 4,087,593 + 40,363 + 39,488 4,098,408

Securities held outright1 3,715,908 + 16,400 - 178,555 3,725,461

U.S. Treasury securities 2,287,247 + 13,811 + 46,606 2,300,678

Bills2 136,306 + 11,145 + 136,306 147,022

Notes and bonds, nominal2 1,999,671 + 1,366 - 102,125 2,002,358

Notes and bonds, inflation-indexed2 125,973 + 1,144 + 9,428 125,973

Inflation compensation3 25,297 + 157 + 2,997 25,325

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

Mortgage-backed securities4 1,426,314 + 2,589 - 225,099 1,422,436

Unamortized premiums on securities held outright5 125,572 - 73 - 15,479 125,398

Unamortized discounts on securities held outright5 -13,150 - 26 + 341 -13,237

Repurchase agreements6 235,292 + 22,271 + 235,292 236,662

Loans 24 + 2 - 50 48

Primary credit 15 + 4 + 6 39

Secondary credit 0 0 0 0

Seasonal credit 9 - 2 - 56 10

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 2 0

Float -106 - 1 + 51 -94

Central bank liquidity swaps8 79 + 10 + 9 79

Other Federal Reserve assets9 23,974 + 1,781 - 2,118 24,090

Foreign currency denominated assets10 20,618 + 2 + 12 20,587

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,110 + 14 + 357 50,110

Total factors supplying reserve funds 4,174,563 + 40,380 + 39,858 4,185,346

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 18, 2019 Dec 11, 2019 Dec 19, 2018

Wednesday

Dec 18, 2019

Currency in circulation11 1,792,866 + 893 + 87,154 1,796,004

Reverse repurchase agreements12 259,711 - 6,506 + 13,915 263,981

Foreign official and international accounts 257,409 - 8,277 + 13,609 250,619

Others 2,302 + 1,770 + 306 13,362

Treasury cash holdings 175 - 13 - 27 171

Deposits with F.R. Banks, other than reserve balances 416,200 + 24,034 - 22,000 449,240

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 332,592 + 5,727 - 18,122 378,573

Foreign official 5,182 - 1 - 61 5,182

Other13 78,426 + 18,308 - 3,817 65,485

Other liabilities and capital14 45,363 + 380 - 294 44,502

Total factors, other than reserve balances,

absorbing reserve funds 2,514,314 + 18,788 + 78,747 2,553,899

Reserve balances with Federal Reserve Banks 1,660,249 + 21,592 - 38,889 1,631,448

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 18, 2019 Dec 11, 2019 Dec 19, 2018

Wednesday

Dec 18, 2019

Securities held in custody for foreign official and international

accounts 3,405,432 + 253 + 2,263 3,414,835

Marketable U.S. Treasury securities1 2,956,614 + 781 - 71,178 2,966,793

Federal agency debt and mortgage-backed securities2 365,457 - 267 + 56,747 365,073

Other securities3 83,360 - 262 + 16,693 82,969

Securities lent to dealers 30,769 - 2,872 + 7,871 30,271

Overnight facility4 30,769 - 2,872 + 7,871 30,271

U.S. Treasury securities 30,769 - 2,872 + 7,871 30,271

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 18, 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 48 0 0 0 0 ... 48

U.S. Treasury securities1

Holdings 22,179 104,466 328,716 882,652 322,172 640,493 2,300,678

Weekly changes + 8,556 - 6,006 + 14,815 + 1,051 + 36 + 30 + 18,482

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 1,175 75,163 1,346,083 1,422,436

Weekly changes 0 0 0 - 4 - 518 - 768 - 1,289

Repurchase agreements4 111,662 125,000 ... ... ... ... 236,662

Central bank liquidity swaps5 79 0 0 0 0 0 79

Reverse repurchase agreements4 263,981 0 ... ... ... ... 263,981

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 18, 2019

Mortgage-backed securities held outright1 1,422,436

Commitments to buy mortgage-backed securities2 7,336

Commitments to sell mortgage-backed securities2 87

Cash and cash equivalents3 0

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

2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.

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

4. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Dec 18, 2019 Dec 11, 2019 Dec 19, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,673 + 24 - 69

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,074,333 + 40,522 + 55,076

Securities held outright1 3,725,461 + 17,193 - 166,296

U.S. Treasury securities 2,300,678 + 18,482 + 60,017

Bills2 147,022 + 15,002 + 147,022

Notes and bonds, nominal2 2,002,358 + 3,402 - 99,438

Notes and bonds, inflation-indexed2 125,973 0 + 9,428

Inflation compensation3 25,325 + 78 + 3,004

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,422,436 - 1,289 - 226,251

Unamortized premiums on securities held outright5 125,398 - 313 - 15,486

Unamortized discounts on securities held outright5 -13,237 - 94 + 242

Repurchase agreements6 236,662 + 23,705 + 236,662

Loans 48 + 30 - 47

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 54 - 9 - 135

Bank premises 2,195 + 3 - 4

Central bank liquidity swaps8 79 + 10 + 9

Foreign currency denominated assets9 20,587 - 49 - 174

Other assets10 21,895 + 1,061 - 1,924

Total assets (0) 4,137,052 + 41,561 + 52,778

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 18, 2019 Dec 11, 2019 Dec 19, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,747,734 + 3,085 + 86,595

Reverse repurchase agreements11 263,981 + 1,348 + 11,362

Deposits (0) 2,080,688 + 37,205 - 44,112

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,631,448 - 39,748 - 17,717

U.S. Treasury, General Account 378,573 + 74,413 - 17,720

Foreign official 5,182 0 - 62

Other12 (0) 65,485 + 2,540 - 8,613

Deferred availability cash items (0) 148 - 126 - 221

Other liabilities and accrued dividends13 5,985 + 46 - 201

Total liabilities (0) 4,098,535 + 41,556 + 53,422

Capital accounts

Capital paid in 31,692 + 5 - 643

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,517 + 5 - 643

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 18, 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 1,673 39 43 147 104 221 170 277 33 47 114 193 287

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,074,333 84,526 2,222,811 98,665 119,203 249,332 278,574 213,865 58,558 35,270 60,417 176,921 476,191

Securities held outright1 3,725,461 77,289 2,032,503 90,218 108,998 227,985 254,721 195,555 53,545 32,237 55,243 161,764 435,405

U.S. Treasury securities 2,300,678 47,730 1,255,183 55,715 67,312 140,793 157,304 120,766 33,067 19,908 34,115 99,898 268,887

Bills2 147,022 3,050 80,211 3,560 4,301 8,997 10,052 7,717 2,113 1,272 2,180 6,384 17,183

Notes and bonds3 2,153,656 44,680 1,174,972 52,154 63,011 131,796 147,252 113,048 30,954 18,636 31,935 93,514 251,704

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

Mortgage-backed securities4 1,422,436 29,510 776,039 34,447 41,617 87,048 97,256 74,666 20,444 12,309 21,092 61,764 166,244

Unamortized premiums on securities 

held outright5 125,398 2,602 68,414 3,037 3,669 7,674 8,574 6,582 1,802 1,085 1,859 5,445 14,656

Unamortized discounts on securities 

held outright5 -13,237 -275 -7,222 -321 -387 -810 -905 -695 -190 -115 -196 -575 -1,547

Repurchase agreements6 236,662 4,910 129,116 5,731 6,924 14,483 16,181 12,423 3,401 2,048 3,509 10,276 27,659

Loans 48 0 0 0 0 0 3 0 0 14 2 11 18

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 54 0 0 0 0 0 54 0 0 0 0 0 0

Bank premises 2,195 106 455 89 117 191 203 194 102 93 228 224 192

Central bank liquidity swaps8 79 3 25 5 6 17 5 3 1 0 1 1 12

Foreign currency denominated

assets9 20,587 887 6,534 1,189 1,643 4,389 1,197 859 314 98 199 255 3,022

Other assets10 21,895 467 11,404 521 642 1,573 1,467 1,111 518 225 395 1,067 2,506

Interdistrict settlement account 0 + 4,691 - 99,936 - 15,390 + 15,346 + 2,066 + 23,122 + 18,485 + 8,750 + 5,375 + 7,172 + 20,489 + 9,828

Total assets 4,137,052 91,265 2,146,861 85,763 137,830 258,955 307,006 235,929 68,754 41,384 68,971 200,322 494,012

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 18, 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 1,957,678 60,728 639,935 57,479 94,250 134,183 273,542 126,840 59,665 31,997 54,228 164,420 260,410

Less: Notes held by F.R. Banks 209,945 6,100 54,684 8,440 9,161 16,521 31,219 12,908 5,294 3,186 7,136 20,107 35,188

Federal Reserve notes, net 1,747,734 54,628 585,251 49,039 85,089 117,662 242,323 113,932 54,371 28,811 47,092 144,313 225,222

Reverse repurchase agreements11 263,981 5,477 144,020 6,393 7,723 16,155 18,049 13,857 3,794 2,284 3,914 11,462 30,852

Deposits 2,080,688 29,155 1,402,180 28,581 41,516 116,371 44,210 106,259 9,805 9,741 17,394 43,793 231,682

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 1,631,448 29,131 995,728 28,579 41,470 116,063 44,176 64,123 9,798 9,683 17,346 43,676 231,676

U.S. Treasury, General Account 378,573 0 378,573 0 0 0 0 0 0 0 0 0 0

Foreign official 5,182 2 5,155 2 3 9 2 2 1 0 0 0 6

Other12 65,485 23 22,725 0 43 299 32 42,134 7 58 47 116 0

Deferred availability cash items 148 0 0 0 0 0 42 0 0 106 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,206 21 690 26 31 26 107 61 19 6 21 65 133

Other liabilities and accrued

dividends 4,779 185 1,901 190 216 596 305 307 143 155 152 227 401

Total liabilities 4,098,535 89,467 2,134,043 84,228 134,576 250,809 305,037 234,416 68,130 41,104 68,573 199,861 488,290

Capital

Capital paid in 31,692 1,505 10,653 1,141 2,709 6,690 1,572 1,228 520 248 332 376 4,720

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 4,137,052 91,265 2,146,861 85,763 137,830 258,955 307,006 235,929 68,754 41,384 68,971 200,322 494,012

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 18, 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 18, 2019

Federal Reserve notes outstanding 1,957,678

Less: Notes held by F.R. Banks not subject to collateralization 209,945

Federal Reserve notes to be collateralized 1,747,734

Collateral held against Federal Reserve notes 1,747,734

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,731,497

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,962,123

Less: Face value of securities under reverse repurchase agreements 256,863

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,705,260

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.