FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 16, 2020

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Jan 15, 2020 Jan 8, 2020 Jan 16, 2019

Wednesday

Jan 15, 2020

Reserve Bank credit 4,132,767 + 4,439 + 116,806 4,137,142

Securities held outright1 3,769,920 + 23,235 - 90,129 3,769,300

U.S. Treasury securities 2,359,094 + 23,432 + 137,345 2,362,635

Bills2 193,314 + 19,503 + 193,314 195,029

Notes and bonds, nominal2 2,011,545 + 2,539 - 72,041 2,014,116

Notes and bonds, inflation-indexed2 128,617 + 1,233 + 12,580 128,005

Inflation compensation3 25,618 + 158 + 3,493 25,485

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

Mortgage-backed securities4 1,408,479 - 198 - 227,412 1,404,318

Unamortized premiums on securities held outright5 124,461 - 15 - 15,131 124,410

Unamortized discounts on securities held outright5 -13,273 - 33 + 94 -13,221

Repurchase agreements6 223,850 - 17,108 + 223,850 229,468

Loans 5 0 - 10 9

Primary credit 4 + 1 - 10 9

Secondary credit 0 0 0 0

Seasonal credit 1 - 1 0 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -104 + 98 + 98 -60

Central bank liquidity swaps8 59 - 3,669 - 29 59

Other Federal Reserve assets9 27,849 + 1,933 - 1,937 27,177

Foreign currency denominated assets10 20,590 - 160 - 497 20,607

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,134 + 14 + 358 50,134

Total factors supplying reserve funds 4,219,732 + 4,292 + 116,667 4,224,124

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

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

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Jan 15, 2020 Jan 8, 2020 Jan 16, 2019

Wednesday

Jan 15, 2020

Currency in circulation11 1,797,265 - 7,742 + 90,512 1,795,725

Reverse repurchase agreements12 266,447 - 12,004 + 4,214 260,913

Foreign official and international accounts 265,788 - 9,498 + 5,383 260,238

Others 659 - 2,506 - 1,170 675

Treasury cash holdings 177 + 5 - 46 189

Deposits with F.R. Banks, other than reserve balances 424,014 - 10,541 - 735 449,695

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 350,987 - 16,015 - 193 380,802

Foreign official 5,182 0 - 65 5,181

Other13 67,846 + 5,475 - 476 63,712

Other liabilities and capital14 45,028 + 1,860 + 60 44,241

Total factors, other than reserve balances,

absorbing reserve funds 2,532,931 - 28,423 + 94,004 2,550,762

Reserve balances with Federal Reserve Banks 1,686,801 + 32,715 + 22,663 1,673,362

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

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

2. Face value of the securities.

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

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

the securities.

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

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

basis.

6. Cash value of agreements.

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

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

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

foreign central bank.

9. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also, includes Reserve

Bank premises and equipment net of allowances for depreciation.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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

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

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

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

as fiscal agents of the United States.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Jan 15, 2020 Jan 8, 2020 Jan 16, 2019

Wednesday

Jan 15, 2020

Securities held in custody for foreign official and international

accounts 3,419,743 + 11,878 + 16,464 3,402,448

Marketable U.S. Treasury securities1 2,978,455 + 12,116 - 49,364 2,961,416

Federal agency debt and mortgage-backed securities2 358,668 - 208 + 50,759 358,186

Other securities3 82,620 - 30 + 15,069 82,846

Securities lent to dealers 31,629 - 2,710 + 10,441 31,048

Overnight facility4 31,629 - 2,710 + 10,441 31,048

U.S. Treasury securities 31,629 - 2,710 + 10,441 31,048

Federal agency debt securities 0 0 0 0

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

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 4, and 5.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, January 15, 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 9 0 0 0 0 ... 9

U.S. Treasury securities1

Holdings 14,867 131,504 349,598 907,750 315,612 643,304 2,362,635

Weekly changes - 3,404 + 6,013 + 5,396 + 12,900 - 8,689 + 2,705 + 14,921

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 1,141 72,982 1,330,180 1,404,318

Weekly changes 0 0 0 - 9 - 558 - 3,792 - 4,359

Repurchase agreements4 229,468 0 ... ... ... ... 229,468

Central bank liquidity swaps5 59 0 0 0 0 0 59

Reverse repurchase agreements4 260,913 0 ... ... ... ... 260,913

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

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

...Not applicable.

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

original face value of such securities.

2. Face value.

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

4. Cash value of agreements.

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

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

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Jan 15, 2020

Mortgage-backed securities held outright1 1,404,318

Commitments to buy mortgage-backed securities2 3,954

Commitments to sell mortgage-backed securities2 160

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

Jan 15, 2020 Jan 8, 2020 Jan 16, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,713 + 36 - 55

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,109,966 + 29,443 + 128,539

Securities held outright1 3,769,300 + 10,562 - 86,056

U.S. Treasury securities 2,362,635 + 14,921 + 142,416

Bills2 195,029 + 10,502 + 195,029

Notes and bonds, nominal2 2,014,116 + 3,766 - 69,470

Notes and bonds, inflation-indexed2 128,005 + 621 + 13,236

Inflation compensation3 25,485 + 32 + 3,622

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,404,318 - 4,359 - 228,411

Unamortized premiums on securities held outright5 124,410 - 64 - 15,000

Unamortized discounts on securities held outright5 -13,221 + 57 + 133

Repurchase agreements6 229,468 + 18,881 + 229,468

Loans 9 + 7 - 6

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 91 + 35 - 118

Bank premises 2,199 + 1 - 5

Central bank liquidity swaps8 59 - 3,669 - 29

Foreign currency denominated assets9 20,607 - 25 - 390

Other assets10 24,978 + 485 - 2,136

Total assets (0) 4,175,850 + 26,306 + 125,806

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

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

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jan 15, 2020 Jan 8, 2020 Jan 16, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,747,488 - 6,622 + 89,759

Reverse repurchase agreements11 260,913 - 14,010 + 4,958

Deposits (0) 2,123,057 + 46,568 + 31,372

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,673,362 + 16,733 + 47,861

U.S. Treasury, General Account 380,802 + 29,962 - 15,612

Foreign official 5,181 - 1 - 62

Other12 (0) 63,712 - 127 - 815

Deferred availability cash items (0) 152 - 27 - 165

Other liabilities and accrued dividends13 5,718 + 399 + 495

Total liabilities (0) 4,137,327 + 26,306 + 126,417

Capital accounts

Capital paid in 31,698 0 - 610

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,523 0 - 610

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

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

2. Face value of the securities.

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

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

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

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

basis.

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

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

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

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

central bank.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

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

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

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

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

as fiscal agents of the United States.

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

5. Statement of Condition of Each Federal Reserve Bank, January 15, 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 1,713 41 44 150 103 228 177 282 32 50 116 200 291

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,109,966 85,266 2,242,273 99,529 120,247 251,515 281,010 215,737 59,071 35,564 60,944 178,467 480,342

Securities held outright1 3,769,300 78,199 2,056,420 91,280 110,280 230,668 257,719 197,856 54,175 32,617 55,893 163,667 440,528

U.S. Treasury securities 2,362,635 49,016 1,288,985 57,215 69,125 144,585 161,541 124,018 33,957 20,444 35,034 102,588 276,128

Bills2 195,029 4,046 106,402 4,723 5,706 11,935 13,335 10,237 2,803 1,688 2,892 8,468 22,794

Notes and bonds3 2,167,606 44,970 1,182,583 52,492 63,419 132,650 148,206 113,781 31,154 18,757 32,142 94,120 253,334

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

Mortgage-backed securities4 1,404,318 29,134 766,155 34,008 41,087 85,939 96,017 73,715 20,184 12,152 20,824 60,977 164,126

Unamortized premiums on securities 

held outright5 124,410 2,581 67,875 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 -13,221 -274 -7,213 -320 -387 -809 -904 -694 -190 -114 -196 -574 -1,545

Repurchase agreements6 229,468 4,761 125,191 5,557 6,714 14,043 15,689 12,045 3,298 1,986 3,403 9,964 26,819

Loans 9 0 0 0 0 1 0 0 0 0 0 8 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 91 0 0 0 0 0 90 0 0 1 0 0 0

Bank premises 2,199 105 455 91 117 192 203 194 102 93 228 224 196

Central bank liquidity swaps8 59 3 19 3 5 12 3 2 1 0 1 1 9

Foreign currency denominated

assets9 20,607 887 6,541 1,190 1,645 4,394 1,198 860 314 98 200 255 3,025

Other assets10 24,978 536 13,179 599 746 1,760 1,694 1,286 439 249 445 1,156 2,888

Interdistrict settlement account 0 + 14,329 - 98,045 - 11,718 + 4,095 + 413 + 24,206 + 17,489 + 8,435 + 4,186 + 7,414 + 21,295 + 7,901

Total assets 4,175,850 101,714 2,169,990 90,383 127,726 259,680 310,795 236,986 68,872 40,518 69,791 202,770 496,625

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

5. Statement of Condition of Each Federal Reserve Bank, January 15, 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 1,955,676 60,956 639,984 57,663 94,066 134,316 272,684 126,707 59,534 32,051 54,214 164,194 259,308

Less: Notes held by F.R. Banks 208,189 5,881 49,524 8,617 9,851 17,127 31,645 13,018 5,360 2,931 7,141 20,310 36,784

Federal Reserve notes, net 1,747,488 55,075 590,460 49,045 84,215 117,189 241,039 113,689 54,174 29,120 47,073 143,884 222,525

Reverse repurchase agreements11 260,913 5,413 142,346 6,318 7,634 15,967 17,839 13,696 3,750 2,258 3,869 11,329 30,494

Deposits 2,123,057 39,239 1,421,813 33,279 32,404 117,804 49,510 107,728 10,175 8,600 18,293 46,814 237,399

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 1,673,362 39,220 1,014,456 33,276 32,371 117,586 49,476 65,961 10,172 8,506 18,260 46,686 237,392

U.S. Treasury, General Account 380,802 0 380,802 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 63,712 17 21,402 0 29 210 32 41,765 2 94 32 127 1

Deferred availability cash items 152 0 0 0 0 0 44 0 0 108 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,063 14 617 23 40 44 85 43 11 9 10 53 115

Other liabilities and accrued

dividends 4,655 173 1,936 182 181 531 309 315 138 143 147 228 371

Total liabilities 4,137,327 99,915 2,157,172 88,847 124,473 251,535 308,826 235,470 68,248 40,237 69,391 202,309 490,904

Capital

Capital paid in 31,698 1,505 10,653 1,141 2,709 6,690 1,572 1,230 520 248 334 376 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 4,175,850 101,714 2,169,990 90,383 127,726 259,680 310,795 236,986 68,872 40,518 69,791 202,770 496,625

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

5. Statement of Condition of Each Federal Reserve Bank, January 15, 2020 (continued)

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

2. Face value of the securities.

3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.

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

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal

agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

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

7. Refer to the note on consolidation below.

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

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

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

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

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

depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury,

General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after

providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $6.825 billion surplus.

Note on consolidation:

On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain

assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. On June 14, 2012, the remaining outstanding

balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to ML was repaid

in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they have occurred. Consistent with generally

accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the statements of condition shown on this release. As a

consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous page (and in table 1 and table 4), and the liabilities of ML

to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were included in other liabilities in this table (and table 1 and table 4).
H.4.1

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Jan 15, 2020

Federal Reserve notes outstanding 1,955,676

Less: Notes held by F.R. Banks not subject to collateralization 208,189

Federal Reserve notes to be collateralized 1,747,488

Collateral held against Federal Reserve notes 1,747,488

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,731,251

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,998,768

Less: Face value of securities under reverse repurchase agreements 257,466

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,741,302

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.