FEDERAL RESERVE statistical release

For Release at

4:30 P.M. EDT

March 19, 2020

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

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

consolidate certain lines on table 5. Modifications include the consolidation of amounts

previously reported as “Loans,” which includes discount window borrowing, into the line

“Securities, unamortized premiums and discounts, repurchase agreements, and loans.” This

modification supports the Federal Reserve’s goal, expressed in its statement on March 15, 2020,

of encouraging depository institutions to use the discount window to help meet demands for

credit from households and businesses, including needs related to the spread of the coronavirus.1

More detailed information about specific components is available on tables 1 and 4.

1 https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315b.htm
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 19, 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 18, 2020 Mar 11, 2020 Mar 20, 2019

Wednesday

Mar 18, 2020

Reserve Bank credit 4,463,041 + 241,451 + 534,834 4,629,659

Securities held outright1 3,929,025 + 38,893 + 147,655 4,009,794

U.S. Treasury securities 2,556,247 + 40,307 + 380,731 2,640,771

Bills2 321,043 + 6,430 + 321,043 321,043

Notes and bonds, nominal2 2,075,200 + 32,062 + 36,189 2,154,496

Notes and bonds, inflation-indexed2 133,939 + 1,515 + 18,785 138,653

Inflation compensation3 26,066 + 302 + 4,715 26,579

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

Mortgage-backed securities4 1,370,430 - 1,416 - 233,015 1,366,676

Unamortized premiums on securities held outright5 128,537 + 4,078 - 7,841 138,294

Unamortized discounts on securities held outright5 -12,887 + 507 + 277 -12,036

Repurchase agreements6 388,806 + 189,505 + 388,806 441,945

Loans 6,687 + 6,679 + 6,677 28,224

Primary credit 6,687 + 6,679 + 6,686 28,224

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 9 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -230 - 36 - 58 -226

Central bank liquidity swaps8 45 - 13 - 23 45

Other Federal Reserve assets9 23,059 + 1,841 - 658 23,619

Foreign currency denominated assets10 20,700 - 487 - 2 20,363

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,225 + 14 + 377 50,225

Total factors supplying reserve funds 4,550,208 + 240,979 + 535,211 4,716,488

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 18, 2020 Mar 11, 2020 Mar 20, 2019

Wednesday

Mar 18, 2020

Currency in circulation11 1,827,149 + 13,078 + 106,546 1,843,254

Reverse repurchase agreements12 242,056 + 13,993 - 3,897 233,946

Foreign official and international accounts 231,492 + 5,375 - 13,552 233,469

Others 10,565 + 8,619 + 9,656 477

Treasury cash holdings 317 + 10 - 18 325

Deposits with F.R. Banks, other than reserve balances 540,241 + 64,114 + 166,549 649,733

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 362,576 - 17,980 + 58,953 401,354

Foreign official 6,359 + 1,004 + 1,115 6,887

Other13 171,306 + 81,089 + 106,481 241,491

Other liabilities and capital14 44,857 - 1,279 + 174 43,838

Total factors, other than reserve balances,

absorbing reserve funds 2,654,620 + 89,916 + 269,354 2,771,095

Reserve balances with Federal Reserve Banks 1,895,588 + 151,063 + 265,857 1,945,393

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 18, 2020 Mar 11, 2020 Mar 20, 2019

Wednesday

Mar 18, 2020

Securities held in custody for foreign official and international

accounts 3,410,689 - 29,305 - 68,695 3,381,813

Marketable U.S. Treasury securities1 2,948,649 - 31,421 - 134,120 2,919,968

Federal agency debt and mortgage-backed securities2 378,819 + 1,580 + 53,508 378,762

Other securities3 83,222 + 538 + 11,919 83,082

Securities lent to dealers 35,027 + 1,177 + 12,052 35,296

Overnight facility4 35,027 + 1,177 + 12,052 35,296

U.S. Treasury securities 35,027 + 1,177 + 12,052 35,296

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 18, 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 5,086 23,138 0 0 0 ... 28,224

U.S. Treasury securities1

Holdings 35,806 211,429 387,117 966,762 357,666 681,991 2,640,771

Weekly changes + 14,379 - 10,532 + 8,714 + 51,661 + 29,760 + 23,759 + 117,740

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 3 1,644 71,329 1,293,699 1,366,676

Weekly changes 0 0 - 1 - 5 - 483 - 4,681 - 5,170

Repurchase agreements4 253,995 187,950 ... ... ... ... 441,945

Central bank liquidity swaps5 45 0 0 0 0 0 45

Reverse repurchase agreements4 233,946 0 ... ... ... ... 233,946

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 18, 2020

Mortgage-backed securities held outright1 1,366,676

Commitments to buy mortgage-backed securities2 19,506

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 0

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

2. Current face value. 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 18, 2020 Mar 11, 2020 Mar 20, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,675 - 54 - 70

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,606,221 + 355,555 + 705,807

Securities held outright1 4,009,794 + 112,570 + 232,376

U.S. Treasury securities 2,640,771 + 117,740 + 465,234

Bills2 321,043 0 + 321,043

Notes and bonds, nominal2 2,154,496 + 111,014 + 115,485

Notes and bonds, inflation-indexed2 138,653 + 6,000 + 23,499

Inflation compensation3 26,579 + 726 + 5,206

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,366,676 - 5,170 - 232,796

Unamortized premiums on securities held outright5 138,294 + 13,871 + 2,156

Unamortized discounts on securities held outright5 -12,036 + 1,330 + 1,117

Repurchase agreements6 441,945 + 199,570 + 441,945

Loans 28,224 + 28,213 + 28,213

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 51 - 8 - 4

Bank premises 2,202 + 3 - 2

Central bank liquidity swaps8 45 - 13 - 23

Foreign currency denominated assets9 20,363 - 784 - 370

Other assets10 21,418 + 1,603 + 124

Total assets (0) 4,668,212 + 356,301 + 705,464

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 18, 2020 Mar 11, 2020 Mar 20, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,795,024 + 24,238 + 120,527

Reverse repurchase agreements11 233,946 + 671 - 6,926

Deposits (0) 2,595,127 + 332,772 + 592,254

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,945,394 + 165,404 + 321,582

U.S. Treasury, General Account 401,354 + 29,017 + 86,605

Foreign official 6,887 + 1,700 + 1,643

Other12 (0) 241,491 + 136,649 + 182,422

Deferred availability cash items (0) 278 - 93 + 44

Other liabilities and accrued dividends13 5,229 - 1,300 + 275

Total liabilities (0) 4,629,604 + 356,287 + 706,173

Capital accounts

Capital paid in 31,784 + 15 - 709

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,609 + 15 - 709

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 18, 2020

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificates and special drawing

rights certificates 16,237 547 5,525 537 768 1,166 2,214 1,135 478 276 445 1,172 1,974

Coin 1,675 37 50 160 91 226 150 285 29 52 114 187 294

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans1 4,606,221 96,547 2,516,701 111,042 135,216 280,260 313,014 241,539 66,051 39,799 68,331 199,987 537,735

Central bank liquidity swaps2 45 2 14 3 4 10 3 2 1 0 0 1 7

Foreign currency denominated

assets3 20,363 877 6,463 1,176 1,625 4,341 1,184 850 310 97 197 252 2,989

Other assets4 23,672 561 11,525 604 750 1,727 1,689 1,279 701 316 623 1,234 2,662

Interdistrict settlement account 0 + 25,207 - 184,311 + 1,336 + 16,438 + 18,062 + 1,738 + 65,849 + 3,940 + 2,625 + 6,771 + 13,253 + 29,092

Total assets 4,668,212 123,777 2,355,967 114,858 154,892 305,792 319,990 310,939 71,511 43,165 76,482 216,085 574,753

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 18, 2020 (continued)

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Liabilities

Federal Reserve notes, net 1,795,024 55,980 606,367 49,461 86,852 120,189 247,928 116,091 55,545 29,781 47,859 146,523 232,450

Reverse repurchase agreements5 233,946 4,853 127,634 5,665 6,845 14,317 15,996 12,280 3,362 2,024 3,469 10,158 27,342

Deposits 2,595,127 60,957 1,606,382 58,190 57,732 162,703 53,797 180,760 11,832 10,664 24,564 58,692 308,854

Depository institutions 1,945,394 60,899 1,065,463 58,187 57,670 161,973 53,749 80,362 11,828 10,597 21,630 55,710 307,327

U.S. Treasury, General Account 401,354 0 401,354 0 0 0 0 0 0 0 0 0 0

Foreign official 6,887 2 6,860 2 3 9 2 2 1 0 0 0 6

Other6 241,491 56 132,705 0 59 721 46 100,396 4 67 2,934 2,982 1,521

Earnings remittances due to the U.S.

Treasury7 947 -1 696 -4 -7 -18 78 45 7 3 15 65 67

Other liabilities and accrued

dividends 4,560 159 1,887 158 173 469 293 266 131 387 165 185 288

Total liabilities 4,629,604 121,948 2,342,966 113,471 151,595 297,659 318,091 309,442 70,877 42,859 76,072 215,622 569,001

Capital

Capital paid in 31,784 1,506 10,707 1,141 2,714 6,693 1,561 1,233 522 252 338 382 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 4,668,212 123,777 2,355,967 114,858 154,892 305,792 319,990 310,939 71,511 43,165 76,482 216,085 574,753

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 18, 2020 (continued)

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

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

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

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

2. 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.

3. Revalued daily at current foreign currency exchange rates.

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

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

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

6. 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.

7. 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 a component of Other assets on the previous page (and as assets 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 18, 2020

Federal Reserve notes outstanding 1,967,167

Less: Notes held by F.R. Banks not subject to collateralization 172,142

Federal Reserve notes to be collateralized 1,795,024

Collateral held against Federal Reserve notes 1,795,024

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,778,788

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,451,739

Less: Face value of securities under reverse repurchase agreements 226,814

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,224,924

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.