FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 12, 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 11, 2019 Dec 4, 2019 Dec 12, 2018

Wednesday

Dec 11, 2019

Reserve Bank credit 4,047,230 + 27,930 - 1,353 4,056,695

Securities held outright1 3,699,508 + 22,960 - 196,956 3,708,268

U.S. Treasury securities 2,273,436 + 22,959 + 32,850 2,282,196

Bills2 125,161 + 17,573 + 125,161 132,020

Notes and bonds, nominal2 1,998,305 + 4,816 - 103,491 1,998,956

Notes and bonds, inflation-indexed2 124,829 + 457 + 8,284 125,973

Inflation compensation3 25,140 + 111 + 2,895 25,247

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

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

Unamortized premiums on securities held outright5 125,645 + 86 - 15,704 125,711

Unamortized discounts on securities held outright5 -13,124 - 19 + 396 -13,143

Repurchase agreements6 213,021 + 2,824 + 213,021 212,957

Loans 22 + 5 - 50 18

Primary credit 11 + 8 - 10 10

Secondary credit 0 0 0 0

Seasonal credit 11 - 3 - 40 8

Other credit extensions 0 0 0 0

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

Float -105 + 277 + 90 -210

Central bank liquidity swaps8 69 + 22 - 51 69

Other Federal Reserve assets9 22,193 + 1,774 - 2,092 23,025

Foreign currency denominated assets10 20,616 + 17 - 37 20,636

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,096 + 14 + 347 50,096

Total factors supplying reserve funds 4,134,183 + 27,960 - 1,043 4,143,668

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 11, 2019 Dec 4, 2019 Dec 12, 2018

Wednesday

Dec 11, 2019

Currency in circulation11 1,791,973 - 1,244 + 86,989 1,792,925

Reverse repurchase agreements12 266,217 - 17,500 + 28,897 262,633

Foreign official and international accounts 265,686 - 17,614 + 31,581 262,028

Others 532 + 115 - 2,683 605

Treasury cash holdings 188 + 2 - 14 176

Deposits with F.R. Banks, other than reserve balances 392,166 - 18,597 - 19,920 372,287

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 326,865 - 20,106 - 8,102 304,160

Foreign official 5,183 0 - 71 5,182

Other13 60,118 + 1,508 - 11,746 62,945

Other liabilities and capital14 44,983 - 95 - 112 44,451

Total factors, other than reserve balances,

absorbing reserve funds 2,495,526 - 37,436 + 95,839 2,472,472

Reserve balances with Federal Reserve Banks 1,638,657 + 65,396 - 96,882 1,671,196

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 11, 2019 Dec 4, 2019 Dec 12, 2018

Wednesday

Dec 11, 2019

Securities held in custody for foreign official and international

accounts 3,405,179 - 11,743 + 20,675 3,403,025

Marketable U.S. Treasury securities1 2,955,833 - 11,881 - 53,366 2,953,905

Federal agency debt and mortgage-backed securities2 365,724 + 424 + 57,312 365,605

Other securities3 83,622 - 285 + 16,729 83,515

Securities lent to dealers 33,641 + 2,727 + 12,790 34,825

Overnight facility4 33,641 + 2,727 + 12,790 34,825

U.S. Treasury securities 33,641 + 2,727 + 12,790 34,825

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 11, 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 10 8 0 0 0 ... 18

U.S. Treasury securities1

Holdings 13,623 110,472 313,901 881,601 322,136 640,463 2,282,196

Weekly changes + 5,251 - 63 + 12,819 + 360 + 79 + 3,897 + 22,343

Federal agency debt securities2

Holdings 0 0 0 0 486 1,861 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 1 14 1,179 75,681 1,346,851 1,423,725

Weekly changes 0 0 0 0 0 0 0

Repurchase agreements4 137,957 75,000 ... ... ... ... 212,957

Central bank liquidity swaps5 69 0 0 0 0 0 69

Reverse repurchase agreements4 262,633 0 ... ... ... ... 262,633

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 11, 2019

Mortgage-backed securities held outright1 1,423,725

Commitments to buy mortgage-backed securities2 11,930

Commitments to sell mortgage-backed securities2 179

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 11, 2019 Dec 4, 2019 Dec 12, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,649 + 29 - 73

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,033,811 + 27,461 + 9,502

Securities held outright1 3,708,268 + 22,343 - 188,217

U.S. Treasury securities 2,282,196 + 22,343 + 41,590

Bills2 132,020 + 18,003 + 132,020

Notes and bonds, nominal2 1,998,956 + 2,552 - 102,840

Notes and bonds, inflation-indexed2 125,973 + 1,601 + 9,428

Inflation compensation3 25,247 + 187 + 2,981

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,423,725 0 - 229,745

Unamortized premiums on securities held outright5 125,711 + 170 - 15,554

Unamortized discounts on securities held outright5 -13,143 - 12 + 367

Repurchase agreements6 212,957 + 4,950 + 212,957

Loans 18 + 9 - 51

Net portfolio holdings of Maiden Lane LLC7 0 0 - 7

Items in process of collection (0) 63 + 10 - 15

Bank premises 2,192 + 1 - 3

Central bank liquidity swaps8 69 + 22 - 51

Foreign currency denominated assets9 20,636 + 32 + 24

Other assets10 20,834 + 2,240 - 2,200

Total assets (0) 4,095,491 + 29,795 + 7,177

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 11, 2019 Dec 4, 2019 Dec 12, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,744,649 - 798 + 86,792

Reverse repurchase agreements11 262,633 - 14,741 + 27,189

Deposits (0) 2,043,483 + 46,094 - 106,311

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,671,196 + 77,477 - 80,217

U.S. Treasury, General Account 304,160 - 34,293 - 18,503

Foreign official 5,182 + 1 - 61

Other12 (0) 62,945 + 2,909 - 7,530

Deferred availability cash items (0) 274 - 234 - 209

Other liabilities and accrued dividends13 5,939 - 139 + 393

Total liabilities (0) 4,056,979 + 30,182 + 7,856

Capital accounts

Capital paid in 31,687 - 387 - 679

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,512 - 387 - 679

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 11, 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 1,649 39 43 147 110 215 155 276 32 45 111 190 285

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,033,811 83,686 2,200,719 97,685 118,019 246,854 275,803 211,740 57,976 34,912 59,815 175,152 471,451

Securities held outright1 3,708,268 76,932 2,023,123 89,802 108,494 226,933 253,546 194,652 53,298 32,088 54,988 161,017 433,395

U.S. Treasury securities 2,282,196 47,347 1,245,099 55,267 66,771 139,662 156,041 119,796 32,801 19,748 33,841 99,096 266,727

Bills2 132,020 2,739 72,026 3,197 3,863 8,079 9,027 6,930 1,897 1,142 1,958 5,732 15,430

Notes and bonds3 2,150,176 44,608 1,173,073 52,070 62,909 131,583 147,014 112,866 30,904 18,606 31,884 93,363 251,297

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

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

Unamortized premiums on securities 

held outright5 125,711 2,608 68,584 3,044 3,678 7,693 8,595 6,599 1,807 1,088 1,864 5,459 14,692

Unamortized discounts on securities 

held outright5 -13,143 -273 -7,170 -318 -385 -804 -899 -690 -189 -114 -195 -571 -1,536

Repurchase agreements6 212,957 4,418 116,183 5,157 6,231 13,032 14,561 11,178 3,061 1,843 3,158 9,247 24,889

Loans 18 0 0 0 0 0 0 1 0 7 0 0 10

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 63 0 0 0 0 0 63 0 0 0 0 0 0

Bank premises 2,192 107 455 89 117 191 203 193 102 94 228 224 190

Central bank liquidity swaps8 69 3 22 4 5 15 4 3 1 0 1 1 10

Foreign currency denominated

assets9 20,636 889 6,550 1,192 1,647 4,400 1,200 861 315 98 200 255 3,029

Other assets10 20,834 445 10,874 497 613 1,476 1,400 1,060 504 244 373 956 2,392

Interdistrict settlement account 0 + 6,121 - 158,652 - 14,215 + 27,024 + 23,312 + 29,668 + 18,714 + 10,485 + 4,914 + 7,566 + 24,066 + 20,997

Total assets 4,095,491 91,835 2,065,535 85,935 148,304 277,628 310,711 233,984 69,893 40,584 68,737 202,016 500,328

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 11, 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 1,955,359 60,613 640,472 57,458 93,950 134,193 273,101 126,687 59,730 31,504 53,906 164,138 259,605

Less: Notes held by F.R. Banks 210,709 6,147 56,022 8,618 9,103 16,495 30,313 12,984 5,413 3,260 7,242 20,372 34,739

Federal Reserve notes, net 1,744,649 54,466 584,450 48,840 84,847 117,698 242,788 113,703 54,317 28,244 46,665 143,765 224,866

Reverse repurchase agreements11 262,633 5,449 143,285 6,360 7,684 16,072 17,957 13,786 3,775 2,273 3,894 11,404 30,695

Deposits 2,043,483 29,913 1,322,427 28,976 52,268 135,086 47,533 104,635 11,006 9,396 17,600 46,099 238,545

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 1,671,196 29,901 990,126 28,974 52,235 134,845 47,498 65,154 10,998 9,344 17,558 46,026 238,538

U.S. Treasury, General Account 304,160 0 304,160 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 62,945 11 22,986 0 30 231 33 39,479 8 53 41 72 1

Deferred availability cash items 274 0 0 0 0 0 51 0 0 223 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,513 29 848 39 42 84 118 69 22 16 21 68 157

Other liabilities and accrued

dividends 4,426 180 1,708 186 209 543 294 283 150 152 160 220 344

Total liabilities 4,056,979 90,036 2,052,717 84,400 145,050 269,483 308,742 232,475 69,270 40,303 68,340 201,555 494,607

Capital

Capital paid in 31,687 1,504 10,653 1,141 2,709 6,690 1,572 1,224 519 248 332 376 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 4,095,491 91,835 2,065,535 85,935 148,304 277,628 310,711 233,984 69,893 40,584 68,737 202,016 500,328

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 11, 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 11, 2019

Federal Reserve notes outstanding 1,955,359

Less: Notes held by F.R. Banks not subject to collateralization 210,709

Federal Reserve notes to be collateralized 1,744,649

Collateral held against Federal Reserve notes 1,744,649

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,728,413

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,921,225

Less: Face value of securities under reverse repurchase agreements 258,261

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,662,964

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.