FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 9, 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 8, 2020 Jan 1, 2020 Jan 9, 2019

Wednesday

Jan 8, 2020

Reserve Bank credit 4,128,328 + 6,932 + 111,501 4,110,819

Securities held outright1 3,746,685 + 6,750 - 115,298 3,758,738

U.S. Treasury securities 2,335,662 + 6,751 + 113,212 2,347,714

Bills2 173,811 + 4,286 + 173,811 184,527

Notes and bonds, nominal2 2,009,006 + 1,448 - 74,580 2,010,350

Notes and bonds, inflation-indexed2 127,384 + 1,008 + 10,839 127,384

Inflation compensation3 25,460 + 8 + 3,141 25,453

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

Mortgage-backed securities4 1,408,677 0 - 228,446 1,408,677

Unamortized premiums on securities held outright5 124,476 - 149 - 15,380 124,474

Unamortized discounts on securities held outright5 -13,240 + 43 + 158 -13,278

Repurchase agreements6 240,958 - 1,368 + 240,958 210,587

Loans 5 - 21 - 2 2

Primary credit 3 - 12 - 4 0

Secondary credit 0 0 0 0

Seasonal credit 2 - 9 + 2 2

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -202 + 268 - 5 -124

Central bank liquidity swaps8 3,728 - 1 + 3,053 3,728

Other Federal Reserve assets9 25,916 + 1,408 - 1,986 26,691

Foreign currency denominated assets10 20,750 + 49 - 318 20,632

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,120 + 14 + 351 50,120

Total factors supplying reserve funds 4,215,440 + 6,995 + 111,535 4,197,813

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 8, 2020 Jan 1, 2020 Jan 9, 2019

Wednesday

Jan 8, 2020

Currency in circulation11 1,805,007 - 908 + 89,561 1,802,383

Reverse repurchase agreements12 278,451 - 7,358 + 16,434 274,923

Foreign official and international accounts 275,286 + 9,530 + 16,685 274,047

Others 3,165 - 16,887 - 251 876

Treasury cash holdings 172 + 1 - 43 175

Deposits with F.R. Banks, other than reserve balances 434,555 - 21,248 + 2,097 419,861

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 367,002 - 15,551 + 10,304 350,840

Foreign official 5,182 0 - 82 5,182

Other13 62,371 - 5,697 - 8,124 63,839

Other liabilities and capital14 43,168 - 1,733 - 215 43,843

Total factors, other than reserve balances,

absorbing reserve funds 2,561,354 - 31,245 + 107,836 2,541,184

Reserve balances with Federal Reserve Banks 1,654,086 + 38,240 + 3,699 1,656,629

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 8, 2020 Jan 1, 2020 Jan 9, 2019

Wednesday

Jan 8, 2020

Securities held in custody for foreign official and international

accounts 3,407,865 + 9,664 + 12,221 3,413,187

Marketable U.S. Treasury securities1 2,966,339 + 9,657 - 55,990 2,971,592

Federal agency debt and mortgage-backed securities2 358,876 - 28 + 51,725 358,838

Other securities3 82,650 + 35 + 16,485 82,756

Securities lent to dealers 34,339 - 653 + 9,864 33,790

Overnight facility4 34,339 - 653 + 9,864 33,790

U.S. Treasury securities 34,339 - 653 + 9,864 33,790

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 8, 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 0 2 0 0 0 ... 2

U.S. Treasury securities1

Holdings 18,271 125,491 344,202 894,850 324,301 640,599 2,347,714

Weekly changes + 10,011 + 9,802 + 2,327 - 6,122 + 2,710 + 52 + 18,781

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 1,150 73,540 1,333,972 1,408,677

Weekly changes 0 + 1 + 2 + 15 + 12 - 30 0

Repurchase agreements4 210,587 0 ... ... ... ... 210,587

Central bank liquidity swaps5 3,728 0 0 0 0 0 3,728

Reverse repurchase agreements4 274,923 0 ... ... ... ... 274,923

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 8, 2020

Mortgage-backed securities held outright1 1,408,677

Commitments to buy mortgage-backed securities2 6,005

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

Jan 8, 2020 Jan 1, 2020 Jan 9, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,677 + 20 - 68

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,080,523 - 26,388 + 92,170

Securities held outright1 3,758,738 + 18,781 - 103,206

U.S. Treasury securities 2,347,714 + 18,781 + 125,302

Bills2 184,527 + 15,002 + 184,527

Notes and bonds, nominal2 2,010,350 + 3,800 - 73,236

Notes and bonds, inflation-indexed2 127,384 0 + 10,839

Inflation compensation3 25,453 - 21 + 3,172

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,408,677 0 - 228,446

Unamortized premiums on securities held outright5 124,474 - 103 - 15,315

Unamortized discounts on securities held outright5 -13,278 + 6 + 109

Repurchase agreements6 210,587 - 45,032 + 210,587

Loans 2 - 40 - 5

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 56 - 26 - 133

Bank premises 2,198 - 13 - 4

Central bank liquidity swaps8 3,728 0 + 3,642

Foreign currency denominated assets9 20,632 - 160 - 527

Other assets10 24,493 + 2,486 - 2,099

Total assets (0) 4,149,544 - 24,082 + 92,981

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 8, 2020 Jan 1, 2020 Jan 9, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,754,110 - 5,317 + 90,090

Reverse repurchase agreements11 274,923 - 61,726 + 14,482

Deposits (0) 2,076,489 + 44,530 - 11,204

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,656,629 + 107,780 - 7,557

U.S. Treasury, General Account 350,840 - 53,013 + 1,397

Foreign official 5,182 0 - 63

Other12 (0) 63,839 - 10,236 - 4,980

Deferred availability cash items (0) 179 - 546 - 191

Other liabilities and accrued dividends13 5,319 - 1,025 + 412

Total liabilities (0) 4,111,021 - 24,082 + 93,591

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 8, 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 1,677 42 40 148 98 224 173 279 32 49 114 196 282

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,080,523 84,655 2,226,213 98,816 119,386 249,713 278,998 214,192 58,648 35,311 60,508 177,181 476,902

Securities held outright1 3,758,738 77,979 2,050,657 91,024 109,971 230,021 256,996 197,301 54,023 32,525 55,736 163,209 439,294

U.S. Treasury securities 2,347,714 48,706 1,280,844 56,854 68,688 143,672 160,520 123,235 33,743 20,315 34,813 101,941 274,384

Bills2 184,527 3,828 100,673 4,469 5,399 11,292 12,617 9,686 2,652 1,597 2,736 8,012 21,566

Notes and bonds3 2,163,187 44,878 1,180,172 52,385 63,289 132,379 147,904 113,549 31,091 18,719 32,077 93,928 252,818

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

Mortgage-backed securities4 1,408,677 29,225 768,533 34,113 41,214 86,206 96,316 73,943 20,246 12,190 20,888 61,166 164,636

Unamortized premiums on securities 

held outright5 124,474 2,582 67,909 3,014 3,642 7,617 8,511 6,534 1,789 1,077 1,846 5,405 14,548

Unamortized discounts on securities 

held outright5 -13,278 -275 -7,244 -322 -388 -813 -908 -697 -191 -115 -197 -577 -1,552

Repurchase agreements6 210,587 4,369 114,890 5,100 6,161 12,887 14,398 11,054 3,027 1,822 3,123 9,144 24,612

Loans 2 0 0 0 0 0 0 0 0 1 1 0 0

Net portfolio holdings of Maiden

Lane LLC7 0 0 0 0 0 0 0 0 0 0 0 0 0

Items in process of collection 56 0 0 0 0 0 55 0 0 0 0 0 0

Bank premises 2,198 105 455 91 117 191 203 193 102 93 228 224 197

Central bank liquidity swaps8 3,728 161 1,183 215 298 795 217 156 57 18 36 46 547

Foreign currency denominated

assets9 20,632 888 6,549 1,192 1,647 4,399 1,200 861 315 98 200 255 3,029

Other assets10 24,493 524 12,919 588 729 1,731 1,661 1,260 432 275 441 1,099 2,833

Interdistrict settlement account 0 + 2,817 - 105,029 - 11,398 + 5,769 - 7,815 + 28,365 + 19,520 + 9,183 + 5,000 + 8,152 + 22,699 + 22,736

Total assets 4,149,544 89,741 2,147,855 90,191 128,812 250,404 313,085 237,596 69,245 41,119 70,124 202,872 508,499

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 8, 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 1,955,504 60,892 639,468 57,617 94,095 134,213 272,849 126,708 59,592 32,055 54,217 164,209 259,590

Less: Notes held by F.R. Banks 201,394 5,627 50,452 8,275 8,956 16,131 30,296 12,289 5,055 2,874 6,885 19,469 35,085

Federal Reserve notes, net 1,754,110 55,265 589,016 49,342 85,139 118,082 242,553 114,420 54,536 29,181 47,332 144,740 224,505

Reverse repurchase agreements11 274,923 5,704 149,990 6,658 8,044 16,824 18,797 14,431 3,951 2,379 4,077 11,937 32,131

Deposits 2,076,489 26,797 1,393,710 32,461 32,171 106,844 49,317 106,888 9,981 9,000 18,158 45,449 245,713

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 1,656,629 26,786 1,016,874 32,459 32,136 106,550 49,282 64,483 9,977 8,905 18,122 45,382 245,672

U.S. Treasury, General Account 350,840 0 350,840 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 63,839 9 20,842 0 31 286 33 42,403 3 95 35 66 35

Deferred availability cash items 179 0 0 0 0 0 52 0 0 127 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,462 22 846 29 37 41 122 75 23 11 22 80 153

Other liabilities and accrued

dividends 3,857 155 1,474 165 167 467 275 267 131 140 135 205 276

Total liabilities 4,111,021 87,942 2,135,037 88,655 125,558 242,258 311,116 236,080 68,622 40,839 69,724 202,411 502,778

Capital

Capital paid in 31,698 1,505 10,653 1,141 2,709 6,690 1,572 1,231 520 248 334 376 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 4,149,544 89,741 2,147,855 90,191 128,812 250,404 313,085 237,596 69,245 41,119 70,124 202,872 508,499

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 8, 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 8, 2020

Federal Reserve notes outstanding 1,955,504

Less: Notes held by F.R. Banks not subject to collateralization 201,394

Federal Reserve notes to be collateralized 1,754,110

Collateral held against Federal Reserve notes 1,754,110

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,737,873

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,969,325

Less: Face value of securities under reverse repurchase agreements 266,951

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,702,373

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.