FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks February 20, 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

Feb 19, 2020 Feb 12, 2020 Feb 20, 2019

Wednesday

Feb 19, 2020

Reserve Bank credit 4,144,838 + 9,821 + 192,725 4,133,260

Securities held outright1 3,837,204 + 8,942 + 31,424 3,839,819

U.S. Treasury securities 2,444,969 + 6,948 + 259,407 2,451,688

Bills2 260,181 + 4,715 + 260,181 265,539

Notes and bonds, nominal2 2,028,306 + 2,030 - 21,123 2,029,678

Notes and bonds, inflation-indexed2 131,052 + 229 + 16,283 131,052

Inflation compensation3 25,430 - 26 + 4,066 25,419

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

Mortgage-backed securities4 1,389,889 + 1,995 - 227,920 1,385,784

Unamortized premiums on securities held outright5 124,048 + 212 - 13,716 123,866

Unamortized discounts on securities held outright5 -13,301 + 6 - 49 -13,499

Repurchase agreements6 167,414 + 2,690 + 167,414 163,900

Loans 2 + 2 - 17 5

Primary credit 2 + 2 - 3 5

Secondary credit 0 0 0 0

Seasonal credit 0 0 - 14 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 0 0

Float -114 - 19 + 53 -117

Central bank liquidity swaps8 68 + 13 0 67

Other Federal Reserve assets9 29,516 - 2,026 + 7,615 19,217

Foreign currency denominated assets10 20,243 - 127 - 490 20,112

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,169 + 14 + 355 50,169

Total factors supplying reserve funds 4,231,492 + 9,709 + 192,592 4,219,781

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

Feb 19, 2020 Feb 12, 2020 Feb 20, 2019

Wednesday

Feb 19, 2020

Currency in circulation11 1,798,139 + 3,745 + 87,292 1,799,719

Reverse repurchase agreements12 225,764 - 2,522 - 23,165 226,964

Foreign official and international accounts 223,614 - 3,948 - 21,506 221,815

Others 2,150 + 1,426 - 1,660 5,149

Treasury cash holdings 251 + 20 - 30 270

Deposits with F.R. Banks, other than reserve balances 509,060 + 30,285 + 106,841 490,183

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 428,805 + 17,568 + 94,909 421,051

Foreign official 5,185 + 2 - 59 5,187

Other13 75,070 + 12,715 + 11,991 63,945

Other liabilities and capital14 44,160 - 372 + 116 43,624

Total factors, other than reserve balances,

absorbing reserve funds 2,577,374 + 31,157 + 171,054 2,560,760

Reserve balances with Federal Reserve Banks 1,654,118 - 21,448 + 21,538 1,659,021

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

Feb 19, 2020 Feb 12, 2020 Feb 20, 2019

Wednesday

Feb 19, 2020

Securities held in custody for foreign official and international

accounts 3,462,507 + 4,076 + 30,620 3,457,135

Marketable U.S. Treasury securities1 2,997,429 - 11,513 - 39,121 2,992,204

Federal agency debt and mortgage-backed securities2 382,790 + 15,502 + 58,102 382,809

Other securities3 82,289 + 88 + 11,640 82,122

Securities lent to dealers 25,769 - 7,009 + 2,927 30,052

Overnight facility4 25,769 - 7,009 + 2,927 30,052

U.S. Treasury securities 25,769 - 7,009 + 2,927 30,052

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, February 19, 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 0 0 0 0 ... 5

U.S. Treasury securities1

Holdings 31,238 170,808 361,944 906,588 325,396 655,715 2,451,688

Weekly changes - 20,944 + 41,502 - 14,245 - 11,762 + 6,081 + 8,437 + 9,067

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 4 1,551 71,239 1,312,989 1,385,784

Weekly changes 0 - 1 0 + 157 - 452 - 5,448 - 5,742

Repurchase agreements4 163,900 0 ... ... ... ... 163,900

Central bank liquidity swaps5 67 0 0 0 0 0 67

Reverse repurchase agreements4 226,964 0 ... ... ... ... 226,964

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 Feb 19, 2020

Mortgage-backed securities held outright1 1,385,784

Commitments to buy mortgage-backed securities2 3,435

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

Feb 19, 2020 Feb 12, 2020 Feb 20, 2019

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,774 - 9 - 24

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,114,092 + 2,215 + 191,017

Securities held outright1 3,839,819 + 3,325 + 41,060

U.S. Treasury securities 2,451,688 + 9,067 + 269,487

Bills2 265,539 + 7,501 + 265,539

Notes and bonds, nominal2 2,029,678 + 1,601 - 16,424

Notes and bonds, inflation-indexed2 131,052 0 + 16,283

Inflation compensation3 25,419 - 35 + 4,089

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,385,784 - 5,742 - 228,366

Unamortized premiums on securities held outright5 123,866 - 383 - 13,678

Unamortized discounts on securities held outright5 -13,499 - 233 - 249

Repurchase agreements6 163,900 - 500 + 163,900

Loans 5 + 5 - 18

Net portfolio holdings of Maiden Lane LLC7 0 0 0

Items in process of collection (0) 71 + 16 - 3

Bank premises 2,199 + 2 - 4

Central bank liquidity swaps8 67 + 12 - 1

Foreign currency denominated assets9 20,112 - 198 - 695

Other assets10 17,018 - 13,157 - 140

Total assets (0) 4,171,570 - 11,119 + 190,150

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

Feb 19, 2020 Feb 12, 2020 Feb 20, 2019

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,751,590 + 3,329 + 87,321

Reverse repurchase agreements11 226,964 + 3,135 - 28,215

Deposits (0) 2,149,204 - 16,606 + 131,434

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,659,021 - 36,061 + 39,276

U.S. Treasury, General Account 421,051 + 16,710 + 90,048

Foreign official 5,187 + 4 - 56

Other12 (0) 63,945 + 2,741 + 2,166

Deferred availability cash items (0) 187 + 29 - 77

Other liabilities and accrued dividends13 5,079 - 1,033 + 296

Total liabilities (0) 4,133,025 - 11,144 + 190,760

Capital accounts

Capital paid in 31,720 + 25 - 610

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 38,545 + 25 - 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, February 19, 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 1,774 42 56 157 101 239 172 288 38 52 119 205 304

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,114,092 85,352 2,244,526 99,629 120,368 251,767 281,293 215,954 59,130 35,600 61,005 178,639 480,828

Securities held outright1 3,839,819 79,662 2,094,893 92,987 112,343 234,983 262,540 201,557 55,188 33,227 56,938 166,730 448,770

U.S. Treasury securities 2,451,688 50,863 1,337,569 59,372 71,730 150,035 167,629 128,692 35,237 21,215 36,355 106,455 286,536

Bills2 265,539 5,509 144,870 6,430 7,769 16,250 18,156 13,939 3,816 2,298 3,938 11,530 31,034

Notes and bonds3 2,186,149 45,354 1,192,699 52,941 63,961 133,785 149,474 114,754 31,421 18,917 32,417 94,925 255,501

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

Mortgage-backed securities4 1,385,784 28,750 756,043 33,559 40,545 84,805 94,750 72,742 19,917 11,992 20,549 60,172 161,960

Unamortized premiums on securities 

held outright5 123,866 2,570 67,578 3,000 3,624 7,580 8,469 6,502 1,780 1,072 1,837 5,378 14,477

Unamortized discounts on securities 

held outright5 -13,499 -280 -7,365 -327 -395 -826 -923 -709 -194 -117 -200 -586 -1,578

Repurchase agreements6 163,900 3,400 89,419 3,969 4,795 10,030 11,206 8,603 2,356 1,418 2,430 7,117 19,155

Loans 5 0 1 0 0 0 0 0 0 0 0 0 4

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 71 0 0 0 0 0 70 0 0 1 0 0 0

Bank premises 2,199 105 455 94 117 192 202 193 102 93 228 223 196

Central bank liquidity swaps8 67 3 21 4 5 14 4 3 1 0 1 1 10

Foreign currency denominated

assets9 20,112 866 6,383 1,162 1,605 4,288 1,169 840 307 96 195 249 2,952

Other assets10 17,018 369 8,746 405 514 1,280 1,140 858 358 190 352 851 1,954

Interdistrict settlement account 0 + 11,013 - 63,572 - 9,790 + 7,702 - 12,037 + 21,354 + 8,541 + 8,556 + 4,087 + 6,611 + 21,728 - 4,192

Total assets 4,171,570 98,296 2,202,142 92,198 131,181 246,909 307,618 227,812 68,970 40,396 68,954 203,068 484,026

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, February 19, 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 1,961,551 61,021 645,419 57,403 93,778 134,350 273,968 126,841 59,455 32,130 54,202 163,805 259,181

Less: Notes held by F.R. Banks 209,962 6,354 53,186 8,613 9,751 16,524 32,480 13,428 4,958 3,085 6,932 19,605 35,046

Federal Reserve notes, net 1,751,590 54,667 592,232 48,790 84,027 117,826 241,488 113,413 54,497 29,045 47,270 144,200 224,135

Reverse repurchase agreements11 226,964 4,709 123,825 5,496 6,640 13,889 15,518 11,914 3,262 1,964 3,366 9,855 26,526

Deposits 2,149,204 36,918 1,470,987 36,341 37,023 106,551 48,274 100,655 10,427 8,821 17,729 48,299 227,180

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 1,659,021 36,907 1,022,188 36,338 36,991 106,187 48,240 59,914 10,423 8,765 17,697 48,198 227,174

U.S. Treasury, General Account 421,051 0 421,051 0 0 0 0 0 0 0 0 0 0

Foreign official 5,187 2 5,160 2 3 9 2 2 1 0 0 0 6

Other12 63,945 9 22,589 0 29 356 31 40,740 3 56 32 100 0

Deferred availability cash items 187 0 0 0 0 0 74 0 0 113 0 0 0

Earnings remittances due to the U.S.

Treasury13 988 11 589 17 20 22 89 47 16 8 15 55 99

Other liabilities and accrued

dividends 4,092 162 1,537 168 179 490 279 287 137 144 167 201 341

Total liabilities 4,133,025 96,467 2,189,171 90,811 127,889 238,778 305,722 226,316 68,338 40,095 68,547 202,610 478,282

Capital

Capital paid in 31,720 1,505 10,677 1,141 2,709 6,691 1,558 1,231 520 248 335 377 4,729

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 4,171,570 98,296 2,202,142 92,198 131,181 246,909 307,618 227,812 68,970 40,396 68,954 203,068 484,026

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, February 19, 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 Feb 19, 2020

Federal Reserve notes outstanding 1,961,551

Less: Notes held by F.R. Banks not subject to collateralization 209,962

Federal Reserve notes to be collateralized 1,751,590

Collateral held against Federal Reserve notes 1,751,590

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,735,353

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,003,719

Less: Face value of securities under reverse repurchase agreements 223,216

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,780,503

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.