FRB: H.4.1 Release--Factors Affecting Reserve Balances-- April 02, 2020

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks April 2, 2020

1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Apr 1, 2020
Federal Reserve Banks Apr 1, 2020 Mar 25, 2020 Apr 3, 2019

Reserve Bank credit 5,574,804 + 604,440 +1,665,932 5,772,536
Securities held outright (1) 4,604,983 + 417,565 + 843,862 4,800,901
U.S. Treasury securities 3,175,115 + 361,629 +1,009,063 3,340,832
Bills (2) 326,044 0 + 326,044 326,044
Notes and bonds, nominal (2) 2,637,583 + 332,763 + 608,163 2,791,860
Notes and bonds, inflation-indexed (2) 181,062 + 26,589 + 65,908 191,725
Inflation compensation (3) 30,427 + 2,278 + 8,949 31,204
Federal agency debt securities (2) 2,347 0 0 2,347
Mortgage-backed securities (4) 1,427,520 + 55,935 - 165,203 1,457,721
Unamortized premiums on securities held outright (5) 191,598 + 40,119 + 56,044 211,339
Unamortized discounts on securities held outright (5) -9,205 + 1,800 + 3,899 -8,492
Repurchase agreements (6) 302,463 - 85,065 + 302,463 263,050
Loans 130,308 + 68,978 + 130,250 129,461
Primary credit 49,578 + 9,649 + 49,527 43,744
Secondary credit 0 0 0 0
Seasonal credit 0 0 - 7 0
Primary Dealer Credit Facility 33,882 + 19,492 + 33,882 33,050
Money Market Mutual Fund Liquidity Facility 46,849 + 39,838 + 46,849 52,667
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0
Float -443 - 253 + 136 -550
Central bank liquidity swaps (8) 327,787 + 158,973 + 326,422 348,544
Other Federal Reserve assets (9) 27,313 + 2,324 + 2,857 28,283
Foreign currency denominated assets (10) 20,601 + 558 - 42 20,584
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,219 + 14 + 354 50,219

Total factors supplying reserve funds 5,661,865 + 605,012 +1,666,243 5,859,580

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

1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Apr 1, 2020
Federal Reserve Banks Apr 1, 2020 Mar 25, 2020 Apr 3, 2019

Currency in circulation (11) 1,876,878 + 17,112 + 152,132 1,879,230
Reverse repurchase agreements (12) 484,878 + 201,409 + 234,571 494,427
Foreign official and international accounts 270,436 + 16,063 + 20,522 286,599
Others 214,442 + 185,346 + 214,049 207,828
Treasury cash holdings 327 + 2 - 9 318
Deposits with F.R. Banks, other than reserve balances 713,106 + 33,422 + 337,652 749,312
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 429,267 + 39,015 + 119,079 506,933
Foreign official 17,208 + 6,849 + 11,965 17,745
Other (13) 266,631 - 12,442 + 206,607 224,635
Other liabilities and capital (14) 52,768 + 6,131 + 8,388 51,895

Total factors, other than reserve balances,
absorbing reserve funds 3,127,957 + 258,075 + 732,733 3,175,183

Reserve balances with Federal Reserve Banks 2,533,908 + 346,937 + 933,510 2,684,398

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.

1A. Memorandum Items
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Week ended Change from week ended Apr 1, 2020
Apr 1, 2020 Mar 25, 2020 Apr 3, 2019

Securities held in custody for foreign official and
international accounts 3,338,421 - 16,852 - 121,354 3,325,434
Marketable U.S. Treasury securities (1) 2,867,348 - 23,979 - 194,838 2,855,182
Federal agency debt and mortgage-backed securities (2) 388,529 + 7,638 + 62,810 388,293
Other securities (3) 82,544 - 511 + 10,674 81,958
Securities lent to dealers 36,904 + 1,957 + 7,953 37,705
Overnight facility (4) 36,904 + 1,957 + 7,953 37,705
U.S. Treasury securities 36,904 + 1,961 + 7,953 37,705
Federal agency debt securities 0 - 3 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, April 1, 2020

Millions of dollars
Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All
days 90 days 1 year to 5 years to 10 years years

Loans (1) 16,026 95,825 17,611 0 0 ... 129,461
U.S. Treasury securities (2)
Holdings 36,238 233,009 468,063 1,298,345 509,228 795,949 3,340,832
Weekly changes - 7,799 + 11,958 + 37,996 + 187,200 + 72,910 + 60,195 + 362,460
Federal agency debt securities (3)
Holdings 0 0 0 0 1,151 1,196 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 5 1,642 72,269 1,383,805 1,457,721
Weekly changes 0 0 + 1 - 1 + 1,445 + 71,712 + 73,158
Repurchase agreements (5) 131,400 131,650 ... ... ... ... 263,050
Central bank liquidity swaps (6) 119,087 229,457 0 0 0 0 348,544

Reverse repurchase agreements (5) 494,427 0 ... ... ... ... 494,427
Term deposits 0 0 0 ... ... ... 0

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

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary
Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions.
2. 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.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Cash value of agreements.
6. 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. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name Wednesday
Apr 1, 2020

Mortgage-backed securities held outright (1) 1,457,721

Commitments to buy mortgage-backed securities (2) 214,729
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 270

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.

4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Apr 1, 2020 Wednesday Wednesday
consolidation Mar 25, 2020 Apr 3, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,660 + 19 - 59
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 5,396,259 + 411,255 +1,525,495
Securities held outright (1) 4,800,901 + 435,619 +1,052,523
U.S. Treasury securities 3,340,832 + 362,460 +1,187,524
Bills (2) 326,044 0 + 326,044
Notes and bonds, nominal (2) 2,791,860 + 335,735 + 775,228
Notes and bonds, inflation-indexed (2) 191,725 + 24,793 + 76,571
Inflation compensation (3) 31,204 + 1,933 + 9,681
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 1,457,721 + 73,158 - 135,002
Unamortized premiums on securities held outright
(5) 211,339 + 43,066 + 75,871
Unamortized discounts on securities held outright
(5) -8,492 + 1,534 + 4,601
Repurchase agreements (6) 263,050 - 89,305 + 263,050
Loans (7) 129,461 + 20,342 + 129,450
Net portfolio holdings of Maiden Lane LLC (8) 0 0 0
Items in process of collection (0) 40 + 3 - 6
Bank premises 2,198 - 9 - 1
Central bank liquidity swaps (9) 348,544 + 142,493 + 347,179
Foreign currency denominated assets (10) 20,584 + 451 - 22
Other assets (11) 26,085 + 3,117 + 3,513

Total assets (0) 5,811,607 + 557,329 +1,876,098

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

4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Apr 1, 2020 Wednesday Wednesday
consolidation Mar 25, 2020 Apr 3, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,830,985 + 7,017 + 151,353
Reverse repurchase agreements (12) 494,427 + 135,313 + 245,062
Deposits (0) 3,433,710 + 412,444 +1,471,855
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 2,684,398 + 336,651 +1,053,411
U.S. Treasury, General Account 506,933 + 122,043 + 236,463
Foreign official 17,745 + 1,484 + 12,502
Other (13) (0) 224,635 - 47,733 + 169,480
Deferred availability cash items (0) 591 + 283 + 54
Other liabilities and accrued dividends (14) 13,067 + 2,240 + 8,285

Total liabilities (0) 5,772,780 + 557,297 +1,876,610

Capital accounts
Capital paid in 32,002 + 33 - 512
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 38,827 + 33 - 512

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. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary
Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions.
8. Refer to the note on consolidation accompanying table 5.
9. 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.
10. Revalued daily at current foreign currency exchange rates.
11. Includes accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable.
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.

5. Statement of Condition of Each Federal Reserve Bank, April 1, 2020
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City 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 1,660 41 49 151 92 226 151 279 29 50 110 187 293
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 5,396,259 162,924 2,934,918 127,985 155,267 322,677 360,353 280,293 75,956 45,593 79,141 229,969 621,183
Central bank liquidity swaps (2) 348,544 16,544 117,133 12,543 29,785 73,566 17,287 13,536 5,713 2,729 3,676 4,138 51,895
Foreign currency denominated
assets (3) 20,584 977 6,920 741 1,759 4,344 1,021 799 337 161 217 244 3,064
Other assets (4) 28,323 671 14,212 726 901 2,027 2,013 1,538 565 384 702 1,352 3,233
Interdistrict settlement account 0 - 13,288 - 36,306 - 4,899 - 4,151 + 50,213 - 26,638 + 63,914 - 4,366 - 2,274 + 6,028 + 59,284 - 87,516

Total assets 5,811,607 168,415 3,042,450 137,784 184,421 454,219 356,400 361,494 78,713 46,919 90,320 296,346 594,126

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

5. Statement of Condition of Each Federal Reserve Bank, April 1, 2020 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Liabilities
Federal Reserve notes, net 1,830,985 57,034 615,049 50,206 85,754 123,337 253,476 118,496 56,848 30,394 49,096 149,545 241,749
Reverse repurchase agreements (5) 494,427 10,257 269,745 11,973 14,466 30,257 33,805 25,953 7,106 4,278 7,332 21,469 57,785
Deposits 3,433,710 98,922 2,138,615 73,803 80,429 291,379 66,209 214,757 13,843 11,142 33,180 124,057 287,375
Depository institutions 2,684,398 98,837 1,544,831 73,802 75,485 290,037 63,419 82,535 13,837 10,841 21,905 121,524 287,346
U.S. Treasury, General Account 506,933 0 506,933 0 0 0 0 0 0 0 0 0 0
Foreign official 17,745 2 17,718 1 3 8 2 2 1 0 0 0 6
Other (6) 224,635 83 69,133 0 4,940 1,334 2,788 132,221 5 301 11,275 2,532 23
Earnings remittances due to the U.S.
Treasury (7) 2,244 60 1,171 67 66 163 165 115 30 22 28 94 264
Other liabilities and accrued
dividends 11,414 311 4,870 346 409 932 846 674 252 757 274 536 1,206

Total liabilities 5,772,780 166,585 3,029,449 136,396 181,123 446,069 354,501 359,996 78,078 46,594 89,909 295,700 588,379

Capital
Capital paid in 32,002 1,506 10,707 1,143 2,714 6,710 1,561 1,233 523 272 339 564 4,731
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 5,811,607 168,415 3,042,450 137,784 184,421 454,219 356,400 361,494 78,713 46,919 90,320 296,346 594,126

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

5. Statement of Condition of Each Federal Reserve Bank, April 1, 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. Loans includes primary, secondary, and
seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions.
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).

6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Apr 1, 2020

Federal Reserve notes outstanding 1,984,531
Less: Notes held by F.R. Banks not subject to collateralization 153,546
Federal Reserve notes to be collateralized 1,830,985
Collateral held against Federal Reserve notes 1,830,985
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,814,748
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 5,063,951
Less: Face value of securities under reverse repurchase agreements 418,431
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,645,520

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.

Statistical releases