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Release Date: March 12, 2020
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FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks March 12, 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 Mar 11, 2020
Federal Reserve Banks Mar 11, 2020 Mar 4, 2020 Mar 13, 2019
Reserve Bank credit 4,221,590 + 77,249 + 289,898 4,272,427
Securities held outright (1) 3,890,132 + 25,125 + 104,634 3,897,224
U.S. Treasury securities 2,515,940 + 25,124 + 340,483 2,523,031
Bills (2) 314,613 + 19,070 + 314,613 321,043
Notes and bonds, nominal (2) 2,043,138 + 4,314 + 4,127 2,043,482
Notes and bonds, inflation-indexed (2) 132,424 + 1,372 + 17,270 132,653
Inflation compensation (3) 25,764 + 367 + 4,471 25,853
Federal agency debt securities (2) 2,347 0 - 62 2,347
Mortgage-backed securities (4) 1,371,846 + 2 - 235,785 1,371,846
Unamortized premiums on securities held outright (5) 124,459 + 1,023 - 12,283 124,423
Unamortized discounts on securities held outright (5) -13,394 + 83 - 199 -13,366
Repurchase agreements (6) 199,301 + 49,008 + 199,301 242,375
Loans 8 - 4 - 3 11
Primary credit 8 - 3 + 5 11
Secondary credit 0 0 0 0
Seasonal credit 0 0 - 9 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0
Float -194 + 297 - 37 -312
Central bank liquidity swaps (8) 58 + 10 - 9 58
Other Federal Reserve assets (9) 21,218 + 1,706 - 1,508 22,014
Foreign currency denominated assets (10) 21,187 + 532 + 552 21,147
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,211 + 14 + 372 50,211
Total factors supplying reserve funds 4,309,229 + 77,795 + 290,822 4,360,026
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 Mar 11, 2020
Federal Reserve Banks Mar 11, 2020 Mar 4, 2020 Mar 13, 2019
Currency in circulation (11) 1,814,071 + 10,550 + 94,186 1,818,957
Reverse repurchase agreements (12) 228,063 - 171 - 8,851 233,275
Foreign official and international accounts 226,117 + 28 - 10,679 231,950
Others 1,946 - 199 + 1,828 1,325
Treasury cash holdings 307 + 18 - 24 315
Deposits with F.R. Banks, other than reserve balances 476,127 + 20,001 + 164,382 482,365
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 380,556 + 6,041 + 134,584 372,337
Foreign official 5,355 + 168 + 112 5,187
Other (13) 90,217 + 13,793 + 29,688 104,842
Other liabilities and capital (14) 46,136 + 1,727 + 551 45,123
Total factors, other than reserve balances,
absorbing reserve funds 2,564,704 + 32,125 + 250,245 2,580,036
Reserve balances with Federal Reserve Banks 1,744,525 + 45,670 + 40,577 1,779,990
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 Mar 11, 2020
Mar 11, 2020 Mar 4, 2020 Mar 13, 2019
Securities held in custody for foreign official and
international accounts 3,439,994 - 17,681 - 32,178 3,421,998
Marketable U.S. Treasury securities (1) 2,980,070 - 18,579 - 95,997 2,961,623
Federal agency debt and mortgage-backed securities (2) 377,239 + 169 + 52,987 377,502
Other securities (3) 82,684 + 728 + 10,830 82,873
Securities lent to dealers 33,850 + 1,528 + 10,193 33,287
Overnight facility (4) 33,850 + 1,528 + 10,193 33,287
U.S. Treasury securities 33,850 + 1,528 + 10,193 33,287
Federal agency debt securities 0 0 0 0
Note: Components may not sum to totals because of rounding.
1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS.
Does not include securities pledged as collateral to foreign official and international account holders
against reverse repurchase agreements with the Federal Reserve presented in tables 1, 4, and 5.
2. Face value of federal agency securities and current face value of mortgage-backed securities, which
is the remaining principal balance of the securities.
3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed
securities, and commercial paper at face value.
4. Face value. Fully collateralized by U.S. Treasury securities.
2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, March 11, 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 11 0 0 0 0 ... 11
U.S. Treasury securities (1)
Holdings 21,427 221,961 378,403 915,101 327,906 658,232 2,523,031
Weekly changes - 1,252 + 8,680 + 10,583 + 762 + 1,583 + 51 + 20,407
Federal agency debt securities (2)
Holdings 0 0 0 0 1,151 1,196 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 4 1,649 71,812 1,298,380 1,371,846
Weekly changes 0 0 0 0 0 0 0
Repurchase agreements (4) 242,375 0 ... ... ... ... 242,375
Central bank liquidity swaps (5) 58 0 0 0 0 0 58
Reverse repurchase agreements (4) 233,275 0 ... ... ... ... 233,275
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.
3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name Wednesday
Mar 11, 2020
Mortgage-backed securities held outright (1) 1,371,846
Commitments to buy mortgage-backed securities (2) 3,641
Commitments to sell mortgage-backed securities (2) 0
Cash and cash equivalents (3) 1
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 Mar 11, 2020 Wednesday Wednesday
consolidation Mar 4, 2020 Mar 13, 2019
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,729 - 22 - 34
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,250,666 + 67,868 + 341,529
Securities held outright (1) 3,897,224 + 20,408 + 111,569
U.S. Treasury securities 2,523,031 + 20,407 + 347,552
Bills (2) 321,043 + 18,001 + 321,043
Notes and bonds, nominal (2) 2,043,482 + 401 + 4,471
Notes and bonds, inflation-indexed (2) 132,653 + 1,601 + 17,499
Inflation compensation (3) 25,853 + 404 + 4,539
Federal agency debt securities (2) 2,347 0 - 62
Mortgage-backed securities (4) 1,371,846 0 - 235,921
Unamortized premiums on securities held outright
(5) 124,423 + 17 - 12,233
Unamortized discounts on securities held outright
(5) -13,366 + 59 - 182
Repurchase agreements (6) 242,375 + 47,375 + 242,375
Loans 11 + 10 0
Net portfolio holdings of Maiden Lane LLC (7) 0 0 0
Items in process of collection (0) 59 + 17 + 11
Bank premises 2,199 + 1 - 3
Central bank liquidity swaps (8) 58 + 10 - 9
Foreign currency denominated assets (9) 21,147 + 372 + 446
Other assets (10) 19,815 + 2,158 - 1,590
Total assets (0) 4,311,911 + 70,404 + 340,352
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 Mar 11, 2020 Wednesday Wednesday
consolidation Mar 4, 2020 Mar 13, 2019
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,770,786 + 8,661 + 97,205
Reverse repurchase agreements (11) 233,275 - 3,427 - 6,208
Deposits (0) 2,262,355 + 64,955 + 249,470
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 1,779,990 + 44,984 + 72,865
U.S. Treasury, General Account 372,337 - 8,965 + 133,956
Foreign official 5,187 + 1 - 56
Other (12) (0) 104,842 + 28,936 + 42,707
Deferred availability cash items (0) 371 - 299 + 152
Other liabilities and accrued dividends (13) 6,529 + 477 + 373
Total liabilities (0) 4,273,317 + 70,368 + 340,993
Capital accounts
Capital paid in 31,769 + 36 - 642
Surplus 6,825 0 0
Other capital accounts 0 0 0
Total capital 38,594 + 36 - 642
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.
5. Statement of Condition of Each Federal Reserve Bank, March 11, 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 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 1,729 40 52 162 94 235 159 292 33 53 118 196 295
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,250,666 88,185 2,319,034 102,936 124,364 260,125 290,630 223,123 61,093 36,782 63,040 184,569 496,786
Securities held outright (1) 3,897,224 80,852 2,126,211 94,377 114,023 238,496 266,465 204,571 56,013 33,724 57,790 169,222 455,479
U.S. Treasury securities 2,523,031 52,343 1,376,492 61,099 73,817 154,400 172,507 132,437 36,263 21,832 37,412 109,553 294,874
Bills (2) 321,043 6,660 175,152 7,775 9,393 19,647 21,951 16,852 4,614 2,778 4,761 13,940 37,521
Notes and bonds (3) 2,201,988 45,683 1,201,340 53,325 64,425 134,754 150,557 115,585 31,648 19,054 32,652 95,613 257,352
Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274
Mortgage-backed securities (4) 1,371,846 28,461 748,439 33,221 40,137 83,952 93,797 72,010 19,717 11,871 20,342 59,567 160,331
Unamortized premiums on securities held
outright (5) 124,423 2,581 67,881 3,013 3,640 7,614 8,507 6,531 1,788 1,077 1,845 5,403 14,542
Unamortized discounts on securities
held outright (5) -13,366 -277 -7,292 -324 -391 -818 -914 -702 -192 -116 -198 -580 -1,562
Repurchase agreements (6) 242,375 5,028 132,233 5,869 7,091 14,832 16,572 12,723 3,484 2,097 3,594 10,524 28,327
Loans 11 0 0 0 1 0 0 0 0 0 10 0 0
Net portfolio holdings of Maiden
Lane LLC (7) 0 0 0 0 0 0 0 0 0 0 0 0 0
Items in process of collection 59 0 0 0 0 0 59 0 0 0 0 0 0
Bank premises 2,199 104 455 95 119 191 202 191 102 92 227 223 197
Central bank liquidity swaps (8) 58 2 18 3 5 12 3 2 1 0 1 1 9
Foreign currency denominated
assets (9) 21,147 911 6,712 1,222 1,688 4,509 1,230 883 322 101 205 262 3,104
Other assets (10) 19,815 420 10,206 471 585 1,433 1,326 1,004 577 237 371 905 2,279
Interdistrict settlement account 0 + 18,052 - 189,353 + 546 + 7,765 + 4,479 + 23,420 + 40,973 + 8,919 + 5,445 + 6,972 + 29,275 + 43,508
Total assets 4,311,911 108,261 2,152,649 105,972 135,387 272,150 319,244 267,603 71,526 42,987 71,379 216,601 548,153
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, March 11, 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 outstanding 1,965,527 60,867 649,947 57,218 93,647 134,240 273,969 126,617 59,302 32,042 54,062 163,543 260,072
Less: Notes held by F.R. Banks 194,741 5,864 50,871 8,592 8,496 15,353 30,328 12,263 4,390 2,691 6,889 18,056 30,948
Federal Reserve notes, net 1,770,786 55,002 599,076 48,627 85,151 118,887 243,642 114,354 54,912 29,352 47,173 145,487 229,125
Reverse repurchase agreements (11) 233,275 4,840 127,268 5,649 6,825 14,276 15,950 12,245 3,353 2,019 3,459 10,129 27,264
Deposits 2,262,355 46,366 1,410,463 50,073 39,851 130,169 57,276 139,104 12,462 10,833 20,130 60,232 285,395
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 1,779,990 46,334 997,092 50,071 39,822 128,339 57,242 72,288 12,459 10,771 20,099 60,085 285,389
U.S. Treasury, General Account 372,337 0 372,337 0 0 0 0 0 0 0 0 0 0
Foreign official 5,187 2 5,159 2 3 9 2 2 1 0 0 0 6
Other (12) 104,842 30 35,875 0 26 1,821 32 66,814 3 63 31 147 0
Deferred availability cash items 371 0 0 0 0 0 53 0 0 319 0 0 0
Earnings remittances due to the U.S.
Treasury (13) 2,078 47 1,099 58 78 173 146 93 30 14 27 79 234
Other liabilities and accrued
dividends 4,451 176 1,744 178 189 514 280 310 137 147 181 211 384
Total liabilities 4,273,317 106,431 2,139,649 104,585 132,094 264,019 317,347 266,106 70,894 42,683 70,969 216,138 542,401
Capital
Capital paid in 31,769 1,505 10,706 1,141 2,710 6,691 1,558 1,232 520 251 337 381 4,736
Surplus 6,825 324 2,294 246 583 1,441 338 265 112 53 72 81 1,016
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and capital 4,311,911 108,261 2,152,649 105,972 135,387 272,150 319,244 267,603 71,526 42,987 71,379 216,601 548,153
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, March 11, 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).
6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Mar 11, 2020
Federal Reserve notes outstanding 1,965,527
Less: Notes held by F.R. Banks not subject to collateralization 194,741
Federal Reserve notes to be collateralized 1,770,786
Collateral held against Federal Reserve notes 1,770,786
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,754,550
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,139,599
Less: Face value of securities under reverse repurchase agreements 226,126
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,913,472
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.
Release dates | Data Download Program (DDP) |
About |
Announcements |
Technical Q&As
Current release Other formats:
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ASCII |
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(21 KB)
Statistical releases