FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 29, 2019 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 Nov 27, 2019 Federal Reserve Banks Nov 27, 2019 Nov 20, 2019 Nov 28, 2018 Reserve Bank credit 4,001,805 + 14,454 - 62,021 4,013,621 Securities held outright (1) 3,667,197 + 14,739 - 246,563 3,674,569 U.S. Treasury securities 2,233,410 + 25,391 - 19,693 2,248,498 Bills (2) 94,729 + 20,360 + 94,729 106,516 Notes and bonds, nominal (2) 1,989,315 + 5,003 - 126,069 1,992,602 Notes and bonds, inflation-indexed (2) 124,372 0 + 8,793 124,372 Inflation compensation (3) 24,995 + 28 + 2,854 25,008 Federal agency debt securities (2) 2,347 0 - 62 2,347 Mortgage-backed securities (4) 1,431,440 - 10,651 - 226,807 1,423,724 Unamortized premiums on securities held outright (5) 125,909 - 572 - 16,042 125,635 Unamortized discounts on securities held outright (5) -13,053 - 146 + 470 -13,108 Repurchase agreements (6) 201,969 + 1,860 + 201,969 207,243 Loans 23 - 2 - 53 40 Primary credit 4 0 - 6 20 Secondary credit 0 0 0 0 Seasonal credit 19 - 2 - 47 20 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 7 0 Float -252 - 165 - 72 -821 Central bank liquidity swaps (8) 47 - 1 - 20 47 Other Federal Reserve assets (9) 19,965 - 1,259 - 1,705 20,015 Foreign currency denominated assets (10) 20,553 - 45 - 26 20,493 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,106 + 14 + 366 50,106 Total factors supplying reserve funds 4,088,705 + 14,423 - 61,681 4,100,461 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 Nov 27, 2019 Federal Reserve Banks Nov 27, 2019 Nov 20, 2019 Nov 28, 2018 Currency in circulation (11) 1,787,863 + 2,321 + 81,796 1,792,322 Reverse repurchase agreements (12) 282,931 - 6,142 + 43,743 281,921 Foreign official and international accounts 278,709 + 1,325 + 47,826 281,415 Others 4,222 - 7,467 - 4,083 506 Treasury cash holdings 183 - 2 - 24 185 Deposits with F.R. Banks, other than reserve balances 446,424 + 11,260 + 24,864 421,790 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 360,941 - 7,872 + 20,345 358,896 Foreign official 5,181 - 2 - 78 5,181 Other (13) 80,302 + 19,133 + 4,597 57,712 Other liabilities and capital (14) 44,607 - 951 - 99 44,524 Total factors, other than reserve balances, absorbing reserve funds 2,562,008 + 6,486 + 150,281 2,540,742 Reserve balances with Federal Reserve Banks 1,526,697 + 7,938 - 211,962 1,559,719 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 Nov 27, 2019 Nov 27, 2019 Nov 20, 2019 Nov 28, 2018 Securities held in custody for foreign official and international accounts 3,414,903 - 602 + 13,098 3,410,979 Marketable U.S. Treasury securities (1) 2,963,851 - 4,614 - 65,080 2,961,763 Federal agency debt and mortgage-backed securities (2) 366,771 + 3,920 + 59,927 365,230 Other securities (3) 84,281 + 91 + 18,252 83,986 Securities lent to dealers 29,477 - 458 + 13,192 30,126 Overnight facility (4) 29,477 - 458 + 13,192 30,126 U.S. Treasury securities 29,477 - 458 + 13,192 30,126 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, November 27, 2019 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 40 0 0 0 0 ... 40 U.S. Treasury securities (1) Holdings 10,203 97,984 303,961 882,505 317,323 636,521 2,248,498 Weekly changes + 169 + 1,103 + 21,232 + 5,606 + 14 + 11 + 28,137 Federal agency debt securities (2) Holdings 0 0 0 0 486 1,861 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 12 976 75,844 1,346,892 1,423,724 Weekly changes 0 0 - 3 - 33 - 1,101 - 12,336 - 13,473 Repurchase agreements (4) 182,243 25,000 ... ... ... ... 207,243 Central bank liquidity swaps (5) 47 0 0 0 0 0 47 Reverse repurchase agreements (4) 281,921 0 ... ... ... ... 281,921 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 Nov 27, 2019 Mortgage-backed securities held outright (1) 1,423,724 Commitments to buy mortgage-backed securities (2) 7,394 Commitments to sell mortgage-backed securities (2) 20 Cash and cash equivalents (3) 2 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 Nov 27, 2019 Wednesday Wednesday consolidation Nov 20, 2019 Nov 28, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,621 - 37 - 70 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,994,379 + 22,072 - 42,909 Securities held outright (1) 3,674,569 + 14,665 - 234,425 U.S. Treasury securities 2,248,498 + 28,137 - 4,619 Bills (2) 106,516 + 22,503 + 106,516 Notes and bonds, nominal (2) 1,992,602 + 5,603 - 122,782 Notes and bonds, inflation-indexed (2) 124,372 0 + 8,793 Inflation compensation (3) 25,008 + 31 + 2,854 Federal agency debt securities (2) 2,347 0 - 62 Mortgage-backed securities (4) 1,423,724 - 13,473 - 229,744 Unamortized premiums on securities held outright (5) 125,635 - 575 - 16,086 Unamortized discounts on securities held outright (5) -13,108 - 115 + 404 Repurchase agreements (6) 207,243 + 8,084 + 207,243 Loans 40 + 14 - 44 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 7 Items in process of collection (0) 83 + 26 + 1 Bank premises 2,205 + 12 + 5 Central bank liquidity swaps (8) 47 - 1 - 21 Foreign currency denominated assets (9) 20,493 - 114 + 10 Other assets (10) 17,809 + 668 - 1,305 Total assets (0) 4,052,875 + 22,626 - 44,295 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 Nov 27, 2019 Wednesday Wednesday consolidation Nov 20, 2019 Nov 28, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,744,018 + 6,345 + 85,513 Reverse repurchase agreements (11) 281,921 - 18,993 + 54,606 Deposits (0) 1,981,509 + 35,136 - 185,525 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,559,719 + 29,561 - 198,962 U.S. Treasury, General Account 358,896 + 1,345 + 26,560 Foreign official 5,181 - 2 - 76 Other (12) (0) 57,712 + 4,231 - 13,047 Deferred availability cash items (0) 904 + 776 + 437 Other liabilities and accrued dividends (13) 5,623 - 638 + 903 Total liabilities (0) 4,013,975 + 22,626 - 44,066 Capital accounts Capital paid in 32,075 0 - 229 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,900 0 - 229 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, November 27, 2019 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 1,621 40 42 149 105 209 158 273 32 45 108 183 278 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,994,379 82,867 2,179,194 96,729 116,864 244,439 273,113 209,668 57,409 34,576 59,230 173,459 466,829 Securities held outright (1) 3,674,569 76,233 2,004,737 88,986 107,509 224,870 251,241 192,883 52,813 31,797 54,488 159,554 429,457 U.S. Treasury securities 2,248,498 46,648 1,226,715 54,451 65,785 137,600 153,737 118,027 32,317 19,457 33,342 97,632 262,788 Bills (2) 106,516 2,210 58,112 2,579 3,116 6,518 7,283 5,591 1,531 922 1,579 4,625 12,449 Notes and bonds (3) 2,141,982 44,438 1,168,603 51,872 62,669 131,082 146,454 112,436 30,786 18,535 31,762 93,007 250,339 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,423,724 29,537 776,742 34,478 41,655 87,127 97,344 74,733 20,463 12,320 21,112 61,820 166,395 Unamortized premiums on securities held outright (5) 125,635 2,606 68,543 3,042 3,676 7,688 8,590 6,595 1,806 1,087 1,863 5,455 14,683 Unamortized discounts on securities held outright (5) -13,108 -272 -7,151 -317 -384 -802 -896 -688 -188 -113 -194 -569 -1,532 Repurchase agreements (6) 207,243 4,299 113,066 5,019 6,063 12,683 14,170 10,878 2,979 1,793 3,073 8,999 24,221 Loans 40 0 0 0 0 0 8 0 0 12 0 20 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 83 0 0 0 0 0 82 0 0 0 0 0 0 Bank premises 2,205 107 465 88 116 192 203 195 102 94 228 225 191 Central bank liquidity swaps (8) 47 2 15 3 4 10 3 2 1 0 0 1 7 Foreign currency denominated assets (9) 20,493 882 6,510 1,183 1,635 4,367 1,191 855 312 97 198 253 3,007 Other assets (10) 17,809 380 9,186 421 520 1,316 1,188 901 444 198 329 890 2,034 Interdistrict settlement account 0 + 10,631 - 164,499 - 11,860 + 21,384 + 10,623 + 35,282 + 16,330 + 9,528 + 6,686 + 8,420 + 24,717 + 32,757 Total assets 4,052,875 95,456 2,036,439 87,250 141,397 262,323 313,435 229,360 68,305 41,973 68,958 200,899 507,078 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, November 27, 2019 (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 1,952,101 60,479 640,978 57,142 93,740 133,871 272,804 126,349 59,034 31,149 53,582 163,395 259,580 Less: Notes held by F.R. Banks 208,084 6,434 56,047 8,802 8,978 15,848 29,339 12,831 5,532 3,268 7,379 20,034 33,592 Federal Reserve notes, net 1,744,018 54,045 584,931 48,339 84,762 118,023 243,464 113,518 53,502 27,881 46,203 143,361 225,988 Reverse repurchase agreements (11) 281,921 5,849 153,808 6,827 8,248 17,253 19,276 14,798 4,052 2,440 4,180 12,241 32,949 Deposits 1,981,509 33,575 1,282,540 30,335 44,899 118,282 47,842 99,192 9,978 10,373 17,997 44,552 241,944 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 1,559,719 33,551 897,177 30,333 44,867 117,865 47,808 63,447 9,973 10,312 17,965 44,483 241,937 U.S. Treasury, General Account 358,896 0 358,896 0 0 0 0 0 0 0 0 0 0 Foreign official 5,181 2 5,154 2 3 9 2 2 1 0 0 0 6 Other (12) 57,712 22 21,313 0 29 408 32 35,743 4 61 32 68 1 Deferred availability cash items 904 0 0 0 0 0 67 0 0 836 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,219 22 705 25 30 17 114 58 16 11 21 66 132 Other liabilities and accrued dividends 4,404 177 1,639 187 205 603 300 284 136 153 160 218 343 Total liabilities 4,013,975 93,668 2,023,623 85,714 138,144 254,178 311,064 227,850 67,683 41,694 68,562 200,438 501,357 Capital Capital paid in 32,075 1,494 10,650 1,142 2,709 6,690 1,975 1,225 518 247 330 376 4,719 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 4,052,875 95,456 2,036,439 87,250 141,397 262,323 313,435 229,360 68,305 41,973 68,958 200,899 507,078 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, November 27, 2019 (continued) 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 7. Refer to the note on consolidation below. 8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 9. Revalued daily at current foreign currency exchange rates. 10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. 11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $6.825 billion surplus. Note on consolidation: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous page (and in table 1 and table 4), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were included in other liabilities in this table (and table 1 and table 4). 6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Nov 27, 2019 Federal Reserve notes outstanding 1,952,101 Less: Notes held by F.R. Banks not subject to collateralization 208,084 Federal Reserve notes to be collateralized 1,744,018 Collateral held against Federal Reserve notes 1,744,018 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,727,781 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,881,812 Less: Face value of securities under reverse repurchase agreements 270,160 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,611,652 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.