FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 6, 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 Feb 5, 2020 Federal Reserve Banks Feb 5, 2020 Jan 29, 2020 Feb 6, 2019 Reserve Bank credit 4,119,939 + 4,731 + 133,606 4,128,065 Securities held outright (1) 3,805,473 + 11,989 - 24,498 3,817,516 U.S. Treasury securities 2,415,837 + 18,482 + 210,084 2,427,880 Bills (2) 236,820 + 13,930 + 236,820 247,536 Notes and bonds, nominal (2) 2,024,338 + 3,333 - 45,058 2,025,475 Notes and bonds, inflation-indexed (2) 129,245 + 1,240 + 14,476 129,451 Inflation compensation (3) 25,434 - 21 + 3,846 25,418 Federal agency debt securities (2) 2,347 0 - 62 2,347 Mortgage-backed securities (4) 1,387,289 - 6,492 - 234,520 1,387,289 Unamortized premiums on securities held outright (5) 123,542 - 188 - 14,833 123,542 Unamortized discounts on securities held outright (5) -13,308 - 14 - 39 -13,333 Repurchase agreements (6) 175,319 - 6,992 + 175,319 170,250 Loans 6 0 - 9 1 Primary credit 5 - 1 + 1 0 Secondary credit 0 0 0 0 Seasonal credit 0 0 - 10 1 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0 Float -344 - 159 - 101 -104 Central bank liquidity swaps (8) 48 - 3 - 18 48 Other Federal Reserve assets (9) 29,203 + 99 - 2,215 30,145 Foreign currency denominated assets (10) 20,620 + 108 - 369 20,453 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,176 + 14 + 379 50,176 Total factors supplying reserve funds 4,206,977 + 4,854 + 133,618 4,214,936 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 Feb 5, 2020 Federal Reserve Banks Feb 5, 2020 Jan 29, 2020 Feb 6, 2019 Currency in circulation (11) 1,792,655 + 417 + 89,283 1,794,675 Reverse repurchase agreements (12) 244,544 + 8,921 - 12,423 239,163 Foreign official and international accounts 240,255 + 6,519 - 15,116 235,051 Others 4,289 + 2,402 + 2,693 4,112 Treasury cash holdings 219 + 11 - 41 228 Deposits with F.R. Banks, other than reserve balances 480,775 - 32,331 + 60,261 484,389 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 413,322 - 18,739 + 60,947 416,585 Foreign official 5,182 + 2 - 62 5,183 Other (13) 62,270 - 13,594 - 626 62,621 Other liabilities and capital (14) 43,768 - 838 + 76 43,607 Total factors, other than reserve balances, absorbing reserve funds 2,561,960 - 23,821 + 137,154 2,562,063 Reserve balances with Federal Reserve Banks 1,645,016 + 28,674 - 3,537 1,652,873 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 Feb 5, 2020 Feb 5, 2020 Jan 29, 2020 Feb 6, 2019 Securities held in custody for foreign official and international accounts 3,426,345 - 8,028 - 572 3,435,564 Marketable U.S. Treasury securities (1) 2,979,721 - 5,763 - 57,404 2,989,080 Federal agency debt and mortgage-backed securities (2) 364,874 - 333 + 45,629 364,953 Other securities (3) 81,750 - 1,931 + 11,204 81,531 Securities lent to dealers 31,429 + 2,731 + 8,977 34,868 Overnight facility (4) 31,429 + 2,731 + 8,977 34,868 U.S. Treasury securities 31,429 + 2,731 + 8,977 34,868 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 5, 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 0 1 0 0 0 ... 1 U.S. Treasury securities (1) Holdings 53,364 115,176 378,638 917,955 319,329 643,419 2,427,880 Weekly changes + 25,098 - 20,026 + 105 + 9,736 + 3,731 + 129 + 18,772 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 1 4 1,394 71,691 1,314,200 1,387,289 Weekly changes 0 + 1 + 1 + 245 + 815 - 1,060 + 1 Repurchase agreements (4) 170,250 0 ... ... ... ... 170,250 Central bank liquidity swaps (5) 48 0 0 0 0 0 48 Reverse repurchase agreements (4) 239,163 0 ... ... ... ... 239,163 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 Feb 5, 2020 Mortgage-backed securities held outright (1) 1,387,289 Commitments to buy mortgage-backed securities (2) 7,770 Commitments to sell mortgage-backed securities (2) 0 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 Feb 5, 2020 Wednesday Wednesday consolidation Jan 29, 2020 Feb 6, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,772 + 5 - 39 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,097,977 + 13,854 + 143,007 Securities held outright (1) 3,817,516 + 18,773 - 12,414 U.S. Treasury securities 2,427,880 + 18,772 + 222,167 Bills (2) 247,536 + 15,002 + 247,536 Notes and bonds, nominal (2) 2,025,475 + 2,354 - 43,921 Notes and bonds, inflation-indexed (2) 129,451 + 1,446 + 14,682 Inflation compensation (3) 25,418 - 30 + 3,870 Federal agency debt securities (2) 2,347 0 - 62 Mortgage-backed securities (4) 1,387,289 + 1 - 234,520 Unamortized premiums on securities held outright (5) 123,542 + 15 - 14,739 Unamortized discounts on securities held outright (5) -13,333 - 27 - 75 Repurchase agreements (6) 170,250 - 4,875 + 170,250 Loans 1 - 33 - 15 Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 Items in process of collection (0) 76 + 22 + 10 Bank premises 2,193 - 17 - 6 Central bank liquidity swaps (8) 48 - 3 - 18 Foreign currency denominated assets (9) 20,453 - 46 - 441 Other assets (10) 27,952 + 1,263 - 2,156 Total assets (0) 4,166,707 + 15,077 + 140,357 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 Feb 5, 2020 Wednesday Wednesday consolidation Jan 29, 2020 Feb 6, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,746,494 + 1,897 + 88,883 Reverse repurchase agreements (11) 239,163 + 5,759 - 9,067 Deposits (0) 2,137,263 + 8,499 + 60,600 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,652,873 + 40,650 - 5,990 U.S. Treasury, General Account 416,585 - 33,952 + 62,689 Foreign official 5,183 + 2 - 61 Other (12) (0) 62,621 + 1,798 + 3,961 Deferred availability cash items (0) 180 - 549 - 77 Other liabilities and accrued dividends (13) 5,105 - 508 + 667 Total liabilities (0) 4,128,205 + 15,097 + 141,005 Capital accounts Capital paid in 31,677 - 20 - 649 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,502 - 20 - 649 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, February 5, 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 1,772 43 54 157 100 236 178 286 36 51 120 207 304 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,097,977 85,017 2,235,736 99,239 119,896 250,781 280,191 215,109 58,899 35,461 60,766 177,939 478,942 Securities held outright (1) 3,817,516 79,199 2,082,725 92,447 111,691 233,618 261,015 200,387 54,868 33,034 56,608 165,761 446,164 U.S. Treasury securities 2,427,880 50,369 1,324,580 58,795 71,034 148,578 166,002 127,443 34,895 21,009 36,002 105,421 283,753 Bills (2) 247,536 5,135 135,048 5,994 7,242 15,148 16,925 12,994 3,558 2,142 3,671 10,748 28,930 Notes and bonds (3) 2,180,344 45,234 1,189,532 52,801 63,791 133,429 149,077 114,449 31,337 18,867 32,331 94,673 254,823 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,387,289 28,781 756,864 33,595 40,589 84,897 94,853 72,821 19,939 12,005 20,571 60,238 162,136 Unamortized premiums on securities held outright (5) 123,542 2,563 67,401 2,992 3,615 7,560 8,447 6,485 1,776 1,069 1,832 5,364 14,439 Unamortized discounts on securities held outright (5) -13,333 -277 -7,274 -323 -390 -816 -912 -700 -192 -115 -198 -579 -1,558 Repurchase agreements (6) 170,250 3,532 92,883 4,123 4,981 10,419 11,641 8,937 2,447 1,473 2,525 7,392 19,898 Loans 1 0 0 0 0 0 0 1 0 0 0 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 76 0 0 0 0 0 75 0 0 1 0 0 0 Bank premises 2,193 105 454 91 117 191 202 192 102 93 228 222 196 Central bank liquidity swaps (8) 48 2 15 3 4 10 3 2 1 0 0 1 7 Foreign currency denominated assets (9) 20,453 881 6,492 1,182 1,633 4,361 1,189 854 312 97 198 253 3,002 Other assets (10) 27,952 598 14,757 672 838 1,951 1,892 1,439 516 308 509 1,241 3,230 Interdistrict settlement account 0 + 10,484 - 60,623 - 12,806 + 8,703 - 6,172 + 22,703 + 4,844 + 8,590 + 3,681 + 6,238 + 22,008 - 7,651 Total assets 4,166,707 97,676 2,202,410 89,074 132,059 252,525 308,648 223,863 68,934 39,968 68,504 203,043 480,005 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, February 5, 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 1,958,571 60,819 642,988 57,489 93,786 134,241 273,647 126,673 59,429 32,059 54,155 163,965 259,319 Less: Notes held by F.R. Banks 212,077 6,241 51,572 8,917 10,145 17,059 33,082 13,499 5,286 3,055 7,137 19,998 36,086 Federal Reserve notes, net 1,746,494 54,578 591,416 48,573 83,641 117,183 240,565 113,174 54,142 29,004 47,018 143,967 223,233 Reverse repurchase agreements (11) 239,163 4,962 130,481 5,792 6,997 14,636 16,352 12,554 3,437 2,070 3,546 10,385 27,952 Deposits 2,137,263 36,135 1,465,406 33,138 37,921 112,060 49,400 96,311 10,556 8,331 17,358 47,983 222,663 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 1,652,873 36,109 1,020,306 33,136 37,842 111,816 49,366 57,575 10,553 8,279 17,325 47,910 222,657 U.S. Treasury, General Account 416,585 0 416,585 0 0 0 0 0 0 0 0 0 0 Foreign official 5,183 2 5,155 2 3 9 2 2 1 0 0 0 6 Other (12) 62,621 24 23,360 0 75 235 32 38,734 2 51 33 73 1 Deferred availability cash items 180 0 0 0 0 0 69 0 0 111 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,082 15 591 26 34 26 98 52 30 15 20 56 119 Other liabilities and accrued dividends 4,023 158 1,569 158 174 489 268 277 136 137 155 195 309 Total liabilities 4,128,205 95,847 2,189,463 87,687 128,767 244,394 306,752 222,367 68,302 39,667 68,098 202,585 474,275 Capital Capital paid in 31,677 1,505 10,653 1,141 2,708 6,690 1,557 1,231 520 248 334 377 4,713 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 4,166,707 97,676 2,202,410 89,074 132,059 252,525 308,648 223,863 68,934 39,968 68,504 203,043 480,005 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, February 5, 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 Feb 5, 2020 Federal Reserve notes outstanding 1,958,571 Less: Notes held by F.R. Banks not subject to collateralization 212,077 Federal Reserve notes to be collateralized 1,746,494 Collateral held against Federal Reserve notes 1,746,494 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,730,257 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,987,766 Less: Face value of securities under reverse repurchase agreements 234,548 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,753,218 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.