FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 13, 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 12, 2020 Federal Reserve Banks Feb 12, 2020 Feb 5, 2020 Feb 13, 2019 Reserve Bank credit 4,135,017 + 15,078 + 146,431 4,144,202 Securities held outright (1) 3,828,262 + 22,789 - 1,621 3,836,494 U.S. Treasury securities 2,438,021 + 22,184 + 232,377 2,442,621 Bills (2) 255,466 + 18,646 + 255,466 258,038 Notes and bonds, nominal (2) 2,026,276 + 1,938 - 43,120 2,028,077 Notes and bonds, inflation-indexed (2) 130,823 + 1,578 + 16,054 131,052 Inflation compensation (3) 25,456 + 22 + 3,977 25,454 Federal agency debt securities (2) 2,347 0 - 62 2,347 Mortgage-backed securities (4) 1,387,894 + 605 - 233,936 1,391,526 Unamortized premiums on securities held outright (5) 123,836 + 294 - 14,318 124,249 Unamortized discounts on securities held outright (5) -13,307 + 1 - 69 -13,266 Repurchase agreements (6) 164,724 - 10,595 + 164,724 164,400 Loans 0 - 6 - 20 0 Primary credit 0 - 5 - 6 0 Secondary credit 0 0 0 0 Seasonal credit 0 0 - 14 0 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0 Float -95 + 249 + 27 -102 Central bank liquidity swaps (8) 55 + 7 - 16 55 Other Federal Reserve assets (9) 31,542 + 2,339 - 2,276 32,372 Foreign currency denominated assets (10) 20,370 - 250 - 426 20,310 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,190 + 14 + 385 50,190 Total factors supplying reserve funds 4,221,818 + 14,841 + 146,390 4,230,943 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 12, 2020 Federal Reserve Banks Feb 12, 2020 Feb 5, 2020 Feb 13, 2019 Currency in circulation (11) 1,794,429 + 1,774 + 88,343 1,796,425 Reverse repurchase agreements (12) 228,286 - 16,258 - 20,890 223,829 Foreign official and international accounts 227,562 - 12,693 - 19,653 223,520 Others 724 - 3,565 - 1,237 309 Treasury cash holdings 231 + 12 - 37 248 Deposits with F.R. Banks, other than reserve balances 478,775 - 2,000 + 53,305 470,728 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 411,237 - 2,085 + 52,128 404,341 Foreign official 5,183 + 1 - 61 5,183 Other (13) 62,355 + 85 + 1,237 61,204 Other liabilities and capital (14) 44,532 + 764 + 77 44,632 Total factors, other than reserve balances, absorbing reserve funds 2,546,252 - 15,708 + 120,796 2,535,861 Reserve balances with Federal Reserve Banks 1,675,566 + 30,550 + 25,593 1,695,082 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 12, 2020 Feb 12, 2020 Feb 5, 2020 Feb 13, 2019 Securities held in custody for foreign official and international accounts 3,458,431 + 32,086 + 31,613 3,464,467 Marketable U.S. Treasury securities (1) 3,008,942 + 29,221 - 27,269 3,000,571 Federal agency debt and mortgage-backed securities (2) 367,288 + 2,414 + 47,161 381,634 Other securities (3) 82,201 + 451 + 11,721 82,262 Securities lent to dealers 32,778 + 1,349 + 14,113 33,034 Overnight facility (4) 32,778 + 1,349 + 14,113 33,034 U.S. Treasury securities 32,778 + 1,349 + 14,113 33,034 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 12, 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 0 0 0 0 ... 0 U.S. Treasury securities (1) Holdings 52,182 129,306 376,189 918,350 319,315 647,278 2,442,621 Weekly changes - 1,182 + 14,130 - 2,449 + 395 - 14 + 3,859 + 14,741 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 1,318,437 1,391,526 Weekly changes 0 0 0 0 0 + 4,237 + 4,237 Repurchase agreements (4) 164,400 0 ... ... ... ... 164,400 Central bank liquidity swaps (5) 55 0 0 0 0 0 55 Reverse repurchase agreements (4) 223,829 0 ... ... ... ... 223,829 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 12, 2020 Mortgage-backed securities held outright (1) 1,391,526 Commitments to buy mortgage-backed securities (2) 3,956 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 0 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4 and table 5. 4. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Feb 12, 2020 Wednesday Wednesday consolidation Feb 5, 2020 Feb 13, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,783 + 11 - 26 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,111,877 + 13,900 + 157,054 Securities held outright (1) 3,836,494 + 18,978 + 6,525 U.S. Treasury securities 2,442,621 + 14,741 + 237,017 Bills (2) 258,038 + 10,502 + 258,038 Notes and bonds, nominal (2) 2,028,077 + 2,602 - 41,319 Notes and bonds, inflation-indexed (2) 131,052 + 1,601 + 16,283 Inflation compensation (3) 25,454 + 36 + 4,015 Federal agency debt securities (2) 2,347 0 - 62 Mortgage-backed securities (4) 1,391,526 + 4,237 - 230,430 Unamortized premiums on securities held outright (5) 124,249 + 707 - 13,814 Unamortized discounts on securities held outright (5) -13,266 + 67 - 40 Repurchase agreements (6) 164,400 - 5,850 + 164,400 Loans 0 - 1 - 18 Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 Items in process of collection (0) 55 - 21 - 5 Bank premises 2,197 + 4 - 4 Central bank liquidity swaps (8) 55 + 7 - 16 Foreign currency denominated assets (9) 20,310 - 143 - 398 Other assets (10) 30,175 + 2,223 - 2,348 Total assets (0) 4,182,689 + 15,982 + 154,258 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 12, 2020 Wednesday Wednesday consolidation Feb 5, 2020 Feb 13, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,748,261 + 1,767 + 86,375 Reverse repurchase agreements (11) 223,829 - 15,334 - 22,436 Deposits (0) 2,165,810 + 28,547 + 90,316 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,695,082 + 42,209 + 60,665 U.S. Treasury, General Account 404,341 - 12,244 + 29,222 Foreign official 5,183 0 - 61 Other (12) (0) 61,204 - 1,417 + 490 Deferred availability cash items (0) 158 - 22 - 47 Other liabilities and accrued dividends (13) 6,112 + 1,007 + 691 Total liabilities (0) 4,144,169 + 15,964 + 154,898 Capital accounts Capital paid in 31,695 + 18 - 641 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,520 + 18 - 641 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 12, 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 1,783 42 54 158 102 237 178 288 37 52 120 206 307 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,111,877 85,306 2,243,320 99,576 120,303 251,632 281,142 215,838 59,098 35,581 60,972 178,543 480,566 Securities held outright (1) 3,836,494 79,593 2,093,079 92,907 112,246 234,780 262,313 201,383 55,140 33,198 56,889 166,585 448,382 U.S. Treasury securities 2,442,621 50,675 1,332,622 59,152 71,465 149,480 167,009 128,217 35,107 21,137 36,220 106,061 285,476 Bills (2) 258,038 5,353 140,778 6,249 7,550 15,791 17,643 13,545 3,709 2,233 3,826 11,204 30,158 Notes and bonds (3) 2,184,583 45,322 1,191,845 52,903 63,915 133,689 149,367 114,672 31,398 18,904 32,394 94,857 255,318 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,391,526 28,869 759,176 33,698 40,713 85,156 95,143 73,043 20,000 12,041 20,634 60,422 162,631 Unamortized premiums on securities held outright (5) 124,249 2,578 67,787 3,009 3,635 7,604 8,495 6,522 1,786 1,075 1,842 5,395 14,521 Unamortized discounts on securities held outright (5) -13,266 -275 -7,238 -321 -388 -812 -907 -696 -191 -115 -197 -576 -1,550 Repurchase agreements (6) 164,400 3,411 89,692 3,981 4,810 10,061 11,241 8,630 2,363 1,423 2,438 7,138 19,214 Loans 0 0 0 0 0 0 0 0 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 55 0 0 0 0 0 55 0 0 0 0 0 0 Bank premises 2,197 105 455 94 117 192 202 192 102 93 228 222 196 Central bank liquidity swaps (8) 55 2 18 3 4 12 3 2 1 0 1 1 8 Foreign currency denominated assets (9) 20,310 875 6,447 1,173 1,621 4,330 1,181 848 310 97 197 251 2,981 Other assets (10) 30,175 642 15,939 724 900 2,084 2,041 1,550 547 334 547 1,383 3,484 Interdistrict settlement account 0 + 1,025 - 65,344 - 11,627 + 12,744 - 10,096 + 23,383 + 6,634 + 8,714 + 3,858 + 6,421 + 21,734 + 2,552 Total assets 4,182,689 88,544 2,206,413 90,639 136,561 249,557 310,399 226,488 69,287 40,291 68,930 203,512 492,069 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 12, 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 1,960,230 60,763 644,158 57,436 93,822 134,324 274,099 126,709 59,447 32,138 54,134 163,810 259,389 Less: Notes held by F.R. Banks 211,969 6,234 52,300 8,820 10,113 16,787 32,973 13,628 5,048 3,114 7,056 20,027 35,869 Federal Reserve notes, net 1,748,261 54,530 591,858 48,616 83,708 117,537 241,126 113,081 54,400 29,024 47,078 143,783 223,520 Reverse repurchase agreements (11) 223,829 4,644 122,114 5,420 6,549 13,698 15,304 11,749 3,217 1,937 3,319 9,719 26,159 Deposits 2,165,810 27,352 1,476,694 35,012 42,799 109,632 51,612 99,773 10,874 8,767 17,927 49,259 236,108 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 1,695,082 27,344 1,046,302 35,010 42,766 109,260 51,577 60,067 10,871 8,716 17,899 49,168 236,102 U.S. Treasury, General Account 404,341 0 404,341 0 0 0 0 0 0 0 0 0 0 Foreign official 5,183 2 5,156 2 3 9 2 2 1 0 0 0 6 Other (12) 61,204 6 20,896 0 30 363 32 39,704 3 51 28 90 0 Deferred availability cash items 158 0 0 0 0 0 50 0 0 107 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,034 11 629 17 11 11 96 55 16 8 16 63 100 Other liabilities and accrued dividends 5,078 179 2,171 186 201 549 314 335 148 147 182 231 437 Total liabilities 4,144,169 86,715 2,193,466 89,252 133,268 241,426 308,503 224,992 68,655 39,990 68,523 203,054 486,324 Capital Capital paid in 31,695 1,505 10,653 1,141 2,709 6,691 1,558 1,231 520 248 336 377 4,728 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 4,182,689 88,544 2,206,413 90,639 136,561 249,557 310,399 226,488 69,287 40,291 68,930 203,512 492,069 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 12, 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 12, 2020 Federal Reserve notes outstanding 1,960,230 Less: Notes held by F.R. Banks not subject to collateralization 211,969 Federal Reserve notes to be collateralized 1,748,261 Collateral held against Federal Reserve notes 1,748,261 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,732,024 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,000,894 Less: Face value of securities under reverse repurchase agreements 220,163 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,780,731 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.