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.