FRB: H.4.1 Release--Factors Affecting Reserve Balances-- March 19, 2020

FEDERAL RESERVE statistical release

For Release at
4:30 P.M. EDT
March 19, 2020

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks," has been modified to consolidate certain lines on table 5.
Modifications include the consolidation of amounts previously reported as "Loans," which includes discount window
borrowing, into the line "Securities, unamortized premiums and discounts, repurchase agreements, and loans."
This modification supports the Federal Reserve's goal, expressed in its statement on March 15, 2020, of
encouraging depository institutions to use the discount window to help meet demands for credit from households and
businesses, including needs related to the spread of the coronavirus. More detailed information about specific
components is available on tables 1 and 4.

(See: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315b.htm for the Board's March 15
statement.)

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks March 19, 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 18, 2020
Federal Reserve Banks Mar 18, 2020 Mar 11, 2020 Mar 20, 2019

Reserve Bank credit 4,463,041 + 241,451 + 534,834 4,629,659
Securities held outright (1) 3,929,025 + 38,893 + 147,655 4,009,794
U.S. Treasury securities 2,556,247 + 40,307 + 380,731 2,640,771
Bills (2) 321,043 + 6,430 + 321,043 321,043
Notes and bonds, nominal (2) 2,075,200 + 32,062 + 36,189 2,154,496
Notes and bonds, inflation-indexed (2) 133,939 + 1,515 + 18,785 138,653
Inflation compensation (3) 26,066 + 302 + 4,715 26,579
Federal agency debt securities (2) 2,347 0 - 62 2,347
Mortgage-backed securities (4) 1,370,430 - 1,416 - 233,015 1,366,676
Unamortized premiums on securities held outright (5) 128,537 + 4,078 - 7,841 138,294
Unamortized discounts on securities held outright (5) -12,887 + 507 + 277 -12,036
Repurchase agreements (6) 388,806 + 189,505 + 388,806 441,945
Loans 6,687 + 6,679 + 6,677 28,224
Primary credit 6,687 + 6,679 + 6,686 28,224
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 -230 - 36 - 58 -226
Central bank liquidity swaps (8) 45 - 13 - 23 45
Other Federal Reserve assets (9) 23,059 + 1,841 - 658 23,619
Foreign currency denominated assets (10) 20,700 - 487 - 2 20,363
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,225 + 14 + 377 50,225

Total factors supplying reserve funds 4,550,208 + 240,979 + 535,211 4,716,488

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 18, 2020
Federal Reserve Banks Mar 18, 2020 Mar 11, 2020 Mar 20, 2019

Currency in circulation (11) 1,827,149 + 13,078 + 106,546 1,843,254
Reverse repurchase agreements (12) 242,056 + 13,993 - 3,897 233,946
Foreign official and international accounts 231,492 + 5,375 - 13,552 233,469
Others 10,565 + 8,619 + 9,656 477
Treasury cash holdings 317 + 10 - 18 325
Deposits with F.R. Banks, other than reserve balances 540,241 + 64,114 + 166,549 649,733
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 362,576 - 17,980 + 58,953 401,354
Foreign official 6,359 + 1,004 + 1,115 6,887
Other (13) 171,306 + 81,089 + 106,481 241,491
Other liabilities and capital (14) 44,857 - 1,279 + 174 43,838

Total factors, other than reserve balances,
absorbing reserve funds 2,654,620 + 89,916 + 269,354 2,771,095

Reserve balances with Federal Reserve Banks 1,895,588 + 151,063 + 265,857 1,945,393

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 18, 2020
Mar 18, 2020 Mar 11, 2020 Mar 20, 2019

Securities held in custody for foreign official and
international accounts 3,410,689 - 29,305 - 68,695 3,381,813
Marketable U.S. Treasury securities (1) 2,948,649 - 31,421 - 134,120 2,919,968
Federal agency debt and mortgage-backed securities (2) 378,819 + 1,580 + 53,508 378,762
Other securities (3) 83,222 + 538 + 11,919 83,082
Securities lent to dealers 35,027 + 1,177 + 12,052 35,296
Overnight facility (4) 35,027 + 1,177 + 12,052 35,296
U.S. Treasury securities 35,027 + 1,177 + 12,052 35,296
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 18, 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 5,086 23,138 0 0 0 ... 28,224
U.S. Treasury securities (1)
Holdings 35,806 211,429 387,117 966,762 357,666 681,991 2,640,771
Weekly changes + 14,379 - 10,532 + 8,714 + 51,661 + 29,760 + 23,759 + 117,740
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 3 1,644 71,329 1,293,699 1,366,676
Weekly changes 0 0 - 1 - 5 - 483 - 4,681 - 5,170
Repurchase agreements (4) 253,995 187,950 ... ... ... ... 441,945
Central bank liquidity swaps (5) 45 0 0 0 0 0 45

Reverse repurchase agreements (4) 233,946 0 ... ... ... ... 233,946
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 18, 2020

Mortgage-backed securities held outright (1) 1,366,676

Commitments to buy mortgage-backed securities (2) 19,506
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 Mar 18, 2020 Wednesday Wednesday
consolidation Mar 11, 2020 Mar 20, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,675 - 54 - 70
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,606,221 + 355,555 + 705,807
Securities held outright (1) 4,009,794 + 112,570 + 232,376
U.S. Treasury securities 2,640,771 + 117,740 + 465,234
Bills (2) 321,043 0 + 321,043
Notes and bonds, nominal (2) 2,154,496 + 111,014 + 115,485
Notes and bonds, inflation-indexed (2) 138,653 + 6,000 + 23,499
Inflation compensation (3) 26,579 + 726 + 5,206
Federal agency debt securities (2) 2,347 0 - 62
Mortgage-backed securities (4) 1,366,676 - 5,170 - 232,796
Unamortized premiums on securities held outright
(5) 138,294 + 13,871 + 2,156
Unamortized discounts on securities held outright
(5) -12,036 + 1,330 + 1,117
Repurchase agreements (6) 441,945 + 199,570 + 441,945
Loans 28,224 + 28,213 + 28,213
Net portfolio holdings of Maiden Lane LLC (7) 0 0 0
Items in process of collection (0) 51 - 8 - 4
Bank premises 2,202 + 3 - 2
Central bank liquidity swaps (8) 45 - 13 - 23
Foreign currency denominated assets (9) 20,363 - 784 - 370
Other assets (10) 21,418 + 1,603 + 124

Total assets (0) 4,668,212 + 356,301 + 705,464

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 18, 2020 Wednesday Wednesday
consolidation Mar 11, 2020 Mar 20, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,795,024 + 24,238 + 120,527
Reverse repurchase agreements (11) 233,946 + 671 - 6,926
Deposits (0) 2,595,127 + 332,772 + 592,254
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 1,945,394 + 165,404 + 321,582
U.S. Treasury, General Account 401,354 + 29,017 + 86,605
Foreign official 6,887 + 1,700 + 1,643
Other (12) (0) 241,491 + 136,649 + 182,422
Deferred availability cash items (0) 278 - 93 + 44
Other liabilities and accrued dividends (13) 5,229 - 1,300 + 275

Total liabilities (0) 4,629,604 + 356,287 + 706,173

Capital accounts
Capital paid in 31,784 + 15 - 709
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 38,609 + 15 - 709

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 18, 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 certificates and special drawing
rights certificates 16,237 547 5,525 537 768 1,166 2,214 1,135 478 276 445 1,172 1,974
Coin 1,675 37 50 160 91 226 150 285 29 52 114 187 294
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 4,606,221 96,547 2,516,701 111,042 135,216 280,260 313,014 241,539 66,051 39,799 68,331 199,987 537,735
Central bank liquidity swaps (2) 45 2 14 3 4 10 3 2 1 0 0 1 7
Foreign currency denominated
assets (3) 20,363 877 6,463 1,176 1,625 4,341 1,184 850 310 97 197 252 2,989
Other assets (4) 23,672 561 11,525 604 750 1,727 1,689 1,279 701 316 623 1,234 2,662
Interdistrict settlement account 0 + 25,207 - 184,311 + 1,336 + 16,438 + 18,062 + 1,738 + 65,849 + 3,940 + 2,625 + 6,771 + 13,253 + 29,092

Total assets 4,668,212 123,777 2,355,967 114,858 154,892 305,792 319,990 310,939 71,511 43,165 76,482 216,085 574,753

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 18, 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, net 1,795,024 55,980 606,367 49,461 86,852 120,189 247,928 116,091 55,545 29,781 47,859 146,523 232,450
Reverse repurchase agreements (5) 233,946 4,853 127,634 5,665 6,845 14,317 15,996 12,280 3,362 2,024 3,469 10,158 27,342
Deposits 2,595,127 60,957 1,606,382 58,190 57,732 162,703 53,797 180,760 11,832 10,664 24,564 58,692 308,854
Depository institutions 1,945,394 60,899 1,065,463 58,187 57,670 161,973 53,749 80,362 11,828 10,597 21,630 55,710 307,327
U.S. Treasury, General Account 401,354 0 401,354 0 0 0 0 0 0 0 0 0 0
Foreign official 6,887 2 6,860 2 3 9 2 2 1 0 0 0 6
Other (6) 241,491 56 132,705 0 59 721 46 100,396 4 67 2,934 2,982 1,521
Earnings remittances due to the U.S.
Treasury (7) 947 -1 696 -4 -7 -18 78 45 7 3 15 65 67
Other liabilities and accrued
dividends 4,560 159 1,887 158 173 469 293 266 131 387 165 185 288

Total liabilities 4,629,604 121,948 2,342,966 113,471 151,595 297,659 318,091 309,442 70,877 42,859 76,072 215,622 569,001

Capital
Capital paid in 31,784 1,506 10,707 1,141 2,714 6,693 1,561 1,233 522 252 338 382 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 4,668,212 123,777 2,355,967 114,858 154,892 305,792 319,990 310,939 71,511 43,165 76,482 216,085 574,753

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 18, 2020 (continued)

1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight
securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the
purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an
effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
2. 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. Revalued daily at current foreign currency exchange rates.
4. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio
holdings of Maiden Lane LLC; refer to the note on consolidation for additional information.
5. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
6. 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.
7. 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 a component of Other
assets on the previous page (and as assets 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 18, 2020

Federal Reserve notes outstanding 1,967,167
Less: Notes held by F.R. Banks not subject to collateralization 172,142
Federal Reserve notes to be collateralized 1,795,024
Collateral held against Federal Reserve notes 1,795,024
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,778,788
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,451,739
Less: Face value of securities under reverse repurchase agreements 226,814
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,224,924

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.

Statistical releases