FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 2, 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 Apr 1, 2020 Federal Reserve Banks Apr 1, 2020 Mar 25, 2020 Apr 3, 2019 Reserve Bank credit 5,574,804 + 604,440 +1,665,932 5,772,536 Securities held outright (1) 4,604,983 + 417,565 + 843,862 4,800,901 U.S. Treasury securities 3,175,115 + 361,629 +1,009,063 3,340,832 Bills (2) 326,044 0 + 326,044 326,044 Notes and bonds, nominal (2) 2,637,583 + 332,763 + 608,163 2,791,860 Notes and bonds, inflation-indexed (2) 181,062 + 26,589 + 65,908 191,725 Inflation compensation (3) 30,427 + 2,278 + 8,949 31,204 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,427,520 + 55,935 - 165,203 1,457,721 Unamortized premiums on securities held outright (5) 191,598 + 40,119 + 56,044 211,339 Unamortized discounts on securities held outright (5) -9,205 + 1,800 + 3,899 -8,492 Repurchase agreements (6) 302,463 - 85,065 + 302,463 263,050 Loans 130,308 + 68,978 + 130,250 129,461 Primary credit 49,578 + 9,649 + 49,527 43,744 Secondary credit 0 0 0 0 Seasonal credit 0 0 - 7 0 Primary Dealer Credit Facility 33,882 + 19,492 + 33,882 33,050 Money Market Mutual Fund Liquidity Facility 46,849 + 39,838 + 46,849 52,667 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0 Float -443 - 253 + 136 -550 Central bank liquidity swaps (8) 327,787 + 158,973 + 326,422 348,544 Other Federal Reserve assets (9) 27,313 + 2,324 + 2,857 28,283 Foreign currency denominated assets (10) 20,601 + 558 - 42 20,584 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,219 + 14 + 354 50,219 Total factors supplying reserve funds 5,661,865 + 605,012 +1,666,243 5,859,580 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 Apr 1, 2020 Federal Reserve Banks Apr 1, 2020 Mar 25, 2020 Apr 3, 2019 Currency in circulation (11) 1,876,878 + 17,112 + 152,132 1,879,230 Reverse repurchase agreements (12) 484,878 + 201,409 + 234,571 494,427 Foreign official and international accounts 270,436 + 16,063 + 20,522 286,599 Others 214,442 + 185,346 + 214,049 207,828 Treasury cash holdings 327 + 2 - 9 318 Deposits with F.R. Banks, other than reserve balances 713,106 + 33,422 + 337,652 749,312 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 429,267 + 39,015 + 119,079 506,933 Foreign official 17,208 + 6,849 + 11,965 17,745 Other (13) 266,631 - 12,442 + 206,607 224,635 Other liabilities and capital (14) 52,768 + 6,131 + 8,388 51,895 Total factors, other than reserve balances, absorbing reserve funds 3,127,957 + 258,075 + 732,733 3,175,183 Reserve balances with Federal Reserve Banks 2,533,908 + 346,937 + 933,510 2,684,398 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 Apr 1, 2020 Apr 1, 2020 Mar 25, 2020 Apr 3, 2019 Securities held in custody for foreign official and international accounts 3,338,421 - 16,852 - 121,354 3,325,434 Marketable U.S. Treasury securities (1) 2,867,348 - 23,979 - 194,838 2,855,182 Federal agency debt and mortgage-backed securities (2) 388,529 + 7,638 + 62,810 388,293 Other securities (3) 82,544 - 511 + 10,674 81,958 Securities lent to dealers 36,904 + 1,957 + 7,953 37,705 Overnight facility (4) 36,904 + 1,957 + 7,953 37,705 U.S. Treasury securities 36,904 + 1,961 + 7,953 37,705 Federal agency debt securities 0 - 3 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, April 1, 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 (1) 16,026 95,825 17,611 0 0 ... 129,461 U.S. Treasury securities (2) Holdings 36,238 233,009 468,063 1,298,345 509,228 795,949 3,340,832 Weekly changes - 7,799 + 11,958 + 37,996 + 187,200 + 72,910 + 60,195 + 362,460 Federal agency debt securities (3) Holdings 0 0 0 0 1,151 1,196 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (4) Holdings 0 0 5 1,642 72,269 1,383,805 1,457,721 Weekly changes 0 0 + 1 - 1 + 1,445 + 71,712 + 73,158 Repurchase agreements (5) 131,400 131,650 ... ... ... ... 263,050 Central bank liquidity swaps (6) 119,087 229,457 0 0 0 0 348,544 Reverse repurchase agreements (5) 494,427 0 ... ... ... ... 494,427 Term deposits 0 0 0 ... ... ... 0 Note: Components may not sum to totals because of rounding. ...Not applicable. 1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions. 2. 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. 3. Face value. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Cash value of agreements. 6. 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 Apr 1, 2020 Mortgage-backed securities held outright (1) 1,457,721 Commitments to buy mortgage-backed securities (2) 214,729 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 270 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 Apr 1, 2020 Wednesday Wednesday consolidation Mar 25, 2020 Apr 3, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,660 + 19 - 59 Securities, unamortized premiums and discounts, repurchase agreements, and loans 5,396,259 + 411,255 +1,525,495 Securities held outright (1) 4,800,901 + 435,619 +1,052,523 U.S. Treasury securities 3,340,832 + 362,460 +1,187,524 Bills (2) 326,044 0 + 326,044 Notes and bonds, nominal (2) 2,791,860 + 335,735 + 775,228 Notes and bonds, inflation-indexed (2) 191,725 + 24,793 + 76,571 Inflation compensation (3) 31,204 + 1,933 + 9,681 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 1,457,721 + 73,158 - 135,002 Unamortized premiums on securities held outright (5) 211,339 + 43,066 + 75,871 Unamortized discounts on securities held outright (5) -8,492 + 1,534 + 4,601 Repurchase agreements (6) 263,050 - 89,305 + 263,050 Loans (7) 129,461 + 20,342 + 129,450 Net portfolio holdings of Maiden Lane LLC (8) 0 0 0 Items in process of collection (0) 40 + 3 - 6 Bank premises 2,198 - 9 - 1 Central bank liquidity swaps (9) 348,544 + 142,493 + 347,179 Foreign currency denominated assets (10) 20,584 + 451 - 22 Other assets (11) 26,085 + 3,117 + 3,513 Total assets (0) 5,811,607 + 557,329 +1,876,098 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 Apr 1, 2020 Wednesday Wednesday consolidation Mar 25, 2020 Apr 3, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,830,985 + 7,017 + 151,353 Reverse repurchase agreements (12) 494,427 + 135,313 + 245,062 Deposits (0) 3,433,710 + 412,444 +1,471,855 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,684,398 + 336,651 +1,053,411 U.S. Treasury, General Account 506,933 + 122,043 + 236,463 Foreign official 17,745 + 1,484 + 12,502 Other (13) (0) 224,635 - 47,733 + 169,480 Deferred availability cash items (0) 591 + 283 + 54 Other liabilities and accrued dividends (14) 13,067 + 2,240 + 8,285 Total liabilities (0) 5,772,780 + 557,297 +1,876,610 Capital accounts Capital paid in 32,002 + 33 - 512 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,827 + 33 - 512 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. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions. 8. Refer to the note on consolidation accompanying table 5. 9. 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. 10. Revalued daily at current foreign currency exchange rates. 11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. 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. 5. Statement of Condition of Each Federal Reserve Bank, April 1, 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 1,660 41 49 151 92 226 151 279 29 50 110 187 293 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 5,396,259 162,924 2,934,918 127,985 155,267 322,677 360,353 280,293 75,956 45,593 79,141 229,969 621,183 Central bank liquidity swaps (2) 348,544 16,544 117,133 12,543 29,785 73,566 17,287 13,536 5,713 2,729 3,676 4,138 51,895 Foreign currency denominated assets (3) 20,584 977 6,920 741 1,759 4,344 1,021 799 337 161 217 244 3,064 Other assets (4) 28,323 671 14,212 726 901 2,027 2,013 1,538 565 384 702 1,352 3,233 Interdistrict settlement account 0 - 13,288 - 36,306 - 4,899 - 4,151 + 50,213 - 26,638 + 63,914 - 4,366 - 2,274 + 6,028 + 59,284 - 87,516 Total assets 5,811,607 168,415 3,042,450 137,784 184,421 454,219 356,400 361,494 78,713 46,919 90,320 296,346 594,126 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, April 1, 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 1,830,985 57,034 615,049 50,206 85,754 123,337 253,476 118,496 56,848 30,394 49,096 149,545 241,749 Reverse repurchase agreements (5) 494,427 10,257 269,745 11,973 14,466 30,257 33,805 25,953 7,106 4,278 7,332 21,469 57,785 Deposits 3,433,710 98,922 2,138,615 73,803 80,429 291,379 66,209 214,757 13,843 11,142 33,180 124,057 287,375 Depository institutions 2,684,398 98,837 1,544,831 73,802 75,485 290,037 63,419 82,535 13,837 10,841 21,905 121,524 287,346 U.S. Treasury, General Account 506,933 0 506,933 0 0 0 0 0 0 0 0 0 0 Foreign official 17,745 2 17,718 1 3 8 2 2 1 0 0 0 6 Other (6) 224,635 83 69,133 0 4,940 1,334 2,788 132,221 5 301 11,275 2,532 23 Earnings remittances due to the U.S. Treasury (7) 2,244 60 1,171 67 66 163 165 115 30 22 28 94 264 Other liabilities and accrued dividends 11,414 311 4,870 346 409 932 846 674 252 757 274 536 1,206 Total liabilities 5,772,780 166,585 3,029,449 136,396 181,123 446,069 354,501 359,996 78,078 46,594 89,909 295,700 588,379 Capital Capital paid in 32,002 1,506 10,707 1,143 2,714 6,710 1,561 1,233 523 272 339 564 4,731 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 5,811,607 168,415 3,042,450 137,784 184,421 454,219 356,400 361,494 78,713 46,919 90,320 296,346 594,126 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, April 1, 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. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions. 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 Apr 1, 2020 Federal Reserve notes outstanding 1,984,531 Less: Notes held by F.R. Banks not subject to collateralization 153,546 Federal Reserve notes to be collateralized 1,830,985 Collateral held against Federal Reserve notes 1,830,985 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,814,748 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 5,063,951 Less: Face value of securities under reverse repurchase agreements 418,431 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,645,520 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.