FEDERAL RESERVE statistical release For Release at 4:30 P.M. EDT April 9, 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 include information related to the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) and the purchases of agency commercial mortgage-backed securities. The FIMA Repo Facility was announced by the Federal Reserve on March 31, 2020, and began operations on April 6, 2020. The FIMA Repo Facility will allow FIMA account holders, which consist of central banks and other international monetary authorities with accounts at the Federal Reserve Bank of New York, to enter into repurchase agreements with the Federal Reserve's System Open Market Account (SOMA). Beginning with this release, in table 1 the line item "Repurchase agreements" reports in aggregate repurchase agreements conducted through the FIMA Repo Facility and those conducted with primary dealers. Repurchase agreements conducted with primary dealers, formerly reported in the line item "Repurchase agreements" in prior releases, are now presented in the line item "Others." The FIMA Repo Facility is presented in the line item "Foreign official" under "Repurchase agreements." Aggregate repurchase agreements also are reported in tables 2, 4, 5, and 6. The Federal Reserve announced on March 23, 2020 that SOMA will start buying agency commercial mortgage-backed securities and operations began on March 27, 2020. Two new lines were added to table 3, Supplemental Information on Mortgage-Backed Securities, to separately report commercial mortgage-backed securities and residential mortgage-backed securities. These securities are presented in tables 1 and 4 in the line item "Mortgage-backed securities" and in table 5 in the line item "Securities, unamortized premiums and discounts, repurchase agreements, and loans." FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 9, 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 8, 2020 Federal Reserve Banks Apr 8, 2020 Apr 1, 2020 Apr 10, 2019 Reserve Bank credit 5,968,038 + 393,234 +2,071,135 6,044,516 Securities held outright (1) 4,972,677 + 367,694 +1,224,187 5,096,434 U.S. Treasury securities 3,511,128 + 336,013 +1,357,734 3,634,386 Bills (2) 326,044 0 + 326,044 326,044 Notes and bonds, nominal (2) 2,950,288 + 312,705 + 933,656 3,064,860 Notes and bonds, inflation-indexed (2) 202,625 + 21,563 + 87,471 210,625 Inflation compensation (3) 32,170 + 1,743 + 10,562 32,857 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,459,202 + 31,682 - 133,548 1,459,701 Unamortized premiums on securities held outright (5) 229,939 + 38,341 + 94,594 243,113 Unamortized discounts on securities held outright (5) -7,957 + 1,248 + 5,119 -7,381 Repurchase agreements (6) 227,643 - 74,820 + 227,643 192,751 Foreign official 0 0 0 1 Others 227,643 - 74,820 + 227,643 192,750 Loans 130,004 - 304 + 129,991 129,637 Primary credit 43,513 - 6,065 + 43,509 43,449 Secondary credit 0 0 0 0 Seasonal credit 0 0 - 9 0 Primary Dealer Credit Facility 32,699 - 1,183 + 32,699 33,018 Money Market Mutual Fund Liquidity Facility 53,793 + 6,944 + 53,793 53,171 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0 Float -194 + 249 - 15 -305 Central bank liquidity swaps (8) 385,365 + 57,578 + 385,310 358,077 Other Federal Reserve assets (9) 30,560 + 3,247 + 4,306 32,189 Foreign currency denominated assets (10) 20,359 - 242 - 246 20,373 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,233 + 14 + 360 50,233 Total factors supplying reserve funds 6,054,871 + 393,006 +2,071,248 6,131,363 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 8, 2020 Federal Reserve Banks Apr 8, 2020 Apr 1, 2020 Apr 10, 2019 Currency in circulation (11) 1,881,011 + 4,133 + 154,317 1,883,487 Reverse repurchase agreements (12) 412,790 - 72,088 + 159,116 334,488 Foreign official and international accounts 282,345 + 11,909 + 29,255 281,005 Others 130,445 - 83,997 + 129,861 53,483 Treasury cash holdings 317 - 10 - 19 307 Deposits with F.R. Banks, other than reserve balances 946,812 + 233,706 + 623,820 1,083,854 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 698,578 + 269,311 + 435,961 827,178 Foreign official 16,760 - 448 + 11,517 16,646 Other (13) 231,474 - 35,157 + 176,342 240,030 Other liabilities and capital (14) 53,490 + 722 + 8,154 54,724 Total factors, other than reserve balances, absorbing reserve funds 3,294,420 + 166,463 + 945,389 3,356,860 Reserve balances with Federal Reserve Banks 2,760,451 + 226,543 +1,125,860 2,774,503 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 8, 2020 Apr 8, 2020 Apr 1, 2020 Apr 10, 2019 Securities held in custody for foreign official and international accounts 3,316,197 - 22,224 - 155,042 3,314,710 Marketable U.S. Treasury securities (1) 2,845,672 - 21,676 - 228,000 2,843,669 Federal agency debt and mortgage-backed securities (2) 388,280 - 249 + 61,457 388,276 Other securities (3) 82,245 - 299 + 11,502 82,765 Securities lent to dealers 36,572 - 332 + 10,020 38,787 Overnight facility (4) 36,572 - 332 + 10,020 38,787 U.S. Treasury securities 36,572 - 332 + 10,020 38,787 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, April 8, 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) 15,203 96,019 18,415 0 0 ... 129,637 U.S. Treasury securities (2) Holdings 47,112 233,415 500,589 1,432,206 576,918 844,146 3,634,386 Weekly changes + 10,874 + 406 + 32,526 + 133,861 + 67,690 + 48,197 + 293,554 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 1,704 72,800 1,385,191 1,459,701 Weekly changes 0 0 0 + 62 + 531 + 1,386 + 1,980 Repurchase agreements (5) 57,801 134,950 ... ... ... ... 192,751 Central bank liquidity swaps (6) 57,053 301,024 0 0 0 0 358,077 Reverse repurchase agreements (5) 334,488 0 ... ... ... ... 334,488 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 8, 2020 Mortgage-backed securities held outright (1) 1,459,701 Residential mortgage-backed securities 1,456,242 Commercial mortgage-backed securities 3,459 Commitments to buy mortgage-backed securities (2) 326,103 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 17 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. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 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 8, 2020 Wednesday Wednesday consolidation Apr 1, 2020 Apr 10, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,668 + 8 - 40 Securities, unamortized premiums and discounts, repurchase agreements, and loans 5,654,554 + 258,295 +1,783,613 Securities held outright (1) 5,096,434 + 295,533 +1,347,732 U.S. Treasury securities 3,634,386 + 293,554 +1,480,943 Bills (2) 326,044 0 + 326,044 Notes and bonds, nominal (2) 3,064,860 + 273,000 +1,048,228 Notes and bonds, inflation-indexed (2) 210,625 + 18,900 + 95,471 Inflation compensation (3) 32,857 + 1,653 + 11,199 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 1,459,701 + 1,980 - 133,211 Unamortized premiums on securities held outright (5) 243,113 + 31,774 + 107,830 Unamortized discounts on securities held outright (5) -7,381 + 1,111 + 5,684 Repurchase agreements (6) 192,751 - 70,299 + 192,751 Loans (7) 129,637 + 176 + 129,616 Net portfolio holdings of Maiden Lane LLC (8) 0 0 0 Items in process of collection (0) 39 - 1 - 16 Bank premises 2,201 + 3 - 1 Central bank liquidity swaps (9) 358,077 + 9,533 + 358,022 Foreign currency denominated assets (10) 20,373 - 211 - 302 Other assets (11) 29,990 + 3,905 + 5,078 Total assets (0) 6,083,141 + 271,534 +2,146,357 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 4. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Apr 8, 2020 Wednesday Wednesday consolidation Apr 1, 2020 Apr 10, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,835,225 + 4,240 + 154,735 Reverse repurchase agreements (12) 334,488 - 159,939 + 78,114 Deposits (0) 3,858,360 + 424,650 +1,904,215 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,774,506 + 90,108 +1,127,946 U.S. Treasury, General Account 827,178 + 320,245 + 581,514 Foreign official 16,646 - 1,099 + 11,402 Other (13) (0) 240,030 + 15,395 + 183,354 Deferred availability cash items (0) 344 - 247 + 102 Other liabilities and accrued dividends (14) 15,892 + 2,825 + 9,701 Total liabilities (0) 6,044,309 + 271,529 +2,146,867 Capital accounts Capital paid in 32,007 + 5 - 510 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,832 + 5 - 510 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 8, 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 1,668 40 49 151 92 226 157 279 31 51 111 187 295 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 5,654,554 168,358 3,076,306 134,302 162,668 338,460 377,904 294,022 79,667 47,829 83,079 241,236 650,724 Central bank liquidity swaps (2) 358,077 16,997 120,337 12,886 30,599 75,578 17,759 13,906 5,870 2,804 3,776 4,251 53,314 Foreign currency denominated assets (3) 20,373 967 6,848 733 1,741 4,300 1,010 791 334 160 215 242 3,033 Other assets (4) 32,230 763 16,310 819 1,013 2,269 2,275 1,740 620 417 761 1,554 3,689 Interdistrict settlement account 0 - 35,653 + 132,891 - 12,995 - 16,511 + 67,575 - 50,526 + 45,209 - 8,827 - 6,978 - 574 + 44,470 - 158,081 Total assets 6,083,141 152,019 3,358,266 136,433 180,370 489,574 350,794 357,082 78,172 44,558 87,813 293,112 554,948 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 8, 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 1,835,225 56,878 617,062 50,228 84,516 123,702 253,346 118,667 57,445 29,983 49,204 149,848 244,346 Reverse repurchase agreements (5) 334,488 6,939 182,487 8,100 9,786 20,469 22,870 17,558 4,807 2,894 4,960 14,524 39,093 Deposits 3,858,360 86,021 2,536,452 76,336 82,329 336,259 71,726 218,599 15,012 10,830 32,933 127,487 264,375 Depository institutions 2,774,506 85,977 1,605,322 76,335 76,890 334,660 71,081 88,224 15,008 10,764 20,914 124,963 264,368 U.S. Treasury, General Account 827,178 0 827,178 0 0 0 0 0 0 0 0 0 0 Foreign official 16,646 2 16,620 1 3 8 2 2 1 0 0 0 6 Other (6) 240,030 43 87,333 0 5,436 1,591 642 130,373 4 66 12,019 2,523 1 Earnings remittances due to the U.S. Treasury (7) 2,022 36 1,204 42 46 71 135 104 26 13 27 89 229 Other liabilities and accrued dividends 14,214 315 8,060 339 396 921 818 656 246 512 274 519 1,158 Total liabilities 6,044,309 150,189 3,345,265 135,044 177,073 481,423 348,895 355,584 77,537 44,232 87,398 292,467 549,201 Capital Capital paid in 32,007 1,506 10,707 1,143 2,714 6,710 1,561 1,233 523 272 342 564 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 6,083,141 152,019 3,358,266 136,433 180,370 489,574 350,794 357,082 78,172 44,558 87,813 293,112 554,948 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 8, 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 8, 2020 Federal Reserve notes outstanding 1,997,778 Less: Notes held by F.R. Banks not subject to collateralization 162,554 Federal Reserve notes to be collateralized 1,835,225 Collateral held against Federal Reserve notes 1,835,225 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,818,988 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 5,289,185 Less: Face value of securities under reverse repurchase agreements 318,521 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,970,664 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.