FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 30, 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 29, 2020 Federal Reserve Banks Apr 29, 2020 Apr 22, 2020 May 1, 2019 Reserve Bank credit 6,597,655 + 146,446 +2,725,889 6,616,131 Securities held outright (1) 5,562,498 + 110,726 +1,839,511 5,578,486 U.S. Treasury securities 3,945,017 + 81,460 +1,799,810 3,971,419 Bills (2) 326,044 0 + 325,944 326,044 Notes and bonds, nominal (2) 3,344,204 + 72,631 +1,336,315 3,367,047 Notes and bonds, inflation-indexed (2) 239,119 + 7,927 + 123,913 242,290 Inflation compensation (3) 35,651 + 902 + 13,638 36,038 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,615,134 + 29,266 + 39,701 1,604,720 Unamortized premiums on securities held outright (5) 281,268 + 10,255 + 147,151 283,240 Unamortized discounts on securities held outright (5) -5,807 + 636 + 7,173 -5,711 Repurchase agreements (6) 163,558 - 7,950 + 163,558 158,202 Foreign official 0 - 1 0 2 Others 163,557 - 7,950 + 163,557 158,200 Loans 121,384 + 2,543 + 121,360 123,028 Primary credit 31,259 - 3,694 + 31,256 31,759 Secondary credit 0 0 0 0 Seasonal credit 0 0 - 21 0 Primary Dealer Credit Facility 28,618 - 2,648 + 28,618 25,504 Money Market Mutual Fund Liquidity Facility 47,504 - 2,142 + 47,504 46,277 Paycheck Protection Program Liquidity Facility 14,003 + 11,026 + 14,003 19,488 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 2,921 + 405 + 2,921 3,372 Float -367 - 163 + 82 -1,397 Central bank liquidity swaps (8) 434,253 + 27,981 + 434,198 438,953 Other Federal Reserve assets (9) 37,947 + 2,012 + 9,936 37,956 Foreign currency denominated assets (10) 20,440 - 18 - 90 20,525 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,275 + 14 + 378 50,275 Total factors supplying reserve funds 6,684,611 + 146,442 +2,726,176 6,703,172 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 29, 2020 Federal Reserve Banks Apr 29, 2020 Apr 22, 2020 May 1, 2019 Currency in circulation (11) 1,903,433 + 12,518 + 175,001 1,910,511 Reverse repurchase agreements (12) 271,307 - 19,297 + 8,090 269,106 Foreign official and international accounts 266,878 - 15,004 + 4,234 267,656 Others 4,430 - 4,292 + 3,857 1,450 Treasury cash holdings 298 - 3 - 33 301 Deposits with F.R. Banks, other than reserve balances 1,286,524 + 99,931 + 826,141 1,296,625 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 997,507 + 96,176 + 597,009 1,076,232 Foreign official 16,317 + 24 + 11,073 16,323 Other (13) 272,699 + 3,730 + 218,058 204,070 Other liabilities and capital (14) 63,908 - 2,343 + 19,255 63,116 Total factors, other than reserve balances, absorbing reserve funds 3,525,469 + 90,804 +1,028,453 3,539,660 Reserve balances with Federal Reserve Banks 3,159,142 + 55,638 +1,697,723 3,163,512 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. 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 bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. 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 29, 2020 Apr 29, 2020 Apr 22, 2020 May 1, 2019 Securities held in custody for foreign official and international accounts 3,337,349 + 17,160 - 123,874 3,337,612 Marketable U.S. Treasury securities (1) 2,869,708 + 18,121 - 187,257 2,871,607 Federal agency debt and mortgage-backed securities (2) 382,551 - 3,258 + 50,597 380,582 Other securities (3) 85,090 + 2,297 + 12,786 85,424 Securities lent to dealers 34,358 - 1,535 + 11,041 37,344 Overnight facility (4) 34,358 - 1,535 + 11,041 37,344 U.S. Treasury securities 34,358 - 1,535 + 11,041 37,344 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 29, 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) 15,854 71,712 15,974 19,488 0 ... 123,028 U.S. Treasury securities (2) Holdings 55,294 249,856 535,821 1,572,472 665,596 892,381 3,971,419 Weekly changes - 3,575 + 6,257 + 7,636 + 36,080 + 6,287 + 9,384 + 62,067 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 4 1,845 76,519 1,526,351 1,604,720 Weekly changes 0 0 - 1 - 66 - 819 - 16,882 - 17,767 Commercial paper held by Commercial Paper Funding Facility II LLC (5) 0 3,347 0 ... ... ... 3,347 Repurchase agreements (6) 22,752 135,450 ... ... ... ... 158,202 Central bank liquidity swaps (7) 21,507 417,446 0 0 0 0 438,953 Reverse repurchase agreements (6) 269,106 0 ... ... ... ... 269,106 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, Paycheck Protection Program Liquidity Facility, and other credit extensions. Loans exclude the loan from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, which was eliminated when preparing the FRBNY's statement of condition consistent with consolidation under generally accepted accounting principles. 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. Face value of commercial paper held by Commercial Paper Funding Facility II LLC. 6. Cash value of agreements. 7. 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 29, 2020 Mortgage-backed securities held outright (1) 1,604,720 Residential mortgage-backed securities 1,597,206 Commercial mortgage-backed securities 7,514 Commitments to buy mortgage-backed securities (2) 301,251 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 27 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 29, 2020 Wednesday Wednesday consolidation Apr 22, 2020 May 1, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,598 - 38 - 72 Securities, unamortized premiums and discounts, repurchase agreements, and loans 6,137,246 + 51,563 +2,314,417 Securities held outright (1) 5,578,486 + 44,300 +1,876,752 U.S. Treasury securities 3,971,419 + 62,067 +1,847,465 Bills (2) 326,044 0 + 325,944 Notes and bonds, nominal (2) 3,367,047 + 52,403 +1,380,622 Notes and bonds, inflation-indexed (2) 242,290 + 8,598 + 126,929 Inflation compensation (3) 36,038 + 1,066 + 13,971 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 1,604,720 - 17,767 + 29,287 Unamortized premiums on securities held outright (5) 283,240 + 5,203 + 149,208 Unamortized discounts on securities held outright (5) -5,711 + 417 + 7,260 Repurchase agreements (6) 158,202 + 702 + 158,202 Loans (7) 123,028 + 940 + 122,994 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 3,372 + 640 + 3,372 Items in process of collection (0) 41 + 6 - 30 Bank premises 2,208 + 1 + 14 Central bank liquidity swaps (9) 438,953 + 29,241 + 438,898 Foreign currency denominated assets (10) 20,525 + 120 - 118 Other assets (11) 35,749 + 1,262 + 9,756 Total assets (0) 6,655,929 + 82,793 +2,766,238 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 29, 2020 Wednesday Wednesday consolidation Apr 22, 2020 May 1, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,862,131 + 14,469 + 179,317 Reverse repurchase agreements (12) 269,106 - 20,186 - 713 Deposits (0) 4,460,138 + 87,725 +2,568,121 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,163,513 + 63,533 +1,703,503 U.S. Treasury, General Account 1,076,232 + 126,233 + 707,468 Foreign official 16,323 + 20 + 11,078 Other (13) (0) 204,070 - 102,060 + 146,072 Deferred availability cash items (0) 1,438 + 1,097 + 891 Other liabilities and accrued dividends (14) 24,279 - 318 + 19,085 Total liabilities (0) 6,617,091 + 82,787 +2,766,700 Capital accounts Capital paid in 32,013 + 7 - 462 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,838 + 7 - 462 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, Paycheck Protection Program 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. Also includes net portfolio holdings of Maiden Lane LLC. 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 29, 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 16,237 533 5,483 529 761 1,165 2,183 1,137 479 270 450 1,202 2,045 Coin 1,598 36 46 146 89 218 154 266 24 48 105 182 285 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 6,137,246 183,327 3,163,269 138,095 188,631 378,874 445,143 342,081 96,161 57,730 97,563 291,516 754,854 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 3,372 0 3,372 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 438,953 20,836 147,516 15,796 37,511 92,649 21,771 17,047 7,195 3,437 4,629 5,211 65,356 Foreign currency denominated assets (4) 20,525 974 6,900 738 1,754 4,331 1,018 797 336 161 216 244 3,055 Other assets (5) 37,998 972 18,413 912 1,252 2,699 2,842 2,148 746 488 888 2,044 4,594 Interdistrict settlement account 0 - 59,723 + 424,296 - 13,489 - 35,000 + 47,108 - 96,096 - 4,116 - 20,482 - 12,132 - 13,269 + 4,689 - 221,786 Total assets 6,655,929 146,955 3,769,296 142,727 194,997 527,044 377,014 359,359 84,460 50,002 90,582 305,089 608,403 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 29, 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 1,862,131 57,679 620,774 50,852 84,152 125,645 256,705 120,771 58,943 30,160 50,021 152,523 253,905 Reverse repurchase agreements (6) 269,106 6,043 139,332 6,140 8,419 16,866 19,832 15,031 4,252 2,543 4,279 12,969 33,399 Deposits 4,460,138 81,015 2,978,912 83,973 98,647 375,279 97,579 221,278 20,361 15,336 35,553 138,308 313,897 Depository institutions 3,163,513 80,996 1,827,993 83,971 92,817 374,380 91,102 101,734 20,356 15,265 26,441 134,566 313,891 U.S. Treasury, General Account 1,076,232 0 1,076,232 0 0 0 0 0 0 0 0 0 0 Foreign official 16,323 2 16,296 1 3 8 2 2 1 0 0 0 6 Other (7) 204,070 16 58,391 0 5,826 890 6,475 119,542 4 70 9,112 3,742 1 Earnings remittances due to the U.S. Treasury (8) 1,933 52 985 40 67 154 141 103 19 14 28 88 242 Other liabilities and accrued dividends 23,784 336 16,292 334 415 948 857 680 249 1,624 286 548 1,214 Total liabilities 6,617,091 145,125 3,756,295 141,338 191,700 518,892 375,115 357,862 83,825 49,677 90,168 304,437 602,658 Capital Capital paid in 32,013 1,506 10,707 1,143 2,714 6,712 1,561 1,232 523 272 343 571 4,729 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 6,655,929 146,955 3,769,296 142,727 194,997 527,044 377,014 359,359 84,460 50,002 90,582 305,089 608,403 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 29, 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, Paycheck Protection Program Liquidity Facility, and other credit extensions. 2. Refer to note on consolidation below. 3. 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. 4. Revalued daily at current foreign currency exchange rates. 5. 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. 6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 7. 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. 8. 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 April 14, 2020, the Federal Reserve Bank of New York (FRBNY) began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC) under the authority of section 13(3) of the Federal Reserve Act. CPFF II LLC is a limited liability company formed to purchase three-month U.S dollar-denominated commercial paper by eligible issuers. The assets of the CPFF II LLC are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY. The FRBNY is the managing member of CPFF II LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the CPFF II LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBNY to CPFF II LLC is eliminated, the net assets of the CPFF II LLC appear as assets on the previous page (and in table 1 and table 4), and the liabilities of the CPFF II LLC to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the CPFF II LLC are 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 29, 2020 Federal Reserve notes outstanding 2,022,105 Less: Notes held by F.R. Banks not subject to collateralization 159,974 Federal Reserve notes to be collateralized 1,862,131 Collateral held against Federal Reserve notes 1,862,131 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,845,894 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 5,736,689 Less: Face value of securities under reverse repurchase agreements 255,747 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,480,941 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.