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.