FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 21, 2019 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 Nov 20, 2019 Federal Reserve Banks Nov 20, 2019 Nov 13, 2019 Nov 21, 2018 Reserve Bank credit 3,987,351 - 19,000 - 82,706 3,991,619 Securities held outright (1) 3,652,458 + 4,625 - 267,715 3,659,904 U.S. Treasury securities 2,208,019 + 8,925 - 45,048 2,220,361 Bills (2) 74,369 + 7,502 + 74,369 84,013 Notes and bonds, nominal (2) 1,984,312 + 1,116 - 131,072 1,986,999 Notes and bonds, inflation-indexed (2) 124,372 + 229 + 8,793 124,372 Inflation compensation (3) 24,967 + 80 + 2,863 24,977 Federal agency debt securities (2) 2,347 0 - 62 2,347 Mortgage-backed securities (4) 1,442,091 - 4,301 - 222,606 1,437,197 Unamortized premiums on securities held outright (5) 126,481 - 381 - 15,948 126,210 Unamortized discounts on securities held outright (5) -12,907 - 184 + 646 -12,993 Repurchase agreements (6) 200,109 - 13,405 + 200,100 199,159 Loans 25 + 1 - 66 26 Primary credit 4 0 - 1 7 Secondary credit 0 0 0 0 Seasonal credit 21 0 - 65 19 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 7 0 Float -87 + 16 + 62 -71 Central bank liquidity swaps (8) 48 + 7 - 10 48 Other Federal Reserve assets (9) 21,224 - 9,678 + 233 19,334 Foreign currency denominated assets (10) 20,598 + 72 - 83 20,607 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,092 + 14 + 357 50,092 Total factors supplying reserve funds 4,074,282 - 18,914 - 82,432 4,078,559 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 Nov 20, 2019 Federal Reserve Banks Nov 20, 2019 Nov 13, 2019 Nov 21, 2018 Currency in circulation (11) 1,785,542 - 1,370 + 82,759 1,785,928 Reverse repurchase agreements (12) 289,073 + 5,442 + 44,574 300,914 Foreign official and international accounts 277,384 - 5,199 + 47,742 274,817 Others 11,689 + 10,641 - 3,167 26,097 Treasury cash holdings 185 - 8 - 33 183 Deposits with F.R. Banks, other than reserve balances 435,164 - 9,472 + 29,140 416,214 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 368,813 - 13,142 + 38,611 357,551 Foreign official 5,183 0 - 74 5,183 Other (13) 61,169 + 3,672 - 9,396 53,481 Other liabilities and capital (14) 45,558 + 49 + 96 45,162 Total factors, other than reserve balances, absorbing reserve funds 2,555,522 - 5,358 + 156,536 2,548,401 Reserve balances with Federal Reserve Banks 1,518,759 - 13,557 - 238,970 1,530,158 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 Nov 20, 2019 Nov 20, 2019 Nov 13, 2019 Nov 21, 2018 Securities held in custody for foreign official and international accounts 3,415,505 - 4,925 + 10,386 3,415,248 Marketable U.S. Treasury securities (1) 2,968,465 - 5,427 - 62,882 2,966,133 Federal agency debt and mortgage-backed securities (2) 362,851 + 139 + 55,114 364,718 Other securities (3) 84,190 + 363 + 18,154 84,397 Securities lent to dealers 29,935 + 1,994 + 14,261 30,689 Overnight facility (4) 29,935 + 1,994 + 14,261 30,689 U.S. Treasury securities 29,935 + 1,994 + 14,261 30,689 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, November 20, 2019 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 26 0 0 0 0 ... 26 U.S. Treasury securities (1) Holdings 10,034 96,881 282,729 876,899 317,309 636,510 2,220,361 Weekly changes - 31,771 + 29,914 - 5,221 + 9,633 + 7,271 + 9,007 + 18,832 Federal agency debt securities (2) Holdings 0 0 0 0 486 1,861 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 15 1,009 76,945 1,359,228 1,437,197 Weekly changes 0 0 0 + 56 - 546 - 12,402 - 12,892 Repurchase agreements (4) 199,159 0 ... ... ... ... 199,159 Central bank liquidity swaps (5) 48 0 0 0 0 0 48 Reverse repurchase agreements (4) 300,914 0 ... ... ... ... 300,914 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 Nov 20, 2019 Mortgage-backed securities held outright (1) 1,437,197 Commitments to buy mortgage-backed securities (2) 5,083 Commitments to sell mortgage-backed securities (2) 10 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 Nov 20, 2019 Wednesday Wednesday consolidation Nov 13, 2019 Nov 21, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,658 - 9 - 40 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,972,307 - 5,426 - 73,726 Securities held outright (1) 3,659,904 + 5,940 - 257,420 U.S. Treasury securities 2,220,361 + 18,832 - 32,724 Bills (2) 84,013 + 15,002 + 84,013 Notes and bonds, nominal (2) 1,986,999 + 3,803 - 128,385 Notes and bonds, inflation-indexed (2) 124,372 0 + 8,793 Inflation compensation (3) 24,977 + 27 + 2,855 Federal agency debt securities (2) 2,347 0 - 62 Mortgage-backed securities (4) 1,437,197 - 12,892 - 224,633 Unamortized premiums on securities held outright (5) 126,210 - 644 - 15,967 Unamortized discounts on securities held outright (5) -12,993 - 262 + 545 Repurchase agreements (6) 199,159 - 10,450 + 199,159 Loans 26 - 11 - 45 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 7 Items in process of collection (0) 57 - 38 - 16 Bank premises 2,193 + 5 + 1 Central bank liquidity swaps (8) 48 + 7 - 10 Foreign currency denominated assets (9) 20,607 + 76 - 58 Other assets (10) 17,141 - 12,248 - 2,094 Total assets (0) 4,030,249 - 17,633 - 75,949 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 Nov 20, 2019 Wednesday Wednesday consolidation Nov 13, 2019 Nov 21, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,737,673 - 2,029 + 79,596 Reverse repurchase agreements (11) 300,914 + 18,842 + 50,045 Deposits (0) 1,946,373 - 34,084 - 205,227 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,530,158 - 12,506 - 227,349 U.S. Treasury, General Account 357,551 - 12,634 + 40,220 Foreign official 5,183 0 - 74 Other (12) (0) 53,481 - 8,943 - 18,024 Deferred availability cash items (0) 128 - 117 - 123 Other liabilities and accrued dividends (13) 6,261 + 173 - 12 Total liabilities (0) 3,991,349 - 17,214 - 75,721 Capital accounts Capital paid in 32,075 - 418 - 228 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,900 - 418 - 228 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, November 20, 2019 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 certificate account 11,037 351 3,707 327 531 754 1,560 711 328 186 292 890 1,400 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,658 43 45 149 106 211 170 275 34 46 110 186 284 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,972,307 82,410 2,167,165 96,195 116,219 243,089 271,604 208,511 57,092 34,385 58,903 172,481 464,251 Securities held outright (1) 3,659,904 75,929 1,996,737 88,630 107,079 223,973 250,239 192,113 52,602 31,670 54,270 158,917 427,743 U.S. Treasury securities 2,220,361 46,064 1,211,364 53,770 64,962 135,878 151,813 116,550 31,912 19,213 32,924 96,411 259,500 Bills (2) 84,013 1,743 45,835 2,035 2,458 5,141 5,744 4,410 1,207 727 1,246 3,648 9,819 Notes and bonds (3) 2,136,348 44,321 1,165,529 51,735 62,504 130,737 146,069 112,140 30,705 18,486 31,679 92,763 249,681 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,437,197 29,816 784,092 34,804 42,049 87,951 98,266 75,440 20,656 12,436 21,311 62,405 167,969 Unamortized premiums on securities held outright (5) 126,210 2,618 68,857 3,056 3,693 7,724 8,629 6,625 1,814 1,092 1,871 5,480 14,751 Unamortized discounts on securities held outright (5) -12,993 -270 -7,089 -315 -380 -795 -888 -682 -187 -112 -193 -564 -1,519 Repurchase agreements (6) 199,159 4,132 108,655 4,823 5,827 12,188 13,617 10,454 2,862 1,723 2,953 8,648 23,276 Loans 26 0 5 0 0 0 7 1 0 12 1 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0 0 0 0 0 0 0 0 0 0 Items in process of collection 57 0 0 0 0 0 56 0 0 1 0 0 0 Bank premises 2,193 107 455 87 116 191 204 195 102 94 228 225 190 Central bank liquidity swaps (8) 48 2 15 3 4 10 3 2 1 0 0 1 7 Foreign currency denominated assets (9) 20,607 887 6,540 1,191 1,645 4,394 1,198 860 314 98 200 255 3,025 Other assets (10) 17,141 368 8,862 406 502 1,253 1,149 873 437 182 319 828 1,962 Interdistrict settlement account 0 + 7,381 - 176,273 - 12,474 + 15,007 + 9,618 + 31,360 + 12,434 + 8,870 + 4,407 + 8,496 + 25,570 + 65,604 Total assets 4,030,249 91,745 2,012,336 86,093 134,367 259,933 307,958 224,285 67,327 39,489 68,700 200,717 537,298 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, November 20, 2019 (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 outstanding 1,950,692 60,204 641,707 56,492 93,722 133,396 272,562 126,512 58,744 31,197 53,458 163,288 259,411 Less: Notes held by F.R. Banks 213,019 6,512 55,962 9,107 9,422 15,788 30,595 13,610 5,824 3,445 7,664 20,972 34,118 Federal Reserve notes, net 1,737,673 53,691 585,745 47,386 84,300 117,608 241,966 112,902 52,920 27,752 45,793 142,317 225,292 Reverse repurchase agreements (11) 300,914 6,243 164,170 7,287 8,804 18,415 20,574 15,795 4,325 2,604 4,462 13,066 35,169 Deposits 1,946,373 29,811 1,246,909 29,655 37,751 115,116 42,565 93,692 9,291 8,603 17,864 44,572 270,543 Term deposits held by depository institutions 0 0 0 0 0 0 0 0 0 0 0 0 0 Other deposits held by depository institutions 1,530,158 29,791 864,142 29,653 37,723 114,645 42,530 61,053 9,287 8,550 17,811 44,437 270,537 U.S. Treasury, General Account 357,551 0 357,551 0 0 0 0 0 0 0 0 0 0 Foreign official 5,183 2 5,156 2 3 9 2 2 1 0 0 0 6 Other (12) 53,481 18 20,060 0 25 462 33 32,638 4 52 53 135 1 Deferred availability cash items 128 0 0 0 0 0 42 0 0 86 0 0 0 Earnings remittances due to the U.S. Treasury (13) 949 16 521 25 32 58 82 46 14 7 11 44 93 Other liabilities and accrued dividends 5,313 196 2,175 204 226 591 357 339 155 159 173 257 480 Total liabilities 3,991,349 89,957 1,999,521 84,557 131,113 251,787 305,587 222,775 66,705 39,210 68,304 200,256 531,577 Capital Capital paid in 32,075 1,494 10,650 1,142 2,709 6,690 1,975 1,225 518 247 330 376 4,719 Surplus 6,825 294 2,166 394 545 1,455 397 285 104 32 66 84 1,002 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,030,249 91,745 2,012,336 86,093 134,367 259,933 307,958 224,285 67,327 39,489 68,700 200,717 537,298 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, November 20, 2019 (continued) 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such 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 below. 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. 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 assets on the previous page (and 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 Nov 20, 2019 Federal Reserve notes outstanding 1,950,692 Less: Notes held by F.R. Banks not subject to collateralization 213,019 Federal Reserve notes to be collateralized 1,737,673 Collateral held against Federal Reserve notes 1,737,673 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,721,436 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,859,063 Less: Face value of securities under reverse repurchase agreements 289,553 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,569,511 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.