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Release Date: February 27, 2020
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FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks February 27, 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 Feb 26, 2020
Federal Reserve Banks Feb 26, 2020 Feb 19, 2020 Feb 27, 2019
Reserve Bank credit 4,119,491 - 25,347 + 179,698 4,119,718
Securities held outright (1) 3,846,566 + 9,362 + 50,635 3,848,250
U.S. Treasury securities 2,465,213 + 20,244 + 283,081 2,474,060
Bills (2) 276,255 + 16,074 + 276,255 280,541
Notes and bonds, nominal (2) 2,032,508 + 4,202 - 13,594 2,037,082
Notes and bonds, inflation-indexed (2) 131,052 0 + 16,283 131,052
Inflation compensation (3) 25,398 - 32 + 4,137 25,385
Federal agency debt securities (2) 2,347 0 - 62 2,347
Mortgage-backed securities (4) 1,379,007 - 10,882 - 232,383 1,371,843
Unamortized premiums on securities held outright (5) 123,508 - 540 - 13,794 123,303
Unamortized discounts on securities held outright (5) -13,492 - 191 - 262 -13,447
Repurchase agreements (6) 143,843 - 23,571 + 143,843 143,440
Loans 2 0 - 21 13
Primary credit 2 0 - 11 13
Secondary credit 0 0 0 0
Seasonal credit 0 0 - 10 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0
Float -183 - 69 + 90 -591
Central bank liquidity swaps (8) 45 - 23 - 43 44
Other Federal Reserve assets (9) 19,202 - 10,314 - 750 18,705
Foreign currency denominated assets (10) 20,176 - 67 - 604 20,275
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,183 + 14 + 361 50,183
Total factors supplying reserve funds 4,206,091 - 25,401 + 179,455 4,206,417
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 Feb 26, 2020
Federal Reserve Banks Feb 26, 2020 Feb 19, 2020 Feb 27, 2019
Currency in circulation (11) 1,798,942 + 803 + 88,110 1,800,040
Reverse repurchase agreements (12) 221,747 - 4,017 - 31,785 219,968
Foreign official and international accounts 218,861 - 4,753 - 30,839 217,668
Others 2,886 + 736 - 946 2,300
Treasury cash holdings 272 + 21 - 28 287
Deposits with F.R. Banks, other than reserve balances 514,165 + 5,105 + 137,872 461,918
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 439,365 + 10,560 + 128,791 387,615
Foreign official 5,187 + 2 - 57 5,186
Other (13) 69,613 - 5,457 + 9,138 69,117
Other liabilities and capital (14) 44,496 + 336 - 433 44,134
Total factors, other than reserve balances,
absorbing reserve funds 2,579,622 + 2,248 + 193,736 2,526,347
Reserve balances with Federal Reserve Banks 1,626,469 - 27,649 - 14,281 1,680,070
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 Feb 26, 2020
Feb 26, 2020 Feb 19, 2020 Feb 27, 2019
Securities held in custody for foreign official and
international accounts 3,460,325 - 2,182 + 18,010 3,463,805
Marketable U.S. Treasury securities (1) 3,000,338 + 2,909 - 46,616 3,004,655
Federal agency debt and mortgage-backed securities (2) 377,957 - 4,833 + 53,950 377,183
Other securities (3) 82,029 - 260 + 10,676 81,968
Securities lent to dealers 29,319 + 3,550 + 6,751 29,152
Overnight facility (4) 29,319 + 3,550 + 6,751 29,152
U.S. Treasury securities 29,319 + 3,550 + 6,751 29,152
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, February 26, 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 13 0 0 0 0 ... 13
U.S. Treasury securities (1)
Holdings 34,812 188,784 355,980 913,398 325,382 655,702 2,474,060
Weekly changes + 3,574 + 17,976 - 5,964 + 6,810 - 14 - 13 + 22,372
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 1,486 70,196 1,300,157 1,371,843
Weekly changes 0 0 - 1 - 65 - 1,043 - 12,832 - 13,941
Repurchase agreements (4) 143,440 0 ... ... ... ... 143,440
Central bank liquidity swaps (5) 44 0 0 0 0 0 44
Reverse repurchase agreements (4) 219,968 0 ... ... ... ... 219,968
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
Feb 26, 2020
Mortgage-backed securities held outright (1) 1,371,843
Commitments to buy mortgage-backed securities (2) 2,686
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 Feb 26, 2020 Wednesday Wednesday
consolidation Feb 19, 2020 Feb 27, 2019
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,770 - 4 - 12
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,101,559 - 12,533 + 185,556
Securities held outright (1) 3,848,250 + 8,431 + 56,141
U.S. Treasury securities 2,474,060 + 22,372 + 291,968
Bills (2) 280,541 + 15,002 + 280,541
Notes and bonds, nominal (2) 2,037,082 + 7,404 - 9,020
Notes and bonds, inflation-indexed (2) 131,052 0 + 16,283
Inflation compensation (3) 25,385 - 34 + 4,164
Federal agency debt securities (2) 2,347 0 - 62
Mortgage-backed securities (4) 1,371,843 - 13,941 - 235,766
Unamortized premiums on securities held outright
(5) 123,303 - 563 - 13,796
Unamortized discounts on securities held outright
(5) -13,447 + 52 - 229
Repurchase agreements (6) 143,440 - 20,460 + 143,440
Loans 13 + 8 + 1
Net portfolio holdings of Maiden Lane LLC (7) 0 0 0
Items in process of collection (0) 47 - 24 - 5
Bank premises 2,202 + 3 - 3
Central bank liquidity swaps (8) 44 - 23 - 44
Foreign currency denominated assets (9) 20,275 + 163 - 517
Other assets (10) 16,503 - 515 - 929
Total assets (0) 4,158,637 - 12,933 + 184,047
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 Feb 26, 2020 Wednesday Wednesday
consolidation Feb 19, 2020 Feb 27, 2019
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,751,909 + 319 + 87,337
Reverse repurchase agreements (11) 219,968 - 6,996 - 31,380
Deposits (0) 2,141,988 - 7,216 + 129,060
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 1,680,070 + 21,049 - 2,140
U.S. Treasury, General Account 387,615 - 33,436 + 121,591
Foreign official 5,186 - 1 - 57
Other (12) (0) 69,117 + 5,172 + 9,666
Deferred availability cash items (0) 638 + 451 - 310
Other liabilities and accrued dividends (13) 5,583 + 504 - 51
Total liabilities (0) 4,120,086 - 12,939 + 184,655
Capital accounts
Capital paid in 31,726 + 6 - 609
Surplus 6,825 0 0
Other capital accounts 0 0 0
Total capital 38,551 + 6 - 609
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, February 26, 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 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 1,770 43 56 158 100 236 173 288 38 53 119 203 303
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,101,559 85,092 2,237,683 99,325 120,001 251,000 280,435 215,296 58,950 35,492 60,820 178,094 479,370
Securities held outright (1) 3,848,250 79,836 2,099,492 93,192 112,590 235,499 263,117 202,000 55,309 33,300 57,063 167,096 449,756
U.S. Treasury securities 2,474,060 51,327 1,349,775 59,913 72,385 151,404 169,159 129,867 35,559 21,409 36,686 107,427 289,150
Bills (2) 280,541 5,820 153,055 6,794 8,208 17,168 19,181 14,726 4,032 2,428 4,160 12,181 32,788
Notes and bonds (3) 2,193,519 45,507 1,196,720 53,120 64,177 134,236 149,978 115,141 31,527 18,981 32,526 95,245 256,363
Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274
Mortgage-backed securities (4) 1,371,843 28,460 748,437 33,221 40,137 83,952 93,797 72,010 19,717 11,871 20,342 59,567 160,331
Unamortized premiums on securities held
outright (5) 123,303 2,558 67,270 2,986 3,608 7,546 8,431 6,472 1,772 1,067 1,828 5,354 14,411
Unamortized discounts on securities
held outright (5) -13,447 -279 -7,336 -326 -393 -823 -919 -706 -193 -116 -199 -584 -1,572
Repurchase agreements (6) 143,440 2,976 78,257 3,474 4,197 8,778 9,807 7,529 2,062 1,241 2,127 6,228 16,764
Loans 13 1 0 0 0 0 0 0 0 0 1 0 11
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 47 0 0 0 0 0 46 0 0 0 0 0 0
Bank premises 2,202 105 457 95 117 191 202 193 102 93 228 223 196
Central bank liquidity swaps (8) 44 2 14 3 4 9 3 2 1 0 0 1 7
Foreign currency denominated
assets (9) 20,275 873 6,435 1,171 1,618 4,323 1,179 846 309 96 196 251 2,976
Other assets (10) 16,503 351 8,369 391 482 1,216 1,096 835 521 183 312 856 1,891
Interdistrict settlement account 0 + 9,441 - 134,456 - 5,340 + 7,349 + 4,540 + 27,471 + 19,230 + 10,741 + 6,725 + 8,645 + 25,326 + 20,327
Total assets 4,158,637 96,454 2,124,083 96,341 130,440 262,681 312,820 237,825 71,140 42,918 70,766 206,125 507,044
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, February 26, 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 outstanding 1,963,622 60,946 647,168 57,305 93,609 134,174 274,376 126,719 59,375 32,065 54,136 163,741 260,007
Less: Notes held by F.R. Banks 211,713 6,311 54,613 8,691 9,673 16,605 32,548 13,626 5,173 2,971 7,158 19,842 34,501
Federal Reserve notes, net 1,751,909 54,635 592,556 48,614 83,936 117,569 241,828 113,093 54,202 29,095 46,978 143,898 225,506
Reverse repurchase agreements (11) 219,968 4,563 120,008 5,327 6,436 13,461 15,040 11,546 3,162 1,903 3,262 9,551 25,708
Deposits 2,141,988 35,230 1,396,261 40,803 36,545 122,892 53,630 111,318 12,998 10,869 19,931 51,958 249,554
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 1,680,070 35,215 978,502 40,801 36,504 122,479 53,596 67,890 12,994 10,816 19,893 51,832 249,547
U.S. Treasury, General Account 387,615 0 387,615 0 0 0 0 0 0 0 0 0 0
Foreign official 5,186 2 5,159 2 3 9 2 2 1 0 0 0 6
Other (12) 69,117 13 24,985 0 38 404 31 43,427 3 52 37 125 1
Deferred availability cash items 638 0 0 0 0 0 41 0 0 597 0 0 0
Earnings remittances due to the U.S.
Treasury (13) 1,000 22 514 29 38 90 83 47 6 4 11 45 112
Other liabilities and accrued
dividends 4,583 175 1,773 181 193 538 301 322 141 150 175 215 419
Total liabilities 4,120,086 94,625 2,111,111 94,954 127,147 254,550 310,923 236,327 70,508 42,617 70,356 205,668 501,299
Capital
Capital paid in 31,726 1,505 10,678 1,141 2,710 6,691 1,558 1,233 520 248 337 377 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 4,158,637 96,454 2,124,083 96,341 130,440 262,681 312,820 237,825 71,140 42,918 70,766 206,125 507,044
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, February 26, 2020 (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
Feb 26, 2020
Federal Reserve notes outstanding 1,963,622
Less: Notes held by F.R. Banks not subject to collateralization 211,713
Federal Reserve notes to be collateralized 1,751,909
Collateral held against Federal Reserve notes 1,751,909
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,735,672
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,991,690
Less: Face value of securities under reverse repurchase agreements 215,542
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,776,147
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.
Release dates | Data Download Program (DDP) |
About |
Announcements |
Technical Q&As
Current release Other formats:
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ASCII |
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Statistical releases