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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Mar 18, 2020
	Week ended Mar 18, 2020	Change from week ended
	Week ended Mar 18, 2020	Mar 11, 2020	Mar 20, 2019
Reserve Bank credit	4,463,041	+ 241,451	+ 534,834	4,629,659
Securities held outright¹	3,929,025	+ 38,893	+ 147,655	4,009,794
U.S. Treasury securities	2,556,247	+ 40,307	+ 380,731	2,640,771
Bills²	321,043	+ 6,430	+ 321,043	321,043
Notes and bonds, nominal²	2,075,200	+ 32,062	+ 36,189	2,154,496
Notes and bonds, inflation-indexed²	133,939	+ 1,515	+ 18,785	138,653
Inflation compensation³	26,066	+ 302	+ 4,715	26,579
Federal agency debt securities²	2,347	0	- 62	2,347
Mortgage-backed securities⁴	1,370,430	- 1,416	- 233,015	1,366,676
Unamortized premiums on securities held outright⁵	128,537	+ 4,078	- 7,841	138,294
Unamortized discounts on securities held outright⁵	-12,887	+ 507	+ 277	-12,036
Repurchase agreements⁶	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 LLC⁷	0	0	0	0
Float	-230	- 36	- 58	-226
Central bank liquidity swaps⁸	45	- 13	- 23	45
Other Federal Reserve assets⁹	23,059	+ 1,841	- 658	23,619
Foreign currency denominated assets¹⁰	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 outstanding¹¹	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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Mar 18, 2020
	Week ended Mar 18, 2020	Change from week ended
	Week ended Mar 18, 2020	Mar 11, 2020	Mar 20, 2019
Currency in circulation¹¹	1,827,149	+ 13,078	+ 106,546	1,843,254
Reverse repurchase agreements¹²	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
Other¹³	171,306	+ 81,089	+ 106,481	241,491
Other liabilities and capital¹⁴	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 Mar 18, 2020
	Week ended Mar 18, 2020	Change from week ended
	Week ended 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 securities¹	2,948,649	- 31,421	- 134,120	2,919,968
Federal agency debt and mortgage-backed securities²	378,819	+ 1,580	+ 53,508	378,762
Other securities³	83,222	+ 538	+ 11,919	83,082
Securities lent to dealers	35,027	+ 1,177	+ 12,052	35,296
Overnight facility⁴	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 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans	5,086	23,138	0	0	0	...	28,224
U.S. Treasury securities¹
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 securities²
Holdings	0	0	0	0	1,151	1,196	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
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 agreements⁴	253,995	187,950	...	...	...	...	441,945
Central bank liquidity swaps⁵	45	0	0	0	0	0	45

Reverse repurchase agreements⁴	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
Account name	Mar 18, 2020
Mortgage-backed securities held outright¹	1,366,676

Commitments to buy mortgage-backed securities²	19,506
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	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 from consolidation	Wednesday Mar 18, 2020	Change since
			Wednesday	Wednesday
			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 outright¹		4,009,794	+ 112,570	+ 232,376
U.S. Treasury securities		2,640,771	+ 117,740	+ 465,234
Bills²		321,043	0	+ 321,043
Notes and bonds, nominal²		2,154,496	+ 111,014	+ 115,485
Notes and bonds, inflation-indexed²		138,653	+ 6,000	+ 23,499
Inflation compensation³		26,579	+ 726	+ 5,206
Federal agency debt securities²		2,347	0	- 62
Mortgage-backed securities⁴		1,366,676	- 5,170	- 232,796
Unamortized premiums on securities held outright⁵		138,294	+ 13,871	+ 2,156
Unamortized discounts on securities held outright⁵		-12,036	+ 1,330	+ 1,117
Repurchase agreements⁶		441,945	+ 199,570	+ 441,945
Loans		28,224	+ 28,213	+ 28,213
Net portfolio holdings of Maiden Lane LLC⁷		0	0	0
Items in process of collection	(0)	51	- 8	- 4
Bank premises		2,202	+ 3	- 2
Central bank liquidity swaps⁸		45	- 13	- 23
Foreign currency denominated assets⁹		20,363	- 784	- 370
Other assets¹⁰		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 from consolidation	Wednesday Mar 18, 2020	Change since
			Wednesday	Wednesday
			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 agreements¹¹		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
Other¹²	(0)	241,491	+ 136,649	+ 182,422
Deferred availability cash items	(0)	278	- 93	+ 44
Other liabilities and accrued dividends¹³		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
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	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 loans¹	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 swaps²	45	2	14	3	4	10	3	2	1	0	0	1	7
Foreign currency denominated
assets³	20,363	877	6,463	1,176	1,625	4,341	1,184	850	310	97	197	252	2,989
Other assets⁴	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
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	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 agreements⁵	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
Other⁶	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. Treasury⁷	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
Federal Reserve notes and collateral	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.