FRB: H.4.1 Release--Factors Affecting Reserve Balances-- March 26, 2020

FEDERAL RESERVE statistical release

For Release at
4:30 P.M. EDT
March 26, 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 include information related to the Primary
Dealer Credit Facility (PDCF) and Money Market Mutual Fund Liquidity Facility (MMLF). Information for both
facilities is presented in tables 1, 2, 4, and 5.

The PDCF was approved by the Board of Governors on March 17, 2020, and began operations on March 20, 2020.
The PDCF will offer primary dealers overnight and term funding with maturities of up to 90 days. The MMLF was
approved by the Board of Governors on March 18, 2020, and began operations on March 23, 2020. The MMLF will
offer eligible financial institutions loans secured by high-quality assets purchased by the financial institution
from money market mutual funds.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks March 26, 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 25, 2020
Federal Reserve Banks Mar 25, 2020 Mar 18, 2020 Mar 27, 2019

Reserve Bank credit 4,970,364 + 507,323 +1,049,045 5,215,959
Securities held outright (1) 4,187,418 + 258,393 + 412,821 4,365,282
U.S. Treasury securities 2,813,486 + 257,239 + 637,911 2,978,372
Bills (2) 326,044 + 5,001 + 326,044 326,044
Notes and bonds, nominal (2) 2,304,820 + 229,620 + 265,809 2,456,125
Notes and bonds, inflation-indexed (2) 154,473 + 20,534 + 39,319 166,932
Inflation compensation (3) 28,149 + 2,083 + 6,739 29,271
Federal agency debt securities (2) 2,347 0 - 53 2,347
Mortgage-backed securities (4) 1,371,585 + 1,155 - 225,038 1,384,563
Unamortized premiums on securities held outright (5) 151,479 + 22,942 + 15,575 168,273
Unamortized discounts on securities held outright (5) -11,005 + 1,882 + 2,129 -10,026
Repurchase agreements (6) 387,528 - 1,278 + 387,528 352,355
Loans 61,330 + 54,643 + 61,315 109,119
Primary credit 39,929 + 33,242 + 39,921 50,768
Secondary credit 0 0 0 0
Seasonal credit 0 0 - 7 0
Primary Dealer Credit Facility 14,390 + 14,390 + 14,390 27,718
Money Market Mutual Fund Liquidity Facility 7,011 + 7,011 + 7,011 30,634
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0
Float -190 + 40 - 14 -271
Central bank liquidity swaps (8) 168,814 + 168,769 + 168,748 206,051
Other Federal Reserve assets (9) 24,989 + 1,930 + 943 25,175
Foreign currency denominated assets (10) 20,043 - 657 - 722 20,133
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 50,239 + 14 + 382 50,239

Total factors supplying reserve funds 5,056,887 + 506,679 +1,048,705 5,302,572

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 25, 2020
Federal Reserve Banks Mar 25, 2020 Mar 18, 2020 Mar 27, 2019

Currency in circulation (11) 1,859,800 + 32,651 + 138,011 1,872,242
Reverse repurchase agreements (12) 283,469 + 41,413 + 41,616 359,114
Foreign official and international accounts 254,373 + 22,881 + 14,852 261,703
Others 29,096 + 18,531 + 26,765 97,411
Treasury cash holdings 325 + 8 - 9 328
Deposits with F.R. Banks, other than reserve balances 679,684 + 139,443 + 303,207 673,519
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 390,252 + 27,676 + 79,384 384,890
Foreign official 10,359 + 4,000 + 5,116 16,261
Other (13) 279,073 + 107,767 + 218,707 272,368
Other liabilities and capital (14) 46,637 + 1,780 + 1,190 49,621

Total factors, other than reserve balances,
absorbing reserve funds 2,869,916 + 215,296 + 484,015 2,954,825

Reserve balances with Federal Reserve Banks 2,186,971 + 291,383 + 564,689 2,347,747

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 25, 2020
Mar 25, 2020 Mar 18, 2020 Mar 27, 2019

Securities held in custody for foreign official and
international accounts 3,355,273 - 55,416 - 114,824 3,339,743
Marketable U.S. Treasury securities (1) 2,891,327 - 57,322 - 180,594 2,868,190
Federal agency debt and mortgage-backed securities (2) 380,891 + 2,072 + 54,966 388,655
Other securities (3) 83,055 - 167 + 10,804 82,897
Securities lent to dealers 34,947 - 80 + 10,409 38,368
Overnight facility (4) 34,947 - 80 + 10,409 38,368
U.S. Treasury securities 34,943 - 84 + 10,405 38,368
Federal agency debt securities 3 + 3 + 3 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 25, 2020

Millions of dollars
Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All
days 90 days 1 year to 5 years to 10 years years

Loans (1) 15,991 83,194 9,933 0 0 ... 109,119
U.S. Treasury securities (2)
Holdings 44,037 221,051 430,067 1,111,145 436,318 735,754 2,978,372
Weekly changes + 8,231 + 9,622 + 42,950 + 144,383 + 78,652 + 53,763 + 337,601
Federal agency debt securities (3)
Holdings 0 0 0 0 1,151 1,196 2,347
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (4)
Holdings 0 0 4 1,643 70,824 1,312,093 1,384,563
Weekly changes 0 0 + 1 - 1 - 505 + 18,394 + 17,887
Repurchase agreements (5) 179,155 173,200 ... ... ... ... 352,355
Central bank liquidity swaps (6) 92,399 113,652 0 0 0 0 206,051

Reverse repurchase agreements (5) 359,114 0 ... ... ... ... 359,114
Term deposits 0 0 0 ... ... ... 0

Note: Components may not sum to totals because of rounding.
...Not applicable.

1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary
Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions.
2. Face value. For inflation-indexed securities, includes the original face value and compensation
that adjusts for the effect of inflation on the original face value of such securities.
3. Face value.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Cash value of agreements.
6. 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 25, 2020

Mortgage-backed securities held outright (1) 1,384,563

Commitments to buy mortgage-backed securities (2) 141,828
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 44

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 25, 2020 Wednesday Wednesday
consolidation Mar 18, 2020 Mar 27, 2019

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,641 - 34 - 88
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,985,004 + 378,783 +1,091,729
Securities held outright (1) 4,365,282 + 355,488 + 594,616
U.S. Treasury securities 2,978,372 + 337,601 + 802,776
Bills (2) 326,044 + 5,001 + 326,044
Notes and bonds, nominal (2) 2,456,125 + 301,629 + 417,114
Notes and bonds, inflation-indexed (2) 166,932 + 28,279 + 51,778
Inflation compensation (3) 29,271 + 2,692 + 7,840
Federal agency debt securities (2) 2,347 0 0
Mortgage-backed securities (4) 1,384,563 + 17,887 - 208,160
Unamortized premiums on securities held outright
(5) 168,273 + 29,979 + 32,568
Unamortized discounts on securities held outright
(5) -10,026 + 2,010 + 3,096
Repurchase agreements (6) 352,355 - 89,590 + 352,355
Loans (7) 109,119 + 80,895 + 109,092
Net portfolio holdings of Maiden Lane LLC (8) 0 0 0
Items in process of collection (0) 37 - 14 - 21
Bank premises 2,207 + 5 0
Central bank liquidity swaps (9) 206,051 + 206,006 + 205,985
Foreign currency denominated assets (10) 20,133 - 230 - 567
Other assets (11) 22,968 + 1,550 + 1,621

Total assets (0) 5,254,278 + 586,066 +1,298,661

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 25, 2020 Wednesday Wednesday
consolidation Mar 18, 2020 Mar 27, 2019

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,823,968 + 28,944 + 148,049
Reverse repurchase agreements (12) 359,114 + 125,168 + 117,514
Deposits (0) 3,021,266 + 426,139 +1,028,800
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 2,347,747 + 402,353 + 714,959
U.S. Treasury, General Account 384,890 - 16,464 + 89,297
Foreign official 16,261 + 9,374 + 11,018
Other (13) (0) 272,368 + 30,877 + 213,526
Deferred availability cash items (0) 308 + 30 - 101
Other liabilities and accrued dividends (14) 10,827 + 5,598 + 4,948

Total liabilities (0) 5,215,483 + 585,879 +1,299,211

Capital accounts
Capital paid in 31,969 + 185 - 551
Surplus 6,825 0 0
Other capital accounts 0 0 0

Total capital 38,794 + 185 - 551

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt
securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary
Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions.
8. Refer to the note on consolidation accompanying table 5.
9. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
10. Revalued daily at current foreign currency exchange rates.
11. Includes accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable.
12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
13. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, designated financial market utilities, and deposits held by depository
institutions in joint accounts in connection with their participation in certain private-sector payment
arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account,
for services provided by the Reserve Banks as fiscal agents of the United States.
14. Includes the liability for earnings remittances due to the U.S. Treasury.

5. Statement of Condition of Each Federal Reserve Bank, March 25, 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 1,641 39 47 154 92 224 143 281 26 50 112 186 287
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans (1) 4,985,004 134,896 2,719,855 118,421 144,815 298,671 333,608 260,470 70,308 42,214 73,247 213,180 575,320
Central bank liquidity swaps (2) 206,051 8,874 65,381 11,905 16,450 43,937 11,983 8,603 3,142 980 1,995 2,550 30,251
Foreign currency denominated
assets (3) 20,133 867 6,390 1,163 1,607 4,293 1,171 840 307 96 195 249 2,956
Other assets (4) 25,212 590 12,323 644 794 1,824 1,775 1,356 720 338 645 1,368 2,835
Interdistrict settlement account 0 - 1,155 - 102,288 + 160 + 12,340 + 5,359 - 10,594 + 71,039 - 762 + 733 + 5,076 + 62,494 - 42,401

Total assets 5,254,278 144,659 2,707,233 132,985 176,866 355,473 340,299 343,724 74,218 44,686 81,715 281,198 571,221

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 25, 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 1,823,968 57,025 612,531 50,101 87,399 122,253 253,629 118,547 56,183 30,258 48,827 148,558 238,658
Reverse repurchase agreements (5) 359,114 7,450 195,922 8,697 10,507 21,977 24,554 18,850 5,161 3,107 5,325 15,593 41,971
Deposits 3,021,266 78,160 1,878,098 72,605 75,455 202,579 59,798 204,465 12,083 10,578 26,962 116,133 284,349
Depository institutions 2,347,747 78,104 1,342,631 72,603 67,803 201,275 58,646 86,724 12,079 10,499 20,125 113,464 283,794
U.S. Treasury, General Account 384,890 0 384,890 0 0 0 0 0 0 0 0 0 0
Foreign official 16,261 2 16,234 2 3 9 2 2 1 0 0 0 6
Other (6) 272,368 55 134,343 0 7,649 1,295 1,150 117,739 4 79 6,837 2,668 549
Earnings remittances due to the U.S.
Treasury (7) 1,430 18 886 21 22 30 99 73 21 15 19 67 158
Other liabilities and accrued
dividends 9,705 175 6,796 174 186 500 321 290 135 422 171 201 333

Total liabilities 5,215,483 142,829 2,694,232 131,598 173,568 347,338 338,400 342,227 73,584 44,381 81,305 280,553 565,469

Capital
Capital paid in 31,969 1,506 10,707 1,141 2,714 6,694 1,561 1,233 523 252 338 564 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 5,254,278 144,659 2,707,233 132,985 176,866 355,473 340,299 343,724 74,218 44,686 81,715 281,198 571,221

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 25, 2020 (continued)

1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight
securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the
purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an
effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and
seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions.
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 25, 2020

Federal Reserve notes outstanding 1,973,700
Less: Notes held by F.R. Banks not subject to collateralization 149,732
Federal Reserve notes to be collateralized 1,823,968
Collateral held against Federal Reserve notes 1,823,968
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,807,731
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,717,637
Less: Face value of securities under reverse repurchase agreements 324,866
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,392,771

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.

Statistical releases