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In 2011, Philadelphia maintained its role as a major processor of cash in the Federal Reserve System. Because of technical improvements in the hardware and software systems, the volume of currency processed increased by 7.5 percent from 2010. The actual dollar value of currency processed increased marginally by 1.6 percent. In 2011, the volume of coin bags processed on-site decreased 26 percent, and the value of processed coin decreased 23 percent. This was due to changes in the handling of coin by area financial institutions and companies. Off-site coin handling experienced a volume decline of 13 percent for reasons similar to those for on-site coin activity.
In 2011, discount window lending activity at the Reserve Bank declined to a level similar to that before the financial crisis. The substantial year-over-year reduction in discount window loans in 2011 was influenced by the continuing stabilization in financial markets and the increased level of reserve balances held by depository institutions. Unlike in previous years, the discount window offered no special lending programs in 2011.
|Currency processed||1,638.2 million notes||$25.2 billion||1,523.5 million notes||$24.8 billion|
|Coin paid and received on-site||280.0 thousand bags||$148.3 million||379.0 thousand bags||$192.5 million|
|Coin paid and received off-site||1,044.8 thousand bags||$803.4 million||1,205.7 thousand bags||$917.0 million|
|Loans to depository institutions during the year||80 loans||$679 million||525 loans||$62.5 billion|
FEDERAL RESERVE BANK OF PHILADELPHIA . TEN INDEPENDENCE MALL . PHILADELPHIA, PA 19106-1574 . TEL: (215) 574-6000
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