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Operating Statistics

In 2010, Philadelphia continued to be a major processor of cash in the Federal Reserve System, although the volume of currency processed decreased 11 percent due to improvements in financial institutions' cash-handling practices. These improvements enabled the Cash Department to reduce the number of currency-counting processing shifts at the end of 2009. The actual dollar value of currency processed increased 5 percent due to a 10 percent increase in the volume of $20 notes processed. In 2010, the volume of coin bags processed on-site decreased 17 percent, and the value of processed coin decreased 11 percent because coin-handling activity was redirected to the off-site coin terminals.

In 2010, there was a significant decrease in discount window lending activity, both in the number of loans and the value of loans advanced by the Reserve Bank. The substantial year-over-year decrease in borrowing activity was influenced by stabilization in the financial markets. In addition, the Term Auction Facility special lending program established in 2007 ended in the first quarter of 2010, and the primary credit reverted to overnight lending.

In 2010, Philadelphia's Check 21 volumes remained flat in comparison to 2009. Philadelphia handled 1.2 billion Check 21 items for a dollar value of $1,877 billion. Check 21 dollar values handled decreased in 2010 by 15 percent in comparison to 2009. The final phases of the Retail Payments check consolidation were completed in 2010. Philadelphia printed and distributed substitute checks until the end of the third quarter and managed the workflows for Check 21 electronic files until midway through the fourth quarter. The substitute check printing and distribution functions were successfully transitioned from the Federal Reserve Bank of Philadelphia to the Federal Reserve Bank of Cleveland, and responsibility for managing the workflows of Check 21 electronic files was successfully transitioned to the Federal Reserve Bank of Atlanta. These events marked the completion of over 90 years of check processing by Philadelphia in the Federal Reserve System.