FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 14, 2019

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Mar 13, 2019 Mar 6, 2019 Mar 14, 2018

Wednesday

Mar 13, 2019

Reserve Bank credit 3,931,692 + 2,450 - 427,729 3,932,640

Securities held outright1 3,785,498 + 82 - 405,843 3,785,655

U.S. Treasury securities 2,175,457 + 58 - 249,047 2,175,479

Bills2 0 0 0 0

Notes and bonds, nominal2 2,039,011 0 - 254,874 2,039,011

Notes and bonds, inflation-indexed2 115,154 0 + 3,934 115,154

Inflation compensation3 21,293 + 59 + 1,894 21,314

Federal agency debt securities2 2,409 0 - 1,982 2,409

Mortgage-backed securities4 1,607,631 + 22 - 154,815 1,607,767

Unamortized premiums on securities held outright5 136,742 - 203 - 18,938 136,656

Unamortized discounts on securities held outright5 -13,195 + 28 + 890 -13,184

Repurchase agreements6 0 0 0 0

Loans 11 - 1 + 1 11

Primary credit 3 - 3 + 1 0

Secondary credit 0 0 0 0

Seasonal credit 9 + 3 0 10

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,708 0

Float -157 + 176 + 32 -172

Central bank liquidity swaps8 67 + 2 + 3 67

Other Federal Reserve assets9 22,726 + 2,365 - 2,166 23,607

Foreign currency denominated assets10 20,635 - 84 - 1,587 20,701

Gold stock 11,041 0 0 11,041

Special drawing rights certificate account 5,200 0 0 5,200

Treasury currency outstanding11 49,867 + 14 + 396 49,867

Total factors supplying reserve funds 4,018,435 + 2,379 - 428,920 4,019,449

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Mar 13, 2019 Mar 6, 2019 Mar 14, 2018

Wednesday

Mar 13, 2019

Currency in circulation11 1,719,913 + 5,117 + 86,638 1,721,355

Reverse repurchase agreements12 236,914 - 13,186 + 10,587 239,483

Foreign official and international accounts 236,796 - 10,788 + 14,125 239,467

Others 118 - 2,398 - 3,538 16

Treasury cash holdings 331 + 16 + 15 335

Deposits with F.R. Banks, other than reserve balances 311,745 + 26,922 - 24,617 305,760

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 245,972 + 25,927 - 3,957 238,381

Foreign official 5,243 - 1 - 11 5,243

Other13 60,529 + 995 - 20,649 62,135

Other liabilities and capital14 45,585 + 1,177 - 661 45,391

Total factors, other than reserve balances,

absorbing reserve funds 2,314,488 + 20,046 + 71,962 2,312,324

Reserve balances with Federal Reserve Banks 1,703,948 - 17,666 - 500,881 1,707,125

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.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Mar 13, 2019 Mar 6, 2019 Mar 14, 2018

Wednesday

Mar 13, 2019

Securities held in custody for foreign official and international

accounts 3,472,172 + 6,219 + 19,966 3,473,058

Marketable U.S. Treasury securities1 3,076,067 + 5,445 - 32,995 3,075,526

Federal agency debt and mortgage-backed securities2 324,252 + 533 + 61,760 325,743

Other securities3 71,854 + 242 - 8,798 71,789

Securities lent to dealers 23,657 - 2,823 - 778 23,309

Overnight facility4 23,657 - 2,823 - 778 23,309

U.S. Treasury securities 23,657 - 2,823 - 778 23,309

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 13, 2019

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 0 10 0 0 0 ... 11

U.S. Treasury securities1

Holdings 0 112,837 270,527 922,071 252,470 617,574 2,175,479

Weekly changes 0 0 + 1 + 8 + 21 + 28 + 59

Federal agency debt securities2

Holdings 62 0 0 0 0 2,347 2,409

Weekly changes + 62 - 62 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 8 211 73,989 1,533,559 1,607,767

Weekly changes 0 0 0 0 0 + 158 + 158

Repurchase agreements4 0 0 ... ... ... ... 0

Central bank liquidity swaps5 67 0 0 0 0 0 67

Reverse repurchase agreements4 239,483 0 ... ... ... ... 239,483

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.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Mar 13, 2019

Mortgage-backed securities held outright1 1,607,767

Commitments to buy mortgage-backed securities2 257

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.
H.4.1

4. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Mar 13, 2019 Mar 6, 2019 Mar 14, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,763 - 7 - 114

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,909,137 + 49 - 430,013

Securities held outright1 3,785,655 + 217 - 411,886

U.S. Treasury securities 2,175,479 + 59 - 249,083

Bills2 0 0 0

Notes and bonds, nominal2 2,039,011 0 - 254,874

Notes and bonds, inflation-indexed2 115,154 0 + 3,934

Inflation compensation3 21,314 + 59 + 1,857

Federal agency debt securities2 2,409 0 - 1,982

Mortgage-backed securities4 1,607,767 + 158 - 160,821

Unamortized premiums on securities held outright5 136,656 - 200 - 19,018

Unamortized discounts on securities held outright5 -13,184 + 29 + 896

Repurchase agreements6 0 0 0

Loans 11 + 5 - 4

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,708

Items in process of collection (0) 48 - 16 - 26

Bank premises 2,202 + 3 + 6

Central bank liquidity swaps8 67 + 2 + 3

Foreign currency denominated assets9 20,701 + 22 - 1,575

Other assets10 21,405 + 2,372 - 2,270

Total assets (0) 3,971,559 + 2,425 - 435,699

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Mar 13, 2019 Mar 6, 2019 Mar 14, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,673,581 + 1,928 + 85,921

Reverse repurchase agreements11 239,483 + 2,351 + 2,204

Deposits (0) 2,012,885 - 2,392 - 523,380

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,707,125 - 29,422 - 483,018

U.S. Treasury, General Account 238,381 + 24,770 + 2,221

Foreign official 5,243 - 1 - 11

Other12 (0) 62,135 + 2,261 - 42,572

Deferred availability cash items (0) 219 - 439 - 135

Other liabilities and accrued dividends13 6,156 + 930 - 385

Total liabilities (0) 3,932,324 + 2,378 - 435,774

Capital accounts

Capital paid in 32,411 + 48 + 751

Surplus 6,825 0 - 675

Other capital accounts 0 0 0

Total capital 39,236 + 48 + 76

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.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, March 13, 2019

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificate account 11,037 364 3,626 350 544 773 1,491 739 334 199 307 905 1,405

Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574

Coin 1,763 47 49 154 118 233 183 293 28 47 112 197 301

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,909,137 74,660 2,158,141 98,697 110,825 231,327 234,652 209,372 52,043 32,624 61,539 161,642 483,614

Securities held outright1 3,785,655 72,302 2,089,975 95,580 107,325 224,020 227,241 202,751 50,400 31,591 59,595 156,536 468,339

U.S. Treasury securities 2,175,479 41,549 1,201,033 54,926 61,676 128,736 130,587 116,514 28,963 18,154 34,247 89,956 269,137

Bills2 0 0 0 0 0 0 0 0 0 0 0 0 0

Notes and bonds3 2,175,479 41,549 1,201,033 54,926 61,676 128,736 130,587 116,514 28,963 18,154 34,247 89,956 269,137

Federal agency debt securities2 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298

Mortgage-backed securities4 1,607,767 30,707 887,612 40,593 45,581 95,141 96,509 86,109 21,405 13,417 25,310 66,481 198,903

Unamortized premiums on securities 

held outright5 136,656 2,610 75,445 3,450 3,874 8,087 8,203 7,319 1,819 1,140 2,151 5,651 16,906

Unamortized discounts on securities 

held outright5 -13,184 -252 -7,279 -333 -374 -780 -791 -706 -176 -110 -208 -545 -1,631

Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0

Loans 11 0 0 0 0 0 0 8 0 3 0 0 0

Net portfolio holdings of Maiden

Lane LLC7 0 0 0 0 0 0 0 0 0 0 0 0 0

Items in process of collection 48 0 0 0 0 0 47 0 0 0 0 0 0

Bank premises 2,202 109 456 81 119 194 207 192 106 95 230 221 192

Central bank liquidity swaps8 67 3 21 4 5 14 4 3 1 0 1 1 10

Foreign currency denominated

assets9 20,701 881 6,527 1,176 1,671 4,472 1,196 877 299 95 205 256 3,047

Other assets10 21,405 427 11,241 533 611 1,484 1,276 1,111 554 239 400 927 2,603

Interdistrict settlement account 0 + 6,180 - 178,053 + 7,878 + 13,537 + 8,195 + 48,516 + 2,874 + 11,666 + 5,027 + 795 + 27,303 + 46,082

Total assets 3,971,559 82,866 2,003,825 109,083 127,668 247,104 288,226 215,886 65,181 38,416 63,743 191,734 537,828

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, March 13, 2019 (continued)

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Liabilities

Federal Reserve notes outstanding 1,870,563 57,464 618,969 54,551 89,473 126,101 260,565 121,183 55,639 31,266 49,583 154,820 250,949

Less: Notes held by F.R. Banks 196,982 6,142 54,233 7,222 9,341 14,073 31,501 13,637 4,630 2,924 6,363 16,975 29,941

Federal Reserve notes, net 1,673,581 51,322 564,736 47,329 80,131 112,028 229,064 107,546 51,010 28,342 43,221 137,845 221,008

Reverse repurchase agreements11 239,483 4,574 132,213 6,046 6,789 14,172 14,375 12,826 3,188 1,998 3,770 9,903 29,627

Deposits 2,012,885 25,083 1,291,672 53,207 37,372 111,913 42,040 93,497 10,218 7,568 16,220 43,224 280,871

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 1,707,125 25,073 1,027,546 53,204 37,344 111,540 42,005 52,519 10,209 7,515 16,206 43,100 280,863

U.S. Treasury, General Account 238,381 0 238,381 0 0 0 0 0 0 0 0 0 0

Foreign official 5,243 2 5,216 2 3 9 2 2 1 0 0 0 6

Other12 62,135 8 20,529 1 24 364 33 40,977 8 53 14 123 2

Deferred availability cash items 219 0 0 0 0 0 52 0 0 168 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,212 24 650 26 39 74 101 62 20 12 20 61 122

Other liabilities and accrued

dividends 4,944 175 2,066 211 205 538 304 315 133 142 149 228 477

Total liabilities 3,932,324 81,179 1,991,337 106,819 124,537 238,724 285,937 214,247 64,569 38,230 63,380 191,261 532,105

Capital

Capital paid in 32,411 1,394 10,323 1,869 2,586 6,925 1,892 1,354 507 154 297 388 4,721

Surplus 6,825 294 2,166 394 545 1,455 397 285 104 32 66 84 1,002

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 3,971,559 82,866 2,003,825 109,083 127,668 247,104 288,226 215,886 65,181 38,416 63,743 191,734 537,828

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Statement of Condition of Each Federal Reserve Bank, March 13, 2019 (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).
H.4.1

6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Mar 13, 2019

Federal Reserve notes outstanding 1,870,563

Less: Notes held by F.R. Banks not subject to collateralization 196,982

Federal Reserve notes to be collateralized 1,673,581

Collateral held against Federal Reserve notes 1,673,581

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,657,344

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,785,655

Less: Face value of securities under reverse repurchase agreements 239,192

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,546,462

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.