FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 7, 2016

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

Jan 6, 2016 Dec 30, 2015 Jan 7, 2015

Wednesday

Jan 6, 2016

Reserve Bank credit 4,447,201 - 7,451 - 11,921 4,448,464

Securities held outright1 4,241,943 - 5,923 + 5,150 4,241,916

U.S. Treasury securities 2,461,535 - 23 + 257 2,461,505

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,639 0 - 73 2,346,639

Notes and bonds, inflation-indexed2 98,534 0 + 65 98,534

Inflation compensation3 16,363 - 22 + 265 16,333

Federal agency debt securities2 32,944 0 - 5,733 32,944

Mortgage-backed securities4 1,747,464 - 5,901 + 10,626 1,747,467

Unamortized premiums on securities held outright5 189,373 - 460 - 17,236 189,170

Unamortized discounts on securities held outright5 -16,561 + 25 + 1,814 -16,544

Repurchase agreements6 0 0 0 0

Loans 104 - 129 + 45 151

Primary credit 65 - 96 + 24 133

Secondary credit 0 0 0 0

Seasonal credit 39 - 33 + 22 18

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,717 + 1 + 39 1,717

Float -93 + 118 + 482 -163

Central bank liquidity swaps8 997 0 - 531 997

Other Federal Reserve assets9 29,720 - 1,085 - 1,685 31,219

Foreign currency denominated assets10 19,639 - 98 - 1,233 19,667

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 47,581 + 14 + 1,229 47,581

Total factors supplying reserve funds 4,530,661 - 7,536 - 11,927 4,531,953

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

Jan 6, 2016 Dec 30, 2015 Jan 7, 2015

Wednesday

Jan 6, 2016

Currency in circulation11 1,424,316 + 577 + 83,174 1,421,914

Reverse repurchase agreements12 572,213 + 167,799 + 228,060 344,965

Foreign official and international accounts 230,179 + 15,005 + 122,859 218,381

Others 342,034 + 152,794 + 105,201 126,584

Treasury cash holdings 268 + 12 + 66 278

Deposits with F.R. Banks, other than reserve balances 366,387 + 21,377 + 172,537 365,643

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 333,220 + 42,753 + 156,403 337,737

Foreign official 5,232 - 148 + 16 5,241

Other13 27,935 - 21,228 + 16,118 22,665

Other liabilities and capital14 45,823 - 12,715 - 16,821 45,652

Total factors, other than reserve balances,

absorbing reserve funds 2,409,007 + 177,051 + 467,017 2,178,452

Reserve balances with Federal Reserve Banks 2,121,654 - 184,587 - 478,944 2,353,501

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 and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities,

amortization is on an effective-interest basis.

6. Cash value of agreements.

7. Refer to table 4 and the note on consolidation accompanying table 6.

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, and designated

financial market utilities.

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

Jan 6, 2016 Dec 30, 2015 Jan 7, 2015

Wednesday

Jan 6, 2016

Securities held in custody for foreign official and international

accounts 3,311,786 - 12,125 + 10,963 3,296,085

Marketable U.S. Treasury securities1 2,996,471 - 12,002 + 28,292 2,980,865

Federal agency debt and mortgage-backed securities2 268,697 - 71 - 22,209 268,730

Other securities3 46,617 - 53 + 4,879 46,490

Securities lent to dealers 16,928 + 1,124 + 6,209 13,310

Overnight facility4 16,928 + 1,124 + 6,209 13,310

U.S. Treasury securities 16,792 + 1,108 + 6,693 13,200

Federal agency debt securities 135 + 15 - 484 110

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, 5, and 6.

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, January 6, 2016

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 134 18 0 0 0 ... 151

U.S. Treasury securities1

Holdings 0 62,206 153,907 1,118,342 489,219 637,831 2,461,505

Weekly changes 0 + 23,587 - 11,887 - 5,949 - 5,768 - 32 - 49

Federal agency debt securities2

Holdings 1,626 2,061 13,077 13,833 0 2,347 32,944

Weekly changes + 1,626 - 1,626 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 613 9,130 1,737,724 1,747,467

Weekly changes 0 0 0 + 146 + 117 - 263 0

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

Central bank liquidity swaps5 997 0 0 0 0 0 997

Reverse repurchase agreements4 344,965 0 ... ... ... ... 344,965

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 Jan 6, 2016

Mortgage-backed securities held outright1 1,747,467

Commitments to buy mortgage-backed securities2 27,417

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 7

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 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Jan 6, 2016

Net portfolio holdings of Maiden Lane LLC1 1,717

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0

Accrued interest payable to the Federal Reserve Bank of New York2 0

Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3 0

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an

orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of September 30, 2015. Any assets purchased after

this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with

consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.

3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in

table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of

the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time

to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan

from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jan 6, 2016 Dec 30, 2015 Jan 7, 2015

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,893 + 6 + 17

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,414,694 - 870 - 10,171

Securities held outright1 4,241,916 - 49 + 5,176

U.S. Treasury securities 2,461,505 - 49 + 281

Bills2 0 0 0

Notes and bonds, nominal2 2,346,639 0 - 73

Notes and bonds, inflation-indexed2 98,534 0 + 65

Inflation compensation3 16,333 - 48 + 290

Federal agency debt securities2 32,944 0 - 5,733

Mortgage-backed securities4 1,747,467 0 + 10,628

Unamortized premiums on securities held outright5 189,170 - 369 - 17,295

Unamortized discounts on securities held outright5 -16,544 + 31 + 1,819

Repurchase agreements6 0 0 0

Loans 151 - 484 + 128

Net portfolio holdings of Maiden Lane LLC7 1,717 0 + 39

Items in process of collection (0) 181 + 28 + 14

Bank premises 2,235 - 9 - 25

Central bank liquidity swaps8 997 0 - 531

Foreign currency denominated assets9 19,667 - 90 - 1,035

Other assets10 28,984 + 955 - 1,227

Total assets (0) 4,486,606 + 19 - 12,918

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

5. 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

Jan 6, 2016 Dec 30, 2015 Jan 7, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,376,501 - 4,258 + 82,800

Reverse repurchase agreements11 344,965 - 153,554 + 103,528

Deposits (0) 2,719,144 + 158,474 - 181,869

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,353,501 + 144,818 - 356,772

U.S. Treasury, General Account 337,737 + 12,891 + 161,374

Foreign official 5,241 + 10 + 30

Other12 (0) 22,665 + 755 + 13,499

Deferred availability cash items (0) 344 + 60 - 454

Other liabilities and accrued dividends13 6,147 - 756 + 721

Total liabilities (0) 4,447,101 - 35 + 4,725

Capital accounts

Capital paid in 29,505 + 54 + 931

Surplus 10,000 0 - 18,574

Other capital accounts 0 0 0

Total capital 39,505 + 54 - 17,643

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 and Federal agency debt securities, amortization is on a straight-line basis. For 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 table 4 and the note on consolidation accompanying table 6.

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, and designated

financial market utilities.

13. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 6, 2016

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 11,037 347 3,709 340 505 783 1,600 734 299 171 288 891 1,370

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

Coin 1,893 45 74 132 133 303 184 284 29 51 150 197 312

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,414,694 111,907 2,650,103 109,797 106,136 239,770 248,597 164,024 46,046 26,852 57,474 142,207 511,781

Securities held outright1 4,241,916 107,530 2,546,473 105,503 101,986 230,394 238,871 157,606 44,237 25,798 55,105 136,646 491,767

U.S. Treasury securities 2,461,505 62,398 1,477,671 61,222 59,180 133,693 138,612 91,456 25,670 14,970 31,976 79,293 285,364

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

Notes and bonds3 2,461,505 62,398 1,477,671 61,222 59,180 133,693 138,612 91,456 25,670 14,970 31,976 79,293 285,364

Federal agency debt securities2 32,944 835 19,777 819 792 1,789 1,855 1,224 344 200 428 1,061 3,819

Mortgage-backed securities4 1,747,467 44,297 1,049,025 43,462 42,013 94,911 98,403 64,926 18,223 10,627 22,701 56,292 202,585

Unamortized premiums on securities 

held outright5 189,170 4,795 113,561 4,705 4,548 10,275 10,653 7,029 1,973 1,150 2,457 6,094 21,931

Unamortized discounts on securities 

held outright5 -16,544 -419 -9,931 -411 -398 -899 -932 -615 -173 -101 -215 -533 -1,918

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

Loans 151 0 0 0 0 0 5 4 9 5 127 0 1

Net portfolio holdings of Maiden

Lane LLC7 1,717 0 1,717 0 0 0 0 0 0 0 0 0 0

Items in process of collection 181 1 0 0 0 0 179 0 0 0 0 0 0

Bank premises 2,235 125 436 75 106 211 207 204 118 92 240 226 197

Central bank liquidity swaps8 997 45 321 56 78 229 57 27 9 4 10 14 146

Foreign currency denominated

assets9 19,667 892 6,341 1,099 1,533 4,512 1,119 528 183 83 207 283 2,887

Other assets10 28,984 772 16,909 730 710 1,761 1,656 1,096 379 207 422 961 3,381

Interdistrict settlement account 0 - 19,989 - 112,530 + 8,438 + 21,183 + 13,385 + 3,427 + 9,955 + 11,670 + 5,606 + 4,100 + 15,475 + 39,279

Total assets 4,486,606 94,340 2,568,899 120,877 130,621 261,365 257,679 177,276 58,883 33,156 63,045 160,537 559,928

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

6. Statement of Condition of Each Federal Reserve Bank, January 6, 2016 (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 1,549,179 49,616 498,506 49,469 82,857 106,737 218,387 103,066 51,686 26,853 40,771 125,471 195,761

Less: Notes held by F.R. Banks 172,679 5,187 64,197 5,442 8,731 11,169 20,447 9,759 4,516 2,653 4,542 13,134 22,900

Federal Reserve notes, net 1,376,501 44,429 434,309 44,027 74,125 95,568 197,940 93,306 47,170 24,200 36,229 112,337 172,861

Reverse repurchase agreements11 344,965 8,745 207,087 8,580 8,294 18,736 19,426 12,817 3,597 2,098 4,481 11,112 39,992

Deposits 2,719,144 39,231 1,911,371 65,878 44,954 137,655 37,483 69,783 7,582 6,437 21,803 36,342 340,624

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 2,353,501 39,227 1,553,116 65,876 44,951 137,524 37,474 62,569 7,574 6,437 21,802 36,338 340,614

U.S. Treasury, General Account 337,737 0 337,737 0 0 0 0 0 0 0 0 0 0

Foreign official 5,241 2 5,214 2 3 9 2 1 0 0 0 1 6

Other12 22,665 2 15,304 0 0 122 7 7,213 7 0 1 3 5

Deferred availability cash items 344 0 0 0 0 0 231 0 0 113 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,714 43 1,040 40 39 86 105 62 17 10 21 58 193

Other liabilities and accrued

dividends 4,433 135 2,135 169 181 446 286 247 122 130 110 172 300

Total liabilities 4,447,101 92,583 2,555,941 118,695 127,593 252,492 255,471 176,216 58,487 32,988 62,645 160,020 553,970

Capital

Capital paid in 29,505 1,304 9,735 1,624 2,248 6,579 1,639 791 303 126 295 373 4,490

Surplus 10,000 453 3,223 559 780 2,295 569 269 93 42 105 144 1,469

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

Total liabilities and capital 4,486,606 94,340 2,568,899 120,877 130,621 261,365 257,679 177,276 58,883 33,156 63,045 160,537 559,928

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

6. Statement of Condition of Each Federal Reserve Bank, January 6, 2016 (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 and Federal

agency debt securities, amortization is on a straight-line basis. For 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 table 4 and 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, and designated financial market utilities.

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 $10 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. 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 5), 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 5).
H.4.1

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Jan 6, 2016

Federal Reserve notes outstanding 1,549,179

Less: Notes held by F.R. Banks not subject to collateralization 172,679

Federal Reserve notes to be collateralized 1,376,501

Collateral held against Federal Reserve notes 1,376,501

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,360,264

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,241,916

Less: Face value of securities under reverse repurchase agreements 332,243

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,909,673

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.