FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks September 26, 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

Sep 25, 2019 Sep 18, 2019 Sep 26, 2018

Wednesday

Sep 25, 2019

Reserve Bank credit 3,808,515 + 58,554 - 352,860 3,819,084

Securities held outright1 3,587,990 - 5,139 - 416,310 3,577,287

U.S. Treasury securities 2,107,405 + 5,315 - 205,802 2,107,683

Bills2 6,002 + 2,572 + 5,902 6,002

Notes and bonds, nominal2 1,958,948 + 2,687 - 216,654 1,959,205

Notes and bonds, inflation-indexed2 118,146 0 + 2,567 118,146

Inflation compensation3 24,309 + 55 + 2,382 24,330

Federal agency debt securities2 2,347 0 - 62 2,347

Mortgage-backed securities4 1,478,238 - 10,454 - 210,446 1,467,257

Unamortized premiums on securities held outright5 127,566 - 561 - 17,699 127,161

Unamortized discounts on securities held outright5 -12,726 0 + 974 -12,714

Repurchase agreements6 82,250 + 63,943 + 82,250 105,000

Loans 95 - 37 - 252 96

Primary credit 4 - 51 - 52 4

Secondary credit 0 0 0 0

Seasonal credit 90 + 13 - 202 92

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 7 0

Float -129 - 1 + 41 -83

Central bank liquidity swaps8 42 + 3 - 48 42

Other Federal Reserve assets9 23,427 + 346 - 1,809 22,295

Foreign currency denominated assets10 20,617 - 43 - 469 20,562

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,067 + 14 + 382 50,067

Total factors supplying reserve funds 3,895,440 + 58,525 - 352,948 3,905,954

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

Sep 25, 2019 Sep 18, 2019 Sep 26, 2018

Wednesday

Sep 25, 2019

Currency in circulation11 1,761,741 - 427 + 77,250 1,762,927

Reverse repurchase agreements12 294,091 - 5,011 + 58,847 290,541

Foreign official and international accounts 289,037 - 5,146 + 66,460 290,408

Others 5,054 + 135 - 7,613 133

Treasury cash holdings 170 + 5 - 42 180

Deposits with F.R. Banks, other than reserve balances 394,051 + 57,624 - 56,753 380,348

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 314,189 + 63,963 - 55,842 305,810

Foreign official 5,185 - 40 - 71 5,187

Other13 74,677 - 6,298 - 840 69,351

Other liabilities and capital14 45,216 + 284 + 79 44,670

Total factors, other than reserve balances,

absorbing reserve funds 2,495,269 + 52,476 + 79,381 2,478,665

Reserve balances with Federal Reserve Banks 1,400,171 + 6,049 - 432,329 1,427,289

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

Sep 25, 2019 Sep 18, 2019 Sep 26, 2018

Wednesday

Sep 25, 2019

Securities held in custody for foreign official and international

accounts 3,458,563 - 8,323 + 20,014 3,452,382

Marketable U.S. Treasury securities1 3,015,392 - 5,045 - 48,484 3,011,030

Federal agency debt and mortgage-backed securities2 361,171 - 3,659 + 55,429 359,101

Other securities3 81,999 + 380 + 13,069 82,251

Securities lent to dealers 31,866 - 2,153 + 13,000 33,722

Overnight facility4 31,866 - 2,153 + 13,000 33,722

U.S. Treasury securities 31,866 - 2,153 + 13,000 33,722

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, September 25, 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 76 20 0 0 0 ... 96

U.S. Treasury securities1

Holdings 13,085 66,568 269,442 839,685 297,606 621,296 2,107,683

Weekly changes + 100 - 25 - 72 + 1,807 + 26 + 21 + 1,857

Federal agency debt securities2

Holdings 0 0 0 0 486 1,861 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 7 642 75,947 1,390,660 1,467,257

Weekly changes 0 0 - 2 - 19 - 1,104 - 16,053 - 17,177

Repurchase agreements4 105,000 0 ... ... ... ... 105,000

Central bank liquidity swaps5 42 0 0 0 0 0 42

Reverse repurchase agreements4 290,541 0 ... ... ... ... 290,541

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 Sep 25, 2019

Mortgage-backed securities held outright1 1,467,257

Commitments to buy mortgage-backed securities2 4,704

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 19

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

Sep 25, 2019 Sep 18, 2019 Sep 26, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,698 - 5 - 68

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,796,829 + 13,954 - 332,190

Securities held outright1 3,577,287 - 15,320 - 420,093

U.S. Treasury securities 2,107,683 + 1,857 - 205,525

Bills2 6,002 0 + 5,902

Notes and bonds, nominal2 1,959,205 + 1,801 - 216,397

Notes and bonds, inflation-indexed2 118,146 0 + 2,567

Inflation compensation3 24,330 + 56 + 2,402

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,467,257 - 17,177 - 214,506

Unamortized premiums on securities held outright5 127,161 - 766 - 17,807

Unamortized discounts on securities held outright5 -12,714 + 32 + 974

Repurchase agreements6 105,000 + 30,000 + 105,000

Loans 96 + 9 - 263

Net portfolio holdings of Maiden Lane LLC7 0 0 - 7

Items in process of collection (0) 53 + 6 - 88

Bank premises 2,190 + 1 + 1

Central bank liquidity swaps8 42 + 3 - 48

Foreign currency denominated assets9 20,562 - 90 - 515

Other assets10 20,105 - 848 - 2,278

Total assets (0) 3,857,715 + 13,020 - 335,194

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

Sep 25, 2019 Sep 18, 2019 Sep 26, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,714,733 + 165 + 76,518

Reverse repurchase agreements11 290,541 - 34,577 + 60,782

Deposits (0) 1,807,636 + 47,295 - 472,042

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,427,289 + 41,863 - 410,585

U.S. Treasury, General Account 305,810 + 2,753 - 61,433

Foreign official 5,187 + 1 - 68

Other12 (0) 69,351 + 2,678 + 45

Deferred availability cash items (0) 135 - 31 - 405

Other liabilities and accrued dividends13 5,387 + 180 - 232

Total liabilities (0) 3,818,433 + 13,033 - 335,378

Capital accounts

Capital paid in 32,457 - 13 + 184

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,282 - 13 + 184

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, September 25, 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 11,037 351 3,707 327 531 754 1,560 711 328 186 292 890 1,400

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

Coin 1,698 44 48 151 108 216 179 282 33 45 111 193 289

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,796,829 78,768 2,071,387 91,944 111,083 232,348 259,603 199,301 54,590 32,907 56,300 164,859 443,740

Securities held outright1 3,577,287 74,215 1,951,663 86,630 104,662 218,917 244,590 187,777 51,415 30,955 53,045 155,330 418,087

U.S. Treasury securities 2,107,683 43,726 1,149,890 51,041 61,665 128,983 144,109 110,635 30,293 18,238 31,254 91,518 246,331

Bills2 6,002 125 3,275 145 176 367 410 315 86 52 89 261 701

Notes and bonds3 2,101,681 43,602 1,146,615 50,896 61,490 128,615 143,698 110,320 30,207 18,186 31,165 91,257 245,629

Federal agency debt securities2 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274

Mortgage-backed securities4 1,467,257 30,440 800,493 35,532 42,928 89,791 100,321 77,018 21,088 12,697 21,757 63,710 171,482

Unamortized premiums on securities 

held outright5 127,161 2,638 69,375 3,079 3,720 7,782 8,694 6,675 1,828 1,100 1,886 5,521 14,862

Unamortized discounts on securities 

held outright5 -12,714 -264 -6,936 -308 -372 -778 -869 -667 -183 -110 -189 -552 -1,486

Repurchase agreements6 105,000 2,178 57,285 2,543 3,072 6,426 7,179 5,512 1,509 909 1,557 4,559 12,272

Loans 96 0 0 0 0 1 9 5 21 53 1 0 6

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 53 0 0 0 0 0 52 0 0 0 0 0 0

Bank premises 2,190 108 457 82 116 190 205 193 103 94 228 223 191

Central bank liquidity swaps8 42 2 13 2 3 9 2 2 1 0 0 1 6

Foreign currency denominated

assets9 20,562 885 6,526 1,188 1,641 4,384 1,196 858 313 98 199 254 3,018

Other assets10 20,105 434 10,542 483 595 1,431 1,361 1,030 338 218 372 978 2,324

Interdistrict settlement account 0 + 8,324 - 158,599 - 12,991 + 10,541 + 7,757 + 38,846 + 22,438 + 6,269 + 4,109 + 3,584 + 24,928 + 44,793

Total assets 3,857,715 89,112 1,935,898 81,396 124,856 247,500 303,658 225,238 62,125 37,747 61,240 192,608 496,335

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, September 25, 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 1,928,622 58,029 640,394 55,546 91,163 131,448 272,017 124,270 56,623 31,193 50,493 160,473 256,972

Less: Notes held by F.R. Banks 213,889 6,862 51,323 9,468 10,185 16,463 31,186 14,911 6,336 3,680 8,330 21,243 33,902

Federal Reserve notes, net 1,714,733 51,167 589,072 46,078 80,978 114,984 240,831 109,359 50,287 27,513 42,163 139,230 223,070

Reverse repurchase agreements11 290,541 6,028 158,511 7,036 8,500 17,780 19,865 15,251 4,176 2,514 4,308 12,616 33,956

Deposits 1,807,636 29,933 1,172,830 26,542 31,912 106,027 40,192 98,778 6,893 7,210 14,204 40,011 233,104

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 1,427,289 29,923 839,083 26,539 31,880 105,792 40,157 52,716 6,889 7,143 14,181 39,888 233,097

U.S. Treasury, General Account 305,810 0 305,810 0 0 0 0 0 0 0 0 0 0

Foreign official 5,187 2 5,159 2 3 9 2 2 1 0 0 0 6

Other12 69,351 8 22,778 1 29 226 33 46,061 3 67 22 122 1

Deferred availability cash items 135 0 0 0 0 0 44 0 0 91 0 0 0

Earnings remittances due to the U.S.

Treasury13 707 11 427 16 19 1 71 26 14 8 13 43 58

Other liabilities and accrued

dividends 4,680 185 1,840 187 199 536 319 318 139 150 158 228 421

Total liabilities 3,818,433 87,324 1,922,680 79,859 121,608 239,328 301,322 223,732 61,510 37,487 60,846 192,127 490,609

Capital

Capital paid in 32,457 1,494 11,053 1,143 2,703 6,716 1,939 1,221 511 228 328 396 4,724

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 3,857,715 89,112 1,935,898 81,396 124,856 247,500 303,658 225,238 62,125 37,747 61,240 192,608 496,335

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, September 25, 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 Sep 25, 2019

Federal Reserve notes outstanding 1,928,622

Less: Notes held by F.R. Banks not subject to collateralization 213,889

Federal Reserve notes to be collateralized 1,714,733

Collateral held against Federal Reserve notes 1,714,733

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,698,496

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,682,287

Less: Face value of securities under reverse repurchase agreements 278,961

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,403,326

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.