FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 17, 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

Mar 16, 2016 Mar 9, 2016 Mar 18, 2015

Wednesday

Mar 16, 2016

Reserve Bank credit 4,446,240 + 4,882 - 14,888 4,447,512

Securities held outright1 4,247,349 + 3,021 + 1,613 4,248,579

U.S. Treasury securities 2,461,223 + 43 + 1,392 2,461,239

Bills2 0 0 0 0

Notes and bonds, nominal2 2,344,518 0 - 2,193 2,344,518

Notes and bonds, inflation-indexed2 100,880 0 + 2,411 100,880

Inflation compensation3 15,825 + 44 + 1,173 15,841

Federal agency debt securities2 30,729 - 589 - 6,148 29,257

Mortgage-backed securities4 1,755,396 + 3,566 + 6,369 1,758,082

Unamortized premiums on securities held outright5 186,345 - 180 - 17,646 186,371

Unamortized discounts on securities held outright5 -16,384 + 34 + 1,654 -16,367

Repurchase agreements6 0 0 0 0

Loans 15 + 3 0 37

Primary credit 4 + 2 - 3 22

Secondary credit 0 0 0 0

Seasonal credit 11 + 1 + 3 15

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,722 0 + 30 1,722

Float -377 - 190 + 18 -196

Central bank liquidity swaps8 76 - 19 + 74 76

Other Federal Reserve assets9 27,494 + 2,212 - 631 27,291

Foreign currency denominated assets10 20,412 + 152 + 1,169 20,323

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 47,707 + 14 + 1,083 47,707

Total factors supplying reserve funds 4,530,601 + 5,049 - 12,635 4,531,783

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 16, 2016 Mar 9, 2016 Mar 18, 2015

Wednesday

Mar 16, 2016

Currency in circulation11 1,437,735 + 2,708 + 82,062 1,439,520

Reverse repurchase agreements12 280,339 - 9,017 + 28,421 289,888

Foreign official and international accounts 240,079 + 1,421 + 101,963 241,499

Others 40,261 - 10,438 - 73,541 48,389

Treasury cash holdings 238 - 2 + 30 230

Deposits with F.R. Banks, other than reserve balances 265,062 + 26,716 + 177,912 300,471

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 235,634 + 24,191 + 174,948 279,081

Foreign official 5,172 - 52 - 65 5,175

Other13 24,257 + 2,579 + 3,029 16,215

Other liabilities and capital14 47,714 + 1,024 - 17,639 46,152

Total factors, other than reserve balances,

absorbing reserve funds 2,031,089 + 21,430 + 270,788 2,076,261

Reserve balances with Federal Reserve Banks 2,499,512 - 16,381 - 283,423 2,455,521

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

Mar 16, 2016 Mar 9, 2016 Mar 18, 2015

Wednesday

Mar 16, 2016

Securities held in custody for foreign official and international

accounts 3,251,866 - 2,585 + 28,413 3,260,194

Marketable U.S. Treasury securities1 2,936,556 - 2,971 + 40,441 2,945,802

Federal agency debt and mortgage-backed securities2 266,278 + 141 - 17,472 266,625

Other securities3 49,032 + 245 + 5,444 47,767

Securities lent to dealers 19,829 + 2,485 + 7,098 23,685

Overnight facility4 19,829 + 2,485 + 7,098 23,685

U.S. Treasury securities 19,771 + 2,511 + 7,508 23,653

Federal agency debt securities 58 - 27 - 410 32

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, March 16, 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 26 10 0 0 0 ... 37

U.S. Treasury securities1

Holdings 23,587 67,034 117,587 1,152,291 468,555 632,186 2,461,239

Weekly changes + 23,587 - 23,587 + 3 + 8 + 7 + 27 + 43

Federal agency debt securities2

Holdings 0 4,161 11,767 10,982 0 2,347 29,257

Weekly changes - 2,061 0 0 0 0 0 - 2,061

Mortgage-backed securities3

Holdings 0 0 0 776 8,991 1,748,315 1,758,082

Weekly changes 0 0 0 - 2 - 38 + 6,293 + 6,252

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

Central bank liquidity swaps5 76 0 0 0 0 0 76

Reverse repurchase agreements4 289,888 0 ... ... ... ... 289,888

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 16, 2016

Mortgage-backed securities held outright1 1,758,082

Commitments to buy mortgage-backed securities2 21,027

Commitments to sell mortgage-backed securities2 241

Cash and cash equivalents3 60

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 Mar 16, 2016

Net portfolio holdings of Maiden Lane LLC1 1,722

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 December 31, 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

Mar 16, 2016 Mar 9, 2016 Mar 18, 2015

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,917 - 13 + 69

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,418,619 + 4,257 - 9,724

Securities held outright1 4,248,579 + 4,235 + 6,001

U.S. Treasury securities 2,461,239 + 43 + 1,452

Bills2 0 0 0

Notes and bonds, nominal2 2,344,518 0 - 2,192

Notes and bonds, inflation-indexed2 100,880 0 + 2,411

Inflation compensation3 15,841 + 44 + 1,233

Federal agency debt securities2 29,257 - 2,061 - 7,620

Mortgage-backed securities4 1,758,082 + 6,252 + 12,168

Unamortized premiums on securities held outright5 186,371 - 42 - 17,407

Unamortized discounts on securities held outright5 -16,367 + 39 + 1,656

Repurchase agreements6 0 0 0

Loans 37 + 25 + 27

Net portfolio holdings of Maiden Lane LLC7 1,722 0 + 30

Items in process of collection (0) 150 + 3 - 202

Bank premises 2,227 + 2 - 21

Central bank liquidity swaps8 76 - 19 + 74

Foreign currency denominated assets9 20,323 + 13 + 986

Other assets10 25,064 + 1,009 - 765

Total assets (0) 4,486,333 + 5,250 - 9,555

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

Mar 16, 2016 Mar 9, 2016 Mar 18, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,393,955 + 2,081 + 82,110

Reverse repurchase agreements11 289,888 + 6,455 + 273

Deposits (0) 2,755,993 - 3,028 - 73,085

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,455,522 - 77,703 - 270,797

U.S. Treasury, General Account 279,081 + 82,784 + 191,521

Foreign official 5,175 + 4 - 47

Other12 (0) 16,215 - 8,112 + 6,237

Deferred availability cash items (0) 345 - 43 - 343

Other liabilities and accrued dividends13 6,606 - 227 - 470

Total liabilities (0) 4,446,787 + 5,239 + 8,484

Capital accounts

Capital paid in 29,546 + 11 + 754

Surplus 10,000 0 - 18,792

Other capital accounts 0 0 0

Total capital 39,546 + 11 - 18,039

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, March 16, 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 1,917 49 87 133 137 301 183 282 23 58 153 190 322

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,418,619 112,009 2,652,538 109,897 106,233 239,989 248,820 164,177 46,079 26,875 57,404 142,337 512,260

Securities held outright1 4,248,579 107,699 2,550,473 105,669 102,146 230,755 239,246 157,854 44,306 25,838 55,191 136,861 492,540

U.S. Treasury securities 2,461,239 62,391 1,477,511 61,215 59,174 133,679 138,597 91,446 25,667 14,968 31,973 79,285 285,333

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

Notes and bonds3 2,461,239 62,391 1,477,511 61,215 59,174 133,679 138,597 91,446 25,667 14,968 31,973 79,285 285,333

Federal agency debt securities2 29,257 742 17,563 728 703 1,589 1,648 1,087 305 178 380 942 3,392

Mortgage-backed securities4 1,758,082 44,567 1,055,398 43,726 42,268 95,488 99,001 65,321 18,334 10,692 22,838 56,634 203,815

Unamortized premiums on securities 

held outright5 186,371 4,724 111,881 4,635 4,481 10,122 10,495 6,925 1,944 1,133 2,421 6,004 21,606

Unamortized discounts on securities 

held outright5 -16,367 -415 -9,825 -407 -394 -889 -922 -608 -171 -100 -213 -527 -1,897

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

Loans 37 0 10 0 0 0 0 7 0 3 4 0 12

Net portfolio holdings of Maiden

Lane LLC7 1,722 0 1,722 0 0 0 0 0 0 0 0 0 0

Items in process of collection 150 0 0 0 0 0 149 0 0 0 0 0 0

Bank premises 2,227 123 433 74 105 210 207 203 117 91 240 226 198

Central bank liquidity swaps8 76 3 24 4 6 17 4 2 1 0 1 1 11

Foreign currency denominated

assets9 20,323 921 6,553 1,135 1,584 4,663 1,156 546 189 85 214 293 2,984

Other assets10 25,064 669 14,433 629 610 1,540 1,415 937 498 173 370 873 2,919

Interdistrict settlement account 0 - 19,683 - 198,951 + 15,731 + 20,017 + 39,876 + 11,378 + 3,096 + 13,247 + 6,260 + 3,666 + 26,642 + 78,722

Total assets 4,486,333 94,633 2,482,364 128,154 129,435 287,790 265,565 170,400 60,604 33,805 62,488 171,735 599,361

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, March 16, 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 1,560,427 49,358 497,823 49,293 81,976 106,668 222,645 103,486 51,028 27,083 40,150 129,390 201,526

Less: Notes held by F.R. Banks 166,472 5,487 58,229 5,913 8,657 11,593 20,729 10,228 4,626 2,453 4,678 12,400 21,479

Federal Reserve notes, net 1,393,955 43,871 439,594 43,380 73,319 95,075 201,916 93,259 46,402 24,629 35,472 116,990 180,047

Reverse repurchase agreements11 289,888 7,349 174,023 7,210 6,970 15,745 16,324 10,771 3,023 1,763 3,766 9,338 33,607

Deposits 2,755,993 41,465 1,852,377 75,144 45,899 167,550 44,613 64,999 10,619 6,850 22,719 44,649 379,109

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 2,455,522 41,460 1,559,147 75,142 45,896 167,393 44,604 57,962 10,608 6,850 22,715 44,647 379,099

U.S. Treasury, General Account 279,081 0 279,081 0 0 0 0 0 0 0 0 0 0

Foreign official 5,175 2 5,148 2 3 9 2 1 0 0 0 1 6

Other12 16,215 3 9,001 0 0 148 7 7,036 11 0 3 1 5

Deferred availability cash items 345 0 0 0 0 0 88 0 0 257 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,899 49 1,155 44 45 94 113 70 20 11 23 64 211

Other liabilities and accrued

dividends 4,707 153 2,181 193 190 521 303 235 125 126 114 191 375

Total liabilities 4,446,787 92,887 2,469,330 125,972 126,423 278,985 263,358 169,333 60,189 33,635 62,094 171,232 593,350

Capital

Capital paid in 29,546 1,305 9,736 1,631 2,250 6,575 1,652 799 312 127 294 376 4,489

Surplus 10,000 442 3,299 550 762 2,230 555 268 103 43 100 127 1,521

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

Total liabilities and capital 4,486,333 94,633 2,482,364 128,154 129,435 287,790 265,565 170,400 60,604 33,805 62,488 171,735 599,361

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, March 16, 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 Mar 16, 2016

Federal Reserve notes outstanding 1,560,427

Less: Notes held by F.R. Banks not subject to collateralization 166,472

Federal Reserve notes to be collateralized 1,393,955

Collateral held against Federal Reserve notes 1,393,955

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,377,718

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,248,579

Less: Face value of securities under reverse repurchase agreements 270,549

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,978,030

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.