FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 13, 2017

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

Jul 12, 2017 Jul 5, 2017 Jul 13, 2016

Wednesday

Jul 12, 2017

Reserve Bank credit 4,426,734 - 223 - 4,882 4,427,438

Securities held outright1 4,243,489 + 29 + 12,352 4,243,498

U.S. Treasury securities 2,465,112 + 30 + 2,613 2,465,121

Bills2 0 0 0 0

Notes and bonds, nominal2 2,337,609 - 87 - 948 2,337,609

Notes and bonds, inflation-indexed2 108,734 + 87 + 2,065 108,734

Inflation compensation3 18,769 + 30 + 1,495 18,778

Federal agency debt securities2 8,097 0 - 16,999 8,097

Mortgage-backed securities4 1,770,281 0 + 26,740 1,770,281

Unamortized premiums on securities held outright5 165,622 - 297 - 14,641 165,544

Unamortized discounts on securities held outright5 -14,719 + 29 + 1,186 -14,709

Repurchase agreements6 0 0 0 0

Loans 154 + 15 - 30 151

Primary credit 15 - 11 - 11 1

Secondary credit 0 0 0 0

Seasonal credit 139 + 26 - 18 151

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,709 0 - 3 1,709

Float -273 + 354 + 19 -450

Central bank liquidity swaps8 56 - 3,014 - 2,343 55

Other Federal Reserve assets9 30,695 + 2,660 - 1,422 31,640

Foreign currency denominated assets10 20,654 - 102 - 591 20,710

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 48,977 + 14 + 899 48,977

Total factors supplying reserve funds 4,512,606 - 312 - 4,574 4,513,366

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

Jul 12, 2017 Jul 5, 2017 Jul 13, 2016

Wednesday

Jul 12, 2017

Currency in circulation11 1,564,945 + 2,038 + 99,919 1,564,816

Reverse repurchase agreements12 428,078 - 136,486 + 112,257 419,896

Foreign official and international accounts 242,320 - 5,443 - 8,954 240,724

Others 185,757 - 131,044 + 121,210 179,172

Treasury cash holdings 179 - 7 + 109 170

Deposits with F.R. Banks, other than reserve balances 251,052 - 10,039 - 126,361 242,361

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 171,033 - 5,973 - 145,031 162,156

Foreign official 5,165 0 - 31 5,165

Other13 74,853 - 4,066 + 18,700 75,040

Other liabilities and capital14 47,583 - 248 - 501 47,172

Total factors, other than reserve balances,

absorbing reserve funds 2,291,836 - 144,742 + 85,422 2,274,415

Reserve balances with Federal Reserve Banks 2,220,769 + 144,429 - 89,997 2,238,951

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 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. 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

Jul 12, 2017 Jul 5, 2017 Jul 13, 2016

Wednesday

Jul 12, 2017

Securities held in custody for foreign official and international

accounts 3,322,587 + 6,473 + 100,167 3,320,902

Marketable U.S. Treasury securities1 2,999,522 + 6,261 + 93,536 2,997,882

Federal agency debt and mortgage-backed securities2 260,773 + 11 - 31 260,617

Other securities3 62,291 + 200 + 6,660 62,403

Securities lent to dealers 24,065 - 1,000 - 122 26,137

Overnight facility4 24,065 - 1,000 - 122 26,137

U.S. Treasury securities 24,065 - 999 - 106 26,137

Federal agency debt securities 0 - 1 - 16 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, 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, July 12, 2017

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 36 115 0 0 0 ... 151

U.S. Treasury securities1

Holdings 1,278 44,593 275,578 1,152,805 357,263 633,604 2,465,121

Weekly changes 0 0 + 1 + 4 + 5 + 15 + 25

Federal agency debt securities2

Holdings 0 1,340 4,348 62 0 2,347 8,097

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 624 11,416 1,758,240 1,770,281

Weekly changes 0 0 0 0 0 0 0

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

Central bank liquidity swaps5 55 0 0 0 0 0 55

Reverse repurchase agreements4 419,896 0 ... ... ... ... 419,896

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 Jul 12, 2017

Mortgage-backed securities held outright1 1,770,281

Commitments to buy mortgage-backed securities2 31,885

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 1

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 Jul 12, 2017

Net portfolio holdings of Maiden Lane LLC1 1,709

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 March 31, 2017. 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

Jul 12, 2017 Jul 5, 2017 Jul 13, 2016

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,805 + 9 - 63

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,394,485 - 167 - 1,235

Securities held outright1 4,243,498 + 24 + 12,320

U.S. Treasury securities 2,465,121 + 25 + 2,580

Bills2 0 0 0

Notes and bonds, nominal2 2,337,609 0 - 948

Notes and bonds, inflation-indexed2 108,734 0 + 2,065

Inflation compensation3 18,778 + 25 + 1,462

Federal agency debt securities2 8,097 0 - 16,999

Mortgage-backed securities4 1,770,281 0 + 26,740

Unamortized premiums on securities held outright5 165,544 - 243 - 14,602

Unamortized discounts on securities held outright5 -14,709 + 29 + 1,184

Repurchase agreements6 0 0 0

Loans 151 + 21 - 138

Net portfolio holdings of Maiden Lane LLC7 1,709 0 - 3

Items in process of collection (0) 62 - 54 - 167

Bank premises 2,196 - 1 - 16

Central bank liquidity swaps8 55 - 3,015 - 2,165

Foreign currency denominated assets9 20,710 + 82 - 408

Other assets10 29,444 + 2,578 - 1,442

Total assets (0) 4,466,702 - 570 - 5,500

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

Jul 12, 2017 Jul 5, 2017 Jul 13, 2016

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,517,809 - 1,156 + 99,214

Reverse repurchase agreements11 419,896 - 66,842 + 120,420

Deposits (0) 2,481,313 + 67,747 - 225,341

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,238,951 + 69,301 - 88,350

U.S. Treasury, General Account 162,156 - 2,888 - 145,551

Foreign official 5,165 + 1 - 31

Other12 (0) 75,040 + 1,332 + 8,590

Deferred availability cash items (0) 513 - 140 - 127

Other liabilities and accrued dividends13 6,325 - 178 - 406

Total liabilities (0) 4,425,855 - 571 - 6,240

Capital accounts

Capital paid in 30,847 + 1 + 740

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 40,847 + 1 + 740

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 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. 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

6. Statement of Condition of Each Federal Reserve Bank, July 12, 2017

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 11,037 349 3,592 348 553 776 1,520 737 341 191 292 916 1,422

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

Coin 1,805 44 47 168 127 264 201 278 26 49 111 187 303

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,394,485 85,618 2,474,413 113,460 127,432 257,466 258,671 184,851 58,630 34,332 62,329 175,921 561,361

Securities held outright1 4,243,498 82,679 2,389,479 109,565 123,058 248,629 249,788 178,476 56,586 33,084 60,183 169,880 542,091

U.S. Treasury securities 2,465,121 48,030 1,388,089 63,648 71,486 144,433 145,106 103,680 32,872 19,219 34,961 98,686 314,910

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

Notes and bonds3 2,465,121 48,030 1,388,089 63,648 71,486 144,433 145,106 103,680 32,872 19,219 34,961 98,686 314,910

Federal agency debt securities2 8,097 158 4,559 209 235 474 477 341 108 63 115 324 1,034

Mortgage-backed securities4 1,770,281 34,492 996,831 45,708 51,337 103,722 104,205 74,456 23,606 13,802 25,107 70,870 226,147

Unamortized premiums on securities 

held outright5 165,544 3,225 93,216 4,274 4,801 9,699 9,745 6,963 2,207 1,291 2,348 6,627 21,148

Unamortized discounts on securities 

held outright5 -14,709 -287 -8,282 -380 -427 -862 -866 -619 -196 -115 -209 -589 -1,879

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

Loans 151 0 0 0 0 0 4 31 33 72 7 3 1

Net portfolio holdings of Maiden

Lane LLC7 1,709 0 1,709 0 0 0 0 0 0 0 0 0 0

Items in process of collection 62 0 0 0 0 0 62 0 0 0 0 0 0

Bank premises 2,196 119 441 72 114 200 203 199 111 88 236 220 192

Central bank liquidity swaps8 55 2 18 3 4 12 3 2 1 0 1 1 8

Foreign currency denominated

assets9 20,710 898 6,633 1,113 1,687 4,475 1,208 867 226 87 201 265 3,049

Other assets10 29,444 623 16,117 759 862 1,911 1,762 1,242 475 249 481 1,214 3,749

Interdistrict settlement account 0 - 4,786 - 45,455 - 4,142 + 70 - 3,232 - 2,393 + 48,763 + 1,128 + 2,576 + 7,754 + 3,019 - 3,301

Total assets 4,466,702 83,062 2,459,333 111,991 131,086 262,284 261,891 237,364 61,088 37,664 71,557 182,025 567,357

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, July 12, 2017 (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 1,686,647 57,013 532,716 55,840 85,962 122,162 223,310 115,710 52,647 31,439 48,682 142,581 218,585

Less: Notes held by F.R. Banks 168,838 5,857 43,790 7,048 9,639 12,662 25,980 11,064 5,045 2,706 5,402 15,721 23,924

Federal Reserve notes, net 1,517,809 51,156 488,926 48,792 76,323 109,500 197,330 104,645 47,602 28,733 43,281 126,861 194,662

Reverse repurchase agreements11 419,896 8,181 236,440 10,842 12,177 24,602 24,717 17,660 5,599 3,274 5,955 16,810 53,640

Deposits 2,481,313 21,779 1,717,758 49,927 39,003 118,786 37,026 112,989 7,273 4,886 21,770 37,575 312,540

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 2,238,951 21,774 1,532,250 49,925 38,999 118,634 37,056 56,283 7,270 4,886 21,769 37,574 312,533

U.S. Treasury, General Account 162,156 0 162,156 0 0 0 0 0 0 0 0 0 0

Foreign official 5,165 2 5,138 2 3 9 2 2 0 0 0 1 6

Other12 75,040 4 18,214 0 0 144 -32 56,704 3 0 1 1 1

Deferred availability cash items 513 0 0 0 0 0 57 0 0 456 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,666 35 918 46 56 106 110 59 23 12 22 73 207

Other liabilities and accrued

dividends 4,659 157 2,242 175 179 434 293 263 136 132 127 194 327

Total liabilities 4,425,855 81,308 2,446,283 109,781 127,737 253,427 259,533 235,617 60,634 37,493 71,155 181,512 561,376

Capital

Capital paid in 30,847 1,321 9,848 1,672 2,535 6,696 1,775 1,329 344 129 305 385 4,509

Surplus 10,000 434 3,202 538 815 2,161 583 419 109 42 97 128 1,473

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

Total liabilities and capital 4,466,702 83,062 2,459,333 111,991 131,086 262,284 261,891 237,364 61,088 37,664 71,557 182,025 567,357

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, July 12, 2017 (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 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. 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 $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 Jul 12, 2017

Federal Reserve notes outstanding 1,686,647

Less: Notes held by F.R. Banks not subject to collateralization 168,838

Federal Reserve notes to be collateralized 1,517,809

Collateral held against Federal Reserve notes 1,517,809

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,501,572

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,243,498

Less: Face value of securities under reverse repurchase agreements 406,036

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,837,463

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.