FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 5, 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

Jul 3, 2019 Jun 26, 2019 Jul 4, 2018

Wednesday

Jul 3, 2019

Reserve Bank credit 3,781,695 - 13,878 - 478,240 3,773,783

Securities held outright1 3,638,998 - 13,498 - 455,293 3,630,466

U.S. Treasury securities 2,103,925 - 6,268 - 266,685 2,095,393

Bills2 5 0 + 5 5

Notes and bonds, nominal2 1,963,841 - 6,429 - 270,606 1,955,270

Notes and bonds, inflation-indexed2 116,516 0 + 1,656 116,516

Inflation compensation3 23,562 + 161 + 2,258 23,601

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

Mortgage-backed securities4 1,532,726 - 7,230 - 188,546 1,532,726

Unamortized premiums on securities held outright5 130,872 - 446 - 18,708 130,759

Unamortized discounts on securities held outright5 -12,883 + 34 + 1,040 -12,874

Repurchase agreements6 0 0 0 0

Loans 101 + 1 - 107 105

Primary credit 18 - 4 - 20 8

Secondary credit 0 0 0 0

Seasonal credit 83 + 5 - 87 97

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,711 0

Float -601 - 437 - 144 -486

Central bank liquidity swaps8 17 - 1 - 1,074 17

Other Federal Reserve assets9 25,192 + 470 - 2,241 25,796

Foreign currency denominated assets10 20,999 - 32 - 150 20,917

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,023 + 14 + 406 50,023

Total factors supplying reserve funds 3,868,959 - 13,895 - 477,983 3,860,965

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 3, 2019 Jun 26, 2019 Jul 4, 2018

Wednesday

Jul 3, 2019

Currency in circulation11 1,745,369 + 7,070 + 76,803 1,750,954

Reverse repurchase agreements12 311,697 + 33,287 + 11,481 296,852

Foreign official and international accounts 285,903 + 24,184 + 36,140 290,003

Others 25,794 + 9,103 - 24,659 6,849

Treasury cash holdings 182 - 13 - 15 169

Deposits with F.R. Banks, other than reserve balances 309,887 - 6,388 - 104,934 282,601

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 245,306 - 2,996 - 90,720 220,911

Foreign official 5,245 - 8 - 32 5,245

Other13 59,336 - 3,384 - 14,182 56,445

Other liabilities and capital14 45,328 + 389 + 174 45,177

Total factors, other than reserve balances,

absorbing reserve funds 2,412,463 + 34,345 - 16,492 2,375,752

Reserve balances with Federal Reserve Banks 1,456,496 - 48,241 - 461,491 1,485,213

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

Jul 3, 2019 Jun 26, 2019 Jul 4, 2018

Wednesday

Jul 3, 2019

Securities held in custody for foreign official and international

accounts 3,448,954 - 18,392 + 53,129 3,455,925

Marketable U.S. Treasury securities1 3,025,020 - 18,511 - 7,252 3,031,696

Federal agency debt and mortgage-backed securities2 346,013 - 209 + 54,721 346,171

Other securities3 77,921 + 328 + 5,660 78,058

Securities lent to dealers 31,357 + 2,586 + 10,374 31,001

Overnight facility4 31,357 + 2,586 + 10,374 31,001

U.S. Treasury securities 31,357 + 2,586 + 10,374 31,001

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, July 3, 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 20 86 0 0 0 ... 105

U.S. Treasury securities1

Holdings 2,198 101,784 250,963 861,740 266,427 612,281 2,095,393

Weekly changes - 19,267 + 10,791 + 4,118 - 9,047 - 1,510 + 52 - 14,863

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 8 337 70,858 1,461,524 1,532,726

Weekly changes 0 0 + 1 + 45 - 45 0 0

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

Central bank liquidity swaps5 17 0 0 0 0 0 17

Reverse repurchase agreements4 296,852 0 ... ... ... ... 296,852

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 3, 2019

Mortgage-backed securities held outright1 1,532,726

Commitments to buy mortgage-backed securities2 2,140

Commitments to sell mortgage-backed securities2 143

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 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

Jul 3, 2019 Jun 26, 2019 Jul 4, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,676 - 8 - 80

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,748,455 - 15,179 - 471,316

Securities held outright1 3,630,466 - 14,863 - 453,592

U.S. Treasury securities 2,095,393 - 14,863 - 264,984

Bills2 5 0 + 5

Notes and bonds, nominal2 1,955,270 - 15,000 - 268,891

Notes and bonds, inflation-indexed2 116,516 0 + 1,656

Inflation compensation3 23,601 + 136 + 2,245

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,532,726 0 - 188,546

Unamortized premiums on securities held outright5 130,759 - 267 - 18,717

Unamortized discounts on securities held outright5 -12,874 + 31 + 1,058

Repurchase agreements6 0 0 0

Loans 105 - 79 - 64

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,711

Items in process of collection (0) 99 + 31 - 137

Bank premises 2,185 - 6 + 3

Central bank liquidity swaps8 17 - 1 - 1,074

Foreign currency denominated assets9 20,917 - 143 - 230

Other assets10 23,611 + 1,687 - 2,023

Total assets (0) 3,813,198 - 13,619 - 476,566

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

Jul 3, 2019 Jun 26, 2019 Jul 4, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,702,771 + 8,767 + 78,354

Reverse repurchase agreements11 296,852 + 24,663 + 32,247

Deposits (0) 1,767,813 - 47,800 - 586,517

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,485,213 - 23,238 - 468,997

U.S. Treasury, General Account 220,911 - 19,998 - 104,632

Foreign official 5,245 - 4 - 9

Other12 (0) 56,445 - 4,559 - 12,878

Deferred availability cash items (0) 584 + 245 + 150

Other liabilities and accrued dividends13 5,950 + 498 - 1,126

Total liabilities (0) 3,773,971 - 13,626 - 476,892

Capital accounts

Capital paid in 32,402 + 7 + 326

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,227 + 7 + 326

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, July 3, 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 1,676 38 41 148 111 218 184 277 30 45 107 191 286

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,748,455 77,764 2,044,990 90,772 109,667 229,386 256,298 196,772 53,880 32,502 55,582 162,760 438,082

Securities held outright1 3,630,466 75,318 1,980,676 87,918 106,218 222,172 248,226 190,568 52,179 31,415 53,834 157,639 424,303

U.S. Treasury securities 2,095,393 43,471 1,143,185 50,743 61,306 128,231 143,268 109,990 30,116 18,132 31,071 90,984 244,894

Bills2 5 0 3 0 0 0 0 0 0 0 0 0 1

Notes and bonds3 2,095,388 43,471 1,143,182 50,743 61,306 128,230 143,268 109,990 30,116 18,132 31,071 90,984 244,894

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

Mortgage-backed securities4 1,532,726 31,798 836,211 37,117 44,844 93,797 104,797 80,455 22,029 13,263 22,728 66,553 179,134

Unamortized premiums on securities 

held outright5 130,759 2,713 71,338 3,167 3,826 8,002 8,940 6,864 1,879 1,131 1,939 5,678 15,282

Unamortized discounts on securities 

held outright5 -12,874 -267 -7,024 -312 -377 -788 -880 -676 -185 -111 -191 -559 -1,505

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

Loans 105 0 0 0 0 0 12 16 6 67 0 2 2

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 99 0 0 0 0 0 98 0 0 0 0 0 0

Bank premises 2,185 106 456 81 117 191 207 190 104 94 229 220 191

Central bank liquidity swaps8 17 1 5 1 1 4 1 1 0 0 0 0 2

Foreign currency denominated

assets9 20,917 901 6,639 1,208 1,670 4,460 1,216 873 319 99 202 259 3,070

Other assets10 23,611 509 12,466 571 705 1,654 1,607 1,216 412 262 426 1,043 2,741

Interdistrict settlement account 0 + 11,511 - 236,249 - 2,211 + 15,639 + 5,412 + 33,640 + 16,861 + 9,628 + 5,249 + 6,419 + 29,676 + 104,425

Total assets 3,813,198 91,377 1,833,873 91,107 128,678 242,489 295,465 217,325 64,851 38,530 63,411 195,321 550,771

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, July 3, 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 1,895,813 57,376 625,030 54,546 90,748 131,009 259,249 123,978 56,594 31,450 50,363 159,021 256,449

Less: Notes held by F.R. Banks 193,042 5,747 48,013 8,039 9,719 14,336 30,009 12,059 5,933 3,333 7,826 19,424 28,606

Federal Reserve notes, net 1,702,771 51,630 577,017 46,507 81,029 116,673 229,240 111,919 50,661 28,117 42,537 139,597 227,844

Reverse repurchase agreements11 296,852 6,159 161,954 7,189 8,685 18,166 20,297 15,582 4,267 2,569 4,402 12,890 34,694

Deposits 1,767,813 31,616 1,078,993 35,678 35,529 98,951 43,121 87,887 9,140 7,013 15,916 42,058 281,911

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 1,485,213 31,606 835,603 35,675 35,495 98,440 43,085 49,462 9,134 6,956 15,887 41,965 281,904

U.S. Treasury, General Account 220,911 0 220,911 0 0 0 0 0 0 0 0 0 0

Foreign official 5,245 2 5,218 2 3 9 2 2 1 0 0 0 6

Other12 56,445 8 17,261 1 32 502 33 38,423 5 57 29 93 1

Deferred availability cash items 584 0 0 0 0 0 98 0 0 486 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,410 25 821 28 38 32 131 71 34 13 22 72 122

Other liabilities and accrued

dividends 4,540 163 1,890 179 184 498 287 292 134 142 140 215 418

Total liabilities 3,773,971 89,592 1,820,674 89,580 125,466 234,320 293,173 215,752 64,236 38,340 63,017 194,833 544,988

Capital

Capital paid in 32,402 1,491 11,033 1,132 2,667 6,714 1,894 1,288 512 157 328 404 4,782

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 3,813,198 91,377 1,833,873 91,107 128,678 242,489 295,465 217,325 64,851 38,530 63,411 195,321 550,771

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, July 3, 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 Jul 3, 2019

Federal Reserve notes outstanding 1,895,813

Less: Notes held by F.R. Banks not subject to collateralization 193,042

Federal Reserve notes to be collateralized 1,702,771

Collateral held against Federal Reserve notes 1,702,771

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,686,534

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,630,466

Less: Face value of securities under reverse repurchase agreements 288,672

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,341,794

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.