FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 23, 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

May 22, 2019 May 15, 2019 May 23, 2018

Wednesday

May 22, 2019

Reserve Bank credit 3,824,485 - 26,015 - 474,484 3,821,658

Securities held outright1 3,684,234 - 15,563 - 452,761 3,681,344

U.S. Treasury securities 2,114,504 - 8,327 - 272,506 2,114,569

Bills2 50 - 50 + 50 50

Notes and bonds, nominal2 1,976,565 - 8,452 - 276,877 1,976,565

Notes and bonds, inflation-indexed2 115,361 0 + 2,412 115,361

Inflation compensation3 22,528 + 175 + 1,910 22,592

Federal agency debt securities2 2,347 0 - 2,044 2,347

Mortgage-backed securities4 1,567,383 - 7,236 - 178,211 1,564,428

Unamortized premiums on securities held outright5 133,237 - 453 - 18,788 133,034

Unamortized discounts on securities held outright5 -13,046 - 100 + 890 -13,034

Repurchase agreements6 0 - 19 0 0

Loans 52 + 8 - 29 50

Primary credit 8 + 1 - 4 1

Secondary credit 0 0 0 0

Seasonal credit 44 + 6 - 25 48

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,712 0

Float -142 + 46 + 32 -169

Central bank liquidity swaps8 17 - 33 - 65 17

Other Federal Reserve assets9 20,131 - 9,904 - 2,054 20,415

Foreign currency denominated assets10 20,628 - 110 - 635 20,600

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,963 + 14 + 394 49,963

Total factors supplying reserve funds 3,911,317 - 26,112 - 474,725 3,908,463

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

May 22, 2019 May 15, 2019 May 23, 2018

Wednesday

May 22, 2019

Currency in circulation11 1,732,201 + 556 + 78,212 1,734,927

Reverse repurchase agreements12 268,608 + 9,305 + 13,776 269,238

Foreign official and international accounts 261,953 + 3,131 + 13,065 265,487

Others 6,655 + 6,173 + 711 3,751

Treasury cash holdings 299 - 20 + 38 273

Deposits with F.R. Banks, other than reserve balances 346,250 - 44,644 - 63,019 325,742

Term deposits held by depository institutions 0 0 - 3,686 0

U.S. Treasury, General Account 282,864 - 40,922 - 43,581 264,581

Foreign official 5,245 0 - 10 5,245

Other13 58,141 - 3,721 - 15,742 55,916

Other liabilities and capital14 45,802 + 402 + 56 45,450

Total factors, other than reserve balances,

absorbing reserve funds 2,393,160 - 34,402 + 29,063 2,375,630

Reserve balances with Federal Reserve Banks 1,518,157 + 8,290 - 503,789 1,532,833

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

May 22, 2019 May 15, 2019 May 23, 2018

Wednesday

May 22, 2019

Securities held in custody for foreign official and international

accounts 3,468,860 - 537 + 86,405 3,465,052

Marketable U.S. Treasury securities1 3,060,089 - 2,367 + 33,154 3,058,200

Federal agency debt and mortgage-backed securities2 333,672 + 854 + 53,639 331,482

Other securities3 75,099 + 976 - 388 75,371

Securities lent to dealers 20,930 - 573 + 776 19,904

Overnight facility4 20,930 - 573 + 776 19,904

U.S. Treasury securities 20,930 - 573 + 776 19,904

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, May 22, 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 44 6 0 0 0 ... 50

U.S. Treasury securities1

Holdings 20,057 97,826 251,024 867,384 266,380 611,899 2,114,569

Weekly changes + 20,057 + 34,709 - 4,956 - 49,831 + 9,278 - 9,131 + 125

Federal agency debt securities2

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

Weekly changes 0 0 0 0 + 486 - 486 0

Mortgage-backed securities3

Holdings 0 0 10 303 73,297 1,490,818 1,564,428

Weekly changes 0 0 0 0 0 - 5,156 - 5,156

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

Central bank liquidity swaps5 17 0 0 0 0 0 17

Reverse repurchase agreements4 269,238 0 ... ... ... ... 269,238

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 May 22, 2019

Mortgage-backed securities held outright1 1,564,428

Commitments to buy mortgage-backed securities2 229

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 3

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

May 22, 2019 May 15, 2019 May 23, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,661 - 17 - 136

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,801,394 - 5,449 - 472,228

Securities held outright1 3,681,344 - 5,031 - 454,261

U.S. Treasury securities 2,114,569 + 125 - 272,466

Bills2 50 - 50 + 50

Notes and bonds, nominal2 1,976,565 0 - 276,877

Notes and bonds, inflation-indexed2 115,361 0 + 2,412

Inflation compensation3 22,592 + 175 + 1,949

Federal agency debt securities2 2,347 0 - 2,044

Mortgage-backed securities4 1,564,428 - 5,156 - 179,751

Unamortized premiums on securities held outright5 133,034 - 435 - 18,803

Unamortized discounts on securities held outright5 -13,034 + 30 + 892

Repurchase agreements6 0 0 0

Loans 50 - 14 - 56

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,713

Items in process of collection (0) 110 - 9 + 27

Bank premises 2,197 + 1 + 1

Central bank liquidity swaps8 17 - 33 - 65

Foreign currency denominated assets9 20,600 - 111 - 633

Other assets10 18,218 + 1,304 - 2,121

Total assets (0) 3,860,435 - 4,314 - 476,866

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

May 22, 2019 May 15, 2019 May 23, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,686,894 + 2,553 + 77,763

Reverse repurchase agreements11 269,238 + 5,313 + 21,773

Deposits (0) 1,858,574 - 12,809 - 576,554

Term deposits held by depository institutions 0 0 - 3,686

Other deposits held by depository institutions 1,532,833 + 16,414 - 507,712

U.S. Treasury, General Account 264,581 - 30,388 - 47,588

Foreign official 5,245 - 1 - 10

Other12 (0) 55,916 + 1,166 - 17,558

Deferred availability cash items (0) 279 - 54 + 17

Other liabilities and accrued dividends13 6,049 + 669 + 46

Total liabilities (0) 3,821,035 - 4,327 - 476,954

Capital accounts

Capital paid in 32,575 + 13 + 762

Surplus 6,825 0 - 675

Other capital accounts 0 0 0

Total capital 39,400 + 13 + 87

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, May 22, 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 1,661 44 37 146 108 216 174 285 25 49 107 182 286

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,801,394 78,863 2,073,902 92,056 111,218 232,629 259,910 199,546 54,638 32,924 56,370 165,061 444,276

Securities held outright1 3,681,344 76,374 2,008,433 89,150 107,707 225,285 251,705 193,239 52,911 31,855 54,588 159,848 430,249

U.S. Treasury securities 2,114,569 43,869 1,153,647 51,208 61,867 129,404 144,580 110,997 30,392 18,298 31,356 91,817 247,135

Bills2 50 1 27 1 1 3 3 3 1 0 1 2 6

Notes and bonds3 2,114,519 43,868 1,153,620 51,206 61,865 129,401 144,576 110,994 30,391 18,297 31,355 91,815 247,130

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

Mortgage-backed securities4 1,564,428 32,456 853,506 37,885 45,771 95,737 106,965 82,119 22,485 13,537 23,198 67,929 182,839

Unamortized premiums on securities 

held outright5 133,034 2,760 72,580 3,222 3,892 8,141 9,096 6,983 1,912 1,151 1,973 5,777 15,548

Unamortized discounts on securities 

held outright5 -13,034 -270 -7,111 -316 -381 -798 -891 -684 -187 -113 -193 -566 -1,523

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

Loans 50 0 0 0 0 0 1 8 3 31 3 2 3

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 110 0 0 0 0 0 110 0 0 0 0 0 0

Bank premises 2,197 108 458 81 119 193 207 192 105 95 229 220 192

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

Foreign currency denominated

assets9 20,600 887 6,538 1,190 1,644 4,392 1,198 860 314 98 199 255 3,024

Other assets10 18,218 404 9,451 439 545 1,327 1,234 926 351 207 355 878 2,101

Interdistrict settlement account 0 + 414 - 101,646 - 7,584 + 2,837 - 3,550 + 23,181 + 5,949 + 6,058 + 2,469 + 1,969 + 20,669 + 49,234

Total assets 3,860,435 81,268 1,994,271 86,865 117,241 236,376 288,229 208,894 61,969 36,119 59,677 188,437 501,090

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, May 22, 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 1,883,751 57,726 621,112 54,425 89,748 129,160 259,230 122,259 55,962 31,256 50,350 158,334 254,191

Less: Notes held by F.R. Banks 196,857 6,338 49,959 8,157 9,828 14,814 30,642 12,431 6,015 3,133 7,811 18,574 29,155

Federal Reserve notes, net 1,686,894 51,388 571,153 46,268 79,920 114,345 228,588 109,828 49,946 28,123 42,539 139,760 225,036

Reverse repurchase agreements11 269,238 5,586 146,889 6,520 7,877 16,476 18,409 14,133 3,870 2,330 3,992 11,691 31,467

Deposits 1,858,574 22,319 1,260,428 32,320 25,990 96,555 38,408 82,997 7,378 5,154 12,571 36,208 238,246

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 1,532,833 22,310 971,619 32,317 25,960 96,268 38,373 46,631 7,372 5,102 12,539 36,101 238,240

U.S. Treasury, General Account 264,581 0 264,581 0 0 0 0 0 0 0 0 0 0

Foreign official 5,245 2 5,217 2 3 9 2 2 1 0 0 0 6

Other12 55,916 7 19,011 1 27 278 33 36,364 5 52 31 107 1

Deferred availability cash items 279 0 0 0 0 0 113 0 0 166 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,116 24 583 27 32 49 111 60 26 11 26 67 100

Other liabilities and accrued

dividends 4,933 167 2,049 199 210 564 316 312 134 145 155 223 459

Total liabilities 3,821,035 79,483 1,981,102 85,334 114,029 227,990 285,945 207,329 61,353 35,929 59,283 187,949 495,308

Capital

Capital paid in 32,575 1,491 11,003 1,136 2,667 6,931 1,887 1,279 512 157 328 403 4,780

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 3,860,435 81,268 1,994,271 86,865 117,241 236,376 288,229 208,894 61,969 36,119 59,677 188,437 501,090

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, May 22, 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 May 22, 2019

Federal Reserve notes outstanding 1,883,751

Less: Notes held by F.R. Banks not subject to collateralization 196,857

Federal Reserve notes to be collateralized 1,686,894

Collateral held against Federal Reserve notes 1,686,894

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,670,657

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,681,344

Less: Face value of securities under reverse repurchase agreements 259,180

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,422,164

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.