FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 2, 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 1, 2019 Apr 24, 2019 May 2, 2018

Wednesday

May 1, 2019

Reserve Bank credit 3,871,766 - 20,352 - 453,965 3,850,595

Securities held outright1 3,722,987 - 18,845 - 432,015 3,701,734

U.S. Treasury securities 2,145,207 - 8,287 - 260,433 2,123,954

Bills2 100 + 100 + 100 100

Notes and bonds, nominal2 2,007,889 - 8,585 - 265,567 1,986,425

Notes and bonds, inflation-indexed2 115,206 + 62 + 3,424 115,361

Inflation compensation3 22,013 + 136 + 1,612 22,067

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

Mortgage-backed securities4 1,575,433 - 10,557 - 169,539 1,575,433

Unamortized premiums on securities held outright5 134,117 - 563 - 18,756 134,032

Unamortized discounts on securities held outright5 -12,980 + 29 + 940 -12,971

Repurchase agreements6 0 0 0 0

Loans 24 + 1 - 101 34

Primary credit 3 - 4 - 65 0

Secondary credit 0 0 0 0

Seasonal credit 21 + 5 - 36 34

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,714 0

Float -449 - 307 + 184 -476

Central bank liquidity swaps8 55 0 - 62 55

Other Federal Reserve assets9 28,011 - 668 - 2,442 28,186

Foreign currency denominated assets10 20,530 - 36 - 1,175 20,643

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,942 + 14 + 397 49,942

Total factors supplying reserve funds 3,958,479 - 20,373 - 454,743 3,937,421

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 1, 2019 Apr 24, 2019 May 2, 2018

Wednesday

May 1, 2019

Currency in circulation11 1,728,476 + 1,238 + 84,895 1,730,760

Reverse repurchase agreements12 263,217 + 4,201 + 15,033 269,819

Foreign official and international accounts 262,644 + 6,211 + 19,707 269,792

Others 573 - 2,010 - 4,673 27

Treasury cash holdings 331 - 1 + 42 331

Deposits with F.R. Banks, other than reserve balances 460,383 + 19,201 - 21,749 432,007

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 400,498 + 21,896 + 514 368,764

Foreign official 5,244 - 31 - 10 5,245

Other13 54,641 - 2,664 - 22,253 57,998

Other liabilities and capital14 44,653 - 1,001 + 200 44,494

Total factors, other than reserve balances,

absorbing reserve funds 2,497,061 + 23,639 + 78,423 2,477,411

Reserve balances with Federal Reserve Banks 1,461,419 - 44,011 - 533,165 1,460,010

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 1, 2019 Apr 24, 2019 May 2, 2018

Wednesday

May 1, 2019

Securities held in custody for foreign official and international

accounts 3,461,223 + 8,906 + 53,680 3,452,983

Marketable U.S. Treasury securities1 3,056,965 + 10,517 + 1,943 3,048,397

Federal agency debt and mortgage-backed securities2 331,954 - 1,929 + 56,789 332,151

Other securities3 72,304 + 318 - 5,051 72,436

Securities lent to dealers 23,317 - 3,745 + 3,353 25,318

Overnight facility4 23,317 - 3,745 + 3,353 25,318

U.S. Treasury securities 23,317 - 3,745 + 3,353 25,318

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 1, 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 0 34 0 0 0 ... 34

U.S. Treasury securities1

Holdings 38,475 43,808 275,285 902,502 258,659 605,225 2,123,954

Weekly changes + 6,729 - 38,374 + 11,550 - 6,200 - 3,348 + 54 - 29,590

Federal agency debt securities2

Holdings 0 0 0 0 0 2,347 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 9 251 72,667 1,502,506 1,575,433

Weekly changes 0 0 - 1 - 9 - 960 - 6,990 - 7,960

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

Central bank liquidity swaps5 55 0 0 0 0 0 55

Reverse repurchase agreements4 269,819 0 ... ... ... ... 269,819

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 1, 2019

Mortgage-backed securities held outright1 1,575,433

Commitments to buy mortgage-backed securities2 206

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 0

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 1, 2019 Apr 24, 2019 May 2, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,670 - 9 - 149

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,822,829 - 37,982 - 461,054

Securities held outright1 3,701,734 - 37,550 - 443,089

U.S. Treasury securities 2,123,954 - 29,590 - 271,506

Bills2 100 + 100 + 100

Notes and bonds, nominal2 1,986,425 - 30,049 - 275,647

Notes and bonds, inflation-indexed2 115,361 + 217 + 2,412

Inflation compensation3 22,067 + 141 + 1,628

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

Mortgage-backed securities4 1,575,433 - 7,960 - 169,539

Unamortized premiums on securities held outright5 134,032 - 461 - 18,743

Unamortized discounts on securities held outright5 -12,971 + 27 + 965

Repurchase agreements6 0 0 0

Loans 34 + 2 - 187

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,714

Items in process of collection (0) 71 + 13 - 8

Bank premises 2,194 - 10 0

Central bank liquidity swaps8 55 0 - 62

Foreign currency denominated assets9 20,643 + 116 - 931

Other assets10 25,993 - 709 - 2,517

Total assets (0) 3,889,691 - 38,582 - 466,438

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 1, 2019 Apr 24, 2019 May 2, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,682,814 + 2,113 + 84,215

Reverse repurchase agreements11 269,819 - 581 + 13,647

Deposits (0) 1,892,017 - 39,646 - 564,465

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,460,010 - 12,802 - 531,813

U.S. Treasury, General Account 368,764 - 30,152 - 16,197

Foreign official 5,245 + 1 - 9

Other12 (0) 57,998 + 3,306 - 16,447

Deferred availability cash items (0) 547 + 277 + 217

Other liabilities and accrued dividends13 5,194 - 734 - 89

Total liabilities (0) 3,850,391 - 38,572 - 466,475

Capital accounts

Capital paid in 32,475 - 11 + 713

Surplus 6,825 0 - 675

Other capital accounts 0 0 0

Total capital 39,300 - 11 + 38

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 1, 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 1,670 43 36 147 111 222 172 291 27 49 108 184 279

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,822,829 79,308 2,085,605 92,575 111,845 233,941 261,376 200,678 54,944 33,099 56,686 165,990 446,781

Securities held outright1 3,701,734 76,797 2,019,558 89,643 108,303 226,533 253,099 194,309 53,204 32,032 54,891 160,734 432,632

U.S. Treasury securities 2,123,954 44,064 1,158,767 51,435 62,141 129,978 145,221 111,489 30,527 18,379 31,495 92,225 248,232

Bills2 100 2 55 2 3 6 7 5 1 1 1 4 12

Notes and bonds3 2,123,854 44,062 1,158,713 51,433 62,139 129,972 145,214 111,484 30,525 18,378 31,493 92,220 248,221

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

Mortgage-backed securities4 1,575,433 32,684 859,510 38,152 46,093 96,411 107,717 82,697 22,643 13,633 23,361 68,407 184,125

Unamortized premiums on securities 

held outright5 134,032 2,781 73,124 3,246 3,921 8,202 9,164 7,036 1,926 1,160 1,987 5,820 15,665

Unamortized discounts on securities 

held outright5 -12,971 -269 -7,077 -314 -380 -794 -887 -681 -186 -112 -192 -563 -1,516

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

Loans 34 0 0 0 0 0 0 14 0 20 0 0 0

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 71 0 0 0 0 0 70 0 0 0 0 0 0

Bank premises 2,194 107 457 80 119 193 207 191 105 95 229 220 191

Central bank liquidity swaps8 55 2 17 3 4 12 3 2 1 0 1 1 8

Foreign currency denominated

assets9 20,643 888 6,559 1,192 1,647 4,399 1,200 861 315 98 200 255 3,029

Other assets10 25,993 565 13,732 629 776 1,810 1,770 1,341 467 296 462 1,125 3,019

Interdistrict settlement account 0 + 8,725 - 138,076 + 727 + 4,774 + 9,602 + 23,620 + 1,100 + 5,920 + 3,613 + 3,513 + 25,213 + 51,269

Total assets 3,889,691 90,187 1,973,856 95,890 120,044 251,346 290,632 205,600 62,257 37,526 61,644 194,161 506,550

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 1, 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 1,877,401 57,577 619,332 54,579 89,513 126,928 259,218 120,878 55,820 31,344 50,119 158,088 254,004

Less: Notes held by F.R. Banks 194,587 6,255 49,179 8,215 9,656 14,519 29,956 12,901 5,851 3,136 7,541 18,535 28,842

Federal Reserve notes, net 1,682,814 51,322 570,153 46,364 79,857 112,409 229,262 107,977 49,969 28,208 42,578 139,553 225,163

Reverse repurchase agreements11 269,819 5,598 147,205 6,534 7,894 16,512 18,448 14,163 3,878 2,335 4,001 11,716 31,534

Deposits 1,892,017 31,406 1,241,891 40,519 28,925 113,462 40,202 81,503 7,640 6,182 14,517 42,144 243,626

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 1,460,010 31,397 849,447 40,516 28,891 113,070 40,164 42,621 7,632 6,126 14,500 42,027 243,619

U.S. Treasury, General Account 368,764 0 368,764 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 57,998 8 18,462 1 31 383 36 38,881 7 56 16 117 1

Deferred availability cash items 547 0 0 0 0 0 70 0 0 465 12 0 0

Earnings remittances due to the U.S.

Treasury13 1,235 35 608 30 46 101 120 63 22 12 14 61 122

Other liabilities and accrued

dividends 3,959 150 1,510 180 189 481 275 255 131 134 131 199 324

Total liabilities 3,850,391 88,511 1,961,368 93,627 116,912 242,965 288,377 203,961 61,641 37,337 61,252 193,673 500,769

Capital

Capital paid in 32,475 1,382 10,323 1,869 2,587 6,926 1,858 1,354 512 157 326 403 4,778

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 3,889,691 90,187 1,973,856 95,890 120,044 251,346 290,632 205,600 62,257 37,526 61,644 194,161 506,550

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 1, 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 1, 2019

Federal Reserve notes outstanding 1,877,401

Less: Notes held by F.R. Banks not subject to collateralization 194,587

Federal Reserve notes to be collateralized 1,682,814

Collateral held against Federal Reserve notes 1,682,814

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,666,577

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,701,734

Less: Face value of securities under reverse repurchase agreements 264,285

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,437,449

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.