FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 11, 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 10, 2019 Jul 3, 2019 Jul 11, 2018

Wednesday

Jul 10, 2019

Reserve Bank credit 3,775,166 - 6,529 - 475,690 3,776,008

Securities held outright1 3,630,498 - 8,500 - 453,641 3,630,521

U.S. Treasury securities 2,095,425 - 8,500 - 265,032 2,095,448

Bills2 4 - 1 + 4 2

Notes and bonds, nominal2 1,955,270 - 8,571 - 268,891 1,955,270

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

Inflation compensation3 23,634 + 72 + 2,198 23,659

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

Mortgage-backed securities4 1,532,726 0 - 188,547 1,532,726

Unamortized premiums on securities held outright5 130,670 - 202 - 18,661 130,617

Unamortized discounts on securities held outright5 -12,860 + 23 + 1,054 -12,850

Repurchase agreements6 0 0 0 0

Loans 120 + 19 - 74 117

Primary credit 18 0 + 10 10

Secondary credit 0 0 0 0

Seasonal credit 102 + 19 - 84 106

Other credit extensions 0 0 0 0

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

Float -210 + 391 + 25 -181

Central bank liquidity swaps8 39 + 22 - 200 43

Other Federal Reserve assets9 26,909 + 1,717 - 2,483 27,742

Foreign currency denominated assets10 20,815 - 184 - 395 20,853

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,037 + 14 + 413 50,037

Total factors supplying reserve funds 3,862,259 - 6,700 - 475,672 3,863,140

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 10, 2019 Jul 3, 2019 Jul 11, 2018

Wednesday

Jul 10, 2019

Currency in circulation11 1,751,052 + 5,683 + 78,908 1,750,389

Reverse repurchase agreements12 295,368 - 16,329 + 34,116 288,495

Foreign official and international accounts 288,990 + 3,087 + 31,677 282,243

Others 6,377 - 19,417 + 2,438 6,252

Treasury cash holdings 168 - 14 - 27 161

Deposits with F.R. Banks, other than reserve balances 271,195 - 38,692 - 130,634 254,705

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 211,115 - 34,191 - 115,361 195,226

Foreign official 5,253 + 8 - 4 5,254

Other13 54,827 - 4,509 - 15,269 54,225

Other liabilities and capital14 44,671 - 657 + 244 44,037

Total factors, other than reserve balances,

absorbing reserve funds 2,362,453 - 50,010 - 17,393 2,337,787

Reserve balances with Federal Reserve Banks 1,499,806 + 43,310 - 458,279 1,525,352

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 10, 2019 Jul 3, 2019 Jul 11, 2018

Wednesday

Jul 10, 2019

Securities held in custody for foreign official and international

accounts 3,458,228 + 9,274 + 52,744 3,465,150

Marketable U.S. Treasury securities1 3,033,938 + 8,918 - 7,417 3,040,692

Federal agency debt and mortgage-backed securities2 346,207 + 194 + 54,915 346,322

Other securities3 78,082 + 161 + 5,245 78,135

Securities lent to dealers 29,936 - 1,421 + 9,325 28,598

Overnight facility4 29,936 - 1,421 + 9,325 28,598

U.S. Treasury securities 29,936 - 1,421 + 9,325 28,598

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 10, 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 26 91 0 0 0 ... 117

U.S. Treasury securities1

Holdings 2,196 101,784 250,964 861,748 266,454 612,303 2,095,448

Weekly changes - 2 0 + 1 + 8 + 27 + 22 + 55

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 78,207 1,454,175 1,532,726

Weekly changes 0 0 0 0 + 7,349 - 7,349 0

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

Central bank liquidity swaps5 43 0 0 0 0 0 43

Reverse repurchase agreements4 288,495 0 ... ... ... ... 288,495

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 10, 2019

Mortgage-backed securities held outright1 1,532,726

Commitments to buy mortgage-backed securities2 3,058

Commitments to sell mortgage-backed securities2 140

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 10, 2019 Jul 3, 2019 Jul 11, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,670 - 6 - 80

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,748,405 - 50 - 471,345

Securities held outright1 3,630,521 + 55 - 453,667

U.S. Treasury securities 2,095,448 + 55 - 265,056

Bills2 2 - 3 + 2

Notes and bonds, nominal2 1,955,270 0 - 268,891

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

Inflation compensation3 23,659 + 58 + 2,176

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,532,726 0 - 188,549

Unamortized premiums on securities held outright5 130,617 - 142 - 18,648

Unamortized discounts on securities held outright5 -12,850 + 24 + 1,054

Repurchase agreements6 0 0 0

Loans 117 + 12 - 83

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

Items in process of collection (0) 90 - 9 - 113

Bank premises 2,186 + 1 + 3

Central bank liquidity swaps8 43 + 26 - 53

Foreign currency denominated assets9 20,853 - 64 - 295

Other assets10 25,556 + 1,945 - 2,568

Total assets (0) 3,815,038 + 1,840 - 476,163

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 10, 2019 Jul 3, 2019 Jul 11, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,702,178 - 593 + 77,793

Reverse repurchase agreements11 288,495 - 8,357 + 39,083

Deposits (0) 1,780,058 + 12,245 - 593,061

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,525,352 + 40,139 - 455,516

U.S. Treasury, General Account 195,226 - 25,685 - 121,208

Foreign official 5,254 + 9 - 2

Other12 (0) 54,225 - 2,220 - 16,335

Deferred availability cash items (0) 270 - 314 - 116

Other liabilities and accrued dividends13 4,811 - 1,139 - 189

Total liabilities (0) 3,775,812 + 1,841 - 476,489

Capital accounts

Capital paid in 32,402 0 + 327

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,227 0 + 327

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 10, 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 38 42 147 111 217 184 277 31 45 106 191 282

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,748,405 77,763 2,044,957 90,771 109,665 229,382 256,292 196,771 53,881 32,504 55,581 162,760 438,079

Securities held outright1 3,630,521 75,319 1,980,706 87,919 106,220 222,175 248,230 190,571 52,180 31,416 53,835 157,642 424,309

U.S. Treasury securities 2,095,448 43,473 1,143,215 50,745 61,307 128,234 143,272 109,993 30,117 18,132 31,072 90,987 244,901

Bills2 2 0 1 0 0 0 0 0 0 0 0 0 0

Notes and bonds3 2,095,446 43,472 1,143,214 50,745 61,307 128,234 143,272 109,993 30,117 18,132 31,072 90,987 244,901

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 130,617 2,710 71,261 3,163 3,822 7,993 8,931 6,856 1,877 1,130 1,937 5,672 15,266

Unamortized discounts on securities 

held outright5 -12,850 -267 -7,011 -311 -376 -786 -879 -675 -185 -111 -191 -558 -1,502

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

Loans 117 0 0 1 0 0 10 18 8 69 0 5 7

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 90 1 0 0 0 0 88 0 0 1 0 0 0

Bank premises 2,186 106 456 81 117 191 207 191 104 94 229 220 191

Central bank liquidity swaps8 43 2 13 2 3 9 2 2 1 0 0 1 6

Foreign currency denominated

assets9 20,853 898 6,619 1,205 1,664 4,446 1,213 870 318 99 202 258 3,061

Other assets10 25,556 547 13,514 616 760 1,774 1,738 1,315 437 286 452 1,151 2,965

Interdistrict settlement account 0 + 8,801 - 228,812 - 4,245 + 13,971 + 19,328 + 32,751 + 17,154 + 9,114 + 4,287 + 5,705 + 26,714 + 95,233

Total assets 3,815,038 88,702 1,842,314 89,114 127,060 256,513 294,688 217,714 64,363 37,592 62,720 192,466 541,791

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 10, 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 1,897,519 57,347 626,304 54,679 90,813 131,141 259,370 124,007 56,575 31,434 50,335 159,073 256,441

Less: Notes held by F.R. Banks 195,341 5,816 47,519 8,163 9,699 14,667 30,421 12,189 5,834 3,404 7,821 20,165 29,644

Federal Reserve notes, net 1,702,178 51,531 578,785 46,516 81,114 116,475 228,949 111,818 50,741 28,030 42,515 138,908 226,797

Reverse repurchase agreements11 288,495 5,985 157,394 6,986 8,441 17,655 19,725 15,143 4,146 2,496 4,278 12,527 33,717

Deposits 1,780,058 29,232 1,090,911 33,899 34,095 113,724 43,269 88,878 8,712 6,548 15,382 40,288 275,119

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 1,525,352 29,215 874,986 33,896 34,043 113,144 43,234 50,988 8,707 6,489 15,355 40,184 275,112

U.S. Treasury, General Account 195,226 0 195,226 0 0 0 0 0 0 0 0 0 0

Foreign official 5,254 2 5,227 2 3 9 2 2 1 0 0 0 6

Other12 54,225 15 15,472 1 49 571 33 37,889 5 59 27 104 1

Deferred availability cash items 270 0 0 0 0 0 92 0 0 178 0 0 0

Earnings remittances due to the U.S.

Treasury13 889 15 514 19 26 36 93 42 14 9 12 52 56

Other liabilities and accrued

dividends 3,922 154 1,511 167 173 454 269 260 134 141 139 204 318

Total liabilities 3,775,812 86,917 1,829,115 87,588 123,848 248,343 292,397 216,141 63,747 37,403 62,326 191,978 536,007

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 3,815,038 88,702 1,842,314 89,114 127,060 256,513 294,688 217,714 64,363 37,592 62,720 192,466 541,791

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 10, 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 10, 2019

Federal Reserve notes outstanding 1,897,519

Less: Notes held by F.R. Banks not subject to collateralization 195,341

Federal Reserve notes to be collateralized 1,702,178

Collateral held against Federal Reserve notes 1,702,178

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,685,941

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,630,521

Less: Face value of securities under reverse repurchase agreements 279,281

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,351,241

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.