FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 28, 2016

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

Jan 27, 2016 Jan 20, 2016 Jan 28, 2015

Wednesday

Jan 27, 2016

Reserve Bank credit 4,451,298 - 4,916 - 17,451 4,443,941

Securities held outright1 4,243,429 - 4,758 - 538 4,236,838

U.S. Treasury securities 2,461,361 - 51 + 505 2,461,341

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,639 0 - 73 2,346,639

Notes and bonds, inflation-indexed2 98,534 0 + 65 98,534

Inflation compensation3 16,188 - 52 + 513 16,168

Federal agency debt securities2 31,318 - 1,161 - 6,270 31,318

Mortgage-backed securities4 1,750,750 - 3,545 + 5,226 1,744,179

Unamortized premiums on securities held outright5 188,366 - 478 - 17,713 188,025

Unamortized discounts on securities held outright5 -16,455 + 33 + 1,818 -16,437

Repurchase agreements6 0 0 0 0

Loans 40 - 45 + 1 124

Primary credit 26 - 44 - 5 111

Secondary credit 0 0 0 0

Seasonal credit 14 0 + 5 14

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,718 + 1 + 37 1,722

Float -157 - 28 + 210 -271

Central bank liquidity swaps8 102 - 23 + 100 102

Other Federal Reserve assets9 34,255 + 382 - 1,364 33,838

Foreign currency denominated assets10 19,730 - 203 - 542 19,734

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 47,623 + 14 + 1,179 47,623

Total factors supplying reserve funds 4,534,891 - 5,105 - 16,815 4,527,538

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

Jan 27, 2016 Jan 20, 2016 Jan 28, 2015

Wednesday

Jan 27, 2016

Currency in circulation11 1,413,100 - 1,735 + 84,092 1,413,576

Reverse repurchase agreements12 294,153 - 14,473 + 36,671 309,105

Foreign official and international accounts 219,199 + 1,631 + 103,234 219,801

Others 74,954 - 16,104 - 66,563 89,304

Treasury cash holdings 277 - 3 + 61 267

Deposits with F.R. Banks, other than reserve balances 385,304 + 71,115 + 147,849 359,991

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 341,996 + 56,678 + 140,804 337,973

Foreign official 5,240 - 48 + 10 5,233

Other13 38,068 + 14,484 + 7,035 16,786

Other liabilities and capital14 46,305 - 991 - 16,086 45,333

Total factors, other than reserve balances,

absorbing reserve funds 2,139,139 + 53,913 + 252,586 2,128,272

Reserve balances with Federal Reserve Banks 2,395,752 - 59,017 - 269,401 2,399,266

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 and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities,

amortization is on an effective-interest basis.

6. Cash value of agreements.

7. Refer to table 4 and the note on consolidation accompanying table 6.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

9. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also, includes Reserve

Bank premises and equipment net of allowances for depreciation.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated

financial market utilities.

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

Jan 27, 2016 Jan 20, 2016 Jan 28, 2015

Wednesday

Jan 27, 2016

Securities held in custody for foreign official and international

accounts 3,267,091 + 1,087 - 3,780 3,267,788

Marketable U.S. Treasury securities1 2,955,765 + 4,057 + 13,616 2,957,215

Federal agency debt and mortgage-backed securities2 263,951 - 3,053 - 22,317 263,235

Other securities3 47,375 + 83 + 4,921 47,339

Securities lent to dealers 13,429 + 1,083 + 3,092 13,339

Overnight facility4 13,429 + 1,083 + 3,092 13,339

U.S. Treasury securities 13,354 + 1,082 + 3,490 13,258

Federal agency debt securities 76 + 2 - 396 81

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, January 27, 2016

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 124 0 0 0 0 ... 124

U.S. Treasury securities1

Holdings 1,911 60,689 156,556 1,120,351 488,379 633,455 2,461,341

Weekly changes 0 0 - 3 - 9 - 8 - 34 - 55

Federal agency debt securities2

Holdings 0 4,222 10,916 13,833 0 2,347 31,318

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 594 8,978 1,734,608 1,744,179

Weekly changes 0 0 0 - 19 - 179 - 5,897 - 6,096

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

Central bank liquidity swaps5 102 0 0 0 0 0 102

Reverse repurchase agreements4 309,105 0 ... ... ... ... 309,105

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 Jan 27, 2016

Mortgage-backed securities held outright1 1,744,179

Commitments to buy mortgage-backed securities2 23,946

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 6

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Jan 27, 2016

Net portfolio holdings of Maiden Lane LLC1 1,722

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0

Accrued interest payable to the Federal Reserve Bank of New York2 0

Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3 0

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an

orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of December 31, 2015. Any assets purchased after

this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with

consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.

3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in

table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of

the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time

to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan

from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jan 27, 2016 Jan 20, 2016 Jan 28, 2015

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,971 + 21 + 20

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,408,550 - 6,526 - 16,028

Securities held outright1 4,236,838 - 6,151 - 226

U.S. Treasury securities 2,461,341 - 55 + 537

Bills2 0 0 0

Notes and bonds, nominal2 2,346,639 0 - 73

Notes and bonds, inflation-indexed2 98,534 0 + 65

Inflation compensation3 16,168 - 55 + 544

Federal agency debt securities2 31,318 0 - 6,270

Mortgage-backed securities4 1,744,179 - 6,096 + 5,507

Unamortized premiums on securities held outright5 188,025 - 520 - 17,717

Unamortized discounts on securities held outright5 -16,437 + 40 + 1,821

Repurchase agreements6 0 0 0

Loans 124 + 104 + 94

Net portfolio holdings of Maiden Lane LLC7 1,722 + 5 + 36

Items in process of collection (0) 195 - 32 + 57

Bank premises 2,238 + 1 - 24

Central bank liquidity swaps8 102 - 23 + 101

Foreign currency denominated assets9 19,734 - 215 - 568

Other assets10 31,600 + 278 - 1,312

Total assets (0) 4,482,349 - 6,491 - 17,715

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jan 27, 2016 Jan 20, 2016 Jan 28, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,368,187 - 864 + 82,370

Reverse repurchase agreements11 309,105 - 13,869 + 27,615

Deposits (0) 2,759,258 + 8,807 - 110,953

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,399,267 - 12,811 - 263,313

U.S. Treasury, General Account 337,973 + 19,224 + 143,662

Foreign official 5,233 + 2 + 22

Other12 (0) 16,786 + 2,393 + 8,678

Deferred availability cash items (0) 466 + 43 - 19

Other liabilities and accrued dividends13 5,829 - 609 + 914

Total liabilities (0) 4,442,845 - 6,491 - 72

Capital accounts

Capital paid in 29,504 0 + 931

Surplus 10,000 0 - 18,573

Other capital accounts 0 0 0

Total capital 39,504 0 - 17,643

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 and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities,

amortization is on an effective-interest basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Refer to table 4 and the note on consolidation accompanying table 6.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated

financial market utilities.

13. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 27, 2016

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 11,037 347 3,709 340 505 783 1,600 734 299 171 288 891 1,370

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

Coin 1,971 48 78 132 140 309 198 287 34 58 155 207 325

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,408,550 111,751 2,646,431 109,645 105,989 239,437 248,248 163,806 45,973 26,815 57,272 142,010 511,172

Securities held outright1 4,236,838 107,402 2,543,425 105,377 101,864 230,118 238,585 157,417 44,184 25,767 55,039 136,482 491,179

U.S. Treasury securities 2,461,341 62,394 1,477,573 61,218 59,176 133,684 138,603 91,450 25,668 14,969 31,974 79,288 285,344

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

Notes and bonds3 2,461,341 62,394 1,477,573 61,218 59,176 133,684 138,603 91,450 25,668 14,969 31,974 79,288 285,344

Federal agency debt securities2 31,318 794 18,801 779 753 1,701 1,764 1,164 327 190 407 1,009 3,631

Mortgage-backed securities4 1,744,179 44,214 1,047,052 43,381 41,934 94,733 98,218 64,804 18,189 10,607 22,658 56,186 202,204

Unamortized premiums on securities 

held outright5 188,025 4,766 112,874 4,676 4,521 10,212 10,588 6,986 1,961 1,143 2,443 6,057 21,798

Unamortized discounts on securities 

held outright5 -16,437 -417 -9,867 -409 -395 -893 -926 -611 -171 -100 -214 -529 -1,906

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

Loans 124 0 0 0 0 0 0 14 0 5 4 0 101

Net portfolio holdings of Maiden

Lane LLC7 1,722 0 1,722 0 0 0 0 0 0 0 0 0 0

Items in process of collection 195 0 0 0 0 0 195 0 0 0 0 0 0

Bank premises 2,238 125 436 75 106 210 207 204 118 92 240 226 199

Central bank liquidity swaps8 102 5 33 6 8 23 6 3 1 0 1 1 15

Foreign currency denominated

assets9 19,734 895 6,363 1,103 1,538 4,528 1,123 530 184 83 208 284 2,897

Other assets10 31,600 843 18,429 795 772 1,894 1,787 1,191 412 216 461 1,127 3,674

Interdistrict settlement account 0 - 25,701 - 58,331 + 9,211 + 8,517 + 7,101 - 2,587 + 2,094 + 10,640 + 4,701 + 2,361 + 8,524 + 33,470

Total assets 4,482,349 88,508 2,620,687 121,515 117,812 254,698 251,430 169,273 57,811 32,227 61,139 153,553 553,696

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 27, 2016 (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 1,545,721 49,584 496,936 49,168 82,492 106,109 217,258 102,394 51,482 26,697 40,523 125,597 197,481

Less: Notes held by F.R. Banks 177,534 6,015 60,464 6,001 9,392 11,692 22,252 10,845 4,730 2,695 4,712 13,702 25,033

Federal Reserve notes, net 1,368,187 43,569 436,472 43,167 73,100 94,417 195,006 91,549 46,751 24,003 35,810 111,895 172,448

Reverse repurchase agreements11 309,105 7,836 185,560 7,688 7,432 16,789 17,406 11,485 3,224 1,880 4,015 9,957 35,835

Deposits 2,759,258 35,171 1,982,625 68,285 34,067 134,120 36,296 64,901 7,313 5,734 20,774 30,952 339,019

Term deposits held by depository

institutions 0 0 0 0 0 0 0 0 0 0 0 0 0

Other deposits held by depository

institutions 2,399,267 35,168 1,630,390 68,282 34,063 134,062 36,287 57,244 7,306 5,734 20,772 30,950 339,009

U.S. Treasury, General Account 337,973 0 337,973 0 0 0 0 0 0 0 0 0 0

Foreign official 5,233 2 5,205 2 3 9 2 1 0 0 0 1 6

Other12 16,786 2 9,057 0 0 50 7 7,656 7 0 1 2 5

Deferred availability cash items 466 0 0 0 0 0 150 0 0 316 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,431 32 947 27 22 37 85 52 11 5 13 49 152

Other liabilities and accrued

dividends 4,398 142 2,127 167 165 462 280 227 116 121 126 183 284

Total liabilities 4,442,845 86,750 2,607,730 119,333 114,785 245,825 249,222 168,214 57,415 32,059 60,739 153,036 547,738

Capital

Capital paid in 29,504 1,304 9,734 1,624 2,248 6,579 1,639 791 303 126 295 373 4,490

Surplus 10,000 453 3,223 559 780 2,295 569 269 93 42 105 144 1,469

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

Total liabilities and capital 4,482,349 88,508 2,620,687 121,515 117,812 254,698 251,430 169,273 57,811 32,227 61,139 153,553 553,696

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 27, 2016 (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 and Federal

agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an effective-interest basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Refer to table 4 and the note on consolidation below.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.

13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after

providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $10 billion surplus.

Note on consolidation:

On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain

assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of

the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any

residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation

of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous

page (and in table 1 and table 5), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were included in other liabilities in this table (and table 1

and table 5).
H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Jan 27, 2016

Federal Reserve notes outstanding 1,545,721

Less: Notes held by F.R. Banks not subject to collateralization 177,534

Federal Reserve notes to be collateralized 1,368,187

Collateral held against Federal Reserve notes 1,368,187

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,351,950

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,236,838

Less: Face value of securities under reverse repurchase agreements 285,327

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,951,511

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.