FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks November 2, 2017

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

Nov 1, 2017 Oct 25, 2017 Nov 2, 2016

Wednesday

Nov 1, 2017

Reserve Bank credit 4,420,808 - 6,812 + 8,051 4,416,450

Securities held outright1 4,241,454 - 6,199 + 23,555 4,237,214

U.S. Treasury securities 2,464,070 - 1,626 + 506 2,459,827

Bills2 0 0 0 0

Notes and bonds, nominal2 2,335,576 - 1,750 - 5,271 2,331,201

Notes and bonds, inflation-indexed2 109,448 + 36 + 4,095 109,537

Inflation compensation3 19,046 + 89 + 1,682 19,088

Federal agency debt securities2 6,757 0 - 11,736 6,757

Mortgage-backed securities4 1,770,627 - 4,573 + 34,784 1,770,630

Unamortized premiums on securities held outright5 161,372 - 378 - 14,464 161,274

Unamortized discounts on securities held outright5 -14,316 + 30 + 999 -14,310

Repurchase agreements6 0 0 0 0

Loans 105 - 39 + 47 52

Primary credit 8 + 2 + 4 1

Secondary credit 0 0 0 0

Seasonal credit 97 - 40 + 44 51

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,711 + 5 + 5 1,712

Float -522 - 270 + 313 -436

Central bank liquidity swaps8 40 + 3 - 975 40

Other Federal Reserve assets9 30,964 + 35 - 1,429 30,904

Foreign currency denominated assets10 20,893 - 196 - 23 20,865

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,216 + 14 + 781 49,216

Total factors supplying reserve funds 4,507,157 - 6,995 + 8,808 4,502,772

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

Nov 1, 2017 Oct 25, 2017 Nov 2, 2016

Wednesday

Nov 1, 2017

Currency in circulation11 1,585,383 + 1,828 + 106,017 1,589,253

Reverse repurchase agreements12 351,308 + 14,690 - 43,823 319,936

Foreign official and international accounts 240,016 + 7,626 + 311 232,771

Others 111,291 + 7,063 - 44,135 87,165

Treasury cash holdings 217 + 1 + 35 230

Deposits with F.R. Banks, other than reserve balances 279,722 - 21,932 - 189,368 264,815

Term deposits held by depository institutions 0 - 14,140 0 0

U.S. Treasury, General Account 193,546 - 2,786 - 224,119 181,764

Foreign official 5,168 - 40 - 5 5,177

Other13 81,008 - 4,965 + 34,755 77,875

Other liabilities and capital14 47,312 - 966 + 719 47,067

Total factors, other than reserve balances,

absorbing reserve funds 2,263,942 - 6,377 - 126,420 2,221,300

Reserve balances with Federal Reserve Banks 2,243,215 - 617 + 135,228 2,281,472

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 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. 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

Nov 1, 2017 Oct 25, 2017 Nov 2, 2016

Wednesday

Nov 1, 2017

Securities held in custody for foreign official and international

accounts 3,365,758 + 973 + 245,417 3,372,457

Marketable U.S. Treasury securities1 3,038,575 + 143 + 237,938 3,045,005

Federal agency debt and mortgage-backed securities2 262,500 + 721 + 3,083 262,651

Other securities3 64,684 + 110 + 4,398 64,802

Securities lent to dealers 25,338 + 1,279 + 3,957 28,467

Overnight facility4 25,338 + 1,279 + 3,957 28,467

U.S. Treasury securities 25,338 + 1,279 + 3,982 28,467

Federal agency debt securities 0 0 - 25 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, 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, November 1, 2017

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 5 47 0 0 0 ... 52

U.S. Treasury securities1

Holdings 11,043 28,456 345,643 1,111,513 329,644 633,529 2,459,827

Weekly changes + 2,342 - 11,040 + 23,834 - 21,922 + 703 + 184 - 5,900

Federal agency debt securities2

Holdings 0 2,366 1,982 62 0 2,347 6,757

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 1 132 17,077 1,753,420 1,770,630

Weekly changes 0 0 0 0 0 + 67 + 67

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

Central bank liquidity swaps5 40 0 0 0 0 0 40

Reverse repurchase agreements4 319,936 0 ... ... ... ... 319,936

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 Nov 1, 2017

Mortgage-backed securities held outright1 1,770,630

Commitments to buy mortgage-backed securities2 22,530

Commitments to sell mortgage-backed securities2 20

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 Nov 1, 2017

Net portfolio holdings of Maiden Lane LLC1 1,712

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. Assets are revalued quarterly.

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

Nov 1, 2017 Oct 25, 2017 Nov 2, 2016

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,832 - 7 - 52

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,384,231 - 6,173 + 5,856

Securities held outright1 4,237,214 - 5,834 + 19,289

U.S. Treasury securities 2,459,827 - 5,900 - 3,759

Bills2 0 0 0

Notes and bonds, nominal2 2,331,201 - 6,125 - 9,473

Notes and bonds, inflation-indexed2 109,537 + 125 + 4,011

Inflation compensation3 19,088 + 99 + 1,703

Federal agency debt securities2 6,757 0 - 11,736

Mortgage-backed securities4 1,770,630 + 67 + 34,783

Unamortized premiums on securities held outright5 161,274 - 266 - 14,434

Unamortized discounts on securities held outright5 -14,310 + 23 + 984

Repurchase agreements6 0 0 0

Loans 52 - 97 + 17

Net portfolio holdings of Maiden Lane LLC7 1,712 + 1 + 4

Items in process of collection (0) 66 + 12 - 9

Bank premises 2,199 - 2 0

Central bank liquidity swaps8 40 + 3 - 975

Foreign currency denominated assets9 20,865 - 229 - 442

Other assets10 28,705 + 1,166 - 1,583

Total assets (0) 4,455,887 - 5,230 + 2,800

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

Nov 1, 2017 Oct 25, 2017 Nov 2, 2016

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,542,094 + 5,218 + 103,759

Reverse repurchase agreements11 319,936 - 27,967 - 95,002

Deposits (0) 2,546,288 + 17,769 - 5,894

Term deposits held by depository institutions 0 - 14,140 0

Other deposits held by depository institutions 2,281,472 + 39,854 + 144,263

U.S. Treasury, General Account 181,764 - 3,328 - 190,130

Foreign official 5,177 + 11 + 5

Other12 (0) 77,875 - 4,628 + 39,968

Deferred availability cash items (0) 503 + 185 - 1

Other liabilities and accrued dividends13 5,850 - 425 - 1,089

Total liabilities (0) 4,414,670 - 5,221 + 1,772

Capital accounts

Capital paid in 31,217 - 10 + 1,029

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 41,217 - 10 + 1,029

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 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. 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

6. Statement of Condition of Each Federal Reserve Bank, November 1, 2017

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 11,037 349 3,592 348 553 776 1,520 737 341 191 292 916 1,422

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

Coin 1,832 46 51 178 134 269 196 290 31 51 103 187 297

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,384,231 85,420 2,468,695 113,198 127,137 256,871 258,069 184,399 58,468 34,201 62,193 175,516 560,063

Securities held outright1 4,237,214 82,557 2,385,941 109,403 122,875 248,261 249,418 178,212 56,502 33,035 60,094 169,628 541,288

U.S. Treasury securities 2,459,827 47,927 1,385,108 63,512 71,333 144,123 144,794 103,457 32,801 19,178 34,886 98,474 314,234

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

Notes and bonds3 2,459,827 47,927 1,385,108 63,512 71,333 144,123 144,794 103,457 32,801 19,178 34,886 98,474 314,234

Federal agency debt securities2 6,757 132 3,805 174 196 396 398 284 90 53 96 271 863

Mortgage-backed securities4 1,770,630 34,498 997,028 45,717 51,347 103,742 104,226 74,470 23,611 13,805 25,112 70,884 226,191

Unamortized premiums on securities 

held outright5 161,274 3,142 90,812 4,164 4,677 9,449 9,493 6,783 2,151 1,257 2,287 6,456 20,602

Unamortized discounts on securities 

held outright5 -14,310 -279 -8,058 -369 -415 -838 -842 -602 -191 -112 -203 -573 -1,828

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

Loans 52 0 0 0 0 0 0 6 6 20 15 4 1

Net portfolio holdings of Maiden

Lane LLC7 1,712 0 1,712 0 0 0 0 0 0 0 0 0 0

Items in process of collection 66 0 0 0 0 0 66 0 0 1 0 0 0

Bank premises 2,199 116 441 72 124 197 203 202 110 88 236 219 192

Central bank liquidity swaps8 40 2 13 2 3 9 2 2 0 0 0 1 6

Foreign currency denominated

assets9 20,865 904 6,683 1,122 1,700 4,509 1,217 873 228 88 203 267 3,072

Other assets10 28,705 609 15,731 738 845 1,856 1,716 1,209 480 244 480 1,151 3,647

Interdistrict settlement account 0 - 2,749 - 49,110 + 758 - 4,022 - 1,354 + 3,996 + 54,102 - 329 + 2,763 + 5,910 + 8,068 - 18,032

Total assets 4,455,887 84,893 2,449,625 116,625 126,710 263,545 267,638 242,238 59,479 37,717 69,570 186,606 551,240

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, November 1, 2017 (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 1,728,586 56,269 568,866 54,829 84,717 120,745 232,707 116,662 52,126 31,192 48,172 142,006 220,295

Less: Notes held by F.R. Banks 186,492 6,687 51,111 6,563 9,682 13,803 26,268 11,830 5,461 3,303 5,488 18,227 28,068

Federal Reserve notes, net 1,542,094 49,582 517,754 48,266 75,035 106,942 206,439 104,833 46,665 27,889 42,684 123,778 192,228

Reverse repurchase agreements11 319,936 6,234 180,153 8,261 9,278 18,745 18,833 13,456 4,266 2,494 4,537 12,808 40,871

Deposits 2,546,288 27,132 1,735,924 57,565 38,816 128,453 39,510 121,882 7,889 6,562 21,790 49,234 311,530

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 2,281,472 27,125 1,529,919 57,563 38,813 128,136 39,501 63,423 7,885 6,562 21,789 49,233 311,523

U.S. Treasury, General Account 181,764 0 181,764 0 0 0 0 0 0 0 0 0 0

Foreign official 5,177 2 5,150 2 3 9 2 2 0 0 0 1 6

Other12 77,875 5 19,092 0 0 308 7 58,458 3 0 1 0 1

Deferred availability cash items 503 0 0 0 0 0 63 0 0 439 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,367 34 737 29 33 79 111 54 21 14 19 70 166

Other liabilities and accrued

dividends 4,482 142 1,971 184 199 460 305 264 144 133 131 198 351

Total liabilities 4,414,670 83,123 2,436,539 114,305 123,361 254,679 265,260 240,489 58,986 37,532 69,162 186,089 545,145

Capital

Capital paid in 31,217 1,336 9,884 1,783 2,535 6,705 1,794 1,330 384 143 311 390 4,622

Surplus 10,000 434 3,202 538 815 2,161 583 419 109 42 97 128 1,473

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

Total liabilities and capital 4,455,887 84,893 2,449,625 116,625 126,710 263,545 267,638 242,238 59,479 37,717 69,570 186,606 551,240

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, November 1, 2017 (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 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. 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 $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 Nov 1, 2017

Federal Reserve notes outstanding 1,728,586

Less: Notes held by F.R. Banks not subject to collateralization 186,492

Federal Reserve notes to be collateralized 1,542,094

Collateral held against Federal Reserve notes 1,542,094

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,525,857

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,237,214

Less: Face value of securities under reverse repurchase agreements 307,429

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,929,785

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.