FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 3, 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

Jan 2, 2019 Dec 26, 2018 Jan 3, 2018

Wednesday

Jan 2, 2019

Reserve Bank credit 4,029,010 - 14,972 - 378,624 4,019,072

Securities held outright1 3,872,472 - 14,136 - 349,342 3,862,049

U.S. Treasury securities 2,232,940 - 7,758 - 219,555 2,222,517

Bills2 0 0 0 0

Notes and bonds, nominal2 2,093,992 - 7,804 - 228,698 2,083,586

Notes and bonds, inflation-indexed2 116,545 0 + 6,411 116,545

Inflation compensation3 22,403 + 46 + 2,732 22,386

Federal agency debt securities2 2,409 0 - 1,982 2,409

Mortgage-backed securities4 1,637,123 - 6,378 - 127,806 1,637,123

Unamortized premiums on securities held outright5 140,106 - 419 - 18,643 140,008

Unamortized discounts on securities held outright5 -13,430 + 29 + 688 -13,418

Repurchase agreements6 0 0 0 0

Loans 64 - 38 - 53 6

Primary credit 14 - 24 - 83 5

Secondary credit 0 0 0 0

Seasonal credit 50 - 14 + 29 1

Other credit extensions 0 0 0 0

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

Float -603 - 365 + 131 -140

Central bank liquidity swaps8 4,207 0 - 7,852 4,207

Other Federal Reserve assets9 26,193 - 43 - 1,841 26,359

Foreign currency denominated assets10 20,947 + 100 - 476 20,999

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,873 + 14 + 492 49,873

Total factors supplying reserve funds 4,116,071 - 14,859 - 378,608 4,106,185

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 2, 2019 Dec 26, 2018 Jan 3, 2018

Wednesday

Jan 2, 2019

Currency in circulation11 1,719,151 + 6,625 + 101,139 1,720,052

Reverse repurchase agreements12 266,620 + 14,677 - 223,386 276,394

Foreign official and international accounts 250,061 + 5,670 + 3,690 256,913

Others 16,558 + 9,006 - 227,077 19,481

Treasury cash holdings 214 + 8 - 2 214

Deposits with F.R. Banks, other than reserve balances 463,176 + 3,084 + 170,470 458,581

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 379,902 + 5,817 + 168,336 382,616

Foreign official 5,244 - 135 - 11 5,244

Other13 78,031 - 2,597 + 2,147 70,720

Other liabilities and capital14 45,055 + 115 - 2,754 43,610

Total factors, other than reserve balances,

absorbing reserve funds 2,494,215 + 24,509 + 45,466 2,498,850

Reserve balances with Federal Reserve Banks 1,621,856 - 39,367 - 424,074 1,607,335

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

Jan 2, 2019 Dec 26, 2018 Jan 3, 2018

Wednesday

Jan 2, 2019

Securities held in custody for foreign official and international

accounts 3,388,981 - 7,927 + 33,223 3,383,715

Marketable U.S. Treasury securities1 3,015,780 - 7,387 + 588 3,010,531

Federal agency debt and mortgage-backed securities2 307,126 - 438 + 44,384 307,113

Other securities3 66,075 - 102 - 11,749 66,071

Securities lent to dealers 24,505 + 1,792 - 687 28,728

Overnight facility4 24,505 + 1,792 - 687 28,728

U.S. Treasury securities 24,505 + 1,792 - 687 28,728

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, January 2, 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 5 1 0 0 0 ... 6

U.S. Treasury securities1

Holdings 2,091 92,622 290,222 958,061 260,887 618,634 2,222,517

Weekly changes - 16,118 + 20,288 - 11,899 - 6,756 - 3,720 + 4 - 18,200

Federal agency debt securities2

Holdings 0 62 0 0 0 2,347 2,409

Weekly changes 0 + 62 - 62 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 4 218 62,701 1,574,199 1,637,123

Weekly changes 0 0 0 + 4 - 6 + 1 0

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

Central bank liquidity swaps5 4,207 0 0 0 0 0 4,207

Reverse repurchase agreements4 276,394 0 ... ... ... ... 276,394

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 2, 2019

Mortgage-backed securities held outright1 1,637,123

Commitments to buy mortgage-backed securities2 288

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

Jan 2, 2019 Dec 26, 2018 Jan 3, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,722 - 4 - 173

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,988,645 - 18,490 - 373,421

Securities held outright1 3,862,049 - 18,200 - 355,479

U.S. Treasury securities 2,222,517 - 18,200 - 225,691

Bills2 0 0 0

Notes and bonds, nominal2 2,083,586 - 18,210 - 234,818

Notes and bonds, inflation-indexed2 116,545 0 + 6,411

Inflation compensation3 22,386 + 10 + 2,716

Federal agency debt securities2 2,409 0 - 1,982

Mortgage-backed securities4 1,637,123 0 - 127,806

Unamortized premiums on securities held outright5 140,008 - 249 - 18,632

Unamortized discounts on securities held outright5 -13,418 + 30 + 728

Repurchase agreements6 0 0 0

Loans 6 - 71 - 38

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

Items in process of collection (0) 209 - 30 + 40

Bank premises 2,202 - 4 - 1

Central bank liquidity swaps8 4,207 0 - 7,860

Foreign currency denominated assets9 20,999 + 125 - 441

Other assets10 24,158 + 1,147 - 1,769

Total assets (0) 4,058,378 - 17,258 - 385,340

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

Jan 2, 2019 Dec 26, 2018 Jan 3, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,672,109 + 3,903 + 100,837

Reverse repurchase agreements11 276,394 + 31,574 - 107,596

Deposits (0) 2,065,917 - 51,803 - 375,346

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,607,336 - 53,596 - 587,315

U.S. Treasury, General Account 382,616 + 14,380 + 212,659

Foreign official 5,244 - 947 - 9

Other12 (0) 70,720 - 11,641 - 682

Deferred availability cash items (0) 349 - 102 + 24

Other liabilities and accrued dividends13 4,477 - 803 - 1,004

Total liabilities (0) 4,019,245 - 17,231 - 383,085

Capital accounts

Capital paid in 32,308 - 27 + 921

Surplus 6,825 0 - 3,175

Other capital accounts 0 0 0

Total capital 39,133 - 27 - 2,254

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, January 2, 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 11,037 364 3,626 350 544 773 1,491 739 334 199 307 905 1,405

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

Coin 1,722 41 38 148 124 236 181 285 26 46 110 195 291

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,988,645 76,179 2,202,038 100,705 113,079 236,032 239,425 213,628 53,102 33,286 62,791 164,929 493,451

Securities held outright1 3,862,049 73,761 2,132,150 97,509 109,490 228,541 231,826 206,843 51,417 32,229 60,798 159,695 477,790

U.S. Treasury securities 2,222,517 42,448 1,227,002 56,114 63,009 131,520 133,410 119,033 29,589 18,547 34,988 91,901 274,957

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

Notes and bonds3 2,222,517 42,448 1,227,002 56,114 63,009 131,520 133,410 119,033 29,589 18,547 34,988 91,901 274,957

Federal agency debt securities2 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298

Mortgage-backed securities4 1,637,123 31,267 903,819 41,334 46,413 96,879 98,271 87,681 21,796 13,662 25,772 67,695 202,535

Unamortized premiums on securities 

held outright5 140,008 2,674 77,295 3,535 3,969 8,285 8,404 7,499 1,864 1,168 2,204 5,789 17,321

Unamortized discounts on securities 

held outright5 -13,418 -256 -7,408 -339 -380 -794 -805 -719 -179 -112 -211 -555 -1,660

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

Loans 6 0 0 0 0 0 0 5 0 1 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 209 0 0 0 0 0 208 0 0 1 0 0 0

Bank premises 2,202 110 455 81 118 194 206 193 107 95 232 220 192

Central bank liquidity swaps8 4,207 179 1,326 239 340 909 243 178 61 19 42 52 619

Foreign currency denominated

assets9 20,999 890 6,681 1,188 1,688 4,517 1,208 886 302 96 207 259 3,078

Other assets10 24,158 490 12,904 606 702 1,658 1,456 1,271 401 264 444 1,000 2,962

Interdistrict settlement account 0 + 16,923 - 116,558 + 706 + 147 + 1,064 + 43,278 + 9,040 + 9,163 + 3,849 + 1,469 + 14,097 + 16,821

Total assets 4,058,378 95,371 2,112,329 104,232 116,978 245,794 288,350 226,646 63,646 37,944 65,755 181,940 519,393

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, January 2, 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 1,861,321 58,004 615,425 54,943 88,760 125,753 261,759 121,940 56,081 31,546 49,996 150,885 246,229

Less: Notes held by F.R. Banks 189,212 5,736 55,129 6,566 7,834 12,538 28,226 13,674 5,057 2,536 5,429 17,005 29,481

Federal Reserve notes, net 1,672,109 52,268 560,296 48,376 80,925 113,216 233,533 108,266 51,024 29,010 44,567 133,880 216,748

Reverse repurchase agreements11 276,394 5,279 152,591 6,978 7,836 16,356 16,591 14,803 3,680 2,307 4,351 11,429 34,194

Deposits 2,065,917 35,977 1,385,257 46,440 24,904 107,365 35,434 101,611 8,213 6,164 16,335 35,931 262,286

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 1,607,336 35,956 977,465 46,437 24,877 106,865 35,368 53,306 8,206 6,004 14,719 35,855 262,278

U.S. Treasury, General Account 382,616 0 382,616 0 0 0 0 0 0 0 0 0 0

Foreign official 5,244 2 5,217 2 3 9 2 2 1 0 0 0 6

Other12 70,720 19 19,959 1 24 491 64 48,303 6 160 1,616 76 1

Deferred availability cash items 349 0 0 0 0 0 211 0 0 138 0 0 0

Earnings remittances due to the U.S.

Treasury13 172 3 123 -1 -5 -11 22 11 3 4 4 16 3

Other liabilities and accrued

dividends 4,305 161 1,651 183 185 499 284 317 135 137 131 211 411

Total liabilities 4,019,245 93,688 2,099,917 101,976 113,846 237,425 286,075 225,007 63,054 37,759 65,389 181,468 513,642

Capital

Capital paid in 32,308 1,393 10,260 1,868 2,581 6,895 1,881 1,350 493 154 299 388 4,747

Surplus 6,825 290 2,151 388 551 1,474 394 289 98 31 68 84 1,005

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

Total liabilities and capital 4,058,378 95,371 2,112,329 104,232 116,978 245,794 288,350 226,646 63,646 37,944 65,755 181,940 519,393

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, January 2, 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 Jan 2, 2019

Federal Reserve notes outstanding 1,861,321

Less: Notes held by F.R. Banks not subject to collateralization 189,212

Federal Reserve notes to be collateralized 1,672,109

Collateral held against Federal Reserve notes 1,672,109

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,655,873

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,862,049

Less: Face value of securities under reverse repurchase agreements 275,244

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,586,805

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.