FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 18, 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 17, 2019 Jul 10, 2019 Jul 18, 2018

Wednesday

Jul 17, 2019

Reserve Bank credit 3,773,459 - 1,707 - 482,808 3,769,117

Securities held outright1 3,627,486 - 3,012 - 460,572 3,623,424

U.S. Treasury securities 2,094,834 - 591 - 265,380 2,093,984

Bills2 2 - 2 + 2 2

Notes and bonds, nominal2 1,954,885 - 385 - 269,391 1,954,371

Notes and bonds, inflation-indexed2 116,290 - 226 + 1,847 115,989

Inflation compensation3 23,657 + 23 + 2,161 23,622

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

Mortgage-backed securities4 1,530,305 - 2,421 - 195,130 1,527,093

Unamortized premiums on securities held outright5 130,401 - 269 - 18,763 130,223

Unamortized discounts on securities held outright5 -12,826 + 34 + 1,064 -12,807

Repurchase agreements6 0 0 0 0

Loans 115 - 5 - 143 120

Primary credit 8 - 10 - 46 6

Secondary credit 0 0 0 0

Seasonal credit 107 + 5 - 96 115

Other credit extensions 0 0 0 0

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

Float -197 + 13 - 14 -148

Central bank liquidity swaps8 38 - 1 - 53 38

Other Federal Reserve assets9 28,441 + 1,532 - 2,618 28,267

Foreign currency denominated assets10 20,866 + 51 - 156 20,849

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,992 + 14 + 360 49,992

Total factors supplying reserve funds 3,860,558 - 1,641 - 482,603 3,856,198

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 17, 2019 Jul 10, 2019 Jul 18, 2018

Wednesday

Jul 17, 2019

Currency in circulation11 1,747,393 - 3,599 + 78,761 1,747,158

Reverse repurchase agreements12 279,879 - 15,489 + 30,140 282,596

Foreign official and international accounts 275,461 - 13,529 + 27,604 280,636

Others 4,418 - 1,959 + 2,535 1,960

Treasury cash holdings 161 - 7 - 35 162

Deposits with F.R. Banks, other than reserve balances 272,331 + 1,136 - 140,020 266,310

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 197,005 - 14,110 - 127,452 206,203

Foreign official 5,255 + 2 - 3 5,255

Other13 70,071 + 15,244 - 12,564 54,852

Other liabilities and capital14 45,130 + 459 + 5 44,906

Total factors, other than reserve balances,

absorbing reserve funds 2,344,894 - 17,499 - 31,148 2,341,132

Reserve balances with Federal Reserve Banks 1,515,664 + 15,858 - 451,455 1,515,067

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 17, 2019 Jul 10, 2019 Jul 18, 2018

Wednesday

Jul 17, 2019

Securities held in custody for foreign official and international

accounts 3,465,554 + 7,326 + 57,854 3,461,448

Marketable U.S. Treasury securities1 3,040,611 + 6,673 - 1,791 3,036,249

Federal agency debt and mortgage-backed securities2 346,214 + 7 + 54,113 346,169

Other securities3 78,730 + 648 + 5,533 79,030

Securities lent to dealers 25,295 - 4,641 + 7,826 24,120

Overnight facility4 25,295 - 4,641 + 7,826 24,120

U.S. Treasury securities 25,295 - 4,641 + 7,826 24,120

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 17, 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 105 15 0 0 0 ... 120

U.S. Treasury securities1

Holdings 19,308 82,476 256,783 856,268 266,685 612,465 2,093,984

Weekly changes + 17,112 - 19,308 + 5,819 - 5,480 + 231 + 162 - 1,464

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 8 331 77,691 1,449,064 1,527,093

Weekly changes 0 0 0 - 6 - 516 - 5,111 - 5,633

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

Central bank liquidity swaps5 38 0 0 0 0 0 38

Reverse repurchase agreements4 282,596 0 ... ... ... ... 282,596

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 17, 2019

Mortgage-backed securities held outright1 1,527,093

Commitments to buy mortgage-backed securities2 2,464

Commitments to sell mortgage-backed securities2 83

Cash and cash equivalents3 14

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 17, 2019 Jul 10, 2019 Jul 18, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,674 + 4 - 84

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,740,960 - 7,445 - 478,818

Securities held outright1 3,623,424 - 7,097 - 461,042

U.S. Treasury securities 2,093,984 - 1,464 - 265,782

Bills2 2 0 + 2

Notes and bonds, nominal2 1,954,371 - 899 - 270,058

Notes and bonds, inflation-indexed2 115,989 - 527 + 2,103

Inflation compensation3 23,622 - 37 + 2,171

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,527,093 - 5,633 - 195,198

Unamortized premiums on securities held outright5 130,223 - 394 - 18,744

Unamortized discounts on securities held outright5 -12,807 + 43 + 1,072

Repurchase agreements6 0 0 0

Loans 120 + 3 - 104

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

Items in process of collection (0) 84 - 6 - 123

Bank premises 2,187 + 1 + 2

Central bank liquidity swaps8 38 - 5 - 53

Foreign currency denominated assets9 20,849 - 4 - 118

Other assets10 26,082 + 526 - 2,600

Total assets (0) 3,808,110 - 6,928 - 483,505

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 17, 2019 Jul 10, 2019 Jul 18, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,698,998 - 3,180 + 78,334

Reverse repurchase agreements11 282,596 - 5,899 + 18,137

Deposits (0) 1,781,378 + 1,320 - 580,089

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,515,069 - 10,283 - 434,877

U.S. Treasury, General Account 206,203 + 10,977 - 129,598

Foreign official 5,255 + 1 - 2

Other12 (0) 54,852 + 627 - 15,611

Deferred availability cash items (0) 231 - 39 - 158

Other liabilities and accrued dividends13 5,679 + 868 - 53

Total liabilities (0) 3,768,882 - 6,930 - 483,829

Capital accounts

Capital paid in 32,402 0 + 322

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,227 0 + 322

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 17, 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 1,674 38 42 147 113 218 183 276 31 44 107 195 281

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,740,960 77,608 2,040,892 90,591 109,447 228,926 255,785 196,373 53,777 32,445 55,471 162,434 437,210

Securities held outright1 3,623,424 75,172 1,976,834 87,747 106,012 221,741 247,745 190,198 52,078 31,354 53,730 157,333 423,480

U.S. Treasury securities 2,093,984 43,442 1,142,416 50,709 61,265 128,144 143,172 109,916 30,096 18,120 31,050 90,923 244,730

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

Notes and bonds3 2,093,981 43,442 1,142,415 50,709 61,265 128,144 143,172 109,916 30,096 18,120 31,050 90,923 244,729

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

Mortgage-backed securities4 1,527,093 31,681 833,137 36,981 44,679 93,453 104,412 80,159 21,948 13,214 22,644 66,308 178,476

Unamortized premiums on securities 

held outright5 130,223 2,702 71,046 3,154 3,810 7,969 8,904 6,836 1,872 1,127 1,931 5,654 15,219

Unamortized discounts on securities 

held outright5 -12,807 -266 -6,987 -310 -375 -784 -876 -672 -184 -111 -190 -556 -1,497

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

Loans 120 0 0 0 0 0 13 11 11 74 1 3 8

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 84 0 0 0 0 0 83 0 0 0 0 0 0

Bank premises 2,187 106 456 81 117 191 207 191 104 94 229 220 190

Central bank liquidity swaps8 38 2 12 2 3 8 2 2 1 0 0 0 6

Foreign currency denominated

assets9 20,849 898 6,617 1,204 1,664 4,445 1,212 870 318 99 202 258 3,061

Other assets10 26,082 562 13,783 629 775 1,814 1,773 1,342 444 263 469 1,205 3,024

Interdistrict settlement account 0 + 5,759 - 211,691 - 5,597 + 15,259 + 3,269 + 30,842 + 22,262 + 8,515 + 3,853 + 8,432 + 27,295 + 91,803

Total assets 3,808,110 85,519 1,855,637 87,594 128,146 240,037 292,301 222,451 63,667 37,075 65,355 192,780 537,548

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 17, 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 1,898,863 57,310 627,830 54,781 90,823 131,096 259,242 124,124 56,544 31,412 50,387 158,999 256,314

Less: Notes held by F.R. Banks 199,866 6,051 46,800 8,267 10,097 15,341 30,687 12,841 6,073 3,442 8,045 20,926 31,296

Federal Reserve notes, net 1,698,998 51,259 581,030 46,515 80,727 115,755 228,555 111,283 50,471 27,970 42,342 138,073 225,018

Reverse repurchase agreements11 282,596 5,863 154,176 6,844 8,268 17,294 19,322 14,834 4,062 2,445 4,190 12,271 33,028

Deposits 1,781,378 26,422 1,104,748 32,502 35,717 98,258 41,659 94,411 8,366 6,170 18,261 41,670 273,194

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 1,515,069 26,413 877,651 32,500 35,681 98,006 41,623 55,751 8,360 6,100 18,233 41,564 273,188

U.S. Treasury, General Account 206,203 0 206,203 0 0 0 0 0 0 0 0 0 0

Foreign official 5,255 2 5,227 2 3 9 2 2 1 0 0 0 6

Other12 54,852 8 15,667 1 33 244 33 38,658 5 70 28 105 1

Deferred availability cash items 231 0 0 0 0 0 83 0 0 149 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,008 21 562 24 32 50 93 47 21 10 16 55 77

Other liabilities and accrued

dividends 4,670 170 1,922 183 190 509 297 303 132 142 152 222 447

Total liabilities 3,768,882 83,734 1,842,438 86,067 124,934 231,867 290,009 220,878 63,051 36,886 64,961 192,292 531,764

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 3,808,110 85,519 1,855,637 87,594 128,146 240,037 292,301 222,451 63,667 37,075 65,355 192,780 537,548

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 17, 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 17, 2019

Federal Reserve notes outstanding 1,898,863

Less: Notes held by F.R. Banks not subject to collateralization 199,866

Federal Reserve notes to be collateralized 1,698,998

Collateral held against Federal Reserve notes 1,698,998

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,682,761

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,623,424

Less: Face value of securities under reverse repurchase agreements 277,743

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,345,681

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.