FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks February 21, 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

Feb 20, 2019 Feb 13, 2019 Feb 21, 2018

Wednesday

Feb 20, 2019

Reserve Bank credit 3,952,113 - 36,473 - 417,040 3,942,314

Securities held outright1 3,805,780 - 24,103 - 397,933 3,798,759

U.S. Treasury securities 2,185,562 - 20,082 - 246,509 2,182,201

Bills2 0 0 0 0

Notes and bonds, nominal2 2,049,429 - 19,967 - 254,074 2,046,102

Notes and bonds, inflation-indexed2 114,769 0 + 5,356 114,769

Inflation compensation3 21,364 - 115 + 2,209 21,330

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

Mortgage-backed securities4 1,617,809 - 4,021 - 149,441 1,614,150

Unamortized premiums on securities held outright5 137,764 - 390 - 18,941 137,544

Unamortized discounts on securities held outright5 -13,252 - 14 + 862 -13,250

Repurchase agreements6 0 0 0 0

Loans 19 - 1 - 4 23

Primary credit 5 - 1 - 2 9

Secondary credit 0 0 0 0

Seasonal credit 14 0 - 2 14

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,715 0

Float -167 - 45 - 28 -190

Central bank liquidity swaps8 68 - 3 + 1 68

Other Federal Reserve assets9 21,901 - 11,917 + 717 19,360

Foreign currency denominated assets10 20,733 - 63 - 1,576 20,807

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,860 + 14 + 420 49,860

Total factors supplying reserve funds 4,038,946 - 36,523 - 418,197 4,029,222

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

Feb 20, 2019 Feb 13, 2019 Feb 21, 2018

Wednesday

Feb 20, 2019

Currency in circulation11 1,710,893 + 4,767 + 91,575 1,712,038

Reverse repurchase agreements12 248,929 - 247 - 9,573 255,179

Foreign official and international accounts 245,120 - 2,095 + 10,761 252,904

Others 3,810 + 1,849 - 20,334 2,275

Treasury cash holdings 281 + 13 0 297

Deposits with F.R. Banks, other than reserve balances 402,219 - 23,251 + 94,137 398,025

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 333,896 - 25,213 + 119,219 331,003

Foreign official 5,244 0 - 10 5,243

Other13 63,079 + 1,961 - 25,072 61,779

Other liabilities and capital14 44,044 - 411 - 3,536 43,938

Total factors, other than reserve balances,

absorbing reserve funds 2,406,367 - 19,129 + 172,604 2,409,477

Reserve balances with Federal Reserve Banks 1,632,580 - 17,393 - 590,800 1,619,745

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

Feb 20, 2019 Feb 13, 2019 Feb 21, 2018

Wednesday

Feb 20, 2019

Securities held in custody for foreign official and international

accounts 3,431,887 + 5,069 + 19,436 3,437,391

Marketable U.S. Treasury securities1 3,036,550 + 339 - 33,152 3,043,860

Federal agency debt and mortgage-backed securities2 324,688 + 4,561 + 62,582 322,835

Other securities3 70,649 + 169 - 9,994 70,696

Securities lent to dealers 22,842 + 4,177 - 4,048 22,833

Overnight facility4 22,842 + 4,177 - 4,048 22,833

U.S. Treasury securities 22,842 + 4,177 - 4,048 22,833

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, February 20, 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 23 0 0 0 0 ... 23

U.S. Treasury securities1

Holdings 12,529 92,780 274,118 930,757 254,819 617,197 2,182,201

Weekly changes - 43,523 + 38,475 - 1,329 - 11,831 - 4,455 - 741 - 23,403

Federal agency debt securities2

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

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 4 212 64,559 1,549,375 1,614,150

Weekly changes 0 0 0 - 3 - 348 - 7,455 - 7,806

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

Central bank liquidity swaps5 68 0 0 0 0 0 68

Reverse repurchase agreements4 255,179 0 ... ... ... ... 255,179

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 Feb 20, 2019

Mortgage-backed securities held outright1 1,614,150

Commitments to buy mortgage-backed securities2 324

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

Feb 20, 2019 Feb 13, 2019 Feb 21, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,798 - 11 - 136

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,923,075 - 31,748 - 425,213

Securities held outright1 3,798,759 - 31,210 - 406,996

U.S. Treasury securities 2,182,201 - 23,403 - 249,865

Bills2 0 0 0

Notes and bonds, nominal2 2,046,102 - 23,294 - 257,401

Notes and bonds, inflation-indexed2 114,769 0 + 5,356

Inflation compensation3 21,330 - 109 + 2,181

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

Mortgage-backed securities4 1,614,150 - 7,806 - 155,148

Unamortized premiums on securities held outright5 137,544 - 519 - 19,061

Unamortized discounts on securities held outright5 -13,250 - 24 + 855

Repurchase agreements6 0 0 0

Loans 23 + 5 - 10

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,710

Items in process of collection (0) 74 + 14 - 56

Bank premises 2,203 + 2 0

Central bank liquidity swaps8 68 - 3 + 1

Foreign currency denominated assets9 20,807 + 99 - 1,299

Other assets10 17,158 - 15,365 - 1,826

Total assets (0) 3,981,420 - 47,011 - 430,240

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

Feb 20, 2019 Feb 13, 2019 Feb 21, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,664,269 + 2,383 + 89,873

Reverse repurchase agreements11 255,179 + 8,914 - 24,991

Deposits (0) 2,017,770 - 57,724 - 492,144

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,619,745 - 14,672 - 595,594

U.S. Treasury, General Account 331,003 - 44,116 + 122,186

Foreign official 5,243 - 1 - 12

Other12 (0) 61,779 + 1,065 - 18,723

Deferred availability cash items (0) 264 + 59 - 45

Other liabilities and accrued dividends13 4,783 - 638 - 507

Total liabilities (0) 3,942,265 - 47,006 - 427,814

Capital accounts

Capital paid in 32,330 - 6 + 749

Surplus 6,825 0 - 3,175

Other capital accounts 0 0 0

Total capital 39,155 - 6 - 2,426

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, February 20, 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 1,798 48 51 156 123 236 191 294 32 47 115 201 304

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,923,075 74,926 2,165,829 99,049 111,220 232,158 235,488 210,119 52,229 32,744 61,758 162,218 485,337

Securities held outright1 3,798,759 72,552 2,097,210 95,911 107,696 224,796 228,027 203,453 50,574 31,701 59,801 157,078 469,960

U.S. Treasury securities 2,182,201 41,678 1,204,744 55,096 61,866 129,134 130,990 116,874 29,052 18,210 34,353 90,234 269,969

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

Notes and bonds3 2,182,201 41,678 1,204,744 55,096 61,866 129,134 130,990 116,874 29,052 18,210 34,353 90,234 269,969

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

Mortgage-backed securities4 1,614,150 30,829 891,136 40,754 45,762 95,519 96,892 86,450 21,490 13,470 25,411 66,745 199,693

Unamortized premiums on securities 

held outright5 137,544 2,627 75,935 3,473 3,899 8,139 8,256 7,367 1,831 1,148 2,165 5,687 17,016

Unamortized discounts on securities 

held outright5 -13,250 -253 -7,315 -335 -376 -784 -795 -710 -176 -111 -209 -548 -1,639

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

Loans 23 0 0 0 0 7 0 9 0 6 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 74 0 0 0 0 0 74 0 0 1 0 0 0

Bank premises 2,203 109 456 81 118 195 207 193 106 95 231 220 192

Central bank liquidity swaps8 68 3 21 4 5 15 4 3 1 0 1 1 10

Foreign currency denominated

assets9 20,807 885 6,560 1,182 1,679 4,495 1,202 882 300 95 206 258 3,062

Other assets10 17,158 347 8,876 424 488 1,232 1,020 888 488 174 326 814 2,078

Interdistrict settlement account 0 + 7,150 - 84,474 + 139 + 8,941 - 5,498 + 38,566 - 2,292 + 9,880 + 3,223 - 388 + 17,880 + 6,873

Total assets 3,981,420 84,029 2,102,763 101,596 123,355 234,017 278,898 211,250 63,521 36,668 62,708 182,779 499,835

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, February 20, 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 1,869,045 57,611 618,736 54,727 89,384 125,852 260,390 121,626 55,795 31,368 49,703 153,899 249,954

Less: Notes held by F.R. Banks 204,776 6,646 55,107 7,373 9,854 14,298 32,913 14,210 4,977 3,033 6,245 18,007 32,111

Federal Reserve notes, net 1,664,269 50,964 563,628 47,354 79,530 111,553 227,477 107,416 50,818 28,335 43,459 135,892 217,843

Reverse repurchase agreements11 255,179 4,874 140,878 6,443 7,234 15,100 15,318 13,667 3,397 2,129 4,017 10,552 31,569

Deposits 2,017,770 26,327 1,383,880 45,341 33,255 98,492 33,366 88,213 8,559 5,708 14,721 35,620 244,289

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 1,619,745 26,312 1,027,781 45,339 33,234 97,948 33,330 47,079 8,546 5,657 14,708 35,531 244,282

U.S. Treasury, General Account 331,003 0 331,003 0 0 0 0 0 0 0 0 0 0

Foreign official 5,243 2 5,216 2 3 9 2 2 1 0 0 0 6

Other12 61,779 13 19,881 1 18 536 33 41,132 13 51 13 88 1

Deferred availability cash items 264 0 0 0 0 0 98 0 0 166 0 0 0

Earnings remittances due to the U.S.

Treasury13 838 16 423 20 34 53 78 47 14 8 13 45 88

Other liabilities and accrued

dividends 3,945 161 1,511 175 173 466 273 269 122 137 133 198 327

Total liabilities 3,942,265 82,342 2,090,321 99,333 120,227 225,665 276,609 209,612 62,911 36,482 62,343 182,306 494,115

Capital

Capital paid in 32,330 1,394 10,277 1,868 2,583 6,896 1,892 1,354 507 154 299 388 4,718

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 3,981,420 84,029 2,102,763 101,596 123,355 234,017 278,898 211,250 63,521 36,668 62,708 182,779 499,835

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, February 20, 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 Feb 20, 2019

Federal Reserve notes outstanding 1,869,045

Less: Notes held by F.R. Banks not subject to collateralization 204,776

Federal Reserve notes to be collateralized 1,664,269

Collateral held against Federal Reserve notes 1,664,269

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,648,033

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,798,759

Less: Face value of securities under reverse repurchase agreements 255,254

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,543,506

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.