FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 24, 2016

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Mar 23, 2016 Mar 16, 2016 Mar 25, 2015

Wednesday

Mar 23, 2016

Reserve Bank credit 4,450,735 + 4,495 - 2,476 4,453,820

Securities held outright1 4,250,757 + 3,408 + 12,919 4,253,473

U.S. Treasury securities 2,461,267 + 44 + 1,557 2,461,283

Bills2 0 0 0 0

Notes and bonds, nominal2 2,344,518 0 - 2,192 2,344,518

Notes and bonds, inflation-indexed2 100,880 0 + 2,411 100,880

Inflation compensation3 15,868 + 43 + 1,337 15,884

Federal agency debt securities2 29,257 - 1,472 - 7,620 29,257

Mortgage-backed securities4 1,760,233 + 4,837 + 18,982 1,762,933

Unamortized premiums on securities held outright5 186,216 - 129 - 17,117 186,225

Unamortized discounts on securities held outright5 -16,347 + 37 + 1,654 -16,335

Repurchase agreements6 0 0 0 0

Loans 19 + 4 + 3 18

Primary credit 4 0 - 2 4

Secondary credit 0 0 0 0

Seasonal credit 15 + 4 + 5 14

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,722 0 + 30 1,722

Float -228 + 149 + 183 -249

Central bank liquidity swaps8 53 - 23 + 50 53

Other Federal Reserve assets9 28,543 + 1,049 - 198 28,913

Foreign currency denominated assets10 20,681 + 269 + 1,086 20,508

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 47,714 + 14 + 1,066 47,714

Total factors supplying reserve funds 4,535,371 + 4,777 - 324 4,538,282

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

Mar 23, 2016 Mar 16, 2016 Mar 25, 2015

Wednesday

Mar 23, 2016

Currency in circulation11 1,439,660 + 1,932 + 83,615 1,441,401

Reverse repurchase agreements12 299,132 + 18,793 + 16 307,555

Foreign official and international accounts 237,440 - 2,639 + 96,439 237,480

Others 61,692 + 21,431 - 96,423 70,075

Treasury cash holdings 228 - 10 + 31 217

Deposits with F.R. Banks, other than reserve balances 326,338 + 61,276 + 218,006 310,672

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 296,956 + 61,322 + 211,049 277,707

Foreign official 5,172 0 - 67 5,173

Other13 24,210 - 47 + 7,024 27,793

Other liabilities and capital14 47,478 - 236 - 17,900 46,611

Total factors, other than reserve balances,

absorbing reserve funds 2,112,837 + 81,755 + 283,769 2,106,456

Reserve balances with Federal Reserve Banks 2,422,534 - 76,978 - 284,093 2,431,826

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

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

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

the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

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

amortization is on an effective-interest basis.

6. Cash value of agreements.

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

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

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

foreign central bank.

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

Bank premises and equipment net of allowances for depreciation.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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

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

financial market utilities.

14. Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Mar 23, 2016 Mar 16, 2016 Mar 25, 2015

Wednesday

Mar 23, 2016

Securities held in custody for foreign official and international

accounts 3,256,269 + 4,403 + 22,400 3,253,585

Marketable U.S. Treasury securities1 2,942,303 + 5,747 + 34,568 2,939,861

Federal agency debt and mortgage-backed securities2 265,863 - 415 - 16,615 265,836

Other securities3 48,103 - 929 + 4,447 47,889

Securities lent to dealers 20,877 + 1,048 + 8,278 19,995

Overnight facility4 20,877 + 1,048 + 8,278 19,995

U.S. Treasury securities 20,842 + 1,071 + 8,672 19,953

Federal agency debt securities 35 - 23 - 394 42

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, March 23, 2016

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 18 0 0 0 0 ... 18

U.S. Treasury securities1

Holdings 23,587 67,034 117,589 1,152,298 468,561 632,214 2,461,283

Weekly changes 0 0 + 2 + 7 + 6 + 28 + 44

Federal agency debt securities2

Holdings 0 4,161 11,767 10,982 0 2,347 29,257

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 777 9,014 1,753,142 1,762,933

Weekly changes 0 0 0 + 1 + 23 + 4,827 + 4,851

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

Central bank liquidity swaps5 53 0 0 0 0 0 53

Reverse repurchase agreements4 307,555 0 ... ... ... ... 307,555

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 Mar 23, 2016

Mortgage-backed securities held outright1 1,762,933

Commitments to buy mortgage-backed securities2 17,103

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 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Mar 23, 2016

Net portfolio holdings of Maiden Lane LLC1 1,722

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

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

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

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

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

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

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

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

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

table 5 and table 6.

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

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

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

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

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Mar 23, 2016 Mar 16, 2016 Mar 25, 2015

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,896 - 21 + 57

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,423,381 + 4,762 + 9,964

Securities held outright1 4,253,473 + 4,894 + 25,021

U.S. Treasury securities 2,461,283 + 44 + 1,617

Bills2 0 0 0

Notes and bonds, nominal2 2,344,518 0 - 2,192

Notes and bonds, inflation-indexed2 100,880 0 + 2,411

Inflation compensation3 15,884 + 43 + 1,397

Federal agency debt securities2 29,257 0 - 7,620

Mortgage-backed securities4 1,762,933 + 4,851 + 31,024

Unamortized premiums on securities held outright5 186,225 - 146 - 16,710

Unamortized discounts on securities held outright5 -16,335 + 32 + 1,649

Repurchase agreements6 0 0 0

Loans 18 - 19 + 3

Net portfolio holdings of Maiden Lane LLC7 1,722 0 + 30

Items in process of collection (0) 148 - 2 - 34

Bank premises 2,227 0 - 21

Central bank liquidity swaps8 53 - 23 + 50

Foreign currency denominated assets9 20,508 + 185 + 696

Other assets10 26,686 + 1,622 + 1,512

Total assets (0) 4,492,857 + 6,524 + 12,254

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

Mar 23, 2016 Mar 16, 2016 Mar 25, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,395,796 + 1,841 + 82,882

Reverse repurchase agreements11 307,555 + 17,667 + 28,708

Deposits (0) 2,742,498 - 13,495 - 81,338

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,431,826 - 23,696 - 305,976

U.S. Treasury, General Account 277,707 - 1,374 + 206,382

Foreign official 5,173 - 2 - 52

Other12 (0) 27,793 + 11,578 + 18,309

Deferred availability cash items (0) 397 + 52 - 348

Other liabilities and accrued dividends13 6,623 + 17 - 25

Total liabilities (0) 4,452,869 + 6,082 + 29,880

Capital accounts

Capital paid in 29,988 + 442 + 1,181

Surplus 10,000 0 - 18,807

Other capital accounts 0 0 0

Total capital 39,988 + 442 - 17,626

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

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

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

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

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

amortization is on an effective-interest basis.

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

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

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

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

central bank.

9. Revalued daily at current foreign currency exchange rates.

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

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

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

financial market utilities.

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

6. Statement of Condition of Each Federal Reserve Bank, March 23, 2016

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

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

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

Coin 1,896 48 87 132 136 300 180 280 24 57 153 186 314

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,423,381 112,130 2,655,398 110,016 106,348 240,249 249,089 164,355 46,130 26,906 57,466 142,491 512,803

Securities held outright1 4,253,473 107,823 2,553,411 105,791 102,264 231,021 239,522 158,035 44,357 25,868 55,255 137,018 493,107

U.S. Treasury securities 2,461,283 62,392 1,477,538 61,216 59,175 133,681 138,600 91,448 25,667 14,969 31,973 79,286 285,338

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

Notes and bonds3 2,461,283 62,392 1,477,538 61,216 59,175 133,681 138,600 91,448 25,667 14,969 31,973 79,286 285,338

Federal agency debt securities2 29,257 742 17,563 728 703 1,589 1,648 1,087 305 178 380 942 3,392

Mortgage-backed securities4 1,762,933 44,689 1,058,310 43,847 42,385 95,751 99,274 65,501 18,385 10,721 22,901 56,790 204,378

Unamortized premiums on securities 

held outright5 186,225 4,721 111,793 4,632 4,477 10,115 10,487 6,919 1,942 1,133 2,419 5,999 21,589

Unamortized discounts on securities 

held outright5 -16,335 -414 -9,806 -406 -393 -887 -920 -607 -170 -99 -212 -526 -1,894

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

Loans 18 0 0 0 0 0 0 7 1 5 5 0 0

Net portfolio holdings of Maiden

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

Items in process of collection 148 0 0 0 0 0 148 0 0 0 0 0 0

Bank premises 2,227 123 433 74 105 210 207 203 117 91 240 226 199

Central bank liquidity swaps8 53 2 17 3 4 12 3 1 0 0 1 1 8

Foreign currency denominated

assets9 20,508 930 6,612 1,146 1,599 4,705 1,167 551 191 86 216 295 3,011

Other assets10 26,686 713 15,483 673 652 1,636 1,517 1,007 349 183 393 960 3,121

Interdistrict settlement account 0 - 26,842 - 187,452 + 13,292 + 17,811 + 37,966 + 12,529 + 6,573 + 12,247 + 5,955 + 2,887 + 27,343 + 77,692

Total assets 4,492,857 87,647 2,497,825 125,886 127,396 286,273 267,094 174,127 59,507 33,541 61,795 172,674 599,092

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, March 23, 2016 (continued)

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Liabilities

Federal Reserve notes outstanding 1,563,675 49,231 497,753 49,186 81,686 107,761 222,942 104,574 50,868 26,981 40,033 129,548 203,114

Less: Notes held by F.R. Banks 167,879 5,353 58,068 5,815 8,559 11,638 22,127 10,360 4,813 2,454 4,718 12,394 21,581

Federal Reserve notes, net 1,395,796 43,878 439,685 43,371 73,127 96,123 200,816 94,213 46,055 24,527 35,315 117,154 181,532

Reverse repurchase agreements11 307,555 7,796 184,629 7,649 7,394 16,704 17,319 11,427 3,207 1,870 3,995 9,907 35,655

Deposits 2,742,498 34,019 1,857,175 72,443 43,619 163,995 46,236 66,674 9,686 6,529 21,954 44,855 375,313

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 2,431,826 34,014 1,553,593 72,440 43,616 163,857 46,227 59,767 9,675 6,529 21,951 44,854 375,303

U.S. Treasury, General Account 277,707 0 277,707 0 0 0 0 0 0 0 0 0 0

Foreign official 5,173 2 5,146 2 3 9 2 1 0 0 0 1 6

Other12 27,793 3 20,729 0 0 129 7 6,905 11 0 3 1 5

Deferred availability cash items 397 0 0 0 0 0 89 0 0 309 0 0 0

Earnings remittances due to the U.S.

Treasury13 2,025 54 1,197 51 57 129 122 69 19 9 22 64 233

Other liabilities and accrued

dividends 4,598 154 2,104 190 188 517 306 242 125 127 113 188 344

Total liabilities 4,452,869 85,900 2,484,790 123,704 124,385 277,468 264,886 172,625 59,093 33,371 61,401 172,169 593,077

Capital

Capital paid in 29,988 1,305 9,736 1,631 2,250 6,575 1,652 1,234 312 127 295 379 4,493

Surplus 10,000 442 3,299 550 762 2,230 555 268 103 43 100 127 1,521

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

Total liabilities and capital 4,492,857 87,647 2,497,825 125,886 127,396 286,273 267,094 174,127 59,507 33,541 61,795 172,674 599,092

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, March 23, 2016 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.

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

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury and Federal

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

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

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

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

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

9. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

Note on consolidation:

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

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

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

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

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

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

and table 5).
H.4.1

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Mar 23, 2016

Federal Reserve notes outstanding 1,563,675

Less: Notes held by F.R. Banks not subject to collateralization 167,879

Federal Reserve notes to be collateralized 1,395,796

Collateral held against Federal Reserve notes 1,395,796

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,379,559

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,253,473

Less: Face value of securities under reverse repurchase agreements 287,304

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,966,169

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.