FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks August 1, 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 31, 2019 Jul 24, 2019 Aug 1, 2018

Wednesday

Jul 31, 2019

Reserve Bank credit 3,751,598 - 16,010 - 480,853 3,739,581

Securities held outright1 3,606,334 - 14,835 - 458,979 3,594,822

U.S. Treasury securities 2,092,212 - 1,814 - 261,150 2,080,700

Bills2 2 0 + 2 2

Notes and bonds, nominal2 1,952,410 - 1,961 - 265,207 1,940,396

Notes and bonds, inflation-indexed2 116,068 + 79 + 1,980 116,545

Inflation compensation3 23,731 + 67 + 2,074 23,757

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

Mortgage-backed securities4 1,511,775 - 13,021 - 197,767 1,511,775

Unamortized premiums on securities held outright5 129,340 - 641 - 18,757 129,256

Unamortized discounts on securities held outright5 -12,760 + 28 + 1,074 -12,764

Repurchase agreements6 0 0 0 0

Loans 129 + 4 - 103 132

Primary credit 2 0 - 6 6

Secondary credit 0 0 0 0

Seasonal credit 126 + 4 - 98 126

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,716 0

Float -340 - 156 + 107 -818

Central bank liquidity swaps8 11 0 - 89 11

Other Federal Reserve assets9 28,884 - 411 - 2,390 28,942

Foreign currency denominated assets10 20,699 - 134 - 420 20,715

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,020 + 14 + 373 50,020

Total factors supplying reserve funds 3,838,558 - 16,129 - 480,900 3,826,557

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 31, 2019 Jul 24, 2019 Aug 1, 2018

Wednesday

Jul 31, 2019

Currency in circulation11 1,745,752 + 465 + 78,004 1,747,776

Reverse repurchase agreements12 290,068 - 107 + 50,092 308,710

Foreign official and international accounts 286,253 + 9,877 + 48,823 301,343

Others 3,815 - 9,985 + 1,270 7,367

Treasury cash holdings 174 + 10 - 33 176

Deposits with F.R. Banks, other than reserve balances 223,161 - 33,101 - 205,746 234,770

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 163,763 - 29,599 - 187,760 176,662

Foreign official 5,255 - 1 - 2 5,254

Other13 54,143 - 3,501 - 17,984 52,854

Other liabilities and capital14 44,879 + 402 - 193 44,578

Total factors, other than reserve balances,

absorbing reserve funds 2,304,034 - 32,331 - 77,876 2,336,011

Reserve balances with Federal Reserve Banks 1,534,523 + 16,201 - 403,025 1,490,546

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 31, 2019 Jul 24, 2019 Aug 1, 2018

Wednesday

Jul 31, 2019

Securities held in custody for foreign official and international

accounts 3,462,859 + 1,927 + 28,650 3,459,477

Marketable U.S. Treasury securities1 3,024,715 - 5,187 - 37,363 3,020,886

Federal agency debt and mortgage-backed securities2 357,370 + 6,354 + 58,606 357,689

Other securities3 80,774 + 760 + 7,407 80,901

Securities lent to dealers 26,563 + 2,026 + 8,784 29,606

Overnight facility4 26,563 + 2,026 + 8,784 29,606

U.S. Treasury securities 26,563 + 2,026 + 8,784 29,606

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 31, 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 121 11 0 0 0 ... 132

U.S. Treasury securities1

Holdings 54,817 27,659 256,814 863,166 265,728 612,516 2,080,700

Weekly changes + 35,507 - 54,814 + 28 + 6,891 - 988 + 25 - 13,351

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 6 327 76,623 1,434,819 1,511,775

Weekly changes 0 0 - 2 - 8 - 1,075 - 8,682 - 9,767

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

Central bank liquidity swaps5 11 0 0 0 0 0 11

Reverse repurchase agreements4 308,710 0 ... ... ... ... 308,710

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 31, 2019

Mortgage-backed securities held outright1 1,511,775

Commitments to buy mortgage-backed securities2 3,421

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 10

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 31, 2019 Jul 24, 2019 Aug 1, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,682 + 1 - 85

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,711,446 - 23,612 - 471,781

Securities held outright1 3,594,822 - 23,117 - 454,007

U.S. Treasury securities 2,080,700 - 13,351 - 256,176

Bills2 2 0 + 2

Notes and bonds, nominal2 1,940,396 - 13,975 - 260,193

Notes and bonds, inflation-indexed2 116,545 + 556 + 1,953

Inflation compensation3 23,757 + 68 + 2,062

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,511,775 - 9,767 - 197,769

Unamortized premiums on securities held outright5 129,256 - 511 - 18,747

Unamortized discounts on securities held outright5 -12,764 + 13 + 1,069

Repurchase agreements6 0 0 0

Loans 132 + 3 - 96

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,716

Items in process of collection (0) 68 - 40 - 134

Bank premises 2,195 + 6 + 16

Central bank liquidity swaps8 11 0 - 89

Foreign currency denominated assets9 20,715 - 37 - 354

Other assets10 26,746 - 654 - 2,409

Total assets (0) 3,779,102 - 24,334 - 476,551

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 31, 2019 Jul 24, 2019 Aug 1, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,699,610 + 1,647 + 77,652

Reverse repurchase agreements11 308,710 + 26,314 + 72,951

Deposits (0) 1,725,316 - 53,026 - 627,333

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,490,546 - 34,794 - 475,886

U.S. Treasury, General Account 176,662 - 1,565 - 133,542

Foreign official 5,254 - 1 - 3

Other12 (0) 52,854 - 16,666 - 17,902

Deferred availability cash items (0) 886 + 279 + 266

Other liabilities and accrued dividends13 5,352 + 451 - 411

Total liabilities (0) 3,739,876 - 24,333 - 476,872

Capital accounts

Capital paid in 32,401 0 + 322

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,226 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 31, 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 1,682 35 46 146 114 213 188 274 32 45 105 198 285

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,711,446 76,996 2,024,785 89,877 108,584 227,119 253,768 194,822 53,352 32,198 55,033 161,154 433,757

Securities held outright1 3,594,822 74,579 1,961,230 87,054 105,175 219,990 245,789 188,697 51,667 31,107 53,305 156,091 420,137

U.S. Treasury securities 2,080,700 43,167 1,135,169 50,387 60,876 127,331 142,264 109,219 29,905 18,005 30,853 90,346 243,177

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

Notes and bonds3 2,080,698 43,167 1,135,168 50,387 60,876 127,331 142,264 109,219 29,905 18,005 30,853 90,346 243,177

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

Mortgage-backed securities4 1,511,775 31,364 824,780 36,610 44,231 92,515 103,365 79,355 21,728 13,082 22,417 65,643 176,685

Unamortized premiums on securities 

held outright5 129,256 2,682 70,518 3,130 3,782 7,910 8,838 6,785 1,858 1,118 1,917 5,612 15,106

Unamortized discounts on securities 

held outright5 -12,764 -265 -6,964 -309 -373 -781 -873 -670 -183 -110 -189 -554 -1,492

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

Loans 132 0 1 2 0 0 15 10 11 84 0 4 6

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 68 0 0 0 0 0 68 0 0 0 0 0 0

Bank premises 2,195 107 463 82 117 193 205 192 103 94 228 221 190

Central bank liquidity swaps8 11 0 4 1 1 2 1 0 0 0 0 0 2

Foreign currency denominated

assets9 20,715 891 6,587 1,196 1,652 4,413 1,203 864 316 98 200 256 3,038

Other assets10 26,746 575 14,171 646 798 1,852 1,818 1,379 476 293 481 1,158 3,101

Interdistrict settlement account 0 + 9,356 - 198,816 - 8,185 + 17,995 + 10,088 + 35,973 + 20,417 + 8,497 + 5,289 + 5,041 + 24,556 + 69,788

Total assets 3,779,102 88,507 1,852,764 84,300 130,029 245,046 295,438 219,083 63,255 38,294 61,534 188,715 512,135

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 31, 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 1,901,884 57,243 628,758 54,799 90,883 131,183 261,361 124,174 56,411 31,376 50,366 158,924 256,407

Less: Notes held by F.R. Banks 202,274 6,173 46,766 8,368 10,063 16,067 30,530 13,461 6,190 3,335 8,087 20,576 32,659

Federal Reserve notes, net 1,699,610 51,070 581,992 46,431 80,820 115,116 230,831 110,713 50,221 28,041 42,279 138,348 223,748

Reverse repurchase agreements11 308,710 6,405 168,423 7,476 9,032 18,892 21,107 16,205 4,437 2,671 4,578 13,405 36,080

Deposits 1,725,316 29,071 1,086,818 28,670 36,751 102,335 40,771 90,261 7,830 6,424 14,132 36,207 246,046

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 1,490,546 29,059 889,589 28,667 36,708 102,110 40,735 53,279 7,825 6,361 14,090 36,083 246,040

U.S. Treasury, General Account 176,662 0 176,662 0 0 0 0 0 0 0 0 0 0

Foreign official 5,254 2 5,227 2 3 9 2 2 1 0 0 0 6

Other12 52,854 10 15,339 1 39 217 33 36,981 4 63 42 124 0

Deferred availability cash items 886 0 0 0 0 0 67 0 0 820 0 0 0

Earnings remittances due to the U.S.

Treasury13 668 12 360 16 21 22 82 32 15 8 8 44 48

Other liabilities and accrued

dividends 4,684 165 1,973 181 192 512 289 298 137 141 143 222 430

Total liabilities 3,739,876 86,722 1,839,566 82,774 126,817 236,877 293,147 217,509 62,640 38,105 61,140 188,226 506,353

Capital

Capital paid in 32,401 1,491 11,033 1,132 2,667 6,714 1,894 1,289 512 157 328 404 4,779

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 3,779,102 88,507 1,852,764 84,300 130,029 245,046 295,438 219,083 63,255 38,294 61,534 188,715 512,135

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 31, 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 31, 2019

Federal Reserve notes outstanding 1,901,884

Less: Notes held by F.R. Banks not subject to collateralization 202,274

Federal Reserve notes to be collateralized 1,699,610

Collateral held against Federal Reserve notes 1,699,610

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,683,374

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,594,822

Less: Face value of securities under reverse repurchase agreements 298,297

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,296,524

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.