FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 28, 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

Mar 27, 2019 Mar 20, 2019 Mar 28, 2018

Wednesday

Mar 27, 2019

Reserve Bank credit 3,921,319 - 6,888 - 436,034 3,916,543

Securities held outright1 3,774,597 - 6,773 - 414,017 3,770,666

U.S. Treasury securities 2,175,575 + 59 - 249,249 2,175,596

Bills2 0 0 0 0

Notes and bonds, nominal2 2,039,011 0 - 254,874 2,039,011

Notes and bonds, inflation-indexed2 115,154 0 + 3,934 115,154

Inflation compensation3 21,410 + 59 + 1,691 21,431

Federal agency debt securities2 2,400 - 9 - 1,991 2,347

Mortgage-backed securities4 1,596,623 - 6,822 - 162,775 1,592,723

Unamortized premiums on securities held outright5 135,904 - 474 - 18,907 135,705

Unamortized discounts on securities held outright5 -13,134 + 30 + 889 -13,122

Repurchase agreements6 0 0 0 0

Loans 15 + 5 - 4 27

Primary credit 8 + 7 + 3 21

Secondary credit 0 0 0 0

Seasonal credit 7 - 2 - 7 6

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,708 0

Float -176 - 4 + 32 -352

Central bank liquidity swaps8 66 - 2 - 13 66

Other Federal Reserve assets9 24,046 + 329 - 2,308 23,553

Foreign currency denominated assets10 20,765 + 63 - 1,597 20,700

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,895 + 14 + 393 49,895

Total factors supplying reserve funds 4,008,221 - 6,810 - 437,237 4,003,378

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 27, 2019 Mar 20, 2019 Mar 28, 2018

Wednesday

Mar 27, 2019

Currency in circulation11 1,721,828 + 1,191 + 86,577 1,723,754

Reverse repurchase agreements12 241,853 - 4,100 + 1,565 241,600

Foreign official and international accounts 239,521 - 5,523 + 10,144 241,434

Others 2,331 + 1,422 - 8,581 166

Treasury cash holdings 334 - 1 + 17 336

Deposits with F.R. Banks, other than reserve balances 376,477 + 2,785 - 34,144 359,678

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 310,868 + 7,245 - 7,990 295,593

Foreign official 5,243 - 1 - 66 5,243

Other13 60,366 - 4,459 - 26,088 58,842

Other liabilities and capital14 45,447 + 764 - 211 45,223

Total factors, other than reserve balances,

absorbing reserve funds 2,385,939 + 639 + 53,803 2,370,591

Reserve balances with Federal Reserve Banks 1,622,282 - 7,449 - 491,039 1,632,788

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

Mar 27, 2019 Mar 20, 2019 Mar 28, 2018

Wednesday

Mar 27, 2019

Securities held in custody for foreign official and international

accounts 3,470,097 - 9,287 + 25,874 3,462,340

Marketable U.S. Treasury securities1 3,071,921 - 10,848 - 19,015 3,064,343

Federal agency debt and mortgage-backed securities2 325,925 + 614 + 53,319 325,744

Other securities3 72,251 + 948 - 8,430 72,253

Securities lent to dealers 24,538 + 1,563 + 80 26,796

Overnight facility4 24,538 + 1,563 + 80 26,796

U.S. Treasury securities 24,538 + 1,563 + 80 26,796

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, March 27, 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 27 0 0 0 0 ... 27

U.S. Treasury securities1

Holdings 22,379 90,458 270,528 922,088 252,513 617,630 2,175,596

Weekly changes 0 0 + 1 + 8 + 21 + 28 + 59

Federal agency debt securities2

Holdings 0 0 0 0 0 2,347 2,347

Weekly changes - 62 0 0 0 0 0 - 62

Mortgage-backed securities3

Holdings 0 0 7 200 72,712 1,519,803 1,592,723

Weekly changes 0 0 - 1 - 7 - 907 - 5,834 - 6,749

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

Central bank liquidity swaps5 66 0 0 0 0 0 66

Reverse repurchase agreements4 241,600 0 ... ... ... ... 241,600

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 27, 2019

Mortgage-backed securities held outright1 1,592,723

Commitments to buy mortgage-backed securities2 260

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

Mar 27, 2019 Mar 20, 2019 Mar 28, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,729 - 16 - 106

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,893,275 - 7,139 - 430,934

Securities held outright1 3,770,666 - 6,752 - 412,976

U.S. Treasury securities 2,175,596 + 59 - 249,287

Bills2 0 0 0

Notes and bonds, nominal2 2,039,011 0 - 254,874

Notes and bonds, inflation-indexed2 115,154 0 + 3,934

Inflation compensation3 21,431 + 58 + 1,653

Federal agency debt securities2 2,347 - 62 - 2,044

Mortgage-backed securities4 1,592,723 - 6,749 - 161,645

Unamortized premiums on securities held outright5 135,705 - 433 - 18,841

Unamortized discounts on securities held outright5 -13,122 + 31 + 873

Repurchase agreements6 0 0 0

Loans 27 + 16 + 11

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,709

Items in process of collection (0) 58 + 3 - 15

Bank premises 2,207 + 3 + 10

Central bank liquidity swaps8 66 - 2 - 13

Foreign currency denominated assets9 20,700 - 33 - 1,555

Other assets10 21,347 + 53 - 2,258

Total assets (0) 3,955,617 - 7,131 - 436,581

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

Mar 27, 2019 Mar 20, 2019 Mar 28, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,675,919 + 1,422 + 86,384

Reverse repurchase agreements11 241,600 + 728 - 13,840

Deposits (0) 1,992,466 - 10,407 - 508,876

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,632,788 + 8,976 - 486,217

U.S. Treasury, General Account 295,593 - 19,156 - 4,762

Foreign official 5,243 - 1 - 11

Other12 (0) 58,842 - 227 - 17,886

Deferred availability cash items (0) 409 + 175 - 194

Other liabilities and accrued dividends13 5,879 + 925 - 238

Total liabilities (0) 3,916,272 - 7,159 - 436,765

Capital accounts

Capital paid in 32,520 + 27 + 859

Surplus 6,825 0 - 675

Other capital accounts 0 0 0

Total capital 39,345 + 27 + 184

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, March 27, 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 1,729 47 46 152 114 227 177 289 29 48 112 193 295

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,893,275 74,357 2,149,376 98,296 110,380 230,387 233,699 208,532 51,832 32,492 61,289 160,985 481,650

Securities held outright1 3,770,666 72,016 2,081,700 95,201 106,900 223,133 226,341 201,949 50,200 31,466 59,359 155,916 466,485

U.S. Treasury securities 2,175,596 41,552 1,201,098 54,929 61,679 128,743 130,594 116,520 28,964 18,155 34,249 89,960 269,152

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

Notes and bonds3 2,175,596 41,552 1,201,098 54,929 61,679 128,743 130,594 116,520 28,964 18,155 34,249 89,960 269,152

Federal agency debt securities2 2,347 45 1,296 59 67 139 141 126 31 20 37 97 290

Mortgage-backed securities4 1,592,723 30,419 879,306 40,213 45,154 94,251 95,606 85,303 21,204 13,291 25,073 65,859 197,042

Unamortized premiums on securities 

held outright5 135,705 2,592 74,919 3,426 3,847 8,030 8,146 7,268 1,807 1,132 2,136 5,611 16,789

Unamortized discounts on securities 

held outright5 -13,122 -251 -7,245 -331 -372 -777 -788 -703 -175 -110 -207 -543 -1,623

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

Loans 27 0 1 0 5 0 0 18 0 3 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 58 0 0 0 0 0 57 0 0 0 0 0 0

Bank premises 2,207 109 460 81 119 193 207 193 106 95 231 221 192

Central bank liquidity swaps8 66 3 21 4 5 14 4 3 1 0 1 1 10

Foreign currency denominated

assets9 20,700 881 6,526 1,176 1,671 4,471 1,196 877 299 95 205 256 3,047

Other assets10 21,347 434 11,293 537 614 1,484 1,283 1,118 338 225 403 1,005 2,614

Interdistrict settlement account 0 + 10,703 - 173,467 + 4,313 + 12,659 + 12,330 + 48,988 + 7,086 + 11,131 + 4,481 + 1,300 + 27,754 + 32,723

Total assets 3,955,617 87,093 1,999,699 105,118 126,343 250,292 287,757 219,261 64,219 37,724 64,000 191,602 522,509

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, March 27, 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 1,869,641 57,342 618,978 54,397 89,323 125,869 260,444 120,880 55,551 31,175 49,462 155,142 251,078

Less: Notes held by F.R. Banks 193,722 6,012 51,617 7,403 9,374 14,278 31,162 13,315 4,993 3,076 6,620 17,334 28,538

Federal Reserve notes, net 1,675,919 51,331 567,361 46,993 79,949 111,591 229,282 107,565 50,558 28,099 42,842 137,808 222,540

Reverse repurchase agreements11 241,600 4,614 133,382 6,100 6,849 14,297 14,502 12,940 3,216 2,016 3,803 9,990 29,889

Deposits 1,992,466 29,261 1,283,908 49,531 36,182 115,404 41,243 96,754 9,693 6,913 16,806 43,043 263,727

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 1,632,788 29,247 963,543 49,528 36,147 115,058 41,213 58,067 9,685 6,860 16,791 42,929 263,720

U.S. Treasury, General Account 295,593 0 295,593 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 58,842 13 19,556 1 32 337 28 38,685 8 53 15 113 2

Deferred availability cash items 409 0 0 0 0 0 52 0 0 357 0 0 0

Earnings remittances due to the U.S.

Treasury13 972 13 538 15 31 70 84 46 7 9 15 50 93

Other liabilities and accrued

dividends 4,907 185 2,022 215 200 550 304 317 129 143 145 225 471

Total liabilities 3,916,272 85,405 1,987,211 102,855 123,211 241,911 285,468 217,622 63,603 37,538 63,612 191,117 516,721

Capital

Capital paid in 32,520 1,394 10,323 1,869 2,587 6,925 1,892 1,355 512 154 322 401 4,786

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 3,955,617 87,093 1,999,699 105,118 126,343 250,292 287,757 219,261 64,219 37,724 64,000 191,602 522,509

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, March 27, 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 Mar 27, 2019

Federal Reserve notes outstanding 1,869,641

Less: Notes held by F.R. Banks not subject to collateralization 193,722

Federal Reserve notes to be collateralized 1,675,919

Collateral held against Federal Reserve notes 1,675,919

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,659,682

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,770,666

Less: Face value of securities under reverse repurchase agreements 239,405

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,531,261

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.