FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 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

Mar 20, 2019 Mar 13, 2019 Mar 21, 2018

Wednesday

Mar 20, 2019

Reserve Bank credit 3,928,207 - 3,485 - 433,327 3,923,800

Securities held outright1 3,781,370 - 4,128 - 411,689 3,777,418

U.S. Treasury securities 2,175,516 + 59 - 249,148 2,175,537

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 21,351 + 58 + 1,792 21,373

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

Mortgage-backed securities4 1,603,445 - 4,186 - 160,560 1,599,472

Unamortized premiums on securities held outright5 136,378 - 364 - 18,936 136,138

Unamortized discounts on securities held outright5 -13,164 + 31 + 899 -13,153

Repurchase agreements6 0 0 0 0

Loans 10 - 1 - 6 11

Primary credit 1 - 2 - 4 5

Secondary credit 0 0 0 0

Seasonal credit 9 0 - 2 6

Other credit extensions 0 0 0 0

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

Float -172 - 15 - 19 -179

Central bank liquidity swaps8 68 + 1 - 9 68

Other Federal Reserve assets9 23,717 + 991 - 1,859 23,497

Foreign currency denominated assets10 20,702 + 67 - 1,499 20,733

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,881 + 14 + 395 49,881

Total factors supplying reserve funds 4,015,031 - 3,404 - 434,432 4,010,655

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 20, 2019 Mar 13, 2019 Mar 21, 2018

Wednesday

Mar 20, 2019

Currency in circulation11 1,720,637 + 724 + 86,484 1,722,303

Reverse repurchase agreements12 245,953 + 9,039 + 4,207 240,872

Foreign official and international accounts 245,044 + 8,248 + 14,004 240,255

Others 909 + 791 - 9,797 617

Treasury cash holdings 335 + 4 + 19 334

Deposits with F.R. Banks, other than reserve balances 373,692 + 61,947 - 30,493 379,062

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 303,623 + 57,651 - 12,831 314,749

Foreign official 5,244 + 1 - 10 5,244

Other13 64,825 + 4,296 - 17,652 59,069

Other liabilities and capital14 44,683 - 902 - 793 44,272

Total factors, other than reserve balances,

absorbing reserve funds 2,385,300 + 70,812 + 59,423 2,386,843

Reserve balances with Federal Reserve Banks 1,629,731 - 74,217 - 493,856 1,623,812

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 20, 2019 Mar 13, 2019 Mar 21, 2018

Wednesday

Mar 20, 2019

Securities held in custody for foreign official and international

accounts 3,479,384 + 7,212 + 39,349 3,476,205

Marketable U.S. Treasury securities1 3,082,769 + 6,702 - 14,698 3,080,163

Federal agency debt and mortgage-backed securities2 325,311 + 1,059 + 62,175 323,624

Other securities3 71,303 - 551 - 8,129 72,418

Securities lent to dealers 22,975 - 682 + 275 24,152

Overnight facility4 22,975 - 682 + 275 24,152

U.S. Treasury securities 22,975 - 682 + 275 24,152

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 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 11 0 0 0 0 ... 11

U.S. Treasury securities1

Holdings 22,379 90,458 270,527 922,080 252,492 617,602 2,175,537

Weekly changes + 22,379 - 22,379 0 + 9 + 22 + 28 + 58

Federal agency debt securities2

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

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 8 207 73,619 1,525,637 1,599,472

Weekly changes 0 0 0 - 4 - 370 - 7,922 - 8,295

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

Central bank liquidity swaps5 68 0 0 0 0 0 68

Reverse repurchase agreements4 240,872 0 ... ... ... ... 240,872

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 20, 2019

Mortgage-backed securities held outright1 1,599,472

Commitments to buy mortgage-backed securities2 276

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 20, 2019 Mar 13, 2019 Mar 21, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,745 - 18 - 114

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,900,414 - 8,723 - 432,935

Securities held outright1 3,777,418 - 8,237 - 414,867

U.S. Treasury securities 2,175,537 + 58 - 249,186

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 21,373 + 59 + 1,755

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

Mortgage-backed securities4 1,599,472 - 8,295 - 163,699

Unamortized premiums on securities held outright5 136,138 - 518 - 18,967

Unamortized discounts on securities held outright5 -13,153 + 31 + 901

Repurchase agreements6 0 0 0

Loans 11 0 - 3

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

Items in process of collection (0) 55 + 7 - 33

Bank premises 2,204 + 2 + 7

Central bank liquidity swaps8 68 + 1 - 9

Foreign currency denominated assets9 20,733 + 32 - 1,430

Other assets10 21,294 - 111 - 2,250

Total assets (0) 3,962,748 - 8,811 - 438,474

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 20, 2019 Mar 13, 2019 Mar 21, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,674,497 + 916 + 87,106

Reverse repurchase agreements11 240,872 + 1,389 - 8,277

Deposits (0) 2,002,873 - 10,012 - 517,289

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,623,812 - 83,313 - 511,256

U.S. Treasury, General Account 314,749 + 76,368 + 15,776

Foreign official 5,244 + 1 - 10

Other12 (0) 59,069 - 3,066 - 21,798

Deferred availability cash items (0) 234 + 15 - 5

Other liabilities and accrued dividends13 4,954 - 1,202 - 156

Total liabilities (0) 3,923,431 - 8,893 - 438,620

Capital accounts

Capital paid in 32,493 + 82 + 823

Surplus 6,825 0 - 675

Other capital accounts 0 0 0

Total capital 39,318 + 82 + 148

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 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 1,745 49 47 154 114 231 177 291 29 48 111 194 300

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,900,414 74,494 2,153,325 98,477 110,578 230,811 234,129 208,900 51,932 32,552 61,402 161,281 482,535

Securities held outright1 3,777,418 72,145 2,085,428 95,372 107,091 223,533 226,746 202,310 50,290 31,523 59,466 156,195 467,320

U.S. Treasury securities 2,175,537 41,550 1,201,065 54,928 61,677 128,740 130,590 116,517 28,964 18,155 34,248 89,958 269,145

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

Notes and bonds3 2,175,537 41,550 1,201,065 54,928 61,677 128,740 130,590 116,517 28,964 18,155 34,248 89,958 269,145

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

Mortgage-backed securities4 1,599,472 30,548 883,032 40,383 45,346 94,651 96,011 85,664 21,294 13,348 25,179 66,138 197,877

Unamortized premiums on securities 

held outright5 136,138 2,600 75,159 3,437 3,860 8,056 8,172 7,291 1,812 1,136 2,143 5,629 16,842

Unamortized discounts on securities 

held outright5 -13,153 -251 -7,261 -332 -373 -778 -790 -704 -175 -110 -207 -544 -1,627

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

Loans 11 0 0 0 0 0 0 3 5 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 55 0 0 0 0 0 54 0 0 1 0 0 0

Bank premises 2,204 109 457 81 119 194 207 193 106 95 230 221 192

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

Foreign currency denominated

assets9 20,733 882 6,537 1,178 1,673 4,478 1,198 879 299 95 205 257 3,051

Other assets10 21,294 429 11,170 530 608 1,478 1,269 1,107 549 210 399 958 2,586

Interdistrict settlement account 0 + 13,056 - 168,118 + 5,518 + 4,771 + 19,500 + 47,088 - 165 + 10,846 + 4,510 + 1,796 + 25,719 + 35,477

Total assets 3,962,748 89,581 2,008,883 106,502 118,650 257,892 286,271 212,371 64,247 37,800 64,603 189,818 526,131

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 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 1,869,688 57,469 618,950 54,511 89,426 126,032 260,191 121,117 55,615 31,247 49,551 154,693 250,887

Less: Notes held by F.R. Banks 195,190 6,053 52,434 7,280 9,339 14,080 31,394 13,511 4,852 2,968 6,593 17,199 29,489

Federal Reserve notes, net 1,674,497 51,416 566,517 47,231 80,087 111,952 228,797 107,607 50,763 28,279 42,958 137,494 221,398

Reverse repurchase agreements11 240,872 4,600 132,980 6,082 6,829 14,254 14,459 12,901 3,207 2,010 3,792 9,960 29,799

Deposits 2,002,873 31,694 1,294,853 50,722 28,389 122,776 40,312 89,909 9,524 7,003 17,340 41,629 268,721

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 1,623,812 31,684 953,038 50,719 28,355 122,540 40,278 53,198 9,515 6,949 17,330 41,492 268,714

U.S. Treasury, General Account 314,749 0 314,749 0 0 0 0 0 0 0 0 0 0

Foreign official 5,244 2 5,216 2 3 9 2 2 1 0 0 0 6

Other12 59,069 9 21,850 1 31 228 32 36,709 8 54 9 137 2

Deferred availability cash items 234 0 0 0 0 0 55 0 0 179 0 0 0

Earnings remittances due to the U.S.

Treasury13 931 17 507 19 32 46 82 49 13 9 17 50 89

Other liabilities and accrued

dividends 4,023 165 1,538 185 181 483 277 267 123 134 133 200 337

Total liabilities 3,923,431 87,893 1,996,395 104,238 115,518 249,511 283,982 210,732 63,631 37,614 64,240 189,334 520,344

Capital

Capital paid in 32,493 1,394 10,323 1,869 2,587 6,925 1,892 1,354 512 154 297 400 4,785

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 3,962,748 89,581 2,008,883 106,502 118,650 257,892 286,271 212,371 64,247 37,800 64,603 189,818 526,131

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 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 Mar 20, 2019

Federal Reserve notes outstanding 1,869,688

Less: Notes held by F.R. Banks not subject to collateralization 195,190

Federal Reserve notes to be collateralized 1,674,497

Collateral held against Federal Reserve notes 1,674,497

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,658,260

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,777,418

Less: Face value of securities under reverse repurchase agreements 240,211

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,537,207

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.