FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks February 25, 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

Feb 24, 2016 Feb 17, 2016 Feb 25, 2015

Wednesday

Feb 24, 2016

Reserve Bank credit 4,447,682 - 11,392 - 11,696 4,450,481

Securities held outright1 4,250,938 - 335 + 3,720 4,253,447

U.S. Treasury securities 2,461,052 - 57 + 826 2,461,211

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,671 + 32 - 40 2,346,865

Notes and bonds, inflation-indexed2 98,534 0 + 65 98,534

Inflation compensation3 15,848 - 88 + 802 15,813

Federal agency debt securities2 31,318 0 - 5,559 31,318

Mortgage-backed securities4 1,758,567 - 279 + 8,452 1,760,918

Unamortized premiums on securities held outright5 187,333 - 299 - 17,733 187,387

Unamortized discounts on securities held outright5 -16,345 + 16 + 1,793 -16,333

Repurchase agreements6 0 0 0 0

Loans 17 - 34 + 11 19

Primary credit 6 - 34 + 4 10

Secondary credit 0 0 0 0

Seasonal credit 11 + 1 + 7 10

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,721 - 1 + 35 1,722

Float -182 - 98 + 270 -532

Central bank liquidity swaps8 89 - 9 + 86 89

Other Federal Reserve assets9 24,111 - 10,632 + 123 24,680

Foreign currency denominated assets10 20,410 - 121 + 157 20,436

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 47,679 + 14 + 1,132 47,679

Total factors supplying reserve funds 4,532,012 - 11,499 - 10,406 4,534,836

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Feb 24, 2016 Feb 17, 2016 Feb 25, 2015

Wednesday

Feb 24, 2016

Currency in circulation11 1,429,156 + 4,820 + 79,681 1,430,555

Reverse repurchase agreements12 303,502 + 13,769 - 2,658 286,676

Foreign official and international accounts 245,056 - 5,785 + 116,400 245,611

Others 58,446 + 19,555 - 119,057 41,065

Treasury cash holdings 244 + 2 + 19 240

Deposits with F.R. Banks, other than reserve balances 330,985 + 28,199 - 161,597 345,464

Term deposits held by depository institutions 63,907 + 63,907 - 340,243 63,907

U.S. Treasury, General Account 237,950 - 28,810 + 169,836 216,862

Foreign official 5,238 - 5 - 6 5,238

Other13 23,890 - 6,894 + 8,816 59,457

Other liabilities and capital14 46,681 - 1,372 - 18,331 45,854

Total factors, other than reserve balances,

absorbing reserve funds 2,110,567 + 45,417 - 102,888 2,108,789

Reserve balances with Federal Reserve Banks 2,421,445 - 56,916 + 92,482 2,426,047

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

Feb 24, 2016 Feb 17, 2016 Feb 25, 2015

Wednesday

Feb 24, 2016

Securities held in custody for foreign official and international

accounts 3,254,251 - 968 - 12,189 3,246,629

Marketable U.S. Treasury securities1 2,941,048 - 2,060 + 1,284 2,931,187

Federal agency debt and mortgage-backed securities2 264,736 + 1,085 - 18,651 266,906

Other securities3 48,468 + 9 + 5,179 48,535

Securities lent to dealers 13,292 + 212 - 482 14,886

Overnight facility4 13,292 + 212 - 482 14,886

U.S. Treasury securities 13,214 + 185 - 114 14,810

Federal agency debt securities 79 + 28 - 366 76

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, February 24, 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 19 0 0 0 0 ... 19

U.S. Treasury securities1

Holdings 31,839 65,373 129,658 1,141,956 462,562 629,824 2,461,211

Weekly changes 0 - 1 - 5 - 17 + 6,606 - 6,452 + 131

Federal agency debt securities2

Holdings 0 6,222 11,767 10,982 0 2,347 31,318

Weekly changes 0 + 2,000 - 2,000 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 716 9,226 1,750,975 1,760,918

Weekly changes 0 0 0 0 + 3 + 4,143 + 4,147

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

Central bank liquidity swaps5 89 0 0 0 0 0 89

Reverse repurchase agreements4 286,676 0 ... ... ... ... 286,676

Term deposits 63,907 0 0 ... ... ... 63,907

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

...Not applicable.

1. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the

original face value of such securities.

2. Face value.

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

4. Cash value of agreements.

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

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

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Feb 24, 2016

Mortgage-backed securities held outright1 1,760,918

Commitments to buy mortgage-backed securities2 19,774

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 159

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 Feb 24, 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

Feb 24, 2016 Feb 17, 2016 Feb 25, 2015

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,970 - 25 + 72

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,424,521 + 4,176 + 761

Securities held outright1 4,253,447 + 4,278 + 16,196

U.S. Treasury securities 2,461,211 + 131 + 1,044

Bills2 0 0 0

Notes and bonds, nominal2 2,346,865 + 226 + 154

Notes and bonds, inflation-indexed2 98,534 0 + 65

Inflation compensation3 15,813 - 94 + 826

Federal agency debt securities2 31,318 0 - 5,559

Mortgage-backed securities4 1,760,918 + 4,147 + 20,710

Unamortized premiums on securities held outright5 187,387 - 81 - 17,235

Unamortized discounts on securities held outright5 -16,333 + 32 + 1,789

Repurchase agreements6 0 0 0

Loans 19 - 54 + 11

Net portfolio holdings of Maiden Lane LLC7 1,722 + 1 + 36

Items in process of collection (0) 141 - 50 - 51

Bank premises 2,229 - 2 - 23

Central bank liquidity swaps8 89 - 9 + 86

Foreign currency denominated assets9 20,436 + 76 + 184

Other assets10 22,451 + 2,001 + 2,005

Total assets (0) 4,489,796 + 6,167 + 3,071

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

Feb 24, 2016 Feb 17, 2016 Feb 25, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,385,083 + 2,438 + 78,235

Reverse repurchase agreements11 286,676 - 12,070 - 19,495

Deposits (0) 2,771,511 + 15,695 - 37,887

Term deposits held by depository institutions 63,907 + 63,907 - 340,243

Other deposits held by depository institutions 2,426,047 - 63,974 + 79,049

U.S. Treasury, General Account 216,862 - 25,488 + 170,148

Foreign official 5,238 0 + 25

Other12 (0) 59,457 + 41,250 + 53,134

Deferred availability cash items (0) 672 + 358 - 95

Other liabilities and accrued dividends13 6,321 - 269 + 338

Total liabilities (0) 4,450,263 + 6,153 + 21,095

Capital accounts

Capital paid in 29,532 + 13 + 753

Surplus 10,000 0 - 18,779

Other capital accounts 0 0 0

Total capital 39,532 + 13 - 18,025

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, February 24, 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 1,970 51 84 133 138 310 193 286 29 58 156 199 334

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,424,521 112,159 2,656,083 110,045 106,376 240,310 249,155 164,395 46,141 26,914 57,477 142,528 512,939

Securities held outright1 4,253,447 107,823 2,553,395 105,790 102,263 231,020 239,520 158,035 44,357 25,868 55,255 137,017 493,104

U.S. Treasury securities 2,461,211 62,390 1,477,495 61,214 59,173 133,677 138,596 91,445 25,667 14,968 31,972 79,284 285,329

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

Notes and bonds3 2,461,211 62,390 1,477,495 61,214 59,173 133,677 138,596 91,445 25,667 14,968 31,972 79,284 285,329

Federal agency debt securities2 31,318 794 18,801 779 753 1,701 1,764 1,164 327 190 407 1,009 3,631

Mortgage-backed securities4 1,760,918 44,638 1,057,100 43,797 42,337 95,642 99,161 65,426 18,364 10,709 22,875 56,725 204,144

Unamortized premiums on securities 

held outright5 187,387 4,750 112,491 4,661 4,505 10,178 10,552 6,962 1,954 1,140 2,434 6,036 21,724

Unamortized discounts on securities 

held outright5 -16,333 -414 -9,805 -406 -393 -887 -920 -607 -170 -99 -212 -526 -1,893

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

Loans 19 0 2 0 0 0 3 5 0 6 0 0 4

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 141 0 0 0 0 0 140 0 0 0 0 0 0

Bank premises 2,229 123 435 75 106 210 206 202 118 91 240 226 198

Central bank liquidity swaps8 89 4 29 5 7 20 5 2 1 0 1 1 13

Foreign currency denominated

assets9 20,436 926 6,589 1,142 1,593 4,689 1,163 549 190 86 215 294 3,000

Other assets10 22,451 599 12,848 561 544 1,388 1,270 842 463 157 330 838 2,610

Interdistrict settlement account 0 - 33,283 - 123,437 + 14,559 + 12,282 + 4,047 + 9,019 + 6,702 + 13,222 + 5,880 + 3,762 + 17,903 + 69,344

Total assets 4,489,796 81,122 2,559,880 127,069 121,787 252,169 263,406 174,136 60,613 33,448 62,622 163,163 590,382

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, February 24, 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 1,555,302 49,447 496,979 49,407 82,065 105,662 222,503 102,518 51,205 27,133 40,272 128,241 199,870

Less: Notes held by F.R. Banks 170,219 5,996 58,580 6,295 8,703 11,325 21,249 10,474 4,099 2,698 4,912 12,518 23,369

Federal Reserve notes, net 1,385,083 43,452 438,399 43,111 73,362 94,337 201,254 92,043 47,106 24,435 35,360 115,723 176,501

Reverse repurchase agreements11 286,676 7,267 172,095 7,130 6,892 15,570 16,143 10,651 2,990 1,743 3,724 9,235 33,234

Deposits 2,771,511 28,453 1,933,287 74,414 38,291 132,831 43,296 70,069 9,972 6,383 23,008 37,445 374,062

Term deposits held by depository

institutions 63,907 25 31,529 13,100 300 8 515 5,405 25 0 2,600 100 10,300

Other deposits held by depository

institutions 2,426,047 28,415 1,628,334 61,312 37,988 132,637 42,772 56,767 9,938 6,383 20,407 37,341 363,752

U.S. Treasury, General Account 216,862 0 216,862 0 0 0 0 0 0 0 0 0 0

Foreign official 5,238 2 5,211 2 3 9 2 1 0 0 0 1 6

Other12 59,457 11 51,351 0 0 176 7 7,895 8 0 1 3 4

Deferred availability cash items 672 0 0 0 0 0 92 0 0 580 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,790 48 1,085 44 46 104 109 57 8 7 21 59 203

Other liabilities and accrued

dividends 4,531 157 1,984 188 186 516 317 249 125 130 113 197 371

Total liabilities 4,450,263 79,376 2,546,850 124,887 118,777 243,357 261,211 173,069 60,202 33,279 62,226 162,658 584,371

Capital

Capital paid in 29,532 1,305 9,731 1,631 2,248 6,581 1,640 799 308 127 296 378 4,490

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 4,489,796 81,122 2,559,880 127,069 121,787 252,169 263,406 174,136 60,613 33,448 62,622 163,163 590,382

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, February 24, 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 Feb 24, 2016

Federal Reserve notes outstanding 1,555,302

Less: Notes held by F.R. Banks not subject to collateralization 170,219

Federal Reserve notes to be collateralized 1,385,083

Collateral held against Federal Reserve notes 1,385,083

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,368,846

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,253,447

Less: Face value of securities under reverse repurchase agreements 271,530

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,981,917

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.