FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks September 19, 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

Sep 18, 2019 Sep 11, 2019 Sep 19, 2018

Wednesday

Sep 18, 2019

Reserve Bank credit 3,749,961 + 23,351 - 423,274 3,805,937

Securities held outright1 3,593,129 + 3,021 - 421,006 3,592,607

U.S. Treasury securities 2,102,090 + 3,934 - 211,115 2,105,826

Bills2 3,430 + 429 + 3,330 6,002

Notes and bonds, nominal2 1,956,261 + 2,058 - 219,341 1,957,404

Notes and bonds, inflation-indexed2 118,146 + 1,144 + 2,567 118,146

Inflation compensation3 24,254 + 304 + 2,329 24,274

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

Mortgage-backed securities4 1,488,692 - 913 - 209,828 1,484,434

Unamortized premiums on securities held outright5 128,127 + 188 - 17,759 127,927

Unamortized discounts on securities held outright5 -12,726 + 92 + 1,006 -12,746

Repurchase agreements6 18,307 + 18,307 + 18,307 75,000

Loans 132 + 44 - 172 87

Primary credit 55 + 54 + 15 4

Secondary credit 0 0 0 0

Seasonal credit 77 - 10 - 187 83

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,230 0

Float -128 + 41 + 33 -120

Central bank liquidity swaps8 39 - 1 - 61 39

Other Federal Reserve assets9 23,081 + 1,659 - 2,391 23,142

Foreign currency denominated assets10 20,660 - 55 - 384 20,652

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,053 + 14 + 374 50,053

Total factors supplying reserve funds 3,836,915 + 23,310 - 423,284 3,892,883

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

Sep 18, 2019 Sep 11, 2019 Sep 19, 2018

Wednesday

Sep 18, 2019

Currency in circulation11 1,762,168 - 4,133 + 77,079 1,762,755

Reverse repurchase agreements12 299,102 + 7,128 + 67,822 325,118

Foreign official and international accounts 294,183 + 4,169 + 66,543 306,208

Others 4,919 + 2,959 + 1,279 18,910

Treasury cash holdings 165 + 2 - 43 168

Deposits with F.R. Banks, other than reserve balances 336,427 + 83,325 - 82,624 374,915

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 250,226 + 64,884 - 85,652 303,057

Foreign official 5,225 - 31 - 31 5,186

Other13 80,975 + 18,471 + 3,058 66,673

Other liabilities and capital14 44,932 - 337 + 257 44,502

Total factors, other than reserve balances,

absorbing reserve funds 2,442,793 + 85,984 + 62,490 2,507,457

Reserve balances with Federal Reserve Banks 1,394,122 - 62,674 - 485,774 1,385,426

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

Sep 18, 2019 Sep 11, 2019 Sep 19, 2018

Wednesday

Sep 18, 2019

Securities held in custody for foreign official and international

accounts 3,466,886 + 13,825 + 40,810 3,460,003

Marketable U.S. Treasury securities1 3,020,437 + 8,743 - 31,136 3,013,669

Federal agency debt and mortgage-backed securities2 364,830 + 4,895 + 59,390 364,563

Other securities3 81,619 + 187 + 12,557 81,771

Securities lent to dealers 34,019 + 135 + 18,175 34,508

Overnight facility4 34,019 + 135 + 18,175 34,508

U.S. Treasury securities 34,019 + 135 + 18,175 34,508

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, September 18, 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 68 19 0 0 0 ... 87

U.S. Treasury securities1

Holdings 12,985 66,593 269,514 837,878 297,580 621,275 2,105,826

Weekly changes + 12,935 - 12,358 + 4,027 + 6 + 26 + 21 + 4,657

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 9 661 77,051 1,406,713 1,484,434

Weekly changes 0 0 0 + 47 - 551 - 4,668 - 5,171

Repurchase agreements4 75,000 0 ... ... ... ... 75,000

Central bank liquidity swaps5 39 0 0 0 0 0 39

Reverse repurchase agreements4 325,118 0 ... ... ... ... 325,118

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 Sep 18, 2019

Mortgage-backed securities held outright1 1,484,434

Commitments to buy mortgage-backed securities2 4,561

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 21

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

Sep 18, 2019 Sep 11, 2019 Sep 19, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,703 - 3 - 61

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,782,875 + 74,100 - 360,379

Securities held outright1 3,592,607 - 514 - 418,231

U.S. Treasury securities 2,105,826 + 4,657 - 207,380

Bills2 6,002 + 3,001 + 5,902

Notes and bonds, nominal2 1,957,404 + 1,601 - 218,198

Notes and bonds, inflation-indexed2 118,146 0 + 2,567

Inflation compensation3 24,274 + 55 + 2,349

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,484,434 - 5,171 - 210,789

Unamortized premiums on securities held outright5 127,927 - 384 - 17,767

Unamortized discounts on securities held outright5 -12,746 - 7 + 974

Repurchase agreements6 75,000 + 75,000 + 75,000

Loans 87 + 4 - 355

Net portfolio holdings of Maiden Lane LLC7 0 0 - 7

Items in process of collection (0) 47 + 2 - 87

Bank premises 2,189 + 5 + 7

Central bank liquidity swaps8 39 - 1 - 61

Foreign currency denominated assets9 20,652 + 29 - 397

Other assets10 20,953 + 891 - 2,379

Total assets (0) 3,844,695 + 75,022 - 363,364

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

Sep 18, 2019 Sep 11, 2019 Sep 19, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,714,568 - 2,604 + 76,609

Reverse repurchase agreements11 325,118 + 30,868 + 90,782

Deposits (0) 1,760,341 + 47,356 - 530,893

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,385,426 - 73,241 - 437,292

U.S. Treasury, General Account 303,057 + 119,476 - 96,462

Foreign official 5,186 - 70 - 70

Other12 (0) 66,673 + 1,192 + 2,932

Deferred availability cash items (0) 166 - 21 - 114

Other liabilities and accrued dividends13 5,207 - 618 + 15

Total liabilities (0) 3,805,400 + 74,983 - 363,602

Capital accounts

Capital paid in 32,470 + 39 + 239

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,295 + 39 + 239

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, September 18, 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 1,703 42 50 152 105 215 177 285 34 45 113 196 289

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,782,875 78,478 2,063,779 91,606 110,676 231,493 258,647 198,565 54,389 32,785 56,093 164,253 442,110

Securities held outright1 3,592,607 74,533 1,960,021 87,001 105,111 219,855 245,637 188,581 51,635 31,088 53,273 155,995 419,878

U.S. Treasury securities 2,105,826 43,688 1,148,877 50,996 61,611 128,869 143,982 110,538 30,266 18,222 31,226 91,437 246,114

Bills2 6,002 125 3,275 145 176 367 410 315 86 52 89 261 701

Notes and bonds3 2,099,824 43,563 1,145,603 50,851 61,436 128,502 143,571 110,223 30,180 18,170 31,137 91,177 245,412

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

Mortgage-backed securities4 1,484,434 30,796 809,864 35,948 43,431 90,842 101,495 77,920 21,335 12,845 22,012 64,456 173,490

Unamortized premiums on securities 

held outright5 127,927 2,654 69,793 3,098 3,743 7,829 8,747 6,715 1,839 1,107 1,897 5,555 14,951

Unamortized discounts on securities 

held outright5 -12,746 -264 -6,954 -309 -373 -780 -871 -669 -183 -110 -189 -553 -1,490

Repurchase agreements6 75,000 1,556 40,918 1,816 2,194 4,590 5,128 3,937 1,078 649 1,112 3,257 8,765

Loans 87 0 0 0 1 0 6 2 21 52 1 0 5

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 47 0 0 0 0 0 46 0 0 0 0 0 0

Bank premises 2,189 107 457 82 116 191 205 193 103 94 228 223 191

Central bank liquidity swaps8 39 2 12 2 3 8 2 2 1 0 0 0 6

Foreign currency denominated

assets9 20,652 889 6,555 1,193 1,649 4,403 1,201 862 315 98 200 256 3,032

Other assets10 20,953 449 10,935 500 617 1,493 1,410 1,068 502 216 382 975 2,408

Interdistrict settlement account 0 + 12,375 - 183,663 - 7,620 + 8,062 + 16,035 + 43,380 + 17,455 + 7,474 + 5,158 + 5,130 + 29,852 + 46,361

Total assets 3,844,695 92,889 1,903,650 86,452 121,996 255,005 307,281 219,565 63,296 38,673 62,592 196,926 496,370

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, September 18, 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 1,923,782 57,755 639,105 55,297 91,161 131,434 269,511 124,544 56,723 31,264 50,473 160,198 256,316

Less: Notes held by F.R. Banks 209,214 6,785 49,326 9,400 10,028 16,131 29,853 14,735 6,432 3,441 8,342 20,936 33,804

Federal Reserve notes, net 1,714,568 50,970 589,778 45,897 81,133 115,303 239,659 109,809 50,291 27,822 42,131 139,262 222,512

Reverse repurchase agreements11 325,118 6,745 177,375 7,873 9,512 19,896 22,229 17,066 4,673 2,813 4,821 14,117 37,997

Deposits 1,760,341 33,198 1,121,083 30,946 27,884 111,089 42,621 90,862 7,565 7,503 15,091 42,793 229,707

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 1,385,426 33,185 791,817 30,943 27,858 110,784 42,586 45,799 7,562 7,448 15,062 42,680 229,701

U.S. Treasury, General Account 303,057 0 303,057 0 0 0 0 0 0 0 0 0 0

Foreign official 5,186 2 5,158 2 3 9 2 2 1 0 0 0 6

Other12 66,673 11 21,050 1 23 297 33 45,061 3 55 28 112 0

Deferred availability cash items 166 0 0 0 0 0 46 0 0 120 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,003 17 581 24 33 50 88 45 16 7 4 48 91

Other liabilities and accrued

dividends 4,204 171 1,614 175 186 494 299 277 136 147 152 216 336

Total liabilities 3,805,400 91,101 1,890,431 84,915 118,748 246,833 304,941 218,059 62,680 38,413 62,198 196,436 490,644

Capital

Capital paid in 32,470 1,494 11,053 1,143 2,703 6,716 1,943 1,221 511 227 328 405 4,724

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 3,844,695 92,889 1,903,650 86,452 121,996 255,005 307,281 219,565 63,296 38,673 62,592 196,926 496,370

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, September 18, 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 Sep 18, 2019

Federal Reserve notes outstanding 1,923,782

Less: Notes held by F.R. Banks not subject to collateralization 209,214

Federal Reserve notes to be collateralized 1,714,568

Collateral held against Federal Reserve notes 1,714,568

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,698,331

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,667,607

Less: Face value of securities under reverse repurchase agreements 309,309

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,358,298

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.