FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 24, 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

Jan 23, 2019 Jan 16, 2019 Jan 24, 2018

Wednesday

Jan 23, 2019

Reserve Bank credit 4,010,760 - 5,201 - 389,456 4,007,673

Securities held outright1 3,854,215 - 5,834 - 367,840 3,851,419

U.S. Treasury securities 2,220,147 - 1,602 - 226,862 2,220,115

Bills2 0 0 0 0

Notes and bonds, nominal2 2,083,586 0 - 236,715 2,083,586

Notes and bonds, inflation-indexed2 114,769 - 1,268 + 7,266 114,769

Inflation compensation3 21,791 - 334 + 2,586 21,760

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

Mortgage-backed securities4 1,631,659 - 4,232 - 138,996 1,628,895

Unamortized premiums on securities held outright5 139,188 - 404 - 18,867 138,996

Unamortized discounts on securities held outright5 -13,332 + 35 + 761 -13,322

Repurchase agreements6 0 0 0 0

Loans 44 + 29 - 21 19

Primary credit 40 + 26 - 21 13

Secondary credit 0 0 0 0

Seasonal credit 3 + 2 - 1 6

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,715 0

Float -136 + 66 + 34 -225

Central bank liquidity swaps8 86 - 2 + 14 86

Other Federal Reserve assets9 30,696 + 910 - 1,821 30,700

Foreign currency denominated assets10 20,898 - 189 - 934 20,930

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,889 + 14 + 464 49,889

Total factors supplying reserve funds 4,097,788 - 5,376 - 389,927 4,094,733

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

Jan 23, 2019 Jan 16, 2019 Jan 24, 2018

Wednesday

Jan 23, 2019

Currency in circulation11 1,704,869 - 1,983 + 97,176 1,704,945

Reverse repurchase agreements12 257,157 - 5,076 - 9,666 253,617

Foreign official and international accounts 246,214 - 14,191 + 5,999 242,202

Others 10,944 + 9,115 - 15,665 11,415

Treasury cash holdings 237 + 14 - 12 249

Deposits with F.R. Banks, other than reserve balances 469,752 + 45,003 + 115,637 480,433

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 389,626 + 38,446 + 120,508 402,227

Foreign official 5,284 + 37 + 31 5,243

Other13 74,842 + 6,520 - 4,902 72,963

Other liabilities and capital14 43,897 - 1,071 - 3,994 43,773

Total factors, other than reserve balances,

absorbing reserve funds 2,475,912 + 36,886 + 199,141 2,483,017

Reserve balances with Federal Reserve Banks 1,621,876 - 42,262 - 589,068 1,611,716

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

Jan 23, 2019 Jan 16, 2019 Jan 24, 2018

Wednesday

Jan 23, 2019

Securities held in custody for foreign official and international

accounts 3,408,461 + 5,182 + 56,583 3,407,587

Marketable U.S. Treasury securities1 3,027,383 - 436 + 15,847 3,019,544

Federal agency debt and mortgage-backed securities2 312,101 + 4,192 + 50,764 318,760

Other securities3 68,976 + 1,425 - 10,029 69,283

Securities lent to dealers 20,559 - 629 - 1,497 20,019

Overnight facility4 20,559 - 629 - 1,497 20,019

U.S. Treasury securities 20,559 - 629 - 1,497 20,019

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, January 23, 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 19 0 0 0 0 ... 19

U.S. Treasury securities1

Holdings 14,191 78,611 292,514 955,541 261,168 618,090 2,220,115

Weekly changes 0 0 - 1 - 15 + 357 - 445 - 104

Federal agency debt securities2

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

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 4 216 65,281 1,563,393 1,628,895

Weekly changes 0 0 0 + 1 + 13 - 3,848 - 3,834

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

Central bank liquidity swaps5 86 0 0 0 0 0 86

Reverse repurchase agreements4 253,617 0 ... ... ... ... 253,617

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 Jan 23, 2019

Mortgage-backed securities held outright1 1,628,895

Commitments to buy mortgage-backed securities2 292

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

Jan 23, 2019 Jan 16, 2019 Jan 24, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,780 + 12 - 143

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,977,112 - 4,315 - 389,239

Securities held outright1 3,851,419 - 3,937 - 371,035

U.S. Treasury securities 2,220,115 - 104 - 226,894

Bills2 0 0 0

Notes and bonds, nominal2 2,083,586 0 - 236,715

Notes and bonds, inflation-indexed2 114,769 0 + 7,266

Inflation compensation3 21,760 - 103 + 2,555

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

Mortgage-backed securities4 1,628,895 - 3,834 - 142,159

Unamortized premiums on securities held outright5 138,996 - 414 - 18,929

Unamortized discounts on securities held outright5 -13,322 + 32 + 760

Repurchase agreements6 0 0 0

Loans 19 + 4 - 35

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,714

Items in process of collection (0) 206 - 3 + 125

Bank premises 2,205 + 1 - 2

Central bank liquidity swaps8 86 - 2 + 14

Foreign currency denominated assets9 20,930 - 67 - 1,141

Other assets10 28,497 + 1,383 - 2,164

Total assets (0) 4,047,052 - 2,992 - 394,265

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

Jan 23, 2019 Jan 16, 2019 Jan 24, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,657,081 - 648 + 97,656

Reverse repurchase agreements11 253,617 - 2,338 - 21,086

Deposits (0) 2,092,151 + 466 - 467,494

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,611,718 - 13,783 - 570,502

U.S. Treasury, General Account 402,227 + 5,813 + 126,264

Foreign official 5,243 0 - 11

Other12 (0) 72,963 + 8,436 - 23,245

Deferred availability cash items (0) 431 + 114 + 132

Other liabilities and accrued dividends13 4,640 - 583 - 1,196

Total liabilities (0) 4,007,919 - 2,991 - 391,988

Capital accounts

Capital paid in 32,308 0 + 898

Surplus 6,825 0 - 3,175

Other capital accounts 0 0 0

Total capital 39,133 0 - 2,277

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, January 23, 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 1,780 45 43 154 125 233 201 291 31 47 113 201 295

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,977,112 75,959 2,195,665 100,413 112,752 235,349 238,733 213,008 52,948 33,190 62,609 164,452 492,033

Securities held outright1 3,851,419 73,558 2,126,282 97,240 109,189 227,912 231,188 206,274 51,275 32,140 60,630 159,255 476,475

U.S. Treasury securities 2,220,115 42,402 1,225,676 56,053 62,941 131,378 133,266 118,905 29,557 18,527 34,950 91,801 274,660

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

Notes and bonds3 2,220,115 42,402 1,225,676 56,053 62,941 131,378 133,266 118,905 29,557 18,527 34,950 91,801 274,660

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

Mortgage-backed securities4 1,628,895 31,110 899,276 41,126 46,180 96,392 97,777 87,240 21,686 13,593 25,643 67,354 201,517

Unamortized premiums on securities 

held outright5 138,996 2,655 76,737 3,509 3,941 8,225 8,344 7,444 1,851 1,160 2,188 5,747 17,196

Unamortized discounts on securities 

held outright5 -13,322 -254 -7,355 -336 -378 -788 -800 -714 -177 -111 -210 -551 -1,648

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

Loans 19 1 2 0 0 0 1 4 0 1 0 0 11

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 206 0 0 0 0 0 205 0 0 1 0 0 0

Bank premises 2,205 110 456 82 118 195 206 194 106 95 232 221 192

Central bank liquidity swaps8 86 4 27 5 7 18 5 4 1 0 1 1 13

Foreign currency denominated

assets9 20,930 891 6,599 1,189 1,689 4,521 1,209 887 302 96 207 259 3,080

Other assets10 28,497 574 15,225 714 822 1,919 1,709 1,495 465 281 519 1,293 3,480

Interdistrict settlement account 0 + 7,502 - 35,181 - 4,166 + 1,945 + 6,082 + 33,988 - 5,635 + 7,379 + 2,282 - 3,419 + 4,945 - 15,721

Total assets 4,047,052 85,645 2,188,278 98,950 118,239 249,502 278,401 211,407 61,717 36,281 60,723 172,558 485,351

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, January 23, 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 1,864,870 57,786 618,425 54,773 89,184 126,028 261,471 121,754 55,922 31,432 49,828 150,383 247,884

Less: Notes held by F.R. Banks 207,789 6,361 54,049 6,903 9,939 14,732 32,692 15,127 5,820 2,933 6,314 19,262 33,657

Federal Reserve notes, net 1,657,081 51,425 564,376 47,870 79,245 111,296 228,779 106,627 50,101 28,499 43,513 131,121 214,227

Reverse repurchase agreements11 253,617 4,844 140,016 6,403 7,190 15,008 15,224 13,583 3,376 2,116 3,993 10,487 31,376

Deposits 2,092,151 27,514 1,469,770 42,227 28,468 114,281 31,542 89,239 7,498 5,110 12,680 30,225 233,597

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 1,611,718 27,498 1,035,557 42,224 28,444 114,069 31,504 43,485 7,491 5,059 12,668 30,128 233,590

U.S. Treasury, General Account 402,227 0 402,227 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 72,963 14 26,770 1 21 203 36 45,752 6 51 12 96 1

Deferred availability cash items 431 0 0 0 0 0 211 0 0 220 0 0 0

Earnings remittances due to the U.S.

Treasury13 990 17 488 14 41 57 104 58 18 14 20 59 102

Other liabilities and accrued

dividends 3,649 159 1,202 173 168 509 264 265 127 136 152 195 300

Total liabilities 4,007,919 83,958 2,175,853 96,687 115,113 241,152 276,123 209,772 61,120 36,095 60,358 172,087 479,602

Capital

Capital paid in 32,308 1,393 10,260 1,868 2,581 6,895 1,881 1,350 493 154 299 387 4,747

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 4,047,052 85,645 2,188,278 98,950 118,239 249,502 278,401 211,407 61,717 36,281 60,723 172,558 485,351

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, January 23, 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 Jan 23, 2019

Federal Reserve notes outstanding 1,864,870

Less: Notes held by F.R. Banks not subject to collateralization 207,789

Federal Reserve notes to be collateralized 1,657,081

Collateral held against Federal Reserve notes 1,657,081

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,640,844

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,851,419

Less: Face value of securities under reverse repurchase agreements 251,360

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,600,059

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.