FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 10, 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

Mar 9, 2016 Mar 2, 2016 Mar 11, 2015

Wednesday

Mar 9, 2016

Reserve Bank credit 4,441,358 + 2,150 - 9,026 4,442,218

Securities held outright1 4,244,328 + 25 + 7,270 4,244,344

U.S. Treasury securities 2,461,180 + 22 + 1,228 2,461,196

Bills2 0 0 0 0

Notes and bonds, nominal2 2,344,518 - 1,341 - 2,193 2,344,518

Notes and bonds, inflation-indexed2 100,880 + 1,340 + 2,411 100,880

Inflation compensation3 15,781 + 21 + 1,009 15,797

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

Mortgage-backed securities4 1,751,830 + 3 + 11,601 1,751,830

Unamortized premiums on securities held outright5 186,525 - 352 - 17,521 186,413

Unamortized discounts on securities held outright5 -16,418 - 48 + 1,654 -16,406

Repurchase agreements6 0 0 0 0

Loans 12 - 22 - 6 12

Primary credit 2 - 22 - 10 2

Secondary credit 0 0 0 0

Seasonal credit 10 0 + 4 10

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,722 0 + 35 1,722

Float -187 + 529 + 306 -241

Central bank liquidity swaps8 95 + 7 + 93 95

Other Federal Reserve assets9 25,282 + 2,012 - 857 26,280

Foreign currency denominated assets10 20,260 + 91 + 742 20,310

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 47,740 + 14 + 1,139 47,740

Total factors supplying reserve funds 4,525,599 + 2,255 - 7,145 4,526,510

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 9, 2016 Mar 2, 2016 Mar 11, 2015

Wednesday

Mar 9, 2016

Currency in circulation11 1,435,074 + 4,248 + 80,102 1,437,450

Reverse repurchase agreements12 289,356 - 12,680 + 25,399 283,433

Foreign official and international accounts 238,658 - 7,377 + 106,284 236,087

Others 50,699 - 5,302 - 80,884 47,346

Treasury cash holdings 240 0 + 28 239

Deposits with F.R. Banks, other than reserve balances 238,346 - 23,995 + 77,830 225,796

Term deposits held by depository institutions 0 0 - 107,229 0

U.S. Treasury, General Account 211,443 - 25,764 + 172,012 196,297

Foreign official 5,224 - 15 + 1 5,171

Other13 21,678 + 1,783 + 13,045 24,327

Other liabilities and capital14 46,690 + 297 - 18,140 46,367

Total factors, other than reserve balances,

absorbing reserve funds 2,009,706 - 32,130 + 165,219 1,993,285

Reserve balances with Federal Reserve Banks 2,515,893 + 34,385 - 172,364 2,533,225

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

Mar 9, 2016 Mar 2, 2016 Mar 11, 2015

Wednesday

Mar 9, 2016

Securities held in custody for foreign official and international

accounts 3,254,451 + 3,414 + 6,513 3,253,581

Marketable U.S. Treasury securities1 2,939,527 + 3,659 + 19,957 2,938,575

Federal agency debt and mortgage-backed securities2 266,137 - 368 - 18,666 266,149

Other securities3 48,787 + 123 + 5,223 48,857

Securities lent to dealers 17,344 + 1,634 + 5,209 18,660

Overnight facility4 17,344 + 1,634 + 5,209 18,660

U.S. Treasury securities 17,260 + 1,611 + 5,604 18,586

Federal agency debt securities 85 + 24 - 394 74

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, March 9, 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 2 10 0 0 0 ... 12

U.S. Treasury securities1

Holdings 0 90,621 117,584 1,152,283 468,548 632,159 2,461,196

Weekly changes 0 0 + 2 + 7 + 6 + 28 + 44

Federal agency debt securities2

Holdings 2,061 4,161 11,767 10,982 0 2,347 31,318

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 778 9,029 1,742,022 1,751,830

Weekly changes 0 0 0 0 + 44 - 44 + 1

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

Central bank liquidity swaps5 95 0 0 0 0 0 95

Reverse repurchase agreements4 283,433 0 ... ... ... ... 283,433

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 9, 2016

Mortgage-backed securities held outright1 1,751,830

Commitments to buy mortgage-backed securities2 28,644

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 7

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 Mar 9, 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

Mar 9, 2016 Mar 2, 2016 Mar 11, 2015

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,930 - 8 + 70

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,414,362 - 253 - 8,544

Securities held outright1 4,244,344 + 45 + 7,307

U.S. Treasury securities 2,461,196 + 44 + 1,288

Bills2 0 0 0

Notes and bonds, nominal2 2,344,518 0 - 2,193

Notes and bonds, inflation-indexed2 100,880 0 + 2,411

Inflation compensation3 15,797 + 44 + 1,069

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

Mortgage-backed securities4 1,751,830 + 1 + 11,578

Unamortized premiums on securities held outright5 186,413 - 330 - 17,508

Unamortized discounts on securities held outright5 -16,406 + 31 + 1,655

Repurchase agreements6 0 0 0

Loans 12 + 1 + 3

Net portfolio holdings of Maiden Lane LLC7 1,722 0 + 30

Items in process of collection (0) 147 - 37 - 55

Bank premises 2,225 0 - 23

Central bank liquidity swaps8 95 + 7 + 93

Foreign currency denominated assets9 20,310 + 167 + 1,084

Other assets10 24,055 + 2,720 - 850

Total assets (0) 4,481,083 + 2,598 - 8,196

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

Mar 9, 2016 Mar 2, 2016 Mar 11, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,391,874 + 3,902 + 80,201

Reverse repurchase agreements11 283,433 - 7,992 + 18,134

Deposits (0) 2,759,021 + 6,011 - 88,709

Term deposits held by depository institutions 0 0 - 107,229

Other deposits held by depository institutions 2,533,225 + 36,643 - 159,468

U.S. Treasury, General Account 196,297 - 33,091 + 169,060

Foreign official 5,171 - 69 - 65

Other12 (0) 24,327 + 2,527 + 8,993

Deferred availability cash items (0) 388 - 55 - 408

Other liabilities and accrued dividends13 6,833 + 723 + 630

Total liabilities (0) 4,441,548 + 2,588 + 9,846

Capital accounts

Capital paid in 29,535 + 9 + 747

Surplus 10,000 0 - 18,788

Other capital accounts 0 0 0

Total capital 39,535 + 9 - 18,042

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, March 9, 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 1,930 48 86 134 136 304 187 283 23 58 153 191 326

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,414,362 111,902 2,649,989 109,792 106,131 239,759 248,581 164,018 46,035 26,851 57,345 142,201 511,758

Securities held outright1 4,244,344 107,592 2,547,930 105,564 102,044 230,525 239,008 157,696 44,262 25,812 55,136 136,724 492,049

U.S. Treasury securities 2,461,196 62,390 1,477,485 61,214 59,173 133,676 138,595 91,444 25,667 14,968 31,972 79,283 285,328

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

Notes and bonds3 2,461,196 62,390 1,477,485 61,214 59,173 133,676 138,595 91,444 25,667 14,968 31,972 79,283 285,328

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 1,751,830 44,408 1,051,645 43,571 42,118 95,148 98,649 65,088 18,269 10,654 22,757 56,432 203,091

Unamortized premiums on securities 

held outright5 186,413 4,725 111,906 4,636 4,482 10,125 10,497 6,926 1,944 1,134 2,422 6,005 21,611

Unamortized discounts on securities 

held outright5 -16,406 -416 -9,849 -408 -394 -891 -924 -610 -171 -100 -213 -529 -1,902

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

Loans 12 0 2 0 0 0 0 5 0 5 0 0 0

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 147 0 0 0 0 0 146 0 0 0 0 0 0

Bank premises 2,225 123 433 74 105 210 207 203 117 91 240 226 198

Central bank liquidity swaps8 95 4 31 5 7 22 5 3 1 0 1 1 14

Foreign currency denominated

assets9 20,310 921 6,549 1,135 1,583 4,660 1,155 545 189 85 214 293 2,982

Other assets10 24,055 640 13,823 601 585 1,483 1,372 907 497 172 355 821 2,799

Interdistrict settlement account 0 - 28,611 - 180,268 + 15,237 + 19,123 + 32,541 + 12,787 + 7,231 + 13,994 + 6,454 + 4,545 + 24,605 + 72,362

Total assets 4,481,083 85,569 2,497,891 127,528 128,414 280,174 266,695 174,349 61,304 33,974 63,293 169,510 592,382

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, March 9, 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 1,558,452 49,404 497,801 49,359 81,938 105,814 222,674 103,046 51,095 27,104 40,191 129,072 200,954

Less: Notes held by F.R. Banks 166,578 5,677 58,495 5,993 8,559 11,460 20,488 10,223 4,496 2,492 4,697 12,444 21,555

Federal Reserve notes, net 1,391,874 43,727 439,306 43,366 73,378 94,355 202,186 92,823 46,598 24,612 35,495 116,628 179,399

Reverse repurchase agreements11 283,433 7,185 170,148 7,049 6,814 15,394 15,961 10,531 2,956 1,724 3,682 9,130 32,859

Deposits 2,759,021 32,704 1,871,897 74,692 44,964 160,969 45,830 69,620 11,188 7,040 23,585 42,997 373,534

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 2,533,225 32,698 1,653,606 74,689 44,961 160,809 45,821 62,316 11,180 7,040 23,583 42,996 373,524

U.S. Treasury, General Account 196,297 0 196,297 0 0 0 0 0 0 0 0 0 0

Foreign official 5,171 2 5,144 2 3 9 2 1 0 0 0 1 6

Other12 24,327 4 16,849 0 0 151 7 7,303 7 0 2 1 5

Deferred availability cash items 388 0 0 0 0 0 97 0 0 290 0 0 0

Earnings remittances due to the U.S.

Treasury13 2,283 62 1,345 60 64 155 128 82 20 11 26 68 261

Other liabilities and accrued

dividends 4,549 144 2,161 180 181 496 297 225 129 127 109 184 318

Total liabilities 4,441,548 83,822 2,484,856 125,346 125,403 271,369 264,500 173,282 60,891 33,804 62,897 169,007 586,371

Capital

Capital paid in 29,535 1,305 9,736 1,631 2,250 6,575 1,640 799 311 127 296 376 4,489

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 4,481,083 85,569 2,497,891 127,528 128,414 280,174 266,695 174,349 61,304 33,974 63,293 169,510 592,382

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, March 9, 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 Mar 9, 2016

Federal Reserve notes outstanding 1,558,452

Less: Notes held by F.R. Banks not subject to collateralization 166,578

Federal Reserve notes to be collateralized 1,391,874

Collateral held against Federal Reserve notes 1,391,874

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,375,637

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,244,344

Less: Face value of securities under reverse repurchase agreements 262,532

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,981,812

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.