FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 11, 2017

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

May 10, 2017 May 3, 2017 May 11, 2016

Wednesday

May 10, 2017

Reserve Bank credit 4,433,988 + 2,145 - 4,180 4,434,886

Securities held outright1 4,245,651 + 28 + 12,165 4,245,660

U.S. Treasury securities 2,464,806 + 27 + 3,244 2,464,815

Bills2 0 0 0 0

Notes and bonds, nominal2 2,339,740 0 - 2,552 2,339,740

Notes and bonds, inflation-indexed2 106,803 0 + 3,669 106,803

Inflation compensation3 18,263 + 27 + 2,126 18,272

Federal agency debt securities2 11,829 0 - 15,267 11,829

Mortgage-backed securities4 1,769,016 + 1 + 24,189 1,769,016

Unamortized premiums on securities held outright5 167,828 - 273 - 15,397 167,731

Unamortized discounts on securities held outright5 -14,841 + 18 + 1,222 -14,830

Repurchase agreements6 9 + 9 + 9 62

Loans 41 - 16 - 44 45

Primary credit 1 - 24 - 27 0

Secondary credit 0 0 0 0

Seasonal credit 41 + 9 - 16 44

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,709 0 - 5 1,709

Float -302 + 473 - 139 -351

Central bank liquidity swaps8 35 0 - 136 35

Other Federal Reserve assets9 33,858 + 1,906 - 1,855 34,825

Foreign currency denominated assets10 20,213 - 62 - 943 20,064

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 48,810 + 14 + 968 48,810

Total factors supplying reserve funds 4,519,252 + 2,098 - 4,155 4,520,001

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

May 10, 2017 May 3, 2017 May 11, 2016

Wednesday

May 10, 2017

Currency in circulation11 1,546,544 + 3,161 + 95,083 1,548,378

Reverse repurchase agreements12 404,522 - 11,377 + 136,622 425,093

Foreign official and international accounts 241,620 - 1,926 + 2,422 237,824

Others 162,902 - 9,451 + 134,201 187,269

Treasury cash holdings 254 - 3 + 125 249

Deposits with F.R. Banks, other than reserve balances 287,327 - 48,802 - 66,415 278,788

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 199,013 - 45,642 - 116,356 188,256

Foreign official 5,171 - 1 - 3 5,165

Other13 83,143 - 3,160 + 49,944 85,367

Other liabilities and capital14 48,415 + 915 - 81 47,575

Total factors, other than reserve balances,

absorbing reserve funds 2,287,061 - 56,107 + 165,333 2,300,083

Reserve balances with Federal Reserve Banks 2,232,191 + 58,204 - 169,489 2,219,918

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 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. 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

May 10, 2017 May 3, 2017 May 11, 2016

Wednesday

May 10, 2017

Securities held in custody for foreign official and international

accounts 3,221,835 + 6,515 + 2,217 3,227,041

Marketable U.S. Treasury securities1 2,905,344 + 6,410 - 625 2,909,985

Federal agency debt and mortgage-backed securities2 255,313 - 24 - 9,415 255,505

Other securities3 61,178 + 128 + 12,258 61,551

Securities lent to dealers 21,786 + 324 + 4,594 21,352

Overnight facility4 21,786 + 324 + 4,594 21,352

U.S. Treasury securities 21,757 + 327 + 4,590 21,326

Federal agency debt securities 29 - 3 + 5 26

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, May 10, 2017

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 8 37 0 0 0 ... 45

U.S. Treasury securities1

Holdings 20,483 37,862 223,204 1,170,574 384,944 627,747 2,464,815

Weekly changes 0 0 + 1 + 4 + 5 + 14 + 23

Federal agency debt securities2

Holdings 2,995 737 3,706 2,044 0 2,347 11,829

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 200 11,318 1,757,499 1,769,016

Weekly changes 0 0 0 0 0 + 1 + 1

Repurchase agreements4 62 0 ... ... ... ... 62

Central bank liquidity swaps5 35 0 0 0 0 0 35

Reverse repurchase agreements4 425,093 0 ... ... ... ... 425,093

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 May 10, 2017

Mortgage-backed securities held outright1 1,769,016

Commitments to buy mortgage-backed securities2 31,435

Commitments to sell mortgage-backed securities2 154

Cash and cash equivalents3 1

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 May 10, 2017

Net portfolio holdings of Maiden Lane LLC1 1,709

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 March 31, 2017. 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

May 10, 2017 May 3, 2017 May 11, 2016

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,860 - 18 - 17

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,398,667 - 165 - 1,981

Securities held outright1 4,245,660 + 24 + 12,132

U.S. Treasury securities 2,464,815 + 23 + 3,210

Bills2 0 0 0

Notes and bonds, nominal2 2,339,740 0 - 2,552

Notes and bonds, inflation-indexed2 106,803 0 + 3,669

Inflation compensation3 18,272 + 23 + 2,093

Federal agency debt securities2 11,829 0 - 15,267

Mortgage-backed securities4 1,769,016 + 1 + 24,189

Unamortized premiums on securities held outright5 167,731 - 261 - 15,372

Unamortized discounts on securities held outright5 -14,830 + 30 + 1,221

Repurchase agreements6 62 + 62 + 62

Loans 45 - 18 - 23

Net portfolio holdings of Maiden Lane LLC7 1,709 0 - 4

Items in process of collection (0) 62 - 51 - 73

Bank premises 2,196 - 3 - 23

Central bank liquidity swaps8 35 0 + 35

Foreign currency denominated assets9 20,064 - 175 - 1,056

Other assets10 32,630 + 2,625 - 1,833

Total assets (0) 4,473,459 + 2,213 - 4,952

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

May 10, 2017 May 3, 2017 May 11, 2016

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,501,672 + 2,139 + 94,855

Reverse repurchase agreements11 425,093 - 7,527 + 155,504

Deposits (0) 2,498,707 + 7,473 - 255,834

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,219,918 + 19,097 - 189,850

U.S. Treasury, General Account 188,256 - 15,152 - 117,586

Foreign official 5,165 - 35 - 9

Other12 (0) 85,367 + 3,562 + 51,610

Deferred availability cash items (0) 413 - 190 + 89

Other liabilities and accrued dividends13 6,860 + 296 - 238

Total liabilities (0) 4,432,744 + 2,191 - 5,625

Capital accounts

Capital paid in 30,716 + 23 + 674

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 40,716 + 23 + 674

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 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. 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

6. Statement of Condition of Each Federal Reserve Bank, May 10, 2017

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 11,037 349 3,592 348 553 776 1,520 737 341 191 292 916 1,422

Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574

Coin 1,860 49 55 171 130 282 192 290 27 53 119 188 305

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,398,667 85,707 2,476,828 113,570 127,556 257,718 258,919 185,015 58,666 34,301 62,388 176,090 561,908

Securities held outright1 4,245,660 82,721 2,390,696 109,621 123,120 248,756 249,915 178,567 56,615 33,101 60,213 169,966 542,367

U.S. Treasury securities 2,464,815 48,024 1,387,917 63,640 71,477 144,415 145,088 103,667 32,868 19,217 34,957 98,674 314,871

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

Notes and bonds3 2,464,815 48,024 1,387,917 63,640 71,477 144,415 145,088 103,667 32,868 19,217 34,957 98,674 314,871

Federal agency debt securities2 11,829 230 6,661 305 343 693 696 498 158 92 168 474 1,511

Mortgage-backed securities4 1,769,016 34,467 996,119 45,675 51,300 103,648 104,131 74,403 23,589 13,792 25,089 70,819 225,985

Unamortized premiums on securities 

held outright5 167,731 3,268 94,448 4,331 4,864 9,827 9,873 7,055 2,237 1,308 2,379 6,715 21,427

Unamortized discounts on securities 

held outright5 -14,830 -289 -8,351 -383 -430 -869 -873 -624 -198 -116 -210 -594 -1,894

Repurchase agreements6 62 1 35 2 2 4 4 3 1 0 1 2 8

Loans 45 6 0 0 0 0 0 15 11 7 6 0 0

Net portfolio holdings of Maiden

Lane LLC7 1,709 0 1,709 0 0 0 0 0 0 0 0 0 0

Items in process of collection 62 0 0 0 0 0 61 0 0 1 0 0 0

Bank premises 2,196 119 441 72 108 202 204 199 112 88 236 221 193

Central bank liquidity swaps8 35 2 11 2 3 8 2 1 0 0 0 0 5

Foreign currency denominated

assets9 20,064 870 6,426 1,079 1,634 4,336 1,170 840 219 85 195 256 2,954

Other assets10 32,630 683 17,864 844 955 2,104 1,947 1,376 538 278 534 1,348 4,157

Interdistrict settlement account 0 - 5,788 - 41,178 + 452 + 1,128 - 12,857 - 1,919 + 44,483 + 449 + 1,860 + 6,318 + 7,375 - 325

Total assets 4,473,459 82,187 2,467,568 116,748 132,304 252,980 262,750 233,365 60,503 36,947 70,237 186,677 571,194

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, May 10, 2017 (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 1,676,732 56,493 528,018 54,934 85,231 121,721 223,960 115,577 52,087 30,605 47,972 142,425 217,709

Less: Notes held by F.R. Banks 175,060 5,769 43,992 8,024 10,423 12,748 25,917 11,703 5,631 2,934 5,784 16,673 25,462

Federal Reserve notes, net 1,501,672 50,724 484,026 46,910 74,808 108,973 198,043 103,873 46,456 27,671 42,188 125,752 192,247

Reverse repurchase agreements11 425,093 8,282 239,366 10,976 12,327 24,906 25,023 17,879 5,669 3,314 6,029 17,018 54,304

Deposits 2,498,707 21,234 1,727,613 56,446 41,642 109,684 36,858 109,511 7,762 5,295 21,464 43,116 318,081

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 2,219,918 21,228 1,505,047 56,444 41,639 109,444 36,849 53,569 7,751 5,295 21,463 43,115 318,074

U.S. Treasury, General Account 188,256 0 188,256 0 0 0 0 0 0 0 0 0 0

Foreign official 5,165 2 5,138 2 3 9 2 2 0 0 0 1 6

Other12 85,367 4 29,171 0 0 231 7 55,940 11 0 1 0 1

Deferred availability cash items 413 0 0 0 0 0 63 0 0 350 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,569 25 936 34 39 58 103 56 22 12 26 72 188

Other liabilities and accrued

dividends 5,290 167 2,610 197 198 503 308 292 140 132 130 206 408

Total liabilities 4,432,744 80,433 2,454,551 114,562 129,014 244,125 260,397 231,611 60,048 36,775 69,836 186,163 565,228

Capital

Capital paid in 30,716 1,321 9,815 1,648 2,476 6,694 1,770 1,335 345 129 303 386 4,494

Surplus 10,000 434 3,202 538 815 2,161 583 419 109 42 97 128 1,473

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,473,459 82,187 2,467,568 116,748 132,304 252,980 262,750 233,365 60,503 36,947 70,237 186,677 571,194

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, May 10, 2017 (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 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. 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 $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 May 10, 2017

Federal Reserve notes outstanding 1,676,732

Less: Notes held by F.R. Banks not subject to collateralization 175,060

Federal Reserve notes to be collateralized 1,501,672

Collateral held against Federal Reserve notes 1,501,672

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,485,435

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,245,722

Less: Face value of securities under reverse repurchase agreements 406,025

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,839,697

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.