FEDERAL RESERVE statistical release

For Release at

4:30 P.M. EST

December 27, 2018

Publication Note

The Board’s H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository

Institutions and Condition Statement of Federal Reserve Banks,” has been modified to reflect the

removal of table 4 “Information on Principal Accounts of Maiden Lane LLC.” The table has

been removed because the remaining assets in the portfolio holdings of Maiden Lane LLC have

been reduced to a de minimis balance.

Amounts for "Net portfolio holdings of Maiden Lane LLC," continue to be shown on table 1

"Factors Affecting Reserve Balances of Depository Institutions," on the renumbered table 4

"Consolidated Statement of Condition of All Federal Reserve Banks" in order to provide

information on figures from the previous year, and on the renumbered table 5 “Statement of

Condition of Each Federal Reserve Bank.”
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 27, 2018

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

Dec 26, 2018 Dec 19, 2018 Dec 27, 2017

Wednesday

Dec 26, 2018

Reserve Bank credit 4,043,982 - 4,123 - 373,734 4,036,348

Securities held outright1 3,886,608 - 7,855 - 344,510 3,880,249

U.S. Treasury securities 2,240,698 + 57 - 213,526 2,240,717

Bills2 0 0 0 0

Notes and bonds, nominal2 2,101,796 0 - 222,608 2,101,796

Notes and bonds, inflation-indexed2 116,545 0 + 6,411 116,545

Inflation compensation3 22,357 + 57 + 2,671 22,376

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

Mortgage-backed securities4 1,643,501 - 7,912 - 129,002 1,637,123

Unamortized premiums on securities held outright5 140,525 - 526 - 18,711 140,257

Unamortized discounts on securities held outright5 -13,459 + 32 + 673 -13,448

Repurchase agreements6 0 0 0 0

Loans 102 + 28 + 40 77

Primary credit 38 + 29 + 8 12

Secondary credit 0 0 0 0

Seasonal credit 64 - 1 + 31 65

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 - 2 - 1,712 0

Float -238 - 81 - 59 -212

Central bank liquidity swaps8 4,207 + 4,137 - 7,801 4,207

Other Federal Reserve assets9 26,236 + 144 - 1,654 25,217

Foreign currency denominated assets10 20,847 + 241 - 332 20,874

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,859 + 14 + 492 49,859

Total factors supplying reserve funds 4,130,930 - 3,867 - 373,573 4,123,322

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

Dec 26, 2018 Dec 19, 2018 Dec 27, 2017

Wednesday

Dec 26, 2018

Currency in circulation11 1,712,526 + 6,722 + 100,406 1,716,129

Reverse repurchase agreements12 251,943 + 6,147 - 103,075 244,820

Foreign official and international accounts 244,391 + 591 + 9,315 243,815

Others 7,552 + 5,556 - 112,390 1,005

Treasury cash holdings 206 + 4 + 12 214

Deposits with F.R. Banks, other than reserve balances 460,092 + 21,892 + 172,204 456,788

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 374,085 + 23,371 + 183,802 368,236

Foreign official 5,379 + 136 + 126 6,191

Other13 80,628 - 1,615 - 11,724 82,361

Other liabilities and capital14 44,940 - 717 - 2,919 44,440

Total factors, other than reserve balances,

absorbing reserve funds 2,469,706 + 34,047 + 166,628 2,462,391

Reserve balances with Federal Reserve Banks 1,661,223 - 37,915 - 540,202 1,660,932

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

Dec 26, 2018 Dec 19, 2018 Dec 27, 2017

Wednesday

Dec 26, 2018

Securities held in custody for foreign official and international

accounts 3,396,908 - 6,261 + 34,909 3,396,564

Marketable U.S. Treasury securities1 3,023,167 - 4,625 + 1,878 3,023,234

Federal agency debt and mortgage-backed securities2 307,564 - 1,146 + 44,798 307,203

Other securities3 66,177 - 490 - 11,767 66,127

Securities lent to dealers 22,713 - 185 - 794 22,999

Overnight facility4 22,713 - 185 - 794 22,999

U.S. Treasury securities 22,713 - 185 - 794 22,999

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, December 26, 2018

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 77 0 0 0 0 ... 77

U.S. Treasury securities1

Holdings 18,209 72,334 302,121 964,817 264,607 618,630 2,240,717

Weekly changes 0 + 1 + 1 + 9 + 20 + 26 + 56

Federal agency debt securities2

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

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 4 214 62,707 1,574,198 1,637,123

Weekly changes 0 0 0 - 7 - 803 - 10,753 - 11,564

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

Central bank liquidity swaps5 4,207 0 0 0 0 0 4,207

Reverse repurchase agreements4 244,820 0 ... ... ... ... 244,820

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 Dec 26, 2018

Mortgage-backed securities held outright1 1,637,123

Commitments to buy mortgage-backed securities2 288

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 2

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

Dec 26, 2018 Dec 19, 2018 Dec 27, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,726 - 16 - 159

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,007,135 - 12,122 - 361,341

Securities held outright1 3,880,249 - 11,508 - 343,286

U.S. Treasury securities 2,240,717 + 56 - 213,502

Bills2 0 0 0

Notes and bonds, nominal2 2,101,796 0 - 222,608

Notes and bonds, inflation-indexed2 116,545 0 + 6,411

Inflation compensation3 22,376 + 55 + 2,696

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

Mortgage-backed securities4 1,637,123 - 11,564 - 127,803

Unamortized premiums on securities held outright5 140,257 - 627 - 18,664

Unamortized discounts on securities held outright5 -13,448 + 31 + 673

Repurchase agreements6 0 0 0

Loans 77 - 18 - 64

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,712

Items in process of collection (0) 239 + 50 + 151

Bank premises 2,206 + 7 - 12

Central bank liquidity swaps8 4,207 + 4,137 - 7,801

Foreign currency denominated assets9 20,874 + 113 - 355

Other assets10 23,011 - 808 - 1,814

Total assets (0) 4,075,636 - 8,638 - 373,044

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

Dec 26, 2018 Dec 19, 2018 Dec 27, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,668,206 + 7,067 + 99,148

Reverse repurchase agreements11 244,820 - 7,799 - 141,971

Deposits (0) 2,117,720 - 7,080 - 327,369

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,660,932 + 11,767 - 515,520

U.S. Treasury, General Account 368,236 - 28,057 + 181,750

Foreign official 6,191 + 947 + 937

Other12 (0) 82,361 + 8,263 + 5,464

Deferred availability cash items (0) 451 + 82 + 28

Other liabilities and accrued dividends13 5,280 - 906 - 651

Total liabilities (0) 4,036,476 - 8,637 - 370,815

Capital accounts

Capital paid in 32,335 0 + 947

Surplus 6,825 0 - 3,175

Other capital accounts 0 0 0

Total capital 39,160 0 - 2,228

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, December 26, 2018

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 1,726 42 38 148 127 237 180 284 25 46 111 195 294

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,007,135 76,531 2,212,207 101,170 113,601 237,122 240,537 214,621 53,377 33,456 63,089 165,691 495,733

Securities held outright1 3,880,249 74,109 2,142,198 97,968 110,006 229,618 232,919 207,818 51,659 32,381 61,084 160,447 480,042

U.S. Treasury securities 2,240,717 42,795 1,237,049 56,573 63,525 132,597 134,503 120,008 29,831 18,699 35,274 92,653 277,208

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

Notes and bonds3 2,240,717 42,795 1,237,049 56,573 63,525 132,597 134,503 120,008 29,831 18,699 35,274 92,653 277,208

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

Mortgage-backed securities4 1,637,123 31,267 903,819 41,334 46,413 96,879 98,271 87,681 21,796 13,662 25,772 67,695 202,535

Unamortized premiums on securities 

held outright5 140,257 2,679 77,433 3,541 3,976 8,300 8,419 7,512 1,867 1,170 2,208 5,800 17,352

Unamortized discounts on securities 

held outright5 -13,448 -257 -7,424 -340 -381 -796 -807 -720 -179 -112 -212 -556 -1,664

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

Loans 77 0 0 0 0 0 6 12 30 17 8 0 3

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 239 0 0 0 0 0 239 0 0 1 0 0 0

Bank premises 2,206 108 460 82 117 194 206 194 106 95 232 220 190

Central bank liquidity swaps8 4,207 179 1,326 239 340 909 243 178 61 19 42 52 619

Foreign currency denominated

assets9 20,874 888 6,582 1,186 1,685 4,509 1,206 885 301 96 207 258 3,072

Other assets10 23,011 474 12,220 575 663 1,547 1,381 1,204 364 238 416 1,121 2,810

Interdistrict settlement account 0 + 16,852 - 73,486 - 7,101 + 5,942 - 7,051 + 39,262 + 10,982 + 8,502 + 3,623 - 1,932 + 7,896 - 3,488

Total assets 4,075,636 95,635 2,164,790 96,858 123,256 238,652 285,400 229,512 63,221 37,861 62,623 176,620 501,209

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, December 26, 2018 (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 1,862,653 58,039 615,768 54,985 88,813 125,827 262,046 122,009 56,113 31,558 50,027 150,966 246,501

Less: Notes held by F.R. Banks 194,448 5,814 56,510 6,889 8,112 13,022 28,679 14,123 5,264 2,663 5,571 17,263 30,537

Federal Reserve notes, net 1,668,206 52,226 559,258 48,097 80,701 112,805 233,367 107,886 50,849 28,895 44,456 133,702 215,964

Reverse repurchase agreements11 244,820 4,676 135,159 6,181 6,941 14,487 14,696 13,112 3,259 2,043 3,854 10,123 30,288

Deposits 2,117,720 36,850 1,456,017 40,094 32,225 102,293 34,454 106,539 8,379 6,336 13,771 32,050 248,713

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 1,660,932 36,835 1,054,632 40,091 32,163 101,769 34,417 52,004 8,371 6,278 13,753 31,910 248,706

U.S. Treasury, General Account 368,236 0 368,236 0 0 0 0 0 0 0 0 0 0

Foreign official 6,191 2 6,164 2 3 9 2 2 1 0 0 0 6

Other12 82,361 14 26,984 1 59 515 34 54,533 7 57 17 139 1

Deferred availability cash items 451 0 0 0 0 0 206 0 0 244 0 0 0

Earnings remittances due to the U.S.

Treasury13 966 19 469 28 40 78 89 44 9 8 16 56 108

Other liabilities and accrued

dividends 4,313 181 1,476 202 216 619 313 291 133 150 145 203 384

Total liabilities 4,036,476 93,952 2,152,379 94,602 120,124 230,283 283,125 227,872 62,629 37,676 62,243 176,135 495,457

Capital

Capital paid in 32,335 1,393 10,260 1,868 2,581 6,895 1,880 1,350 493 154 313 400 4,747

Surplus 6,825 290 2,151 388 551 1,474 394 289 98 31 68 84 1,005

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

Total liabilities and capital 4,075,636 95,635 2,164,790 96,858 123,256 238,652 285,400 229,512 63,221 37,861 62,623 176,620 501,209

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, December 26, 2018 (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 Dec 26, 2018

Federal Reserve notes outstanding 1,862,653

Less: Notes held by F.R. Banks not subject to collateralization 194,448

Federal Reserve notes to be collateralized 1,668,206

Collateral held against Federal Reserve notes 1,668,206

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,651,969

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,880,249

Less: Face value of securities under reverse repurchase agreements 243,573

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,636,676

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.