FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 25, 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

Jul 24, 2019 Jul 17, 2019 Jul 25, 2018

Wednesday

Jul 24, 2019

Reserve Bank credit 3,767,608 - 5,851 - 481,649 3,764,159

Securities held outright1 3,621,169 - 6,317 - 460,215 3,617,939

U.S. Treasury securities 2,094,026 - 808 - 265,820 2,094,051

Bills2 2 0 + 2 2

Notes and bonds, nominal2 1,954,371 - 514 - 270,058 1,954,371

Notes and bonds, inflation-indexed2 115,989 - 301 + 2,103 115,989

Inflation compensation3 23,664 + 7 + 2,133 23,689

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

Mortgage-backed securities4 1,524,796 - 5,509 - 194,333 1,521,542

Unamortized premiums on securities held outright5 129,981 - 420 - 18,659 129,767

Unamortized discounts on securities held outright5 -12,788 + 38 + 1,073 -12,777

Repurchase agreements6 0 0 0 0

Loans 125 + 10 - 110 129

Primary credit 2 - 6 - 7 2

Secondary credit 0 0 0 0

Seasonal credit 122 + 15 - 104 127

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,711 0

Float -184 + 13 - 16 -499

Central bank liquidity swaps8 11 - 27 - 111 11

Other Federal Reserve assets9 29,295 + 854 - 1,899 29,589

Foreign currency denominated assets10 20,833 - 33 - 261 20,752

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 50,006 + 14 + 367 50,006

Total factors supplying reserve funds 3,854,687 - 5,871 - 481,545 3,851,157

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

Jul 24, 2019 Jul 17, 2019 Jul 25, 2018

Wednesday

Jul 24, 2019

Currency in circulation11 1,745,287 - 2,106 + 78,402 1,746,118

Reverse repurchase agreements12 290,175 + 10,296 + 41,878 282,396

Foreign official and international accounts 276,376 + 915 + 30,224 274,141

Others 13,800 + 9,382 + 11,655 8,255

Treasury cash holdings 164 + 3 - 37 174

Deposits with F.R. Banks, other than reserve balances 256,262 - 16,069 - 173,077 253,002

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 193,362 - 3,643 - 155,524 178,227

Foreign official 5,256 + 1 0 5,255

Other13 57,644 - 12,427 - 17,554 69,520

Other liabilities and capital14 44,477 - 653 + 86 44,127

Total factors, other than reserve balances,

absorbing reserve funds 2,336,365 - 8,529 - 52,748 2,325,817

Reserve balances with Federal Reserve Banks 1,518,322 + 2,658 - 428,797 1,525,340

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

Jul 24, 2019 Jul 17, 2019 Jul 25, 2018

Wednesday

Jul 24, 2019

Securities held in custody for foreign official and international

accounts 3,460,932 - 4,622 + 49,107 3,466,169

Marketable U.S. Treasury securities1 3,029,902 - 10,709 - 11,252 3,027,262

Federal agency debt and mortgage-backed securities2 351,016 + 4,802 + 53,314 358,135

Other securities3 80,014 + 1,284 + 7,045 80,772

Securities lent to dealers 24,537 - 758 + 5,033 25,858

Overnight facility4 24,537 - 758 + 5,033 25,858

U.S. Treasury securities 24,537 - 758 + 5,033 25,858

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, July 24, 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 104 25 0 0 0 ... 129

U.S. Treasury securities1

Holdings 19,310 82,473 256,786 856,275 266,716 612,491 2,094,051

Weekly changes + 2 - 3 + 3 + 7 + 31 + 26 + 67

Federal agency debt securities2

Holdings 0 0 0 0 486 1,861 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 8 335 77,698 1,443,501 1,521,542

Weekly changes 0 0 0 + 4 + 7 - 5,563 - 5,551

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

Central bank liquidity swaps5 11 0 0 0 0 0 11

Reverse repurchase agreements4 282,396 0 ... ... ... ... 282,396

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 Jul 24, 2019

Mortgage-backed securities held outright1 1,521,542

Commitments to buy mortgage-backed securities2 2,637

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 6

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

Jul 24, 2019 Jul 17, 2019 Jul 25, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,681 + 7 - 82

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,735,058 - 5,902 - 471,417

Securities held outright1 3,617,939 - 5,485 - 453,891

U.S. Treasury securities 2,094,051 + 67 - 265,842

Bills2 2 0 + 2

Notes and bonds, nominal2 1,954,371 0 - 270,058

Notes and bonds, inflation-indexed2 115,989 0 + 2,103

Inflation compensation3 23,689 + 67 + 2,111

Federal agency debt securities2 2,347 0 - 62

Mortgage-backed securities4 1,521,542 - 5,551 - 187,986

Unamortized premiums on securities held outright5 129,767 - 456 - 18,490

Unamortized discounts on securities held outright5 -12,777 + 30 + 1,072

Repurchase agreements6 0 0 0

Loans 129 + 9 - 107

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

Items in process of collection (0) 108 + 24 - 94

Bank premises 2,189 + 2 + 3

Central bank liquidity swaps8 11 - 27 - 111

Foreign currency denominated assets9 20,752 - 97 - 384

Other assets10 27,400 + 1,318 - 445

Total assets (0) 3,803,436 - 4,674 - 474,245

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

Jul 24, 2019 Jul 17, 2019 Jul 25, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,697,963 - 1,035 + 77,416

Reverse repurchase agreements11 282,396 - 200 + 32,056

Deposits (0) 1,778,342 - 3,036 - 584,208

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,525,340 + 10,271 - 421,948

U.S. Treasury, General Account 178,227 - 27,976 - 160,751

Foreign official 5,255 0 - 1

Other12 (0) 69,520 + 14,668 - 1,509

Deferred availability cash items (0) 607 + 376 + 243

Other liabilities and accrued dividends13 4,901 - 778 - 74

Total liabilities (0) 3,764,209 - 4,673 - 474,567

Capital accounts

Capital paid in 32,401 - 1 + 321

Surplus 6,825 0 0

Other capital accounts 0 0 0

Total capital 39,226 - 1 + 321

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, July 24, 2019

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificate account 11,037 351 3,707 327 531 754 1,560 711 328 186 292 890 1,400

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

Coin 1,681 37 45 148 113 215 186 274 32 46 106 195 285

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,735,058 77,485 2,037,668 90,447 109,275 228,564 255,382 196,061 53,694 32,401 55,384 162,179 436,517

Securities held outright1 3,617,939 75,058 1,973,842 87,614 105,852 221,405 247,370 189,911 51,999 31,307 53,648 157,095 422,839

U.S. Treasury securities 2,094,051 43,444 1,142,453 50,711 61,267 128,148 143,177 109,920 30,097 18,120 31,051 90,926 244,737

Bills2 2 0 1 0 0 0 0 0 0 0 0 0 0

Notes and bonds3 2,094,048 43,443 1,142,451 50,711 61,267 128,148 143,176 109,919 30,097 18,120 31,051 90,926 244,737

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

Mortgage-backed securities4 1,521,542 31,566 830,109 36,847 44,516 93,113 104,032 79,868 21,869 13,166 22,562 66,067 177,827

Unamortized premiums on securities 

held outright5 129,767 2,692 70,797 3,143 3,797 7,941 8,873 6,812 1,865 1,123 1,924 5,635 15,166

Unamortized discounts on securities 

held outright5 -12,777 -265 -6,971 -309 -374 -782 -874 -671 -184 -111 -189 -555 -1,493

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

Loans 129 0 0 0 0 0 14 10 14 82 1 4 6

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 108 0 0 0 0 0 107 0 0 0 0 0 0

Bank premises 2,189 106 457 81 117 192 206 191 104 94 229 220 191

Central bank liquidity swaps8 11 0 4 1 1 2 1 0 0 0 0 0 2

Foreign currency denominated

assets9 20,752 894 6,586 1,199 1,656 4,424 1,207 866 316 99 201 257 3,046

Other assets10 27,400 588 14,475 661 812 1,895 1,860 1,408 462 287 488 1,292 3,172

Interdistrict settlement account 0 + 9,989 - 171,808 - 7,238 + 12,902 + 2,684 + 28,819 + 13,969 + 7,311 + 4,335 + 6,511 + 22,668 + 69,858

Total assets 3,803,436 89,648 1,892,951 85,835 125,645 239,143 289,981 213,905 62,398 37,538 63,363 187,984 515,044

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, July 24, 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 1,900,040 57,198 628,465 54,789 90,751 131,050 260,107 123,976 56,451 31,397 50,317 158,972 256,566

Less: Notes held by F.R. Banks 202,076 6,097 46,977 8,233 10,141 15,805 30,568 13,210 6,134 3,426 8,036 20,914 32,535

Federal Reserve notes, net 1,697,963 51,101 581,488 46,556 80,610 115,245 229,539 110,766 50,317 27,970 42,281 138,058 224,031

Reverse repurchase agreements11 282,396 5,859 154,067 6,839 8,262 17,282 19,308 14,823 4,059 2,444 4,187 12,262 33,004

Deposits 1,778,342 30,729 1,142,129 30,725 33,361 97,949 38,355 86,435 7,262 6,291 16,342 36,920 251,844

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 1,525,340 30,719 928,007 30,722 33,328 97,736 38,318 48,045 7,258 6,240 16,317 36,813 251,837

U.S. Treasury, General Account 178,227 0 178,227 0 0 0 0 0 0 0 0 0 0

Foreign official 5,255 2 5,228 2 3 9 2 2 1 0 0 0 6

Other12 69,520 8 30,668 1 30 205 34 38,388 4 51 25 106 0

Deferred availability cash items 607 0 0 0 0 0 116 0 0 491 0 0 0

Earnings remittances due to the U.S.

Treasury13 848 15 479 18 22 31 89 39 17 10 14 52 62

Other liabilities and accrued

dividends 4,053 158 1,588 171 178 467 283 269 127 143 145 204 320

Total liabilities 3,764,209 87,862 1,879,752 84,309 122,433 230,974 287,690 212,332 61,782 37,348 62,969 187,496 509,262

Capital

Capital paid in 32,401 1,491 11,033 1,132 2,667 6,714 1,894 1,288 512 157 328 404 4,780

Surplus 6,825 294 2,166 394 545 1,455 397 285 104 32 66 84 1,002

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

Total liabilities and capital 3,803,436 89,648 1,892,951 85,835 125,645 239,143 289,981 213,905 62,398 37,538 63,363 187,984 515,044

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, July 24, 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 Jul 24, 2019

Federal Reserve notes outstanding 1,900,040

Less: Notes held by F.R. Banks not subject to collateralization 202,076

Federal Reserve notes to be collateralized 1,697,963

Collateral held against Federal Reserve notes 1,697,963

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,681,726

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,617,939

Less: Face value of securities under reverse repurchase agreements 277,613

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,340,327

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.