FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks February 28, 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

Feb 27, 2019 Feb 20, 2019 Feb 28, 2018

Wednesday

Feb 27, 2019

Reserve Bank credit 3,939,793 - 12,320 - 426,300 3,934,831

Securities held outright1 3,795,931 - 9,849 - 404,783 3,792,109

U.S. Treasury securities 2,182,132 - 3,430 - 248,883 2,182,092

Bills2 0 0 0 0

Notes and bonds, nominal2 2,046,102 - 3,327 - 256,027 2,046,102

Notes and bonds, inflation-indexed2 114,769 0 + 5,026 114,769

Inflation compensation3 21,261 - 103 + 2,118 21,221

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

Mortgage-backed securities4 1,611,390 - 6,419 - 153,918 1,607,609

Unamortized premiums on securities held outright5 137,302 - 462 - 19,007 137,099

Unamortized discounts on securities held outright5 -13,230 + 22 + 863 -13,218

Repurchase agreements6 0 0 0 0

Loans 23 + 4 0 12

Primary credit 13 + 8 + 5 3

Secondary credit 0 0 0 0

Seasonal credit 10 - 4 - 4 9

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,710 0

Float -273 - 106 + 98 -897

Central bank liquidity swaps8 88 + 20 + 16 88

Other Federal Reserve assets9 19,952 - 1,949 - 1,779 19,637

Foreign currency denominated assets10 20,780 + 47 - 1,356 20,792

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,874 + 14 + 434 49,874

Total factors supplying reserve funds 4,026,688 - 12,258 - 427,223 4,021,738

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

Feb 27, 2019 Feb 20, 2019 Feb 28, 2018

Wednesday

Feb 27, 2019

Currency in circulation11 1,710,884 - 9 + 87,760 1,712,356

Reverse repurchase agreements12 253,532 + 4,603 - 1,802 251,348

Foreign official and international accounts 249,700 + 4,580 + 16,872 249,433

Others 3,832 + 22 - 18,674 1,915

Treasury cash holdings 300 + 19 + 5 312

Deposits with F.R. Banks, other than reserve balances 376,293 - 25,926 + 79,144 330,718

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 310,574 - 23,322 + 107,954 266,024

Foreign official 5,244 0 - 10 5,243

Other13 60,475 - 2,604 - 28,800 59,451

Other liabilities and capital14 44,929 + 885 - 133 44,794

Total factors, other than reserve balances,

absorbing reserve funds 2,385,938 - 20,429 + 164,974 2,339,528

Reserve balances with Federal Reserve Banks 1,640,750 + 8,170 - 592,197 1,682,210

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

Feb 27, 2019 Feb 20, 2019 Feb 28, 2018

Wednesday

Feb 27, 2019

Securities held in custody for foreign official and international

accounts 3,442,315 + 10,428 + 23,983 3,452,721

Marketable U.S. Treasury securities1 3,046,954 + 10,404 - 27,451 3,057,282

Federal agency debt and mortgage-backed securities2 324,007 - 681 + 60,535 323,824

Other securities3 71,353 + 704 - 9,102 71,615

Securities lent to dealers 22,568 - 274 - 3,917 21,030

Overnight facility4 22,568 - 274 - 3,917 21,030

U.S. Treasury securities 22,568 - 274 - 3,917 21,030

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, February 27, 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 12 0 0 0 0 ... 12

U.S. Treasury securities1

Holdings 12,529 92,780 274,117 930,742 254,779 617,145 2,182,092

Weekly changes 0 0 - 1 - 15 - 40 - 52 - 109

Federal agency debt securities2

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

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 4 204 63,771 1,543,631 1,607,609

Weekly changes 0 0 0 - 8 - 788 - 5,744 - 6,541

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

Central bank liquidity swaps5 88 0 0 0 0 0 88

Reverse repurchase agreements4 251,348 0 ... ... ... ... 251,348

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 Feb 27, 2019

Mortgage-backed securities held outright1 1,607,609

Commitments to buy mortgage-backed securities2 286

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 0

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4 and table 5.
H.4.1

4. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Feb 27, 2019 Feb 20, 2019 Feb 28, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,782 - 16 - 137

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,916,003 - 7,072 - 414,544

Securities held outright1 3,792,109 - 6,650 - 396,495

U.S. Treasury securities 2,182,092 - 109 - 242,150

Bills2 0 0 0

Notes and bonds, nominal2 2,046,102 0 - 247,783

Notes and bonds, inflation-indexed2 114,769 0 + 3,549

Inflation compensation3 21,221 - 109 + 2,084

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

Mortgage-backed securities4 1,607,609 - 6,541 - 152,363

Unamortized premiums on securities held outright5 137,099 - 445 - 18,945

Unamortized discounts on securities held outright5 -13,218 + 32 + 910

Repurchase agreements6 0 0 0

Loans 12 - 11 - 15

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,708

Items in process of collection (0) 52 - 22 - 47

Bank premises 2,205 + 2 - 1

Central bank liquidity swaps8 88 + 20 + 16

Foreign currency denominated assets9 20,792 - 15 - 1,297

Other assets10 17,432 + 274 - 1,091

Total assets (0) 3,974,590 - 6,830 - 418,811

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

Feb 27, 2019 Feb 20, 2019 Feb 28, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,664,572 + 303 + 84,587

Reverse repurchase agreements11 251,348 - 3,831 - 26,110

Deposits (0) 2,012,928 - 4,842 - 477,067

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,682,210 + 62,465 - 526,098

U.S. Treasury, General Account 266,024 - 64,979 + 66,634

Foreign official 5,243 0 - 12

Other12 (0) 59,451 - 2,328 - 17,592

Deferred availability cash items (0) 948 + 684 + 42

Other liabilities and accrued dividends13 5,634 + 851 - 259

Total liabilities (0) 3,935,431 - 6,834 - 418,806

Capital accounts

Capital paid in 32,335 + 5 + 671

Surplus 6,825 0 - 675

Other capital accounts 0 0 0

Total capital 39,160 + 5 - 4

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, February 27, 2019

Millions of dollars

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

Assets

Gold certificate account 11,037 364 3,626 350 544 773 1,491 739 334 199 307 905 1,405

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

Coin 1,782 48 50 154 122 234 188 294 33 46 114 197 301

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,916,003 74,791 2,161,930 98,871 111,020 231,733 235,064 209,740 52,135 32,682 61,647 161,925 484,464

Securities held outright1 3,792,109 72,425 2,093,538 95,743 107,508 224,402 227,628 203,097 50,486 31,645 59,697 156,803 469,137

U.S. Treasury securities 2,182,092 41,676 1,204,684 55,093 61,863 129,128 130,984 116,868 29,051 18,210 34,351 90,229 269,956

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

Notes and bonds3 2,182,092 41,676 1,204,684 55,093 61,863 129,128 130,984 116,868 29,051 18,210 34,351 90,229 269,956

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

Mortgage-backed securities4 1,607,609 30,704 887,525 40,589 45,576 95,132 96,500 86,100 21,403 13,415 25,308 66,474 198,884

Unamortized premiums on securities 

held outright5 137,099 2,618 75,689 3,461 3,887 8,113 8,230 7,343 1,825 1,144 2,158 5,669 16,961

Unamortized discounts on securities 

held outright5 -13,218 -252 -7,297 -334 -375 -782 -793 -708 -176 -110 -208 -547 -1,635

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

Loans 12 0 0 0 0 0 0 8 0 3 0 0 1

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 52 0 0 0 0 0 51 0 0 0 0 0 0

Bank premises 2,205 107 461 81 119 194 206 193 106 95 231 220 192

Central bank liquidity swaps8 88 4 28 5 7 19 5 4 1 0 1 1 13

Foreign currency denominated

assets9 20,792 885 6,556 1,181 1,678 4,491 1,201 881 300 95 206 257 3,060

Other assets10 17,432 351 9,001 431 494 1,267 1,032 897 490 186 329 850 2,104

Interdistrict settlement account 0 + 6,781 - 145,083 + 4,453 + 10,579 + 13,217 + 45,466 + 2,292 + 11,915 + 7,029 - 475 + 22,351 + 21,476

Total assets 3,974,590 83,527 2,038,387 105,736 124,800 252,339 285,359 215,464 65,463 40,423 62,513 186,990 513,588

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, February 27, 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 1,870,289 57,528 617,961 54,639 89,301 125,889 260,873 121,329 55,705 31,298 49,644 154,769 251,354

Less: Notes held by F.R. Banks 205,716 6,672 55,778 7,291 9,900 14,583 32,595 14,306 4,814 3,067 6,603 17,835 32,273

Federal Reserve notes, net 1,664,572 50,856 562,183 47,348 79,401 111,307 228,278 107,022 50,891 28,230 43,041 136,934 219,081

Reverse repurchase agreements11 251,348 4,800 138,764 6,346 7,126 14,874 15,088 13,462 3,346 2,097 3,957 10,393 31,095

Deposits 2,012,928 25,992 1,322,551 49,560 34,925 117,215 39,277 92,987 10,485 8,863 14,992 38,921 257,158

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 1,682,210 25,977 1,032,270 49,557 34,901 116,883 39,242 53,184 10,474 8,812 14,970 38,789 257,151

U.S. Treasury, General Account 266,024 0 266,024 0 0 0 0 0 0 0 0 0 0

Foreign official 5,243 2 5,216 2 3 9 2 2 1 0 0 0 6

Other12 59,451 14 19,042 1 21 324 34 39,801 11 51 21 132 2

Deferred availability cash items 948 0 0 0 0 0 53 0 0 895 0 0 0

Earnings remittances due to the U.S.

Treasury13 793 18 418 14 28 31 78 37 5 9 20 52 85

Other liabilities and accrued

dividends 4,841 173 2,028 204 192 560 296 318 126 141 138 216 448

Total liabilities 3,935,431 81,839 2,025,943 103,472 121,671 243,988 283,070 213,826 64,853 40,236 62,148 186,516 507,868

Capital

Capital paid in 32,335 1,394 10,278 1,869 2,583 6,896 1,892 1,354 507 154 299 390 4,718

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 3,974,590 83,527 2,038,387 105,736 124,800 252,339 285,359 215,464 65,463 40,423 62,513 186,990 513,588

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, February 27, 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 Feb 27, 2019

Federal Reserve notes outstanding 1,870,289

Less: Notes held by F.R. Banks not subject to collateralization 205,716

Federal Reserve notes to be collateralized 1,664,572

Collateral held against Federal Reserve notes 1,664,572

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,648,335

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,792,109

Less: Face value of securities under reverse repurchase agreements 251,341

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,540,768

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.