FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 9, 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

May 8, 2019 May 1, 2019 May 9, 2018

Wednesday

May 8, 2019

Reserve Bank credit 3,852,423 - 19,343 - 465,114 3,853,394

Securities held outright1 3,701,845 - 21,142 - 443,021 3,701,909

U.S. Treasury securities 2,124,065 - 21,142 - 271,438 2,124,129

Bills2 100 0 + 100 100

Notes and bonds, nominal2 1,986,425 - 21,464 - 275,647 1,986,425

Notes and bonds, inflation-indexed2 115,361 + 155 + 2,412 115,361

Inflation compensation3 22,178 + 165 + 1,696 22,242

Federal agency debt securities2 2,347 0 - 2,044 2,347

Mortgage-backed securities4 1,575,433 0 - 169,539 1,575,433

Unamortized premiums on securities held outright5 133,903 - 214 - 18,713 133,856

Unamortized discounts on securities held outright5 -12,953 + 27 + 964 -12,943

Repurchase agreements6 9 + 9 0 65

Loans 44 + 20 - 34 66

Primary credit 6 + 3 - 12 30

Secondary credit 0 0 0 0

Seasonal credit 37 + 16 - 23 36

Other credit extensions 0 0 0 0

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

Float -142 + 307 + 27 -131

Central bank liquidity swaps8 55 0 - 25 55

Other Federal Reserve assets9 29,662 + 1,651 - 2,597 30,517

Foreign currency denominated assets10 20,591 + 61 - 956 20,667

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,935 + 14 + 382 49,935

Total factors supplying reserve funds 3,939,191 - 19,268 - 465,687 3,940,238

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 8, 2019 May 1, 2019 May 9, 2018

Wednesday

May 8, 2019

Currency in circulation11 1,731,422 + 2,966 + 84,727 1,733,109

Reverse repurchase agreements12 264,168 + 951 + 10,665 260,970

Foreign official and international accounts 264,011 + 1,367 + 15,062 260,949

Others 157 - 416 - 4,397 21

Treasury cash holdings 329 - 2 + 49 321

Deposits with F.R. Banks, other than reserve balances 412,542 - 47,841 - 20,360 409,597

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 348,357 - 52,141 - 5,384 344,461

Foreign official 5,244 0 - 11 5,245

Other13 58,941 + 4,300 - 14,965 59,891

Other liabilities and capital14 45,754 + 1,101 + 7 45,562

Total factors, other than reserve balances,

absorbing reserve funds 2,454,216 - 42,824 + 75,089 2,449,558

Reserve balances with Federal Reserve Banks 1,484,975 + 23,556 - 540,775 1,490,680

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

May 8, 2019 May 1, 2019 May 9, 2018

Wednesday

May 8, 2019

Securities held in custody for foreign official and international

accounts 3,461,554 + 331 + 64,947 3,469,289

Marketable U.S. Treasury securities1 3,056,295 - 670 + 12,103 3,063,457

Federal agency debt and mortgage-backed securities2 332,142 + 188 + 56,542 332,148

Other securities3 73,117 + 813 - 3,698 73,685

Securities lent to dealers 23,675 + 358 + 4,802 21,995

Overnight facility4 23,675 + 358 + 4,802 21,995

U.S. Treasury securities 23,675 + 358 + 4,802 21,995

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, May 8, 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 32 34 0 0 0 ... 66

U.S. Treasury securities1

Holdings 38,475 63,116 255,978 902,527 258,739 605,292 2,124,129

Weekly changes 0 + 19,308 - 19,307 + 25 + 80 + 67 + 175

Federal agency debt securities2

Holdings 0 0 0 0 0 2,347 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 10 308 73,751 1,501,365 1,575,433

Weekly changes 0 0 + 1 + 57 + 1,084 - 1,141 0

Repurchase agreements4 65 0 ... ... ... ... 65

Central bank liquidity swaps5 55 0 0 0 0 0 55

Reverse repurchase agreements4 260,970 0 ... ... ... ... 260,970

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 8, 2019

Mortgage-backed securities held outright1 1,575,433

Commitments to buy mortgage-backed securities2 316

Commitments to sell mortgage-backed securities2 5

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

May 8, 2019 May 1, 2019 May 9, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,671 + 1 - 144

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,822,953 + 124 - 460,699

Securities held outright1 3,701,909 + 175 - 442,982

U.S. Treasury securities 2,124,129 + 175 - 271,399

Bills2 100 0 + 100

Notes and bonds, nominal2 1,986,425 0 - 275,647

Notes and bonds, inflation-indexed2 115,361 0 + 2,412

Inflation compensation3 22,242 + 175 + 1,735

Federal agency debt securities2 2,347 0 - 2,044

Mortgage-backed securities4 1,575,433 0 - 169,539

Unamortized premiums on securities held outright5 133,856 - 176 - 18,688

Unamortized discounts on securities held outright5 -12,943 + 28 + 964

Repurchase agreements6 65 + 65 + 1

Loans 66 + 32 + 6

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

Items in process of collection (0) 115 + 44 + 38

Bank premises 2,194 0 0

Central bank liquidity swaps8 55 0 - 25

Foreign currency denominated assets9 20,667 + 24 - 767

Other assets10 28,322 + 2,329 - 2,680

Total assets (0) 3,892,216 + 2,525 - 465,991

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

May 8, 2019 May 1, 2019 May 9, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,685,161 + 2,347 + 83,551

Reverse repurchase agreements11 260,970 - 8,849 + 13,490

Deposits (0) 1,900,276 + 8,259 - 563,231

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,490,680 + 30,670 - 556,096

U.S. Treasury, General Account 344,461 - 24,303 + 6,084

Foreign official 5,245 0 - 9

Other12 (0) 59,891 + 1,893 - 13,209

Deferred availability cash items (0) 247 - 300 - 7

Other liabilities and accrued dividends13 6,134 + 940 + 54

Total liabilities (0) 3,852,788 + 2,397 - 466,142

Capital accounts

Capital paid in 32,602 + 127 + 825

Surplus 6,825 0 - 675

Other capital accounts 0 0 0

Total capital 39,427 + 127 + 150

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, May 8, 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 1,671 45 36 144 112 221 177 289 28 48 108 186 278

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,822,953 79,310 2,085,655 92,577 111,848 233,947 261,394 200,681 54,963 33,102 56,687 165,996 446,791

Securities held outright1 3,701,909 76,800 2,019,653 89,648 108,308 226,544 253,111 194,318 53,206 32,033 54,893 160,741 432,652

U.S. Treasury securities 2,124,129 44,068 1,158,863 51,439 62,147 129,989 145,233 111,498 30,529 18,381 31,497 92,232 248,253

Bills2 100 2 55 2 3 6 7 5 1 1 1 4 12

Notes and bonds3 2,124,029 44,065 1,158,808 51,437 62,144 129,983 145,226 111,493 30,528 18,380 31,496 92,228 248,241

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

Mortgage-backed securities4 1,575,433 32,684 859,510 38,152 46,093 96,411 107,717 82,697 22,643 13,633 23,361 68,407 184,125

Unamortized premiums on securities 

held outright5 133,856 2,777 73,028 3,242 3,916 8,191 9,152 7,026 1,924 1,158 1,985 5,812 15,644

Unamortized discounts on securities 

held outright5 -12,943 -269 -7,061 -313 -379 -792 -885 -679 -186 -112 -192 -562 -1,513

Repurchase agreements6 65 1 35 2 2 4 4 3 1 1 1 3 8

Loans 66 0 0 0 0 0 12 12 18 22 0 2 0

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 115 0 0 0 0 0 115 0 0 0 0 0 0

Bank premises 2,194 107 457 80 119 193 207 191 105 95 229 220 191

Central bank liquidity swaps8 55 2 17 3 4 12 3 2 1 0 1 1 8

Foreign currency denominated

assets9 20,667 890 6,560 1,194 1,650 4,406 1,202 863 315 98 200 256 3,034

Other assets10 28,322 613 14,988 684 842 1,947 1,927 1,461 500 316 500 1,257 3,287

Interdistrict settlement account 0 - 821 - 101,665 - 451 + 2,581 - 982 + 22,350 + 3,919 + 5,784 + 2,961 + 2,331 + 20,840 + 43,152

Total assets 3,892,216 80,693 2,011,574 94,768 117,924 240,910 289,589 208,542 62,173 36,896 60,501 189,928 498,716

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, May 8, 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 1,879,301 57,622 620,540 54,533 89,639 127,463 258,973 121,090 55,880 31,324 50,280 158,022 253,935

Less: Notes held by F.R. Banks 194,140 6,226 48,850 8,180 9,606 14,474 29,999 12,805 5,980 3,065 7,728 18,445 28,783

Federal Reserve notes, net 1,685,161 51,396 571,690 46,354 80,033 112,990 228,974 108,285 49,900 28,259 42,552 139,577 225,152

Reverse repurchase agreements11 260,970 5,414 142,377 6,320 7,635 15,970 17,843 13,699 3,751 2,258 3,870 11,332 30,500

Deposits 1,900,276 21,898 1,282,298 39,600 26,794 102,960 39,973 84,626 7,747 5,911 13,522 38,242 236,706

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 1,490,680 21,888 912,514 39,597 26,759 102,452 39,938 45,649 7,740 5,845 13,465 38,133 236,700

U.S. Treasury, General Account 344,461 0 344,461 0 0 0 0 0 0 0 0 0 0

Foreign official 5,245 2 5,217 2 3 9 2 2 1 0 0 0 6

Other12 59,891 8 20,105 1 33 499 33 38,976 6 66 56 109 1

Deferred availability cash items 247 0 0 0 0 0 121 0 0 125 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,322 22 754 25 44 50 111 64 22 12 20 66 131

Other liabilities and accrued

dividends 4,813 175 1,966 207 208 554 306 304 138 141 145 223 446

Total liabilities 3,852,788 78,904 1,999,086 92,505 114,714 232,524 287,329 206,978 61,558 36,707 60,109 189,440 492,935

Capital

Capital paid in 32,602 1,496 10,323 1,869 2,665 6,931 1,864 1,279 512 157 326 403 4,779

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 3,892,216 80,693 2,011,574 94,768 117,924 240,910 289,589 208,542 62,173 36,896 60,501 189,928 498,716

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, May 8, 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 May 8, 2019

Federal Reserve notes outstanding 1,879,301

Less: Notes held by F.R. Banks not subject to collateralization 194,140

Federal Reserve notes to be collateralized 1,685,161

Collateral held against Federal Reserve notes 1,685,161

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,668,924

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,701,974

Less: Face value of securities under reverse repurchase agreements 257,471

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,444,504

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.