FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks November 9, 2017

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Nov 8, 2017 Nov 1, 2017 Nov 9, 2016

Wednesday

Nov 8, 2017

Reserve Bank credit 4,418,185 - 2,623 + 3,457 4,419,083

Securities held outright1 4,237,314 - 4,140 + 19,344 4,237,373

U.S. Treasury securities 2,459,927 - 4,143 - 3,702 2,459,985

Bills2 0 0 0 0

Notes and bonds, nominal2 2,331,201 - 4,375 - 9,473 2,331,201

Notes and bonds, inflation-indexed2 109,537 + 89 + 4,011 109,537

Inflation compensation3 19,189 + 143 + 1,760 19,247

Federal agency debt securities2 6,757 0 - 11,736 6,757

Mortgage-backed securities4 1,770,630 + 3 + 34,782 1,770,630

Unamortized premiums on securities held outright5 161,117 - 255 - 14,386 161,052

Unamortized discounts on securities held outright5 -14,292 + 24 + 982 -14,281

Repurchase agreements6 9 + 9 + 9 65

Loans 53 - 52 + 25 56

Primary credit 1 - 7 0 4

Secondary credit 0 0 0 0

Seasonal credit 52 - 45 + 25 52

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,712 + 1 + 4 1,712

Float -305 + 217 + 51 -412

Central bank liquidity swaps8 37 - 3 - 963 37

Other Federal Reserve assets9 32,540 + 1,576 - 1,609 33,481

Foreign currency denominated assets10 20,875 - 18 - 217 20,866

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,245 + 14 + 799 49,245

Total factors supplying reserve funds 4,504,546 - 2,627 + 4,039 4,505,435

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

Nov 8, 2017 Nov 1, 2017 Nov 9, 2016

Wednesday

Nov 8, 2017

Currency in circulation11 1,590,150 + 4,751 + 103,726 1,591,737

Reverse repurchase agreements12 290,532 - 60,776 - 79,656 301,136

Foreign official and international accounts 226,905 - 13,111 - 8,285 226,590

Others 63,626 - 47,665 - 71,372 74,546

Treasury cash holdings 229 + 12 + 43 223

Deposits with F.R. Banks, other than reserve balances 263,236 - 16,486 - 156,588 246,454

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 177,780 - 15,766 - 198,437 160,437

Foreign official 5,167 - 1 - 67 5,166

Other13 80,289 - 719 + 41,917 80,851

Other liabilities and capital14 48,471 + 1,159 + 256 48,275

Total factors, other than reserve balances,

absorbing reserve funds 2,192,617 - 71,341 - 132,219 2,187,825

Reserve balances with Federal Reserve Banks 2,311,929 + 68,714 + 136,259 2,317,610

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

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

the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

6. Cash value of agreements.

7. Refer to table 4 and the note on consolidation accompanying table 6.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

9. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also, includes Reserve

Bank premises and equipment net of allowances for depreciation.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated

financial market utilities. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve

Banks as fiscal agents of the United States.

14. Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Nov 8, 2017 Nov 1, 2017 Nov 9, 2016

Wednesday

Nov 8, 2017

Securities held in custody for foreign official and international

accounts 3,373,347 + 7,589 + 261,971 3,371,228

Marketable U.S. Treasury securities1 3,045,632 + 7,057 + 254,647 3,042,790

Federal agency debt and mortgage-backed securities2 262,651 + 151 + 2,790 262,651

Other securities3 65,065 + 381 + 4,535 65,787

Securities lent to dealers 25,253 - 85 + 4,791 24,239

Overnight facility4 25,253 - 85 + 4,791 24,239

U.S. Treasury securities 25,253 - 85 + 4,817 24,239

Federal agency debt securities 0 0 - 26 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, 5, and 6.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, November 8, 2017

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 10 46 0 0 0 ... 56

U.S. Treasury securities1

Holdings 11,043 56,307 317,797 1,111,537 329,680 633,622 2,459,985

Weekly changes 0 + 27,851 - 27,846 + 24 + 36 + 93 + 158

Federal agency debt securities2

Holdings 2,366 0 1,982 62 0 2,347 6,757

Weekly changes + 2,366 - 2,366 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 1 134 20,733 1,749,762 1,770,630

Weekly changes 0 0 0 + 2 + 3,656 - 3,658 0

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

Central bank liquidity swaps5 37 0 0 0 0 0 37

Reverse repurchase agreements4 301,136 0 ... ... ... ... 301,136

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 Nov 8, 2017

Mortgage-backed securities held outright1 1,770,630

Commitments to buy mortgage-backed securities2 27,993

Commitments to sell mortgage-backed securities2 20

Cash and cash equivalents3 3

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

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

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Nov 8, 2017

Net portfolio holdings of Maiden Lane LLC1 1,712

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0

Accrued interest payable to the Federal Reserve Bank of New York2 0

Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3 0

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an

orderly market on the measurement date. Assets are revalued quarterly.

2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with

consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.

3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in

table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of

the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time

to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan

from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Nov 8, 2017 Nov 1, 2017 Nov 9, 2016

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,845 + 13 - 33

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,384,265 + 34 + 6,099

Securities held outright1 4,237,373 + 159 + 19,378

U.S. Treasury securities 2,459,985 + 158 - 3,669

Bills2 0 0 0

Notes and bonds, nominal2 2,331,201 0 - 9,473

Notes and bonds, inflation-indexed2 109,537 0 + 4,011

Inflation compensation3 19,247 + 159 + 1,793

Federal agency debt securities2 6,757 0 - 11,736

Mortgage-backed securities4 1,770,630 0 + 34,782

Unamortized premiums on securities held outright5 161,052 - 222 - 14,350

Unamortized discounts on securities held outright5 -14,281 + 29 + 982

Repurchase agreements6 65 + 65 + 65

Loans 56 + 4 + 24

Net portfolio holdings of Maiden Lane LLC7 1,712 0 + 4

Items in process of collection (0) 109 + 43 + 4

Bank premises 2,201 + 2 + 1

Central bank liquidity swaps8 37 - 3 - 963

Foreign currency denominated assets9 20,866 + 1 - 9

Other assets10 31,280 + 2,575 - 1,638

Total assets (0) 4,458,552 + 2,665 + 3,465

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Nov 8, 2017 Nov 1, 2017 Nov 9, 2016

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,544,556 + 2,462 + 101,172

Reverse repurchase agreements11 301,136 - 18,800 - 62,213

Deposits (0) 2,564,064 + 17,776 - 36,655

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,317,610 + 36,138 + 127,528

U.S. Treasury, General Account 160,437 - 21,327 - 205,017

Foreign official 5,166 - 11 - 351

Other12 (0) 80,851 + 2,976 + 41,185

Deferred availability cash items (0) 521 + 18 - 122

Other liabilities and accrued dividends13 7,038 + 1,188 + 292

Total liabilities (0) 4,417,315 + 2,645 + 2,474

Capital accounts

Capital paid in 31,237 + 20 + 991

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 41,237 + 20 + 991

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

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

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Refer to table 4 and the note on consolidation accompanying table 6.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated

financial market utilities. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the

Reserve Banks as fiscal agents of the United States.

13. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, November 8, 2017

Millions of dollars

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

Assets

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

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

Coin 1,845 45 48 178 139 268 197 294 35 51 105 189 295

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,384,265 85,421 2,468,712 113,198 127,139 256,873 258,071 184,404 58,468 34,200 62,193 175,518 560,068

Securities held outright1 4,237,373 82,560 2,386,030 109,407 122,880 248,270 249,427 178,218 56,504 33,037 60,096 169,635 541,308

U.S. Treasury securities 2,459,985 47,930 1,385,198 63,516 71,337 144,132 144,804 103,464 32,803 19,179 34,888 98,481 314,254

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

Notes and bonds3 2,459,985 47,930 1,385,198 63,516 71,337 144,132 144,804 103,464 32,803 19,179 34,888 98,481 314,254

Federal agency debt securities2 6,757 132 3,805 174 196 396 398 284 90 53 96 271 863

Mortgage-backed securities4 1,770,630 34,498 997,028 45,717 51,347 103,742 104,226 74,470 23,611 13,805 25,112 70,884 226,191

Unamortized premiums on securities 

held outright5 161,052 3,138 90,687 4,158 4,670 9,436 9,480 6,774 2,148 1,256 2,284 6,447 20,574

Unamortized discounts on securities 

held outright5 -14,281 -278 -8,042 -369 -414 -837 -841 -601 -190 -111 -203 -572 -1,824

Repurchase agreements6 65 1 37 2 2 4 4 3 1 1 1 3 8

Loans 56 0 0 0 1 0 0 10 6 18 15 5 2

Net portfolio holdings of Maiden

Lane LLC7 1,712 0 1,712 0 0 0 0 0 0 0 0 0 0

Items in process of collection 109 0 0 0 0 0 108 0 0 0 0 0 0

Bank premises 2,201 116 442 72 124 197 203 202 110 88 236 219 192

Central bank liquidity swaps8 37 2 12 2 3 8 2 2 0 0 0 0 5

Foreign currency denominated

assets9 20,866 905 6,683 1,122 1,700 4,509 1,217 873 228 88 203 267 3,072

Other assets10 31,280 657 17,157 802 918 2,009 1,868 1,318 514 264 516 1,288 3,969

Interdistrict settlement account 0 - 6,951 - 32,709 - 150 - 5,347 + 331 + 784 + 50,057 - 169 + 2,868 + 6,358 + 4,990 - 20,061

Total assets 4,458,552 80,739 2,467,467 115,783 125,466 265,383 264,624 238,311 59,677 37,841 70,056 183,668 549,537

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, November 8, 2017 (continued)

Millions of dollars

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

Liabilities

Federal Reserve notes outstanding 1,731,624 56,461 571,482 54,791 84,637 120,603 233,415 116,756 52,204 31,171 48,282 141,858 219,963

Less: Notes held by F.R. Banks 187,068 6,580 52,323 6,534 9,696 13,422 26,589 12,003 5,366 3,242 5,654 17,986 27,672

Federal Reserve notes, net 1,544,556 49,881 519,159 48,257 74,940 107,181 206,826 104,754 46,838 27,929 42,628 123,872 192,290

Reverse repurchase agreements11 301,136 5,867 169,567 7,775 8,733 17,644 17,726 12,665 4,016 2,348 4,271 12,055 38,469

Deposits 2,564,064 23,031 1,762,150 57,185 38,178 131,104 37,167 118,777 8,157 6,771 22,584 46,933 312,027

Term deposits held by depository

institutions 0 0 0 0 0 0 0 0 0 0 0 0 0

Other deposits held by depository

institutions 2,317,610 23,015 1,575,818 57,183 38,174 130,795 37,159 59,011 8,150 6,771 22,583 46,932 312,021

U.S. Treasury, General Account 160,437 0 160,437 0 0 0 0 0 0 0 0 0 0

Foreign official 5,166 2 5,139 2 3 9 2 2 0 0 0 1 6

Other12 80,851 15 20,756 0 0 300 7 59,765 6 0 1 0 1

Deferred availability cash items 521 0 0 0 0 0 65 0 0 455 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,674 26 960 39 54 61 115 64 25 13 24 75 218

Other liabilities and accrued

dividends 5,365 164 2,545 206 212 527 328 301 148 139 142 216 437

Total liabilities 4,417,315 78,970 2,454,381 113,462 122,117 256,517 262,228 236,561 59,183 37,655 69,648 183,151 543,442

Capital

Capital paid in 31,237 1,336 9,884 1,783 2,534 6,706 1,813 1,331 384 143 311 390 4,623

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

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

Total liabilities and capital 4,458,552 80,739 2,467,467 115,783 125,466 265,383 264,624 238,311 59,677 37,841 70,056 183,668 549,537

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, November 8, 2017 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.

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

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal

agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Refer to table 4 and the note on consolidation below.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities. Also includes certain

deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after

providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $10 billion surplus.

Note on consolidation:

On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain

assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of

the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any

residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation

of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous

page (and in table 1 and table 5), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were included in other liabilities in this table (and table 1

and table 5).
H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Nov 8, 2017

Federal Reserve notes outstanding 1,731,624

Less: Notes held by F.R. Banks not subject to collateralization 187,068

Federal Reserve notes to be collateralized 1,544,556

Collateral held against Federal Reserve notes 1,544,556

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,528,319

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,237,438

Less: Face value of securities under reverse repurchase agreements 290,903

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,946,534

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.