FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 16, 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 15, 2019 May 8, 2019 May 16, 2018

Wednesday

May 15, 2019

Reserve Bank credit 3,850,500 - 1,923 - 463,888 3,825,790

Securities held outright1 3,699,797 - 2,048 - 443,795 3,686,375

U.S. Treasury securities 2,122,831 - 1,234 - 270,274 2,114,444

Bills2 100 0 + 100 100

Notes and bonds, nominal2 1,985,017 - 1,408 - 274,589 1,976,565

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

Inflation compensation3 22,353 + 175 + 1,803 22,417

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

Mortgage-backed securities4 1,574,619 - 814 - 171,477 1,569,584

Unamortized premiums on securities held outright5 133,690 - 213 - 18,698 133,469

Unamortized discounts on securities held outright5 -12,946 + 7 + 964 -13,064

Repurchase agreements6 19 + 10 + 1 0

Loans 44 0 - 42 64

Primary credit 7 + 1 - 16 22

Secondary credit 0 0 0 0

Seasonal credit 38 + 1 - 25 42

Other credit extensions 0 0 0 0

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

Float -188 - 46 + 4 -213

Central bank liquidity swaps8 50 - 5 - 30 50

Other Federal Reserve assets9 30,035 + 373 - 575 19,110

Foreign currency denominated assets10 20,738 + 147 - 767 20,711

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,949 + 14 + 388 49,949

Total factors supplying reserve funds 3,937,429 - 1,762 - 464,266 3,912,691

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 15, 2019 May 8, 2019 May 16, 2018

Wednesday

May 15, 2019

Currency in circulation11 1,731,645 + 223 + 80,991 1,732,314

Reverse repurchase agreements12 259,303 - 4,865 + 10,404 263,925

Foreign official and international accounts 258,822 - 5,189 + 13,206 263,363

Others 482 + 325 - 2,801 562

Treasury cash holdings 319 - 10 + 48 303

Deposits with F.R. Banks, other than reserve balances 390,894 - 21,648 - 29,347 354,965

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 323,786 - 24,571 - 13,472 294,969

Foreign official 5,245 + 1 - 10 5,246

Other13 61,862 + 2,921 - 15,866 54,750

Other liabilities and capital14 45,400 - 354 + 40 44,767

Total factors, other than reserve balances,

absorbing reserve funds 2,427,562 - 26,654 + 62,137 2,396,273

Reserve balances with Federal Reserve Banks 1,509,867 + 24,892 - 526,403 1,516,418

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 15, 2019 May 8, 2019 May 16, 2018

Wednesday

May 15, 2019

Securities held in custody for foreign official and international

accounts 3,469,397 + 7,843 + 82,172 3,468,234

Marketable U.S. Treasury securities1 3,062,456 + 6,161 + 27,303 3,060,589

Federal agency debt and mortgage-backed securities2 332,818 + 676 + 57,298 333,324

Other securities3 74,123 + 1,006 - 2,430 74,321

Securities lent to dealers 21,503 - 2,172 + 881 24,800

Overnight facility4 21,503 - 2,172 + 881 24,800

U.S. Treasury securities 21,503 - 2,172 + 881 24,800

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 15, 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 24 40 0 0 0 ... 64

U.S. Treasury securities1

Holdings 0 63,117 255,980 917,215 257,102 621,030 2,114,444

Weekly changes - 38,475 + 1 + 2 + 14,688 - 1,637 + 15,738 - 9,685

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 10 303 73,297 1,495,974 1,569,584

Weekly changes 0 0 0 - 5 - 454 - 5,391 - 5,849

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

Central bank liquidity swaps5 50 0 0 0 0 0 50

Reverse repurchase agreements4 263,925 0 ... ... ... ... 263,925

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 15, 2019

Mortgage-backed securities held outright1 1,569,584

Commitments to buy mortgage-backed securities2 275

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 17

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 15, 2019 May 8, 2019 May 16, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,678 + 7 - 125

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,806,843 - 16,110 - 468,463

Securities held outright1 3,686,375 - 15,534 - 450,497

U.S. Treasury securities 2,114,444 - 9,685 - 272,522

Bills2 100 0 + 100

Notes and bonds, nominal2 1,976,565 - 9,860 - 276,877

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

Inflation compensation3 22,417 + 175 + 1,842

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

Mortgage-backed securities4 1,569,584 - 5,849 - 175,930

Unamortized premiums on securities held outright5 133,469 - 387 - 18,780

Unamortized discounts on securities held outright5 -13,064 - 121 + 889

Repurchase agreements6 0 - 65 - 65

Loans 64 - 2 - 9

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

Items in process of collection (0) 119 + 4 + 41

Bank premises 2,196 + 2 + 1

Central bank liquidity swaps8 50 - 5 - 30

Foreign currency denominated assets9 20,711 + 44 - 612

Other assets10 16,914 - 11,408 - 1,961

Total assets (0) 3,864,749 - 27,467 - 472,860

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 15, 2019 May 8, 2019 May 16, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,684,341 - 820 + 78,198

Reverse repurchase agreements11 263,925 + 2,955 + 7,021

Deposits (0) 1,871,383 - 28,893 - 558,427

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,516,419 + 25,739 - 506,242

U.S. Treasury, General Account 294,969 - 49,492 - 32,779

Foreign official 5,246 + 1 - 9

Other12 (0) 54,750 - 5,141 - 19,395

Deferred availability cash items (0) 333 + 86 + 67

Other liabilities and accrued dividends13 5,380 - 754 + 206

Total liabilities (0) 3,825,362 - 27,426 - 472,935

Capital accounts

Capital paid in 32,562 - 40 + 750

Surplus 6,825 0 - 675

Other capital accounts 0 0 0

Total capital 39,387 - 40 + 75

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 15, 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 1,678 45 39 145 111 221 176 288 26 48 108 184 285

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,806,843 78,976 2,076,868 92,187 111,377 232,961 260,281 199,849 54,719 32,968 56,450 165,297 444,911

Securities held outright1 3,686,375 76,478 2,011,178 89,271 107,854 225,593 252,049 193,503 52,983 31,899 54,663 160,067 430,837

U.S. Treasury securities 2,114,444 43,867 1,153,579 51,205 61,863 129,396 144,571 110,990 30,390 18,297 31,354 91,812 247,121

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

Notes and bonds3 2,114,344 43,865 1,153,524 51,202 61,860 129,390 144,564 110,985 30,389 18,296 31,352 91,807 247,109

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

Mortgage-backed securities4 1,569,584 32,563 856,319 38,010 45,922 96,053 107,317 82,390 22,559 13,582 23,274 68,153 183,442

Unamortized premiums on securities 

held outright5 133,469 2,769 72,817 3,232 3,905 8,168 9,126 7,006 1,918 1,155 1,979 5,795 15,599

Unamortized discounts on securities 

held outright5 -13,064 -271 -7,127 -316 -382 -799 -893 -686 -188 -113 -194 -567 -1,527

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

Loans 64 0 0 0 0 0 0 26 5 27 1 2 3

Net portfolio holdings of Maiden

Lane LLC7 0 0 0 0 0 0 0 0 0 0 0 0 0

Items in process of collection 119 0 0 0 0 0 118 0 0 1 0 0 0

Bank premises 2,196 108 458 81 119 193 207 191 105 95 229 220 191

Central bank liquidity swaps8 50 2 16 3 4 11 3 2 1 0 0 1 7

Foreign currency denominated

assets9 20,711 892 6,573 1,197 1,653 4,416 1,204 865 316 98 201 256 3,040

Other assets10 16,914 378 8,764 408 509 1,247 1,148 861 333 187 335 790 1,954

Interdistrict settlement account 0 + 7,387 - 128,970 + 373 + 1,041 + 7,137 + 25,131 + 423 + 6,338 + 2,897 + 3,494 + 20,187 + 54,563

Total assets 3,864,749 88,335 1,969,273 94,930 115,581 247,352 290,483 203,614 62,315 36,570 61,262 188,107 506,927

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 15, 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 1,881,294 57,761 621,539 54,476 89,763 128,028 258,712 121,294 55,956 31,322 50,338 158,346 253,761

Less: Notes held by F.R. Banks 196,953 6,410 49,503 8,173 9,842 14,727 30,470 12,742 6,066 3,052 7,857 18,867 29,244

Federal Reserve notes, net 1,684,341 51,351 572,035 46,303 79,921 113,301 228,242 108,553 49,890 28,269 42,481 139,479 224,517

Reverse repurchase agreements11 263,925 5,475 143,990 6,391 7,722 16,151 18,045 13,854 3,793 2,284 3,914 11,460 30,846

Deposits 1,871,383 29,524 1,238,600 39,754 24,488 108,938 41,393 79,316 7,866 5,460 14,310 36,413 245,321

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 1,516,419 29,514 919,152 39,751 24,458 108,597 41,355 44,526 7,859 5,393 14,259 36,239 245,314

U.S. Treasury, General Account 294,969 0 294,969 0 0 0 0 0 0 0 0 0 0

Foreign official 5,246 2 5,218 2 3 9 2 2 1 0 0 0 6

Other12 54,750 8 19,261 1 26 333 36 34,789 7 67 50 173 1

Deferred availability cash items 333 0 0 0 0 0 118 0 0 215 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,157 38 626 24 45 60 102 53 15 12 11 60 111

Other liabilities and accrued

dividends 4,223 156 1,603 192 194 517 298 275 134 140 153 208 352

Total liabilities 3,825,362 86,545 1,956,853 92,664 112,369 238,967 288,199 202,051 61,700 36,381 60,868 187,620 501,147

Capital

Capital paid in 32,562 1,496 10,254 1,871 2,666 6,931 1,887 1,279 511 157 328 403 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 3,864,749 88,335 1,969,273 94,930 115,581 247,352 290,483 203,614 62,315 36,570 61,262 188,107 506,927

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 15, 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 15, 2019

Federal Reserve notes outstanding 1,881,294

Less: Notes held by F.R. Banks not subject to collateralization 196,953

Federal Reserve notes to be collateralized 1,684,341

Collateral held against Federal Reserve notes 1,684,341

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,668,104

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,686,375

Less: Face value of securities under reverse repurchase agreements 261,306

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,425,069

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.