FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 31, 2016

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

Mar 30, 2016 Mar 23, 2016 Apr 1, 2015

Wednesday

Mar 30, 2016

Reserve Bank credit 4,444,587 - 6,148 + 726 4,442,657

Securities held outright1 4,245,057 - 5,700 + 16,664 4,243,666

U.S. Treasury securities 2,461,310 + 43 + 1,716 2,461,326

Bills2 0 0 0 0

Notes and bonds, nominal2 2,344,518 0 - 2,192 2,344,518

Notes and bonds, inflation-indexed2 100,880 0 + 2,411 100,880

Inflation compensation3 15,912 + 44 + 1,496 15,928

Federal agency debt securities2 29,257 0 - 7,620 29,257

Mortgage-backed securities4 1,754,490 - 5,743 + 22,569 1,753,082

Unamortized premiums on securities held outright5 185,863 - 353 - 16,838 185,557

Unamortized discounts on securities held outright5 -16,314 + 33 + 1,651 -16,301

Repurchase agreements6 0 0 0 0

Loans 36 + 17 0 32

Primary credit 23 + 19 0 17

Secondary credit 0 0 0 0

Seasonal credit 14 - 1 0 14

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,722 0 + 30 1,722

Float -400 - 172 + 88 -1,247

Central bank liquidity swaps8 48 - 5 - 762 48

Other Federal Reserve assets9 28,575 + 32 - 107 29,181

Foreign currency denominated assets10 20,509 - 172 + 853 20,681

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 47,728 + 14 + 1,057 47,728

Total factors supplying reserve funds 4,529,065 - 6,306 + 2,636 4,527,307

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

Mar 30, 2016 Mar 23, 2016 Apr 1, 2015

Wednesday

Mar 30, 2016

Currency in circulation11 1,441,289 + 1,629 + 83,467 1,443,285

Reverse repurchase agreements12 304,209 + 5,077 - 40,899 369,688

Foreign official and international accounts 235,766 - 1,674 + 88,076 242,569

Others 68,443 + 6,751 - 128,975 127,119

Treasury cash holdings 217 - 11 + 14 213

Deposits with F.R. Banks, other than reserve balances 327,265 + 927 + 236,454 331,135

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 284,660 - 12,296 + 209,193 291,912

Foreign official 5,210 + 38 - 21 5,172

Other13 37,395 + 13,185 + 27,281 34,050

Other liabilities and capital14 47,669 + 191 - 17,471 46,900

Total factors, other than reserve balances,

absorbing reserve funds 2,120,649 + 7,812 + 261,564 2,191,222

Reserve balances with Federal Reserve Banks 2,408,417 - 14,117 - 258,927 2,336,085

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 and Federal agency debt securities, amortization is on a straight-line basis. For 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.

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

Mar 30, 2016 Mar 23, 2016 Apr 1, 2015

Wednesday

Mar 30, 2016

Securities held in custody for foreign official and international

accounts 3,260,442 + 4,173 + 951 3,255,065

Marketable U.S. Treasury securities1 2,946,666 + 4,363 + 15,448 2,940,757

Federal agency debt and mortgage-backed securities2 265,886 + 23 - 18,799 266,473

Other securities3 47,890 - 213 + 4,302 47,835

Securities lent to dealers 22,653 + 1,776 + 9,822 19,699

Overnight facility4 22,653 + 1,776 + 9,822 19,699

U.S. Treasury securities 22,610 + 1,768 + 10,187 19,653

Federal agency debt securities 42 + 7 - 366 46

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, March 30, 2016

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 0 0 0 0 ... 32

U.S. Treasury securities1

Holdings 23,587 67,034 117,592 1,155,990 464,882 632,241 2,461,326

Weekly changes 0 0 + 3 + 3,692 - 3,679 + 27 + 43

Federal agency debt securities2

Holdings 0 4,161 11,767 10,982 0 2,347 29,257

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 756 8,846 1,743,481 1,753,082

Weekly changes 0 0 0 - 21 - 168 - 9,661 - 9,851

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

Central bank liquidity swaps5 48 0 0 0 0 0 48

Reverse repurchase agreements4 369,688 0 ... ... ... ... 369,688

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 Mar 30, 2016

Mortgage-backed securities held outright1 1,753,082

Commitments to buy mortgage-backed securities2 22,833

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 14

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 Mar 30, 2016

Net portfolio holdings of Maiden Lane LLC1 1,722

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. Revalued quarterly. This table reflects valuations as of December 31, 2015. Any assets purchased after

this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

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

Mar 30, 2016 Mar 23, 2016 Apr 1, 2015

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,876 - 20 + 44

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,412,953 - 10,428 - 102

Securities held outright1 4,243,666 - 9,807 + 15,282

U.S. Treasury securities 2,461,326 + 43 + 1,748

Bills2 0 0 0

Notes and bonds, nominal2 2,344,518 0 - 2,191

Notes and bonds, inflation-indexed2 100,880 0 + 2,411

Inflation compensation3 15,928 + 44 + 1,528

Federal agency debt securities2 29,257 0 - 7,620

Mortgage-backed securities4 1,753,082 - 9,851 + 21,154

Unamortized premiums on securities held outright5 185,557 - 668 - 17,008

Unamortized discounts on securities held outright5 -16,301 + 34 + 1,652

Repurchase agreements6 0 0 0

Loans 32 + 14 - 27

Net portfolio holdings of Maiden Lane LLC7 1,722 0 + 31

Items in process of collection (0) 142 - 6 + 32

Bank premises 2,226 - 1 - 15

Central bank liquidity swaps8 48 - 5 - 762

Foreign currency denominated assets9 20,681 + 173 + 1,122

Other assets10 26,956 + 270 + 692

Total assets (0) 4,482,840 - 10,017 + 1,041

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

Mar 30, 2016 Mar 23, 2016 Apr 1, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,397,642 + 1,846 + 82,383

Reverse repurchase agreements11 369,688 + 62,133 + 15,995

Deposits (0) 2,667,221 - 75,277 - 80,821

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,336,086 - 95,740 - 331,577

U.S. Treasury, General Account 291,912 + 14,205 + 226,383

Foreign official 5,172 - 1 - 69

Other12 (0) 34,050 + 6,257 + 24,441

Deferred availability cash items (0) 1,390 + 993 + 792

Other liabilities and accrued dividends13 6,823 + 200 + 270

Total liabilities (0) 4,442,763 - 10,106 + 18,619

Capital accounts

Capital paid in 30,077 + 89 + 1,249

Surplus 10,000 0 - 18,828

Other capital accounts 0 0 0

Total capital 40,077 + 89 - 17,579

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 and Federal agency debt securities, amortization is on a straight-line basis. For 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.

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, March 30, 2016

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 11,037 347 3,709 340 505 783 1,600 734 299 171 288 891 1,370

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

Coin 1,876 48 85 130 133 299 180 279 25 57 152 183 306

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,412,953 111,866 2,649,130 109,757 106,097 239,682 248,502 163,978 46,020 26,842 57,331 142,155 511,595

Securities held outright1 4,243,666 107,575 2,547,523 105,547 102,028 230,489 238,970 157,671 44,255 25,808 55,127 136,702 491,970

U.S. Treasury securities 2,461,326 62,393 1,477,564 61,217 59,176 133,683 138,602 91,449 25,668 14,969 31,974 79,287 285,343

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

Notes and bonds3 2,461,326 62,393 1,477,564 61,217 59,176 133,683 138,602 91,449 25,668 14,969 31,974 79,287 285,343

Federal agency debt securities2 29,257 742 17,563 728 703 1,589 1,648 1,087 305 178 380 942 3,392

Mortgage-backed securities4 1,753,082 44,440 1,052,396 43,602 42,148 95,216 98,720 65,135 18,282 10,662 22,773 56,473 203,236

Unamortized premiums on securities 

held outright5 185,557 4,704 111,392 4,615 4,461 10,078 10,449 6,894 1,935 1,128 2,410 5,977 21,512

Unamortized discounts on securities 

held outright5 -16,301 -413 -9,786 -405 -392 -885 -918 -606 -170 -99 -212 -525 -1,890

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

Loans 32 1 0 0 0 0 1 18 0 5 4 0 3

Net portfolio holdings of Maiden

Lane LLC7 1,722 0 1,722 0 0 0 0 0 0 0 0 0 0

Items in process of collection 142 0 0 0 0 0 141 0 0 1 0 0 0

Bank premises 2,226 121 434 74 105 209 206 202 116 91 241 226 199

Central bank liquidity swaps8 48 2 15 3 4 11 3 1 0 0 1 1 7

Foreign currency denominated

assets9 20,681 938 6,668 1,155 1,612 4,745 1,177 555 193 87 218 298 3,036

Other assets10 26,956 718 15,617 679 657 1,669 1,532 1,012 350 188 397 992 3,145

Interdistrict settlement account 0 - 33,388 - 189,381 + 12,927 + 21,659 + 40,650 + 12,668 + 13,655 + 11,966 + 7,999 + 2,319 + 25,637 + 73,287

Total assets 4,482,840 80,848 2,489,817 125,275 131,009 288,460 266,663 180,840 59,120 35,526 61,099 170,664 593,519

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, March 30, 2016 (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 1,566,639 49,253 497,678 49,137 81,753 108,414 222,986 105,512 50,818 27,050 39,990 130,163 203,885

Less: Notes held by F.R. Banks 168,997 5,333 58,747 5,902 8,675 11,357 22,776 10,461 4,805 2,349 4,609 12,506 21,477

Federal Reserve notes, net 1,397,642 43,920 438,931 43,235 73,078 97,057 200,210 95,050 46,013 24,700 35,381 117,657 182,409

Reverse repurchase agreements11 369,688 9,371 221,928 9,195 8,888 20,079 20,818 13,736 3,855 2,248 4,802 11,909 42,858

Deposits 2,667,221 25,599 1,812,441 70,414 45,780 161,826 42,908 70,237 8,702 6,966 20,378 40,336 361,634

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 2,336,086 25,593 1,488,549 70,411 45,777 161,696 42,899 63,167 8,694 6,966 20,376 40,334 361,623

U.S. Treasury, General Account 291,912 0 291,912 0 0 0 0 0 0 0 0 0 0

Foreign official 5,172 2 5,145 2 3 9 2 1 0 0 0 1 6

Other12 34,050 4 26,835 0 0 122 7 7,068 8 0 1 1 5

Deferred availability cash items 1,390 0 0 0 0 0 89 0 0 1,300 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,954 50 1,140 53 55 125 120 71 13 12 26 64 224

Other liabilities and accrued

dividends 4,868 161 2,255 198 196 566 311 244 123 129 116 191 379

Total liabilities 4,442,763 79,101 2,476,696 123,093 127,997 279,654 264,456 179,338 58,706 35,357 60,704 170,157 587,504

Capital

Capital paid in 30,077 1,305 9,822 1,631 2,250 6,575 1,652 1,234 312 127 295 381 4,494

Surplus 10,000 442 3,299 550 762 2,230 555 268 103 43 100 127 1,521

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

Total liabilities and capital 4,482,840 80,848 2,489,817 125,275 131,009 288,460 266,663 180,840 59,120 35,526 61,099 170,664 593,519

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, March 30, 2016 (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 and Federal

agency debt securities, amortization is on a straight-line basis. For 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.

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 Mar 30, 2016

Federal Reserve notes outstanding 1,566,639

Less: Notes held by F.R. Banks not subject to collateralization 168,997

Federal Reserve notes to be collateralized 1,397,642

Collateral held against Federal Reserve notes 1,397,642

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,381,405

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,243,666

Less: Face value of securities under reverse repurchase agreements 339,486

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,904,180

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.