FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 10, 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

Jan 9, 2019 Jan 2, 2019 Jan 10, 2018

Wednesday

Jan 9, 2019

Reserve Bank credit 4,016,827 - 12,183 - 388,407 4,017,051

Securities held outright1 3,861,983 - 10,489 - 355,546 3,861,944

U.S. Treasury securities 2,222,450 - 10,490 - 225,759 2,222,412

Bills2 0 0 0 0

Notes and bonds, nominal2 2,083,586 - 10,406 - 234,818 2,083,586

Notes and bonds, inflation-indexed2 116,545 0 + 6,411 116,545

Inflation compensation3 22,319 - 84 + 2,648 22,281

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

Mortgage-backed securities4 1,637,123 0 - 127,806 1,637,123

Unamortized premiums on securities held outright5 139,856 - 250 - 18,622 139,789

Unamortized discounts on securities held outright5 -13,398 + 32 + 729 -13,387

Repurchase agreements6 0 0 0 0

Loans 7 - 57 - 27 7

Primary credit 7 - 7 - 23 7

Secondary credit 0 0 0 0

Seasonal credit 0 - 50 - 4 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,713 0

Float -197 + 406 + 19 -182

Central bank liquidity swaps8 675 - 3,532 - 11,392 86

Other Federal Reserve assets9 27,902 + 1,709 - 1,853 28,794

Foreign currency denominated assets10 21,068 + 121 - 308 21,159

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,887 + 14 + 491 49,887

Total factors supplying reserve funds 4,104,023 - 12,048 - 388,225 4,104,339

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

Jan 9, 2019 Jan 2, 2019 Jan 10, 2018

Wednesday

Jan 9, 2019

Currency in circulation11 1,715,564 - 3,587 + 100,979 1,711,945

Reverse repurchase agreements12 262,017 - 4,603 - 50,769 260,441

Foreign official and international accounts 258,601 + 8,540 + 9,527 257,904

Others 3,416 - 13,142 - 60,297 2,537

Treasury cash holdings 215 + 1 - 10 221

Deposits with F.R. Banks, other than reserve balances 432,458 - 30,718 + 147,655 423,506

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 356,698 - 23,204 + 150,483 349,443

Foreign official 5,264 + 20 + 9 5,245

Other13 70,495 - 7,536 - 2,837 68,819

Other liabilities and capital14 43,383 - 1,672 - 3,569 44,040

Total factors, other than reserve balances,

absorbing reserve funds 2,453,636 - 40,579 + 194,285 2,440,153

Reserve balances with Federal Reserve Banks 1,650,387 + 28,531 - 582,510 1,664,186

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

Jan 9, 2019 Jan 2, 2019 Jan 10, 2018

Wednesday

Jan 9, 2019

Securities held in custody for foreign official and international

accounts 3,395,644 + 6,663 + 44,079 3,401,421

Marketable U.S. Treasury securities1 3,022,329 + 6,549 + 11,123 3,027,513

Federal agency debt and mortgage-backed securities2 307,151 + 25 + 45,181 307,248

Other securities3 66,165 + 90 - 12,225 66,659

Securities lent to dealers 24,475 - 30 + 1,824 23,059

Overnight facility4 24,475 - 30 + 1,824 23,059

U.S. Treasury securities 24,475 - 30 + 1,824 23,059

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, January 9, 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 7 0 0 0 0 ... 7

U.S. Treasury securities1

Holdings 2,090 92,622 290,222 958,045 260,849 618,585 2,222,412

Weekly changes - 1 0 0 - 16 - 38 - 49 - 105

Federal agency debt securities2

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

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 4 218 65,626 1,571,275 1,637,123

Weekly changes 0 0 0 0 + 2,925 - 2,924 0

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

Central bank liquidity swaps5 86 0 0 0 0 0 86

Reverse repurchase agreements4 260,441 0 ... ... ... ... 260,441

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 Jan 9, 2019

Mortgage-backed securities held outright1 1,637,123

Commitments to buy mortgage-backed securities2 397

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 0

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

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

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

4. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jan 9, 2019 Jan 2, 2019 Jan 10, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,745 + 23 - 157

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,988,353 - 292 - 373,571

Securities held outright1 3,861,944 - 105 - 355,586

U.S. Treasury securities 2,222,412 - 105 - 225,797

Bills2 0 0 0

Notes and bonds, nominal2 2,083,586 0 - 234,818

Notes and bonds, inflation-indexed2 116,545 0 + 6,411

Inflation compensation3 22,281 - 105 + 2,610

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

Mortgage-backed securities4 1,637,123 0 - 127,807

Unamortized premiums on securities held outright5 139,789 - 219 - 18,612

Unamortized discounts on securities held outright5 -13,387 + 31 + 729

Repurchase agreements6 0 0 0

Loans 7 + 1 - 102

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

Items in process of collection (0) 189 - 20 + 104

Bank premises 2,202 0 - 2

Central bank liquidity swaps8 86 - 4,121 - 11,981

Foreign currency denominated assets9 21,159 + 160 - 262

Other assets10 26,592 + 2,434 - 1,915

Total assets (0) 4,056,563 - 1,815 - 389,499

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

Jan 9, 2019 Jan 2, 2019 Jan 10, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,664,020 - 8,089 + 98,643

Reverse repurchase agreements11 260,441 - 15,953 - 37,849

Deposits (0) 2,087,693 + 21,776 - 447,098

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,664,186 + 56,850 - 593,708

U.S. Treasury, General Account 349,443 - 33,173 + 150,870

Foreign official 5,245 + 1 - 8

Other12 (0) 68,819 - 1,901 - 4,253

Deferred availability cash items (0) 370 + 21 - 4

Other liabilities and accrued dividends13 4,907 + 430 - 937

Total liabilities (0) 4,017,430 - 1,815 - 387,247

Capital accounts

Capital paid in 32,308 0 + 923

Surplus 6,825 0 - 3,175

Other capital accounts 0 0 0

Total capital 39,133 0 - 2,252

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, January 9, 2019

Millions of dollars

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

Assets

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

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

Coin 1,745 42 40 152 125 235 187 288 27 46 111 199 292

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,988,353 76,173 2,201,877 100,697 113,071 236,015 239,407 213,612 53,098 33,283 62,786 164,917 493,416

Securities held outright1 3,861,944 73,759 2,132,093 97,506 109,487 228,535 231,820 206,837 51,415 32,228 60,796 159,691 477,777

U.S. Treasury securities 2,222,412 42,446 1,226,944 56,111 63,006 131,514 133,404 119,028 29,588 18,546 34,986 91,896 274,944

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

Notes and bonds3 2,222,412 42,446 1,226,944 56,111 63,006 131,514 133,404 119,028 29,588 18,546 34,986 91,896 274,944

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

Mortgage-backed securities4 1,637,123 31,267 903,819 41,334 46,413 96,879 98,271 87,681 21,796 13,662 25,772 67,695 202,535

Unamortized premiums on securities 

held outright5 139,789 2,670 77,174 3,529 3,963 8,272 8,391 7,487 1,861 1,167 2,201 5,780 17,294

Unamortized discounts on securities 

held outright5 -13,387 -256 -7,391 -338 -380 -792 -804 -717 -178 -112 -211 -554 -1,656

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

Loans 7 0 1 0 0 0 0 5 0 0 0 0 1

Net portfolio holdings of Maiden

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

Items in process of collection 189 0 0 0 0 0 188 0 0 0 0 0 0

Bank premises 2,202 110 455 81 118 195 206 193 106 95 232 220 192

Central bank liquidity swaps8 86 4 27 5 7 19 5 4 1 0 1 1 13

Foreign currency denominated

assets9 21,159 900 6,672 1,202 1,708 4,571 1,223 897 305 97 210 262 3,114

Other assets10 26,592 537 14,216 665 769 1,804 1,598 1,399 433 284 482 1,151 3,255

Interdistrict settlement account 0 + 5,373 - 101,293 + 395 + 3,040 + 18,590 + 39,699 + 325 + 9,666 + 3,196 - 698 + 11,051 + 10,658

Total assets 4,056,563 83,699 2,127,439 103,757 119,619 262,613 284,658 217,880 64,120 37,290 63,583 178,988 512,918

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, January 9, 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 1,861,737 57,943 616,223 54,923 89,024 126,119 261,463 121,930 56,039 31,523 49,944 150,703 245,902

Less: Notes held by F.R. Banks 197,717 6,192 54,451 6,731 8,877 13,840 29,626 14,373 5,393 2,747 6,026 18,021 31,438

Federal Reserve notes, net 1,664,020 51,750 561,772 48,192 80,147 112,279 231,837 107,558 50,646 28,776 43,918 132,682 214,464

Reverse repurchase agreements11 260,441 4,974 143,783 6,576 7,384 15,412 15,633 13,949 3,467 2,173 4,100 10,769 32,220

Deposits 2,087,693 25,110 1,407,632 46,528 28,730 125,994 34,339 94,397 9,261 5,826 15,048 34,802 260,026

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 1,664,186 25,092 1,031,097 46,525 28,704 125,476 34,303 48,202 9,254 5,773 15,015 34,726 260,019

U.S. Treasury, General Account 349,443 0 349,443 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 68,819 16 21,875 1 23 509 34 46,193 6 53 33 75 1

Deferred availability cash items 370 0 0 0 0 0 189 0 0 181 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,224 23 628 32 52 72 102 58 21 10 21 60 144

Other liabilities and accrued

dividends 3,683 159 1,211 174 174 487 284 280 133 138 129 202 311

Total liabilities 4,017,430 82,016 2,115,027 101,501 116,486 254,243 282,383 216,241 63,528 37,105 63,216 178,516 507,166

Capital

Capital paid in 32,308 1,393 10,260 1,868 2,581 6,895 1,881 1,350 493 154 299 388 4,747

Surplus 6,825 290 2,151 388 551 1,474 394 289 98 31 68 84 1,005

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

Total liabilities and capital 4,056,563 83,699 2,127,439 103,757 119,619 262,613 284,658 217,880 64,120 37,290 63,583 178,988 512,918

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, January 9, 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 Jan 9, 2019

Federal Reserve notes outstanding 1,861,737

Less: Notes held by F.R. Banks not subject to collateralization 197,717

Federal Reserve notes to be collateralized 1,664,020

Collateral held against Federal Reserve notes 1,664,020

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,647,783

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,861,944

Less: Face value of securities under reverse repurchase agreements 256,155

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,605,789

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.