FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 30, 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 29, 2019 May 22, 2019 May 30, 2018

Wednesday

May 29, 2019

Reserve Bank credit 3,819,964 - 4,521 - 468,793 3,812,240

Securities held outright1 3,678,891 - 5,343 - 448,539 3,672,496

U.S. Treasury securities 2,114,690 + 186 - 272,392 2,114,744

Bills2 50 0 + 50 50

Notes and bonds, nominal2 1,976,565 0 - 276,877 1,976,565

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

Inflation compensation3 22,714 + 186 + 2,023 22,767

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

Mortgage-backed securities4 1,561,854 - 5,529 - 174,104 1,555,405

Unamortized premiums on securities held outright5 132,804 - 433 - 18,606 132,550

Unamortized discounts on securities held outright5 -13,014 + 32 + 891 -13,004

Repurchase agreements6 0 0 0 0

Loans 63 + 11 - 37 53

Primary credit 20 + 12 + 1 11

Secondary credit 0 0 0 0

Seasonal credit 43 - 1 - 39 43

Other credit extensions 0 0 0 0

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

Float -220 - 78 + 89 -526

Central bank liquidity swaps8 17 0 - 46 17

Other Federal Reserve assets9 21,422 + 1,291 - 831 20,653

Foreign currency denominated assets10 20,697 + 69 - 565 20,660

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,977 + 14 + 400 49,977

Total factors supplying reserve funds 3,906,880 - 4,437 - 468,957 3,899,119

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 29, 2019 May 22, 2019 May 30, 2018

Wednesday

May 29, 2019

Currency in circulation11 1,737,649 + 5,448 + 78,174 1,739,666

Reverse repurchase agreements12 267,400 - 1,208 + 23,161 265,417

Foreign official and international accounts 262,757 + 804 + 20,161 263,191

Others 4,643 - 2,012 + 3,000 2,226

Treasury cash holdings 270 - 29 + 17 247

Deposits with F.R. Banks, other than reserve balances 311,492 - 34,758 - 95,503 314,412

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 247,777 - 35,087 - 77,574 249,011

Foreign official 5,245 0 - 10 5,245

Other13 58,470 + 329 - 17,920 60,157

Other liabilities and capital14 45,359 - 443 + 166 44,585

Total factors, other than reserve balances,

absorbing reserve funds 2,362,169 - 30,991 + 6,013 2,364,326

Reserve balances with Federal Reserve Banks 1,544,711 + 26,554 - 474,970 1,534,792

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 29, 2019 May 22, 2019 May 30, 2018

Wednesday

May 29, 2019

Securities held in custody for foreign official and international

accounts 3,463,337 - 5,523 + 68,905 3,459,376

Marketable U.S. Treasury securities1 3,055,822 - 4,267 + 23,386 3,050,952

Federal agency debt and mortgage-backed securities2 331,676 - 1,996 + 45,078 332,458

Other securities3 75,839 + 740 + 441 75,966

Securities lent to dealers 21,457 + 527 + 347 24,585

Overnight facility4 21,457 + 527 + 347 24,585

U.S. Treasury securities 21,457 + 527 + 347 24,585

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 29, 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 51 2 0 0 0 ... 53

U.S. Treasury securities1

Holdings 20,062 97,821 251,025 867,409 266,461 611,966 2,114,744

Weekly changes + 5 - 5 + 1 + 25 + 81 + 67 + 175

Federal agency debt securities2

Holdings 0 0 0 0 486 1,861 2,347

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 8 294 72,273 1,482,829 1,555,405

Weekly changes 0 0 - 2 - 9 - 1,024 - 7,989 - 9,023

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

Central bank liquidity swaps5 17 0 0 0 0 0 17

Reverse repurchase agreements4 265,417 0 ... ... ... ... 265,417

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 29, 2019

Mortgage-backed securities held outright1 1,555,405

Commitments to buy mortgage-backed securities2 252

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 2

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 29, 2019 May 22, 2019 May 30, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,649 - 12 - 126

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,792,095 - 9,299 - 471,503

Securities held outright1 3,672,496 - 8,848 - 453,585

U.S. Treasury securities 2,114,744 + 175 - 272,359

Bills2 50 0 + 50

Notes and bonds, nominal2 1,976,565 0 - 276,877

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

Inflation compensation3 22,767 + 175 + 2,056

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

Mortgage-backed securities4 1,555,405 - 9,023 - 179,183

Unamortized premiums on securities held outright5 132,550 - 484 - 18,739

Unamortized discounts on securities held outright5 -13,004 + 30 + 892

Repurchase agreements6 0 0 0

Loans 53 + 3 - 70

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

Items in process of collection (0) 132 + 22 + 45

Bank premises 2,195 - 2 + 2

Central bank liquidity swaps8 17 0 - 46

Foreign currency denominated assets9 20,660 + 60 - 620

Other assets10 18,458 + 240 - 2,116

Total assets (0) 3,851,444 - 8,991 - 476,075

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 29, 2019 May 22, 2019 May 30, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,691,580 + 4,686 + 77,901

Reverse repurchase agreements11 265,417 - 3,821 + 19,863

Deposits (0) 1,849,205 - 9,369 - 573,048

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,534,792 + 1,959 - 471,095

U.S. Treasury, General Account 249,011 - 15,570 - 83,701

Foreign official 5,245 0 - 10

Other12 (0) 60,157 + 4,241 - 18,241

Deferred availability cash items (0) 658 + 379 - 442

Other liabilities and accrued dividends13 5,398 - 651 - 74

Total liabilities (0) 3,812,257 - 8,778 - 475,800

Capital accounts

Capital paid in 32,362 - 213 + 400

Surplus 6,825 0 - 675

Other capital accounts 0 0 0

Total capital 39,187 - 213 - 275

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 29, 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 1,649 41 36 145 107 211 176 284 26 48 106 181 287

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,792,095 78,670 2,068,827 91,830 110,946 232,059 259,275 199,058 54,502 32,844 56,233 164,656 443,195

Securities held outright1 3,672,496 76,190 2,003,606 88,935 107,448 224,744 251,100 192,774 52,783 31,779 54,457 159,464 429,215

U.S. Treasury securities 2,114,744 43,873 1,153,742 51,212 61,872 129,415 144,591 111,006 30,394 18,299 31,358 91,825 247,156

Bills2 50 1 27 1 1 3 3 3 1 0 1 2 6

Notes and bonds3 2,114,694 43,872 1,153,715 51,211 61,871 129,412 144,588 111,003 30,394 18,299 31,357 91,823 247,150

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

Mortgage-backed securities4 1,555,405 32,269 848,584 37,667 45,507 95,185 106,348 81,645 22,355 13,459 23,064 67,538 181,784

Unamortized premiums on securities 

held outright5 132,550 2,750 72,315 3,210 3,878 8,112 9,063 6,958 1,905 1,147 1,966 5,755 15,491

Unamortized discounts on securities 

held outright5 -13,004 -270 -7,095 -315 -380 -796 -889 -683 -187 -113 -193 -565 -1,520

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

Loans 53 0 0 0 0 0 1 8 0 31 3 1 9

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 132 0 0 0 0 0 131 0 0 0 0 0 0

Bank premises 2,195 108 458 80 119 192 207 192 105 95 229 220 192

Central bank liquidity swaps8 17 1 5 1 1 4 1 1 0 0 0 0 2

Foreign currency denominated

assets9 20,660 890 6,558 1,194 1,649 4,405 1,201 862 315 98 200 256 3,033

Other assets10 18,458 399 9,544 442 541 1,319 1,241 946 453 207 338 906 2,124

Interdistrict settlement account 0 - 1,991 - 129,337 - 7,904 + 2,900 + 17,120 + 21,280 + 17,427 + 5,799 + 3,217 + 3,360 + 17,988 + 50,141

Total assets 3,851,444 78,665 1,961,617 86,325 117,030 256,476 285,725 219,905 61,678 36,785 60,912 185,377 500,948

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 29, 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 1,884,805 57,705 621,512 54,480 89,794 129,574 259,025 122,858 56,034 31,240 50,423 158,238 253,923

Less: Notes held by F.R. Banks 193,225 6,095 48,966 7,953 9,429 14,325 30,624 12,133 6,017 3,075 7,676 18,435 28,497

Federal Reserve notes, net 1,691,580 51,610 572,545 46,527 80,365 115,249 228,402 110,725 50,017 28,165 42,747 139,803 225,426

Reverse repurchase agreements11 265,417 5,506 144,804 6,427 7,765 16,243 18,147 13,932 3,815 2,297 3,936 11,525 31,020

Deposits 1,849,205 19,581 1,228,893 31,629 25,446 116,194 36,345 93,343 7,091 5,465 13,668 33,296 238,254

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 1,534,792 19,572 954,431 31,626 25,416 115,848 36,310 54,162 7,085 5,413 13,501 33,182 238,247

U.S. Treasury, General Account 249,011 0 249,011 0 0 0 0 0 0 0 0 0 0

Foreign official 5,245 2 5,218 2 3 9 2 2 1 0 0 0 6

Other12 60,157 7 20,233 1 27 338 34 39,179 5 52 167 114 1

Deferred availability cash items 658 0 0 0 0 0 143 0 0 515 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,089 25 563 26 42 59 103 55 12 12 19 61 111

Other liabilities and accrued

dividends 4,309 159 1,643 186 200 559 301 285 127 142 147 205 355

Total liabilities 3,812,257 76,880 1,948,448 84,795 113,818 248,304 283,441 218,340 61,062 36,595 60,518 184,889 495,166

Capital

Capital paid in 32,362 1,491 11,003 1,136 2,667 6,717 1,887 1,280 512 157 328 403 4,780

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 3,851,444 78,665 1,961,617 86,325 117,030 256,476 285,725 219,905 61,678 36,785 60,912 185,377 500,948

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 29, 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 29, 2019

Federal Reserve notes outstanding 1,884,805

Less: Notes held by F.R. Banks not subject to collateralization 193,225

Federal Reserve notes to be collateralized 1,691,580

Collateral held against Federal Reserve notes 1,691,580

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,675,343

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,672,496

Less: Face value of securities under reverse repurchase agreements 254,593

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,417,903

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.