FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 21, 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

Jan 20, 2016 Jan 13, 2016 Jan 21, 2015

Wednesday

Jan 20, 2016

Reserve Bank credit 4,456,214 + 5,284 - 11,467 4,450,281

Securities held outright1 4,248,187 + 4,429 + 4,612 4,242,989

U.S. Treasury securities 2,461,412 - 59 + 425 2,461,396

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,639 0 - 73 2,346,639

Notes and bonds, inflation-indexed2 98,534 0 + 65 98,534

Inflation compensation3 16,240 - 58 + 434 16,223

Federal agency debt securities2 32,479 - 465 - 5,109 31,318

Mortgage-backed securities4 1,754,295 + 4,952 + 9,295 1,750,275

Unamortized premiums on securities held outright5 188,844 - 186 - 17,479 188,545

Unamortized discounts on securities held outright5 -16,488 + 37 + 1,817 -16,477

Repurchase agreements6 0 0 0 0

Loans 85 + 63 - 16 20

Primary credit 70 + 66 - 21 4

Secondary credit 0 0 0 0

Seasonal credit 14 - 4 + 4 16

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,717 0 + 37 1,717

Float -129 + 6 + 284 -196

Central bank liquidity swaps8 125 + 7 + 115 125

Other Federal Reserve assets9 33,873 + 929 - 836 33,558

Foreign currency denominated assets10 19,933 + 122 - 599 19,949

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 47,609 + 14 + 1,195 47,609

Total factors supplying reserve funds 4,539,996 + 5,419 - 10,871 4,534,080

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 20, 2016 Jan 13, 2016 Jan 21, 2015

Wednesday

Jan 20, 2016

Currency in circulation11 1,414,835 - 2,297 + 84,022 1,414,434

Reverse repurchase agreements12 308,626 - 8,533 + 60,400 322,974

Foreign official and international accounts 217,568 - 1,769 + 105,789 216,347

Others 91,058 - 6,764 - 45,389 106,627

Treasury cash holdings 280 + 1 + 74 279

Deposits with F.R. Banks, other than reserve balances 314,189 - 16,951 + 128,829 338,373

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 285,318 - 17,665 + 115,166 318,749

Foreign official 5,288 + 44 + 67 5,231

Other13 23,584 + 671 + 13,597 14,393

Other liabilities and capital14 47,296 + 328 - 16,575 45,942

Total factors, other than reserve balances,

absorbing reserve funds 2,085,226 - 27,452 + 256,751 2,122,002

Reserve balances with Federal Reserve Banks 2,454,769 + 32,870 - 267,623 2,412,078

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

Jan 20, 2016 Jan 13, 2016 Jan 21, 2015

Wednesday

Jan 20, 2016

Securities held in custody for foreign official and international

accounts 3,266,004 - 11,055 - 18,497 3,258,214

Marketable U.S. Treasury securities1 2,951,708 - 10,242 - 2,652 2,946,296

Federal agency debt and mortgage-backed securities2 267,004 - 1,557 - 21,358 264,519

Other securities3 47,292 + 745 + 5,514 47,400

Securities lent to dealers 12,346 - 623 + 1,539 10,895

Overnight facility4 12,346 - 623 + 1,539 10,895

U.S. Treasury securities 12,272 - 580 + 1,966 10,823

Federal agency debt securities 74 - 42 - 427 72

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, January 20, 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 20 0 0 0 0 ... 20

U.S. Treasury securities1

Holdings 1,911 60,689 156,559 1,120,360 488,387 633,489 2,461,396

Weekly changes + 1,911 - 1,517 + 2,654 + 2,026 - 824 - 4,306 - 54

Federal agency debt securities2

Holdings 0 4,222 10,916 13,833 0 2,347 31,318

Weekly changes - 1,626 + 2,161 - 2,161 0 0 0 - 1,626

Mortgage-backed securities3

Holdings 0 0 0 613 9,157 1,740,505 1,750,275

Weekly changes 0 0 0 0 + 27 - 10,354 - 10,327

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

Central bank liquidity swaps5 125 0 0 0 0 0 125

Reverse repurchase agreements4 322,974 0 ... ... ... ... 322,974

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 20, 2016

Mortgage-backed securities held outright1 1,750,275

Commitments to buy mortgage-backed securities2 24,496

Commitments to sell mortgage-backed securities2 511

Cash and cash equivalents3 3

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

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

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

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Jan 20, 2016

Net portfolio holdings of Maiden Lane LLC1 1,717

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 September 30, 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

Jan 20, 2016 Jan 13, 2016 Jan 21, 2015

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,950 + 28 + 22

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,415,076 - 12,725 - 22,307

Securities held outright1 4,242,989 - 12,007 - 6,076

U.S. Treasury securities 2,461,396 - 54 + 452

Bills2 0 0 0

Notes and bonds, nominal2 2,346,639 0 - 73

Notes and bonds, inflation-indexed2 98,534 0 + 65

Inflation compensation3 16,223 - 55 + 459

Federal agency debt securities2 31,318 - 1,626 - 6,270

Mortgage-backed securities4 1,750,275 - 10,327 - 257

Unamortized premiums on securities held outright5 188,545 - 745 - 17,913

Unamortized discounts on securities held outright5 -16,477 + 37 + 1,818

Repurchase agreements6 0 0 0

Loans 20 - 9 - 135

Net portfolio holdings of Maiden Lane LLC7 1,717 - 1 + 37

Items in process of collection (0) 227 + 80 - 16

Bank premises 2,237 + 1 - 25

Central bank liquidity swaps8 125 + 7 + 115

Foreign currency denominated assets9 19,949 + 164 - 608

Other assets10 31,322 - 409 - 1,314

Total assets (0) 4,488,840 - 12,855 - 24,096

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

Jan 20, 2016 Jan 13, 2016 Jan 21, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,369,051 - 1,173 + 82,479

Reverse repurchase agreements11 322,974 + 21,871 + 42,660

Deposits (0) 2,750,451 - 32,112 - 131,702

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,412,078 - 38,749 - 259,626

U.S. Treasury, General Account 318,749 + 16,509 + 122,518

Foreign official 5,231 0 + 19

Other12 (0) 14,393 - 9,873 + 5,387

Deferred availability cash items (0) 423 - 9 - 411

Other liabilities and accrued dividends13 6,438 - 1,431 + 521

Total liabilities (0) 4,449,336 - 12,855 - 6,453

Capital accounts

Capital paid in 29,504 0 + 930

Surplus 10,000 0 - 18,574

Other capital accounts 0 0 0

Total capital 39,504 0 - 17,643

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, January 20, 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 1,950 47 78 131 137 309 196 288 32 55 154 204 319

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,415,076 111,920 2,650,411 109,810 106,149 239,798 248,621 164,042 46,046 26,856 57,358 142,226 511,840

Securities held outright1 4,242,989 107,558 2,547,117 105,530 102,012 230,452 238,932 157,646 44,248 25,804 55,119 136,681 491,892

U.S. Treasury securities 2,461,396 62,395 1,477,605 61,219 59,178 133,687 138,606 91,452 25,669 14,969 31,975 79,290 285,351

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

Notes and bonds3 2,461,396 62,395 1,477,605 61,219 59,178 133,687 138,606 91,452 25,669 14,969 31,975 79,290 285,351

Federal agency debt securities2 31,318 794 18,801 779 753 1,701 1,764 1,164 327 190 407 1,009 3,631

Mortgage-backed securities4 1,750,275 44,369 1,050,711 43,532 42,081 95,064 98,562 65,031 18,253 10,644 22,737 56,382 202,910

Unamortized premiums on securities 

held outright5 188,545 4,780 113,186 4,689 4,533 10,241 10,617 7,005 1,966 1,147 2,449 6,074 21,858

Unamortized discounts on securities 

held outright5 -16,477 -418 -9,891 -410 -396 -895 -928 -612 -172 -100 -214 -531 -1,910

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

Loans 20 1 0 0 0 0 0 3 4 5 4 3 0

Net portfolio holdings of Maiden

Lane LLC7 1,717 0 1,717 0 0 0 0 0 0 0 0 0 0

Items in process of collection 227 0 0 0 0 0 226 0 0 1 0 0 0

Bank premises 2,237 125 436 75 106 211 207 204 118 92 240 226 197

Central bank liquidity swaps8 125 6 40 7 10 29 7 3 1 1 1 2 18

Foreign currency denominated

assets9 19,949 904 6,432 1,115 1,555 4,577 1,135 536 186 84 210 287 2,929

Other assets10 31,322 834 18,292 789 767 1,889 1,770 1,174 407 215 449 1,087 3,650

Interdistrict settlement account 0 - 21,589 - 53,672 + 7,834 + 7,675 + 10,275 - 3,367 + 3,571 + 10,430 + 4,329 + 1,773 + 10,774 + 21,966

Total assets 4,488,840 92,790 2,629,263 120,310 117,140 258,282 251,048 170,976 57,670 31,892 60,626 155,980 542,863

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, January 20, 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 1,547,244 49,591 497,783 49,250 82,587 106,253 217,686 102,561 51,526 26,724 40,580 125,380 197,324

Less: Notes held by F.R. Banks 178,194 5,837 61,722 5,948 9,309 11,731 22,251 10,796 4,724 2,688 4,649 13,788 24,751

Federal Reserve notes, net 1,369,051 43,755 436,060 43,301 73,278 94,522 195,435 91,765 46,802 24,036 35,931 111,592 172,573

Reverse repurchase agreements11 322,974 8,187 193,885 8,033 7,765 17,542 18,187 12,000 3,368 1,964 4,196 10,404 37,443

Deposits 2,750,451 38,900 1,983,021 66,568 32,831 136,761 34,515 65,849 6,963 5,467 19,968 33,238 326,368

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 2,412,078 38,896 1,652,735 66,566 32,828 136,653 34,506 57,913 6,956 5,467 19,967 33,233 326,358

U.S. Treasury, General Account 318,749 0 318,749 0 0 0 0 0 0 0 0 0 0

Foreign official 5,231 2 5,204 2 3 9 2 1 0 0 0 1 6

Other12 14,393 2 6,334 0 0 98 7 7,935 7 0 1 5 5

Deferred availability cash items 423 0 0 0 0 0 305 0 0 119 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,801 48 992 52 70 136 122 76 19 17 15 46 206

Other liabilities and accrued

dividends 4,637 143 2,347 173 168 448 276 226 122 121 117 183 315

Total liabilities 4,449,336 91,033 2,616,306 118,128 114,113 249,409 248,840 169,916 57,274 31,724 60,226 155,464 536,905

Capital

Capital paid in 29,504 1,304 9,734 1,624 2,248 6,579 1,639 791 303 126 295 373 4,489

Surplus 10,000 453 3,223 559 780 2,295 569 269 93 42 105 144 1,469

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

Total liabilities and capital 4,488,840 92,790 2,629,263 120,310 117,140 258,282 251,048 170,976 57,670 31,892 60,626 155,980 542,863

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, January 20, 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 Jan 20, 2016

Federal Reserve notes outstanding 1,547,244

Less: Notes held by F.R. Banks not subject to collateralization 178,194

Federal Reserve notes to be collateralized 1,369,051

Collateral held against Federal Reserve notes 1,369,051

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,352,814

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,242,989

Less: Face value of securities under reverse repurchase agreements 298,491

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,944,498

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.