FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 7, 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

Mar 6, 2019 Feb 27, 2019 Mar 7, 2018

Wednesday

Mar 6, 2019

Reserve Bank credit 3,929,242 - 10,551 - 425,085 3,929,790

Securities held outright1 3,785,416 - 10,515 - 403,309 3,785,438

U.S. Treasury securities 2,175,399 - 6,733 - 248,944 2,175,420

Bills2 0 0 0 0

Notes and bonds, nominal2 2,039,011 - 7,091 - 254,874 2,039,011

Notes and bonds, inflation-indexed2 115,154 + 385 + 3,934 115,154

Inflation compensation3 21,234 - 27 + 1,996 21,255

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

Mortgage-backed securities4 1,607,609 - 3,781 - 152,382 1,607,609

Unamortized premiums on securities held outright5 136,945 - 357 - 18,933 136,856

Unamortized discounts on securities held outright5 -13,223 + 7 + 888 -13,213

Repurchase agreements6 0 0 0 0

Loans 12 - 11 - 1 6

Primary credit 6 - 7 + 3 0

Secondary credit 0 0 0 0

Seasonal credit 6 - 4 - 4 6

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,708 0

Float -333 - 60 - 48 -594

Central bank liquidity swaps8 65 - 23 0 65

Other Federal Reserve assets9 20,361 + 409 - 1,972 21,232

Foreign currency denominated assets10 20,719 - 61 - 1,550 20,679

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,888 + 14 + 433 49,888

Total factors supplying reserve funds 4,016,091 - 10,597 - 426,202 4,016,598

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 6, 2019 Feb 27, 2019 Mar 7, 2018

Wednesday

Mar 6, 2019

Currency in circulation11 1,714,830 + 3,946 + 85,358 1,719,446

Reverse repurchase agreements12 250,100 - 3,432 + 12,661 237,132

Foreign official and international accounts 247,584 - 2,116 + 24,715 235,017

Others 2,516 - 1,316 - 12,054 2,115

Treasury cash holdings 315 + 15 + 9 330

Deposits with F.R. Banks, other than reserve balances 284,823 - 91,470 + 7,038 278,730

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 220,045 - 90,529 + 24,974 213,611

Foreign official 5,244 0 - 11 5,244

Other13 59,534 - 941 - 17,925 59,874

Other liabilities and capital14 44,408 - 521 - 868 44,413

Total factors, other than reserve balances,

absorbing reserve funds 2,294,477 - 91,461 + 104,200 2,280,051

Reserve balances with Federal Reserve Banks 1,721,614 + 80,864 - 530,402 1,736,547

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

Mar 6, 2019 Feb 27, 2019 Mar 7, 2018

Wednesday

Mar 6, 2019

Securities held in custody for foreign official and international

accounts 3,465,953 + 23,638 + 25,574 3,467,068

Marketable U.S. Treasury securities1 3,070,622 + 23,668 - 25,015 3,071,735

Federal agency debt and mortgage-backed securities2 323,719 - 288 + 59,524 323,711

Other securities3 71,612 + 259 - 8,936 71,622

Securities lent to dealers 26,480 + 3,912 - 128 23,488

Overnight facility4 26,480 + 3,912 - 128 23,488

U.S. Treasury securities 26,480 + 3,912 - 128 23,488

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, March 6, 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 0 6 0 0 0 ... 6

U.S. Treasury securities1

Holdings 0 112,837 270,526 922,063 252,449 617,546 2,175,420

Weekly changes - 12,529 + 20,057 - 3,591 - 8,679 - 2,330 + 401 - 6,672

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 8 211 73,989 1,533,401 1,607,609

Weekly changes 0 0 + 4 + 7 + 10,218 - 10,230 0

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

Central bank liquidity swaps5 65 0 0 0 0 0 65

Reverse repurchase agreements4 237,132 0 ... ... ... ... 237,132

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 6, 2019

Mortgage-backed securities held outright1 1,607,609

Commitments to buy mortgage-backed securities2 357

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

Mar 6, 2019 Feb 27, 2019 Mar 7, 2018

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,770 - 12 - 130

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 3,909,088 - 6,915 - 421,405

Securities held outright1 3,785,438 - 6,671 - 403,346

U.S. Treasury securities 2,175,420 - 6,672 - 248,982

Bills2 0 0 0

Notes and bonds, nominal2 2,039,011 - 7,091 - 254,874

Notes and bonds, inflation-indexed2 115,154 + 385 + 3,934

Inflation compensation3 21,255 + 34 + 1,958

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

Mortgage-backed securities4 1,607,609 0 - 152,382

Unamortized premiums on securities held outright5 136,856 - 243 - 18,943

Unamortized discounts on securities held outright5 -13,213 + 5 + 887

Repurchase agreements6 0 0 0

Loans 6 - 6 - 5

Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,708

Items in process of collection (0) 64 + 12 - 22

Bank premises 2,199 - 6 + 5

Central bank liquidity swaps8 65 - 23 0

Foreign currency denominated assets9 20,679 - 113 - 1,655

Other assets10 19,033 + 1,601 - 2,047

Total assets (0) 3,969,134 - 5,456 - 426,963

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

Mar 6, 2019 Feb 27, 2019 Mar 7, 2018

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,671,653 + 7,081 + 85,864

Reverse repurchase agreements11 237,132 - 14,216 + 3,666

Deposits (0) 2,015,277 + 2,349 - 516,035

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,736,547 + 54,337 - 524,806

U.S. Treasury, General Account 213,611 - 52,413 + 26,096

Foreign official 5,244 + 1 - 10

Other12 (0) 59,874 + 423 - 17,316

Deferred availability cash items (0) 658 - 290 + 87

Other liabilities and accrued dividends13 5,226 - 408 - 556

Total liabilities (0) 3,929,946 - 5,485 - 426,975

Capital accounts

Capital paid in 32,363 + 28 + 686

Surplus 6,825 0 - 675

Other capital accounts 0 0 0

Total capital 39,188 + 28 + 11

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, March 6, 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 1,770 47 48 153 119 233 187 292 31 46 113 197 303

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 3,909,088 74,659 2,158,116 98,696 110,824 231,324 234,649 209,368 52,043 32,621 61,538 161,640 483,609

Securities held outright1 3,785,438 72,298 2,089,855 95,574 107,318 224,008 227,228 202,740 50,397 31,589 59,592 156,527 468,312

U.S. Treasury securities 2,175,420 41,548 1,201,001 54,925 61,674 128,733 130,583 116,511 28,962 18,154 34,246 89,953 269,130

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

Notes and bonds3 2,175,420 41,548 1,201,001 54,925 61,674 128,733 130,583 116,511 28,962 18,154 34,246 89,953 269,130

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

Mortgage-backed securities4 1,607,609 30,704 887,525 40,589 45,576 95,132 96,500 86,100 21,403 13,415 25,308 66,474 198,884

Unamortized premiums on securities 

held outright5 136,856 2,614 75,555 3,455 3,880 8,099 8,215 7,330 1,822 1,142 2,154 5,659 16,931

Unamortized discounts on securities 

held outright5 -13,213 -252 -7,294 -334 -375 -782 -793 -708 -176 -110 -208 -546 -1,635

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

Loans 6 0 0 0 0 0 0 6 0 0 0 0 0

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 64 0 0 0 0 0 63 0 0 0 0 0 0

Bank premises 2,199 109 456 81 118 194 207 192 106 95 230 221 191

Central bank liquidity swaps8 65 3 20 4 5 14 4 3 1 0 1 1 9

Foreign currency denominated

assets9 20,679 880 6,520 1,174 1,669 4,467 1,195 877 298 95 205 256 3,043

Other assets10 19,033 384 9,957 472 545 1,337 1,137 988 528 211 359 800 2,315

Interdistrict settlement account 0 + 4,280 - 157,949 + 5,102 + 15,989 - 2,018 + 48,300 - 1,202 + 11,662 + 5,186 + 374 + 27,290 + 42,985

Total assets 3,969,134 80,921 2,022,613 106,243 130,051 236,736 287,887 211,681 65,152 38,543 63,281 191,591 534,433

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, March 6, 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 1,870,806 57,486 618,448 54,593 89,458 126,034 260,932 121,253 55,673 31,280 49,607 154,844 251,198

Less: Notes held by F.R. Banks 199,153 6,336 55,382 7,058 9,344 14,057 31,800 13,831 4,516 2,998 6,410 16,986 30,435

Federal Reserve notes, net 1,671,653 51,150 563,067 47,535 80,114 111,976 229,132 107,423 51,158 28,282 43,196 137,857 220,764

Reverse repurchase agreements11 237,132 4,529 130,915 5,987 6,723 14,033 14,234 12,700 3,157 1,979 3,733 9,805 29,337

Deposits 2,015,277 23,376 1,313,950 50,256 39,875 101,838 41,776 89,583 10,067 7,367 15,836 43,190 278,162

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 1,736,547 23,366 1,076,278 50,253 39,845 101,418 41,741 49,225 10,058 7,307 15,828 43,073 278,155

U.S. Treasury, General Account 213,611 0 213,611 0 0 0 0 0 0 0 0 0 0

Foreign official 5,244 2 5,216 2 3 9 2 2 1 0 0 0 6

Other12 59,874 8 18,844 1 26 411 33 40,356 8 60 8 117 2

Deferred availability cash items 658 0 0 0 0 0 77 0 0 581 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,270 21 723 22 30 42 102 77 31 12 23 64 123

Other liabilities and accrued

dividends 3,956 157 1,513 180 180 467 276 259 129 136 127 202 328

Total liabilities 3,929,946 79,233 2,010,168 103,980 126,922 228,356 285,598 210,043 64,542 38,357 62,915 191,119 528,713

Capital

Capital paid in 32,363 1,394 10,279 1,869 2,583 6,925 1,892 1,354 507 154 299 388 4,718

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 3,969,134 80,921 2,022,613 106,243 130,051 236,736 287,887 211,681 65,152 38,543 63,281 191,591 534,433

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, March 6, 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 Mar 6, 2019

Federal Reserve notes outstanding 1,870,806

Less: Notes held by F.R. Banks not subject to collateralization 199,153

Federal Reserve notes to be collateralized 1,671,653

Collateral held against Federal Reserve notes 1,671,653

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,655,417

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,785,438

Less: Face value of securities under reverse repurchase agreements 237,240

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,548,198

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.