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 Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jan 20, 2016 Federal Reserve Banks Jan 20, 2016 Jan 13, 2016 Jan 21, 2015 Reserve Bank credit 4,456,214 + 5,284 - 11,467 4,450,281 Securities held outright (1) 4,248,187 + 4,429 + 4,612 4,242,989 U.S. Treasury securities 2,461,412 - 59 + 425 2,461,396 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,639 0 - 73 2,346,639 Notes and bonds, inflation-indexed (2) 98,534 0 + 65 98,534 Inflation compensation (3) 16,240 - 58 + 434 16,223 Federal agency debt securities (2) 32,479 - 465 - 5,109 31,318 Mortgage-backed securities (4) 1,754,295 + 4,952 + 9,295 1,750,275 Unamortized premiums on securities held outright (5) 188,844 - 186 - 17,479 188,545 Unamortized discounts on securities held outright (5) -16,488 + 37 + 1,817 -16,477 Repurchase agreements (6) 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 LLC (7) 1,717 0 + 37 1,717 Float -129 + 6 + 284 -196 Central bank liquidity swaps (8) 125 + 7 + 115 125 Other Federal Reserve assets (9) 33,873 + 929 - 836 33,558 Foreign currency denominated assets (10) 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 outstanding (11) 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. 1. Factors Affecting Reserve Balances of Depository Institutions (continued) Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jan 20, 2016 Federal Reserve Banks Jan 20, 2016 Jan 13, 2016 Jan 21, 2015 Currency in circulation (11) 1,414,835 - 2,297 + 84,022 1,414,434 Reverse repurchase agreements (12) 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 Other (13) 23,584 + 671 + 13,597 14,393 Other liabilities and capital (14) 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. 1A. Memorandum Items Millions of dollars Memorandum item Averages of daily figures Wednesday Week ended Change from week ended Jan 20, 2016 Jan 20, 2016 Jan 13, 2016 Jan 21, 2015 Securities held in custody for foreign official and international accounts 3,266,004 - 11,055 - 18,497 3,258,214 Marketable U.S. Treasury securities (1) 2,951,708 - 10,242 - 2,652 2,946,296 Federal agency debt and mortgage-backed securities (2) 267,004 - 1,557 - 21,358 264,519 Other securities (3) 47,292 + 745 + 5,514 47,400 Securities lent to dealers 12,346 - 623 + 1,539 10,895 Overnight facility (4) 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 16 days to 91 days to Over 1 year Over 5 year Over 10 All days 90 days 1 year to 5 years to 10 years years Loans 20 0 0 0 0 ... 20 U.S. Treasury securities (1) 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 securities (2) 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 securities (3) 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 agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 125 0 0 0 0 0 125 Reverse repurchase agreements (4) 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. 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Account name Wednesday Jan 20, 2016 Mortgage-backed securities held outright (1) 1,750,275 Commitments to buy mortgage-backed securities (2) 24,496 Commitments to sell mortgage-backed securities (2) 511 Cash and cash equivalents (3) 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 Account name Wednesday Jan 20, 2016 Net portfolio holdings of Maiden Lane LLC (1) 1,717 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0 Accrued interest payable to the Federal Reserve Bank of New York (2) 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. 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Jan 20, 2016 Wednesday Wednesday consolidation 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 outright (1) 4,242,989 - 12,007 - 6,076 U.S. Treasury securities 2,461,396 - 54 + 452 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,639 0 - 73 Notes and bonds, inflation-indexed (2) 98,534 0 + 65 Inflation compensation (3) 16,223 - 55 + 459 Federal agency debt securities (2) 31,318 - 1,626 - 6,270 Mortgage-backed securities (4) 1,750,275 - 10,327 - 257 Unamortized premiums on securities held outright (5) 188,545 - 745 - 17,913 Unamortized discounts on securities held outright (5) -16,477 + 37 + 1,818 Repurchase agreements (6) 0 0 0 Loans 20 - 9 - 135 Net portfolio holdings of Maiden Lane LLC (7) 1,717 - 1 + 37 Items in process of collection (0) 227 + 80 - 16 Bank premises 2,237 + 1 - 25 Central bank liquidity swaps (8) 125 + 7 + 115 Foreign currency denominated assets (9) 19,949 + 164 - 608 Other assets (10) 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. 5. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Jan 20, 2016 Wednesday Wednesday consolidation 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 agreements (11) 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 Other (12) (0) 14,393 - 9,873 + 5,387 Deferred availability cash items (0) 423 - 9 - 411 Other liabilities and accrued dividends (13) 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. 6. Statement of Condition of Each Federal Reserve Bank, January 20, 2016 Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City 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 outright (1) 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 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 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 securities (2) 31,318 794 18,801 779 753 1,701 1,764 1,164 327 190 407 1,009 3,631 Mortgage-backed securities (4) 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 outright (5) 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 outright (5) -16,477 -418 -9,891 -410 -396 -895 -928 -612 -172 -100 -214 -531 -1,910 Repurchase agreements (6) 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 LLC (7) 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 swaps (8) 125 6 40 7 10 29 7 3 1 1 1 2 18 Foreign currency denominated assets (9) 19,949 904 6,432 1,115 1,555 4,577 1,135 536 186 84 210 287 2,929 Other assets (10) 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. 6. Statement of Condition of Each Federal Reserve Bank, January 20, 2016 (continued) Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City 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 agreements (11) 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 Other (12) 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. Treasury (13) 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. 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). 7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday 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 pledged (1,2) 1,352,814 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 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.