FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks August 8, 2019 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 Aug 7, 2019 Federal Reserve Banks Aug 7, 2019 Jul 31, 2019 Aug 8, 2018 Reserve Bank credit 3,741,539 - 10,059 - 476,116 3,742,331 Securities held outright (1) 3,594,826 - 11,508 - 454,035 3,594,828 U.S. Treasury securities 2,080,703 - 11,509 - 256,204 2,080,704 Bills (2) 2 0 + 2 0 Notes and bonds, nominal (2) 1,940,396 - 12,014 - 260,193 1,940,396 Notes and bonds, inflation-indexed (2) 116,545 + 477 + 1,953 116,545 Inflation compensation (3) 23,761 + 30 + 2,035 23,763 Federal agency debt securities (2) 2,347 0 - 62 2,347 Mortgage-backed securities (4) 1,511,775 0 - 197,770 1,511,777 Unamortized premiums on securities held outright (5) 129,117 - 223 - 18,734 129,085 Unamortized discounts on securities held outright (5) -12,745 + 15 + 1,070 -12,735 Repurchase agreements (6) 0 0 0 0 Loans 107 - 22 - 121 102 Primary credit 1 - 1 - 2 3 Secondary credit 0 0 0 0 Seasonal credit 107 - 19 - 117 99 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,717 0 Float -152 + 188 + 43 -164 Central bank liquidity swaps (8) 27 + 16 - 73 30 Other Federal Reserve assets (9) 30,358 + 1,474 - 2,550 31,185 Foreign currency denominated assets (10) 20,888 + 189 - 154 21,054 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,000 + 14 + 349 50,000 Total factors supplying reserve funds 3,828,669 - 9,856 - 475,920 3,829,626 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 Aug 7, 2019 Federal Reserve Banks Aug 7, 2019 Jul 31, 2019 Aug 8, 2018 Currency in circulation (11) 1,748,091 + 2,372 + 78,721 1,749,273 Reverse repurchase agreements (12) 299,056 + 8,988 + 62,239 284,134 Foreign official and international accounts 295,262 + 9,009 + 60,291 280,512 Others 3,794 - 21 + 1,947 3,622 Treasury cash holdings 175 + 1 - 40 167 Deposits with F.R. Banks, other than reserve balances 197,707 - 25,454 - 204,750 199,910 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 131,704 - 32,059 - 194,767 133,077 Foreign official 5,256 + 1 - 2 5,255 Other (13) 60,748 + 6,605 - 9,980 61,577 Other liabilities and capital (14) 44,396 - 483 + 55 44,522 Total factors, other than reserve balances, absorbing reserve funds 2,289,424 - 14,577 - 63,776 2,278,006 Reserve balances with Federal Reserve Banks 1,539,244 + 4,721 - 412,145 1,551,621 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. 1A. Memorandum Items Millions of dollars Memorandum item Averages of daily figures Wednesday Week ended Change from week ended Aug 7, 2019 Aug 7, 2019 Jul 31, 2019 Aug 8, 2018 Securities held in custody for foreign official and international accounts 3,473,587 + 10,728 + 31,371 3,465,043 Marketable U.S. Treasury securities (1) 3,035,212 + 10,497 - 33,392 3,026,691 Federal agency debt and mortgage-backed securities (2) 357,485 + 115 + 57,105 357,330 Other securities (3) 80,890 + 116 + 7,658 81,022 Securities lent to dealers 26,092 - 471 + 7,484 28,168 Overnight facility (4) 26,092 - 471 + 7,484 28,168 U.S. Treasury securities 26,092 - 471 + 7,484 28,168 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, August 7, 2019 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 30 72 0 0 0 ... 102 U.S. Treasury securities (1) Holdings 54,814 43,341 251,235 853,063 265,731 612,519 2,080,704 Weekly changes - 3 + 15,682 - 5,579 - 10,103 + 3 + 3 + 4 Federal agency debt securities (2) Holdings 0 0 0 0 486 1,861 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 8 412 78,844 1,432,513 1,511,777 Weekly changes 0 0 + 2 + 85 + 2,221 - 2,306 + 2 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 30 0 0 0 0 0 30 Reverse repurchase agreements (4) 284,134 0 ... ... ... ... 284,134 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 Aug 7, 2019 Mortgage-backed securities held outright (1) 1,511,777 Commitments to buy mortgage-backed securities (2) 3,490 Commitments to sell mortgage-backed securities (2) 0 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 4 and table 5. 4. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Aug 7, 2019 Wednesday Wednesday consolidation Jul 31, 2019 Aug 8, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,699 + 17 - 84 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,711,280 - 166 - 471,840 Securities held outright (1) 3,594,828 + 6 - 454,051 U.S. Treasury securities 2,080,704 + 4 - 256,221 Bills (2) 0 - 2 0 Notes and bonds, nominal (2) 1,940,396 0 - 260,193 Notes and bonds, inflation-indexed (2) 116,545 0 + 1,953 Inflation compensation (3) 23,763 + 6 + 2,019 Federal agency debt securities (2) 2,347 0 - 62 Mortgage-backed securities (4) 1,511,777 + 2 - 197,768 Unamortized premiums on securities held outright (5) 129,085 - 171 - 18,705 Unamortized discounts on securities held outright (5) -12,735 + 29 + 1,069 Repurchase agreements (6) 0 0 0 Loans 102 - 30 - 153 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,719 Items in process of collection (0) 58 - 10 - 136 Bank premises 2,185 - 10 + 5 Central bank liquidity swaps (8) 30 + 19 - 70 Foreign currency denominated assets (9) 21,054 + 339 + 2 Other assets (10) 29,000 + 2,254 - 2,645 Total assets (0) 3,781,543 + 2,441 - 476,487 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 4. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Aug 7, 2019 Wednesday Wednesday consolidation Jul 31, 2019 Aug 8, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,701,134 + 1,524 + 77,215 Reverse repurchase agreements (11) 284,134 - 24,576 + 46,744 Deposits (0) 1,751,531 + 26,215 - 600,673 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,551,621 + 61,075 - 414,482 U.S. Treasury, General Account 133,077 - 43,585 - 178,613 Foreign official 5,255 + 1 - 2 Other (12) (0) 61,577 + 8,723 - 7,577 Deferred availability cash items (0) 222 - 664 - 188 Other liabilities and accrued dividends (13) 5,282 - 70 + 78 Total liabilities (0) 3,742,303 + 2,427 - 476,823 Capital accounts Capital paid in 32,415 + 14 + 336 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,240 + 14 + 336 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. 5. Statement of Condition of Each Federal Reserve Bank, August 7, 2019 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 11,037 351 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 1,699 35 47 151 113 216 191 277 31 46 107 200 284 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,711,280 76,994 2,024,710 89,872 108,580 227,111 253,755 194,808 53,353 32,179 55,031 161,148 433,740 Securities held outright (1) 3,594,828 74,579 1,961,233 87,054 105,176 219,991 245,789 188,697 51,667 31,107 53,305 156,092 420,137 U.S. Treasury securities 2,080,704 43,167 1,135,171 50,388 60,876 127,332 142,264 109,219 29,905 18,005 30,853 90,347 243,178 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,080,704 43,167 1,135,171 50,388 60,876 127,332 142,264 109,219 29,905 18,005 30,853 90,347 243,178 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,511,777 31,364 824,781 36,610 44,231 92,515 103,365 79,355 21,728 13,082 22,417 65,643 176,686 Unamortized premiums on securities held outright (5) 129,085 2,678 70,425 3,126 3,777 7,900 8,826 6,776 1,855 1,117 1,914 5,605 15,087 Unamortized discounts on securities held outright (5) -12,735 -264 -6,948 -308 -373 -779 -871 -668 -183 -110 -189 -553 -1,488 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 102 1 0 0 0 0 11 3 14 65 0 4 5 Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0 0 0 0 0 0 0 0 0 0 Items in process of collection 58 0 0 0 0 0 57 0 0 0 0 0 0 Bank premises 2,185 107 457 81 117 191 205 191 103 94 228 220 190 Central bank liquidity swaps (8) 30 1 10 2 2 6 2 1 0 0 0 0 4 Foreign currency denominated assets (9) 21,054 907 6,683 1,216 1,681 4,489 1,224 879 321 100 204 260 3,091 Other assets (10) 29,000 621 15,377 698 862 1,992 1,970 1,495 508 320 514 1,283 3,360 Interdistrict settlement account 0 + 6,228 - 197,339 - 6,674 + 14,334 + 2,938 + 35,137 + 25,573 + 8,929 + 4,625 + 5,436 + 28,108 + 72,705 Total assets 3,781,543 85,440 1,855,470 85,883 126,457 238,109 294,756 224,358 63,724 37,641 61,965 192,392 515,349 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Statement of Condition of Each Federal Reserve Bank, August 7, 2019 (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 1,902,855 57,306 630,255 54,805 90,825 131,339 261,011 124,282 56,391 31,358 50,331 158,847 256,104 Less: Notes held by F.R. Banks 201,721 6,125 46,981 8,355 9,835 16,004 30,187 13,559 6,087 3,331 8,107 20,635 32,517 Federal Reserve notes, net 1,701,134 51,181 583,275 46,450 80,990 115,335 230,824 110,723 50,304 28,028 42,224 138,212 223,587 Reverse repurchase agreements (11) 284,134 5,895 155,015 6,881 8,313 17,388 19,427 14,915 4,084 2,459 4,213 12,337 33,208 Deposits 1,751,531 26,394 1,101,744 30,819 33,719 96,665 41,735 96,894 8,569 6,586 14,975 41,087 252,344 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 1,551,621 26,385 946,400 30,816 33,682 96,205 41,699 53,071 8,565 6,534 14,952 40,975 252,337 U.S. Treasury, General Account 133,077 0 133,077 0 0 0 0 0 0 0 0 0 0 Foreign official 5,255 2 5,228 2 3 9 2 2 1 0 0 0 6 Other (12) 61,577 8 17,038 1 33 452 34 43,822 4 51 23 111 1 Deferred availability cash items 222 0 0 0 0 0 64 0 0 158 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,304 28 704 40 47 83 109 59 21 11 18 60 122 Other liabilities and accrued dividends 3,978 156 1,534 167 176 466 279 262 135 142 141 207 314 Total liabilities 3,742,303 83,655 1,842,271 84,357 123,244 229,938 292,439 222,853 63,114 37,383 61,571 191,903 509,575 Capital Capital paid in 32,415 1,491 11,033 1,132 2,667 6,716 1,920 1,220 506 225 328 404 4,772 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 3,781,543 85,440 1,855,470 85,883 126,457 238,109 294,756 224,358 63,724 37,641 61,965 192,392 515,349 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Statement of Condition of Each Federal Reserve Bank, August 7, 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). 6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Aug 7, 2019 Federal Reserve notes outstanding 1,902,855 Less: Notes held by F.R. Banks not subject to collateralization 201,721 Federal Reserve notes to be collateralized 1,701,134 Collateral held against Federal Reserve notes 1,701,134 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,684,898 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,594,828 Less: Face value of securities under reverse repurchase agreements 273,081 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,321,747 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.