Board of Governors of the Federal Reserve System

Note: Purchases of Treasury securities and federal agency obligations increase securities holdings; sales and redemptions of these securities decrease securities holdings. Exchanges occur when the Federal Reserve rolls the proceeds of maturing securities into newly issued securities, and so exchanges do not affect total securities holdings. Positive net settlements of mortgage-backed securities increase securities holdings, while negative net settlements of these securities decrease securities holdings. Components may not sum to totals because of rounding. See table 2 of the H.4.1 release (www.federalreserve.gov/releases/h41/) for the maturity distribution of the securities.

 1. Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. Transactions include the rollover of inflation compensation into new securities. The maturity distributions of exchanged Treasury securities are based on the announced maturity of new securities rather than actual day counts. Return to table

 2. Excludes the effect of temporary transactions--repurchase agreements and reverse repurchase agreements. Return to table

 3. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Monthly net change in the remaining principal balance of the securities, reported at face value. Return to table

 4. The net change in securities holdings reflects the settlements of purchases, reinvestments, sales, and maturities of portfolio securities. Return to table

 5. Averages of daily business cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

For additional details on temporary transactions, see the temporary open market operations historical search available at https://apps.newyorkfed.org/markets/autorates/tomo-search-page.   Return to table

n/a Not applicable.

Note: Components may not sum to totals because of rounding.

 1. Excludes the effect of temporary transactions--repurchase agreements and reverse repurchase agreements. Return to table

 2. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Return to table

 3. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. Return to table

Note: For details on rate changes over the course of 2017, see "Discount Rates for Depository Institutions in 2017" in section 8 of this annual report ("Record of Policy Actions of the Board of Governors"). Primary credit is available for very short terms as a backup source of liquidity to depository institutions that are in generally sound financial condition in the judgment of the lending Federal Reserve Bank. Secondary credit is available in appropriate circumstances to depository institutions that do not qualify for primary credit. Seasonal credit is available to help relatively small depository institutions meet regular seasonal needs for funds that arise from a clear pattern of intra-yearly movements in their deposits and loans. The discount rate on seasonal credit takes into account rates charged by market sources of funds and is reestablished on the first business day of each two-week reserve maintenance period.

Note: The table reflects the liability types and percentages of those liabilities subject to requirements for the maintenance period that contains the year end. Required reserves must be held in the form of vault cash and, if vault cash is insufficient, also in the form of a deposit with a Federal Reserve Bank. An institution must hold that deposit directly with a Reserve Bank or with another institution in a pass-through relationship. Reserve requirements are imposed on commercial banks, savings banks, savings and loan associations, credit unions, U.S. branches and agencies of foreign banks, Edge corporations, and agreement corporations.

 1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS) accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts, ineligible acceptances, and affiliate-issued obligations maturing in seven days or less. Net transaction accounts are total transaction accounts less amounts due from other depository institutions and less cash items in the process of collection.

For a more detailed description of these deposit types, see Form FR 2900.   Return to table

 2. The amount of net transaction accounts subject to a reserve requirement ratio of 0 percent (the "exemption amount") is adjusted each year by statute. The exemption amount is adjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase in total reservable liabilities at all depository institutions. No adjustment is made in the event of a decrease in such liabilities. Return to table

 3. The amount of net transaction accounts subject to a reserve requirement ratio of 3 percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche is adjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase or decrease in net transaction accounts held by all depository institutions. Return to table

Note: Includes banks, banking offices, and bank holding companies in U.S. territories and possessions (affiliated insular areas).

 1. For purposes of this table, banks are entities that are defined as banks in the Bank Holding Company Act, as amended, which is implemented by Federal Reserve Regulation Y. Generally, a bank is any institution that accepts demand deposits and is engaged in the business of making commercial loans or any institution that is defined as an insured bank in section 3(h) of the Federal Deposit Insurance Corporation Act. Return to table

 2. Institutions that no longer meet the Regulation Y definition of a bank. Return to table

 3. Interclass changes and sales of branches. Return to table

Note: Components may not sum to totals because of rounding.

 1. Includes U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. U.S. Treasury securities and federal agency debt securities include securities lent to dealers, which are fully collateralized by U.S. Treasury securities, federal agency securities, and other highly rated debt securities. Return to table

 2. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and agency mortgage-backed securities. Return to table

 3. As of 2015, includes only central bank liquidity swaps; primary, seasonal, and secondary credit; and net portfolio holdings of Maiden Lane LLC. For disaggregated loans and other credit extensions from 1984 to 2014, refer to "Table 6B. Loans and other credit extensions, by type, year-end 1984-2014 and month-end 2014" of the 2014 Annual Report. Return to table

 4. As of 2013, unamortized discounts on securities held outright are included as a component of Other Federal Reserve assets. Previously, they were included in Other Federal Reserve liabilities and capital. Return to table

 5. Includes currency and coin (other than gold) issued directly by the U.S. Treasury. The largest components are fractional and dollar coins. For details, refer to "U.S. Currency and Coin Outstanding and in Circulation," Treasury Bulletin. Return to table

r Revised.

 6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and agency mortgage-backed securities. Return to table

 7. Coin and paper currency held by the Treasury. Return to table

 8. As of 2014, includes desposits of designated financial market utilites. Return to table

 9. Required clearing balances were discontinued in July 2012. Return to table

 10. In 2010, includes funds from American International Group, Inc. asset dispositions, held as agent. Return to table

r Revised.

n/a Not applicable.

Note: For a description of figures and discussion of their significance, see Banking and Monetary Statistics, 1941-1970 (Board of Governors of the Federal Reserve System, 1976), pp. 507-23. Components may not sum to totals because of rounding.

 1. In 1969 and thereafter, includes securities loaned--fully guaranteed by U.S. government securities pledged with Federal Reserve Banks--and excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. On September 29, 1971, and thereafter, includes federal agency issues bought outright. Return to table

 2. On December 1, 1966, and thereafter, includes federal agency obligations held under repurchase agreements. Return to table

 3. In 1960 and thereafter, figures reflect a minor change in concept; refer to Federal Reserve Bulletin, vol. 47 (February 1961), p. 164. Return to table

 4. Principally acceptances and, until August 21, 1959, industrial loans, the authority for which expired on that date. Return to table

 5. For the period before April 16, 1969, includes the total of Federal Reserve capital paid in, surplus, other capital accounts, and other liabilities and accrued dividends, less the sum of bank premises and other assets, and is reported as "Other Federal Reserve accounts"; thereafter, "Other Federal Reserve assets" and "Other Federal Reserve liabilities and capital" are shown separately. Return to table

 6. Before January 30, 1934, includes gold held in Federal Reserve Banks and in circulation. Return to table

 7. Includes currency and coin (other than gold) issued directly by the Treasury. The largest components are fractional and dollar coins. For details refer to ‘‘U.S. Currency and Coin Outstanding and in Circulation,'' Treasury Bulletin. Return to table

n/a Not applicable.

 8. Coin and paper currency held by the Treasury, as well as any gold in excess of the gold certificates issued to the Reserve Bank. Return to table

 9. In November 1979 and thereafter, includes reserves of member banks, Edge Act corporations, and U.S. agencies and branches of foreign banks. On November 13, 1980, and thereafter, includes reserves of all depository institutions. Return to table

 10. Between December 1, 1959, and November 23, 1960, part was allowed as reserves; thereafter, all was allowed. Return to table

 11. Estimated through 1958. Before 1929, data were available only on call dates (in 1920 and 1922 the call date was December 29). Since September 12, 1968, the amount has been based on close-of-business figures for the reserve period two weeks before the report date. Return to table

 12. For the week ending November 15, 1972, and thereafter, includes $450 million of reserve deficiencies on which Federal Reserve Banks are allowed to waive penalties for a transition period in connection with bank adaptation to Regulation J as amended, effective November 9, 1972. Allowable deficiencies are as follows (beginning with first statement week of quarter, in millions): 1973--Q1, $279; Q2, $172; Q3, $112; Q4, $84; 1974--Q1, $67; Q2, $58. The transition period ended with the second quarter of 1974. Return to table

 13. For the period before July 1973, includes certain deposits of domestic nonmember banks and foreign-owned banking institutions held with member banks and redeposited in full with Federal Reserve Banks in connection with voluntary participation by nonmember institutions in the Federal Reserve System program of credit restraint. As of December 12, 1974, the amount of voluntary nonmember bank and foreign-agency and branch deposits at Federal Reserve Banks that are associated with marginal reserves is no longer reported. However, two amounts are reported: (1) deposits voluntarily held as reserves by agencies and branches of foreign banks operating in the United States and (2) Eurodollar liabilities. Return to table

 14. Adjusted to include waivers of penalties for reserve deficiencies, in accordance with change in Board policy, effective November 19, 1975. Return to table

n/a Not applicable.

Note: Includes U.S.-insured commercial banks located in the United States but not U.S.-insured commercial banks operating in U.S. territories or possessions. Data are domestic assets and liabilities (except for those components reported on a consolidated basis only). Components may not sum to totals because of rounding. Data for 2016 have been revised.

Note: These regulations, adopted by the Board of Governors pursuant to the Securities Exchange Act of 1934, limit the amount of credit that may be extended for the purpose of purchasing or carrying margin securities (as defined in the regulations) when the loan is collateralized by such securities. The margin requirement, expressed as a percentage, is the difference between the market value of the securities being purchased or carried (100 percent) and the maximum loan value of the collateral as prescribed by the Board. Regulation T was adopted effective October 1, 1934; Regulation U, effective May 1, 1936; and Regulation X, effective November 1, 1971. The former Regulation G, which was adopted effective March 11, 1968, was merged into Regulation U, effective April 1, 1998.

 1. From October 1, 1934, to October 31, 1937, the requirement was the margin "customarily required" by the brokers and dealers. Return to table

n/a Not applicable.

Note: Components may not sum to totals because of rounding.

 1. Par value. Includes securities loaned--fully collateralized by U.S. Treasury securities, other investment-grade securities, and collateral eligible for tri-party repurchase agreements pledged with Federal Reserve Banks. Return to table

 2. The par amount shown is the remaining principal balance of the securities. Return to table

 3. 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 was on a straight-line basis prior to 2017 and is now on an effective-interest basis. For mortgage-backed securities (MBS), amortization is on an effective-interest basis for both years. Return to table

 4. The Federal Reserve Bank of New York is the primary beneficiary of Maiden Lane LLC, and, as a result, the accounts and results of operations of Maiden Lane LLC are included in the combined financial statements of the Federal Reserve Banks. Return to table

 5. Valued daily at market exchange rates. Return to table

 6. 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. Return to table

 7. Includes furniture and equipment and depository institution overdrafts. Return to table

 8. Contract amount of agreements. Return to table

 9. Includes deposits of government-sponsored enterprises (GSEs), the Consumer Financial Protection Bureau, international organizations, and designated financial market utilities. These deposits are primarily held by the Federal Reserve Banks of New York and Chicago. Return to table

 10. Represents the estimated weekly remittances to the U.S. Treasury. Return to table

 11. Includes accrued benefit costs and cash collateral posted by counterparties under commitments to purchase and sell federal agency and GSE MBS. Return to table

n/a Not applicable.

Note: Components may not sum to totals because of rounding.

 1. Par value. Includes securities loaned--fully collateralized by U.S. Treasury securities, other investment-grade securities, and collateral eligible for tri-party repurchase agreements pledged with Federal Reserve Banks. Return to table

 2. The par amount shown is the remaining principal balance of the securities. Return to table

 3. 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 was on a straight-line basis prior to 2017 and is now on an effective-interest basis. For mortgage-backed securities (MBS), amortization is on an effective-interest basis for both years. Return to table

 4. The Federal Reserve Bank of New York is the primary beneficiary of Maiden Lane LLC, and, as a result, the accounts and results of operations of Maiden Lane LLC are included in the combined financial statements of the Federal Reserve Banks. Return to table

 5. Valued daily at market exchange rates. Return to table

 6. 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. Return to table

 7. Includes furniture and equipment and depository institution overdrafts. Return to table

 8. Contract amount of agreements. Return to table

 9. Includes deposits of government-sponsored enterprises (GSEs), the Consumer Financial Protection Bureau, international organizations, and designated financial market utilities. These deposits are primarily held by the Federal Reserve Banks of New York and Chicago. Return to table

 10. Represents the estimated weekly remittances to the U.S. Treasury. Return to table

 11. Includes accrued benefit costs and cash collateral posted by counterparties under commitments to purchase and sell federal agency and GSE MBS. Return to table

n/a Not applicable.

 1. Face value. Includes compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities. Return to table

Note: Components may not sum to totals because of rounding.

 1. Represents interest income recognized on swap agreements with foreign central banks. Return to table

 2. The Federal Reserve Bank of Atlanta (FRBA) has overall responsibility for managing the Reserve Banks' provision of check and automated clearinghouse (ACH) services and recognizes total System revenue for these services. The Federal Reserve Bank of New York (FRBNY) has overall responsibility for managing the Reserve Banks' provision of Fedwire funds transfer and securities transfer services, and recognizes the total System revenue for these services. The Federal Reserve Bank of Chicago (FRBC) has overall responsibility for managing the Reserve Banks' provision of electronic access services to depository institutions, and recognizes the total System revenue for these services. The FRBA, the FRBNY, and the FRBC compensate the other Reserve Banks for the costs incurred in providing these services. Return to table

 3. Includes expenses for labor and materials capitalized and depreciated or amortized as charges to activities in the periods benefited. Return to table

 4. Reflects the effect of the Financial Accounting Standards Board's Codification Topic (ASC 715) Compensation-Retirement Benefits. Net pension expense for the System Retirement Plan of $478,589 thousand is recorded on behalf of the System in the books of the FRBNY. The Retirement Benefit Equalization Plan and the Supplemental Employee Retirement Plan are recorded by each Federal Reserve Bank. Return to table

 5. In October 2008, the Reserve Banks began to pay interest to depository institutions on qualifying balances held at the Federal Reserve Banks. Return to table

 6. In April 2010, the Reserve Banks began to pay interest on term deposits under the Term Deposit Facility. Return to table

 7. Represents the portion of the consolidated variable interest entity's net income recorded by the FRBNY. The amount includes interest income, interest expenses, realized and unrealized gains and losses, and professional fees. Return to table

 8. For additional details, see the "Board of Governors Financial Statements" in section 12. Return to table

 9. The Board of Governors assesses the Reserve Banks to fund the operations of the Consumer Financial Protection Bureau. These assessments are allocated to each Reserve Bank based on each Reserve Bank's capital and surplus balances as of the most recent quarter. Return to table

n/a Not applicable.