FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 18, 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 Feb 17, 2016 Federal Reserve Banks Feb 17, 2016 Feb 10, 2016 Feb 18, 2015 Reserve Bank credit 4,459,074 + 12,594 - 14,790 4,444,723 Securities held outright (1) 4,251,273 + 14,566 + 1,367 4,249,169 U.S. Treasury securities 2,461,109 - 100 + 731 2,461,080 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,639 0 - 72 2,346,639 Notes and bonds, inflation-indexed (2) 98,534 0 + 65 98,534 Inflation compensation (3) 15,936 - 101 + 738 15,907 Federal agency debt securities (2) 31,318 0 - 5,559 31,318 Mortgage-backed securities (4) 1,758,846 + 14,666 + 6,195 1,756,771 Unamortized premiums on securities held outright (5) 187,632 + 186 - 17,795 187,468 Unamortized discounts on securities held outright (5) -16,361 + 31 + 1,811 -16,365 Repurchase agreements (6) 0 0 0 0 Loans 51 + 29 + 34 73 Primary credit 40 + 28 + 30 63 Secondary credit 0 0 - 1 0 Seasonal credit 10 + 1 + 4 10 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,722 0 + 36 1,721 Float -84 + 3 + 332 -123 Central bank liquidity swaps (8) 98 + 7 + 98 98 Other Federal Reserve assets (9) 34,743 - 2,228 - 673 22,681 Foreign currency denominated assets (10) 20,531 + 257 + 239 20,360 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 47,665 + 14 + 1,140 47,665 Total factors supplying reserve funds 4,543,511 + 12,865 - 13,411 4,528,989 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 Feb 17, 2016 Federal Reserve Banks Feb 17, 2016 Feb 10, 2016 Feb 18, 2015 Currency in circulation (11) 1,424,336 + 7,545 + 77,751 1,428,074 Reverse repurchase agreements (12) 289,733 + 4,810 + 45,693 298,746 Foreign official and international accounts 250,841 + 14,459 + 124,259 246,648 Others 38,891 - 9,650 - 78,567 52,098 Treasury cash holdings 242 - 6 + 34 245 Deposits with F.R. Banks, other than reserve balances 302,786 - 36,886 - 140,446 265,795 Term deposits held by depository institutions 0 0 - 296,921 0 U.S. Treasury, General Account 266,760 - 50,543 + 147,924 242,350 Foreign official 5,243 - 26 + 24 5,238 Other (13) 30,784 + 13,684 + 8,528 18,207 Other liabilities and capital (14) 48,053 + 867 - 17,385 46,109 Total factors, other than reserve balances, absorbing reserve funds 2,065,150 - 23,670 - 34,353 2,038,968 Reserve balances with Federal Reserve Banks 2,478,361 + 36,535 + 20,942 2,490,021 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 Feb 17, 2016 Feb 17, 2016 Feb 10, 2016 Feb 18, 2015 Securities held in custody for foreign official and international accounts 3,255,219 - 11,982 - 7,564 3,258,007 Marketable U.S. Treasury securities (1) 2,943,108 - 12,290 + 10,090 2,946,617 Federal agency debt and mortgage-backed securities (2) 263,651 - 48 - 23,190 263,017 Other securities (3) 48,459 + 356 + 5,535 48,373 Securities lent to dealers 13,080 + 307 + 988 13,304 Overnight facility (4) 13,080 + 307 + 988 13,304 U.S. Treasury securities 13,029 + 302 + 1,368 13,227 Federal agency debt securities 51 + 5 - 380 77 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, February 17, 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 73 0 0 0 0 ... 73 U.S. Treasury securities (1) Holdings 31,839 65,374 129,663 1,141,973 455,956 636,276 2,461,080 Weekly changes + 26,971 - 17,818 - 6,868 + 23,756 - 29,060 + 2,925 - 94 Federal agency debt securities (2) Holdings 0 4,222 13,767 10,982 0 2,347 31,318 Weekly changes 0 0 + 2,851 - 2,851 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 716 9,223 1,746,832 1,756,771 Weekly changes 0 0 0 + 17 + 320 + 12,254 + 12,591 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 98 0 0 0 0 0 98 Reverse repurchase agreements (4) 298,746 0 ... ... ... ... 298,746 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 Feb 17, 2016 Mortgage-backed securities held outright (1) 1,756,771 Commitments to buy mortgage-backed securities (2) 23,876 Commitments to sell mortgage-backed securities (2) 100 Cash and cash equivalents (3) 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 5 and table 6. 4. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Account name Wednesday Feb 17, 2016 Net portfolio holdings of Maiden Lane LLC (1) 1,721 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 December 31, 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 Feb 17, 2016 Wednesday Wednesday consolidation Feb 10, 2016 Feb 18, 2015 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,995 - 11 + 64 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,420,345 + 12,723 - 12,952 Securities held outright (1) 4,249,169 + 12,497 + 2,937 U.S. Treasury securities 2,461,080 - 94 + 752 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,639 0 - 72 Notes and bonds, inflation-indexed (2) 98,534 0 + 65 Inflation compensation (3) 15,907 - 95 + 759 Federal agency debt securities (2) 31,318 0 - 5,559 Mortgage-backed securities (4) 1,756,771 + 12,591 + 7,744 Unamortized premiums on securities held outright (5) 187,468 + 149 - 17,750 Unamortized discounts on securities held outright (5) -16,365 + 15 + 1,794 Repurchase agreements (6) 0 0 0 Loans 73 + 62 + 67 Net portfolio holdings of Maiden Lane LLC (7) 1,721 - 1 + 35 Items in process of collection (0) 191 + 19 + 7 Bank premises 2,231 0 - 23 Central bank liquidity swaps (8) 98 + 7 + 98 Foreign currency denominated assets (9) 20,360 - 98 + 153 Other assets (10) 20,450 - 15,291 - 606 Total assets (0) 4,483,629 - 2,649 - 13,222 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 Feb 17, 2016 Wednesday Wednesday consolidation Feb 10, 2016 Feb 18, 2015 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,382,645 + 8,719 + 78,459 Reverse repurchase agreements (11) 298,746 + 16,374 + 1,692 Deposits (0) 2,755,816 - 27,229 - 75,018 Term deposits held by depository institutions 0 0 - 296,921 Other deposits held by depository institutions 2,490,021 + 6,881 + 44,120 U.S. Treasury, General Account 242,350 - 33,811 + 169,253 Foreign official 5,238 + 1 + 26 Other (12) (0) 18,207 - 300 + 8,504 Deferred availability cash items (0) 314 - 144 - 551 Other liabilities and accrued dividends (13) 6,590 - 375 - 79 Total liabilities (0) 4,444,110 - 2,656 + 4,502 Capital accounts Capital paid in 29,519 + 7 + 897 Surplus 10,000 0 - 18,622 Other capital accounts 0 0 0 Total capital 39,519 + 7 - 17,724 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, February 17, 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 1,995 53 81 135 144 309 198 290 31 59 157 202 336 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,420,345 112,052 2,653,543 109,939 106,274 240,081 248,915 164,238 46,109 26,887 57,422 142,392 512,494 Securities held outright (1) 4,249,169 107,714 2,550,827 105,684 102,160 230,788 239,280 157,876 44,312 25,842 55,199 136,880 492,608 U.S. Treasury securities 2,461,080 62,387 1,477,416 61,211 59,170 133,670 138,589 91,440 25,665 14,967 31,971 79,279 285,314 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,080 62,387 1,477,416 61,211 59,170 133,670 138,589 91,440 25,665 14,967 31,971 79,279 285,314 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) 1,756,771 44,533 1,054,611 43,694 42,237 95,417 98,927 65,272 18,320 10,684 22,821 56,591 203,663 Unamortized premiums on securities held outright (5) 187,468 4,752 112,539 4,663 4,507 10,182 10,557 6,965 1,955 1,140 2,435 6,039 21,733 Unamortized discounts on securities held outright (5) -16,365 -415 -9,824 -407 -393 -889 -922 -608 -171 -100 -213 -527 -1,897 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 73 0 0 0 0 0 0 5 13 5 0 0 50 Net portfolio holdings of Maiden Lane LLC (7) 1,721 0 1,721 0 0 0 0 0 0 0 0 0 0 Items in process of collection 191 0 0 0 0 0 190 0 0 0 0 0 0 Bank premises 2,231 124 435 75 105 211 206 203 118 91 240 226 198 Central bank liquidity swaps (8) 98 4 32 5 8 22 6 3 1 0 1 1 14 Foreign currency denominated assets (9) 20,360 923 6,564 1,138 1,587 4,672 1,158 547 190 85 214 293 2,989 Other assets (10) 20,450 561 11,725 520 507 1,300 1,161 768 312 150 320 743 2,382 Interdistrict settlement account 0 - 27,721 - 147,824 + 14,027 + 12,618 + 10,712 + 11,869 + 3,263 + 13,541 + 5,628 + 4,362 + 19,473 + 80,051 Total assets 4,483,629 86,539 2,531,804 126,389 121,985 258,502 265,958 170,470 60,750 33,163 63,157 164,503 600,409 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, February 17, 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 1,553,702 49,509 497,438 49,397 82,344 105,940 221,645 102,789 51,342 27,253 40,419 127,230 198,397 Less: Notes held by F.R. Banks 171,057 5,879 58,698 6,224 8,946 11,384 21,145 10,458 4,157 2,747 5,065 12,799 23,554 Federal Reserve notes, net 1,382,645 43,629 438,739 43,173 73,398 94,556 200,500 92,331 47,185 24,507 35,354 114,430 174,842 Reverse repurchase agreements (11) 298,746 7,573 179,341 7,430 7,183 16,226 16,823 11,100 3,115 1,817 3,881 9,624 34,634 Deposits 2,755,816 33,392 1,897,302 73,381 38,173 138,340 45,844 65,670 9,895 6,403 23,390 39,689 384,337 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 2,490,021 33,384 1,639,871 73,379 38,170 138,130 45,835 57,561 9,887 6,403 23,388 39,687 384,326 U.S. Treasury, General Account 242,350 0 242,350 0 0 0 0 0 0 0 0 0 0 Foreign official 5,238 2 5,211 2 3 9 2 1 0 0 0 1 6 Other (12) 18,207 6 9,870 0 0 201 7 8,108 8 0 1 1 5 Deferred availability cash items 314 0 0 0 0 0 182 0 0 132 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,517 34 940 33 31 59 91 58 16 8 20 54 172 Other liabilities and accrued dividends 5,073 164 2,447 198 191 510 323 250 128 127 117 206 411 Total liabilities 4,444,110 84,792 2,518,770 124,215 118,975 249,691 263,763 169,409 60,340 32,994 62,762 164,003 594,397 Capital Capital paid in 29,519 1,305 9,735 1,624 2,248 6,581 1,639 792 308 127 296 374 4,491 Surplus 10,000 442 3,299 550 762 2,230 555 268 103 43 100 127 1,521 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,483,629 86,539 2,531,804 126,389 121,985 258,502 265,958 170,470 60,750 33,163 63,157 164,503 600,409 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, February 17, 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 Feb 17, 2016 Federal Reserve notes outstanding 1,553,702 Less: Notes held by F.R. Banks not subject to collateralization 171,057 Federal Reserve notes to be collateralized 1,382,645 Collateral held against Federal Reserve notes 1,382,645 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,366,408 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,249,169 Less: Face value of securities under reverse repurchase agreements 284,592 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,964,578 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.