FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 10, 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 Mar 9, 2016 Federal Reserve Banks Mar 9, 2016 Mar 2, 2016 Mar 11, 2015 Reserve Bank credit 4,441,358 + 2,150 - 9,026 4,442,218 Securities held outright (1) 4,244,328 + 25 + 7,270 4,244,344 U.S. Treasury securities 2,461,180 + 22 + 1,228 2,461,196 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,344,518 - 1,341 - 2,193 2,344,518 Notes and bonds, inflation-indexed (2) 100,880 + 1,340 + 2,411 100,880 Inflation compensation (3) 15,781 + 21 + 1,009 15,797 Federal agency debt securities (2) 31,318 0 - 5,559 31,318 Mortgage-backed securities (4) 1,751,830 + 3 + 11,601 1,751,830 Unamortized premiums on securities held outright (5) 186,525 - 352 - 17,521 186,413 Unamortized discounts on securities held outright (5) -16,418 - 48 + 1,654 -16,406 Repurchase agreements (6) 0 0 0 0 Loans 12 - 22 - 6 12 Primary credit 2 - 22 - 10 2 Secondary credit 0 0 0 0 Seasonal credit 10 0 + 4 10 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,722 0 + 35 1,722 Float -187 + 529 + 306 -241 Central bank liquidity swaps (8) 95 + 7 + 93 95 Other Federal Reserve assets (9) 25,282 + 2,012 - 857 26,280 Foreign currency denominated assets (10) 20,260 + 91 + 742 20,310 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 47,740 + 14 + 1,139 47,740 Total factors supplying reserve funds 4,525,599 + 2,255 - 7,145 4,526,510 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 Mar 9, 2016 Federal Reserve Banks Mar 9, 2016 Mar 2, 2016 Mar 11, 2015 Currency in circulation (11) 1,435,074 + 4,248 + 80,102 1,437,450 Reverse repurchase agreements (12) 289,356 - 12,680 + 25,399 283,433 Foreign official and international accounts 238,658 - 7,377 + 106,284 236,087 Others 50,699 - 5,302 - 80,884 47,346 Treasury cash holdings 240 0 + 28 239 Deposits with F.R. Banks, other than reserve balances 238,346 - 23,995 + 77,830 225,796 Term deposits held by depository institutions 0 0 - 107,229 0 U.S. Treasury, General Account 211,443 - 25,764 + 172,012 196,297 Foreign official 5,224 - 15 + 1 5,171 Other (13) 21,678 + 1,783 + 13,045 24,327 Other liabilities and capital (14) 46,690 + 297 - 18,140 46,367 Total factors, other than reserve balances, absorbing reserve funds 2,009,706 - 32,130 + 165,219 1,993,285 Reserve balances with Federal Reserve Banks 2,515,893 + 34,385 - 172,364 2,533,225 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 Mar 9, 2016 Mar 9, 2016 Mar 2, 2016 Mar 11, 2015 Securities held in custody for foreign official and international accounts 3,254,451 + 3,414 + 6,513 3,253,581 Marketable U.S. Treasury securities (1) 2,939,527 + 3,659 + 19,957 2,938,575 Federal agency debt and mortgage-backed securities (2) 266,137 - 368 - 18,666 266,149 Other securities (3) 48,787 + 123 + 5,223 48,857 Securities lent to dealers 17,344 + 1,634 + 5,209 18,660 Overnight facility (4) 17,344 + 1,634 + 5,209 18,660 U.S. Treasury securities 17,260 + 1,611 + 5,604 18,586 Federal agency debt securities 85 + 24 - 394 74 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, March 9, 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 2 10 0 0 0 ... 12 U.S. Treasury securities (1) Holdings 0 90,621 117,584 1,152,283 468,548 632,159 2,461,196 Weekly changes 0 0 + 2 + 7 + 6 + 28 + 44 Federal agency debt securities (2) Holdings 2,061 4,161 11,767 10,982 0 2,347 31,318 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 778 9,029 1,742,022 1,751,830 Weekly changes 0 0 0 0 + 44 - 44 + 1 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 95 0 0 0 0 0 95 Reverse repurchase agreements (4) 283,433 0 ... ... ... ... 283,433 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 Mar 9, 2016 Mortgage-backed securities held outright (1) 1,751,830 Commitments to buy mortgage-backed securities (2) 28,644 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 7 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 Mar 9, 2016 Net portfolio holdings of Maiden Lane LLC (1) 1,722 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 Mar 9, 2016 Wednesday Wednesday consolidation Mar 2, 2016 Mar 11, 2015 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,930 - 8 + 70 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,414,362 - 253 - 8,544 Securities held outright (1) 4,244,344 + 45 + 7,307 U.S. Treasury securities 2,461,196 + 44 + 1,288 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,344,518 0 - 2,193 Notes and bonds, inflation-indexed (2) 100,880 0 + 2,411 Inflation compensation (3) 15,797 + 44 + 1,069 Federal agency debt securities (2) 31,318 0 - 5,559 Mortgage-backed securities (4) 1,751,830 + 1 + 11,578 Unamortized premiums on securities held outright (5) 186,413 - 330 - 17,508 Unamortized discounts on securities held outright (5) -16,406 + 31 + 1,655 Repurchase agreements (6) 0 0 0 Loans 12 + 1 + 3 Net portfolio holdings of Maiden Lane LLC (7) 1,722 0 + 30 Items in process of collection (0) 147 - 37 - 55 Bank premises 2,225 0 - 23 Central bank liquidity swaps (8) 95 + 7 + 93 Foreign currency denominated assets (9) 20,310 + 167 + 1,084 Other assets (10) 24,055 + 2,720 - 850 Total assets (0) 4,481,083 + 2,598 - 8,196 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 Mar 9, 2016 Wednesday Wednesday consolidation Mar 2, 2016 Mar 11, 2015 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,391,874 + 3,902 + 80,201 Reverse repurchase agreements (11) 283,433 - 7,992 + 18,134 Deposits (0) 2,759,021 + 6,011 - 88,709 Term deposits held by depository institutions 0 0 - 107,229 Other deposits held by depository institutions 2,533,225 + 36,643 - 159,468 U.S. Treasury, General Account 196,297 - 33,091 + 169,060 Foreign official 5,171 - 69 - 65 Other (12) (0) 24,327 + 2,527 + 8,993 Deferred availability cash items (0) 388 - 55 - 408 Other liabilities and accrued dividends (13) 6,833 + 723 + 630 Total liabilities (0) 4,441,548 + 2,588 + 9,846 Capital accounts Capital paid in 29,535 + 9 + 747 Surplus 10,000 0 - 18,788 Other capital accounts 0 0 0 Total capital 39,535 + 9 - 18,042 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, March 9, 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 1,930 48 86 134 136 304 187 283 23 58 153 191 326 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,414,362 111,902 2,649,989 109,792 106,131 239,759 248,581 164,018 46,035 26,851 57,345 142,201 511,758 Securities held outright (1) 4,244,344 107,592 2,547,930 105,564 102,044 230,525 239,008 157,696 44,262 25,812 55,136 136,724 492,049 U.S. Treasury securities 2,461,196 62,390 1,477,485 61,214 59,173 133,676 138,595 91,444 25,667 14,968 31,972 79,283 285,328 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,196 62,390 1,477,485 61,214 59,173 133,676 138,595 91,444 25,667 14,968 31,972 79,283 285,328 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) 1,751,830 44,408 1,051,645 43,571 42,118 95,148 98,649 65,088 18,269 10,654 22,757 56,432 203,091 Unamortized premiums on securities held outright (5) 186,413 4,725 111,906 4,636 4,482 10,125 10,497 6,926 1,944 1,134 2,422 6,005 21,611 Unamortized discounts on securities held outright (5) -16,406 -416 -9,849 -408 -394 -891 -924 -610 -171 -100 -213 -529 -1,902 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 12 0 2 0 0 0 0 5 0 5 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,722 0 1,722 0 0 0 0 0 0 0 0 0 0 Items in process of collection 147 0 0 0 0 0 146 0 0 0 0 0 0 Bank premises 2,225 123 433 74 105 210 207 203 117 91 240 226 198 Central bank liquidity swaps (8) 95 4 31 5 7 22 5 3 1 0 1 1 14 Foreign currency denominated assets (9) 20,310 921 6,549 1,135 1,583 4,660 1,155 545 189 85 214 293 2,982 Other assets (10) 24,055 640 13,823 601 585 1,483 1,372 907 497 172 355 821 2,799 Interdistrict settlement account 0 - 28,611 - 180,268 + 15,237 + 19,123 + 32,541 + 12,787 + 7,231 + 13,994 + 6,454 + 4,545 + 24,605 + 72,362 Total assets 4,481,083 85,569 2,497,891 127,528 128,414 280,174 266,695 174,349 61,304 33,974 63,293 169,510 592,382 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, March 9, 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 1,558,452 49,404 497,801 49,359 81,938 105,814 222,674 103,046 51,095 27,104 40,191 129,072 200,954 Less: Notes held by F.R. Banks 166,578 5,677 58,495 5,993 8,559 11,460 20,488 10,223 4,496 2,492 4,697 12,444 21,555 Federal Reserve notes, net 1,391,874 43,727 439,306 43,366 73,378 94,355 202,186 92,823 46,598 24,612 35,495 116,628 179,399 Reverse repurchase agreements (11) 283,433 7,185 170,148 7,049 6,814 15,394 15,961 10,531 2,956 1,724 3,682 9,130 32,859 Deposits 2,759,021 32,704 1,871,897 74,692 44,964 160,969 45,830 69,620 11,188 7,040 23,585 42,997 373,534 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 2,533,225 32,698 1,653,606 74,689 44,961 160,809 45,821 62,316 11,180 7,040 23,583 42,996 373,524 U.S. Treasury, General Account 196,297 0 196,297 0 0 0 0 0 0 0 0 0 0 Foreign official 5,171 2 5,144 2 3 9 2 1 0 0 0 1 6 Other (12) 24,327 4 16,849 0 0 151 7 7,303 7 0 2 1 5 Deferred availability cash items 388 0 0 0 0 0 97 0 0 290 0 0 0 Earnings remittances due to the U.S. Treasury (13) 2,283 62 1,345 60 64 155 128 82 20 11 26 68 261 Other liabilities and accrued dividends 4,549 144 2,161 180 181 496 297 225 129 127 109 184 318 Total liabilities 4,441,548 83,822 2,484,856 125,346 125,403 271,369 264,500 173,282 60,891 33,804 62,897 169,007 586,371 Capital Capital paid in 29,535 1,305 9,736 1,631 2,250 6,575 1,640 799 311 127 296 376 4,489 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 4,481,083 85,569 2,497,891 127,528 128,414 280,174 266,695 174,349 61,304 33,974 63,293 169,510 592,382 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, March 9, 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 Mar 9, 2016 Federal Reserve notes outstanding 1,558,452 Less: Notes held by F.R. Banks not subject to collateralization 166,578 Federal Reserve notes to be collateralized 1,391,874 Collateral held against Federal Reserve notes 1,391,874 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,375,637 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,244,344 Less: Face value of securities under reverse repurchase agreements 262,532 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,981,812 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.