FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 17, 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 16, 2016 Federal Reserve Banks Mar 16, 2016 Mar 9, 2016 Mar 18, 2015 Reserve Bank credit 4,446,240 + 4,882 - 14,888 4,447,512 Securities held outright (1) 4,247,349 + 3,021 + 1,613 4,248,579 U.S. Treasury securities 2,461,223 + 43 + 1,392 2,461,239 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,344,518 0 - 2,193 2,344,518 Notes and bonds, inflation-indexed (2) 100,880 0 + 2,411 100,880 Inflation compensation (3) 15,825 + 44 + 1,173 15,841 Federal agency debt securities (2) 30,729 - 589 - 6,148 29,257 Mortgage-backed securities (4) 1,755,396 + 3,566 + 6,369 1,758,082 Unamortized premiums on securities held outright (5) 186,345 - 180 - 17,646 186,371 Unamortized discounts on securities held outright (5) -16,384 + 34 + 1,654 -16,367 Repurchase agreements (6) 0 0 0 0 Loans 15 + 3 0 37 Primary credit 4 + 2 - 3 22 Secondary credit 0 0 0 0 Seasonal credit 11 + 1 + 3 15 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,722 0 + 30 1,722 Float -377 - 190 + 18 -196 Central bank liquidity swaps (8) 76 - 19 + 74 76 Other Federal Reserve assets (9) 27,494 + 2,212 - 631 27,291 Foreign currency denominated assets (10) 20,412 + 152 + 1,169 20,323 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 47,707 + 14 + 1,083 47,707 Total factors supplying reserve funds 4,530,601 + 5,049 - 12,635 4,531,783 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 16, 2016 Federal Reserve Banks Mar 16, 2016 Mar 9, 2016 Mar 18, 2015 Currency in circulation (11) 1,437,735 + 2,708 + 82,062 1,439,520 Reverse repurchase agreements (12) 280,339 - 9,017 + 28,421 289,888 Foreign official and international accounts 240,079 + 1,421 + 101,963 241,499 Others 40,261 - 10,438 - 73,541 48,389 Treasury cash holdings 238 - 2 + 30 230 Deposits with F.R. Banks, other than reserve balances 265,062 + 26,716 + 177,912 300,471 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 235,634 + 24,191 + 174,948 279,081 Foreign official 5,172 - 52 - 65 5,175 Other (13) 24,257 + 2,579 + 3,029 16,215 Other liabilities and capital (14) 47,714 + 1,024 - 17,639 46,152 Total factors, other than reserve balances, absorbing reserve funds 2,031,089 + 21,430 + 270,788 2,076,261 Reserve balances with Federal Reserve Banks 2,499,512 - 16,381 - 283,423 2,455,521 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 16, 2016 Mar 16, 2016 Mar 9, 2016 Mar 18, 2015 Securities held in custody for foreign official and international accounts 3,251,866 - 2,585 + 28,413 3,260,194 Marketable U.S. Treasury securities (1) 2,936,556 - 2,971 + 40,441 2,945,802 Federal agency debt and mortgage-backed securities (2) 266,278 + 141 - 17,472 266,625 Other securities (3) 49,032 + 245 + 5,444 47,767 Securities lent to dealers 19,829 + 2,485 + 7,098 23,685 Overnight facility (4) 19,829 + 2,485 + 7,098 23,685 U.S. Treasury securities 19,771 + 2,511 + 7,508 23,653 Federal agency debt securities 58 - 27 - 410 32 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 16, 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 26 10 0 0 0 ... 37 U.S. Treasury securities (1) Holdings 23,587 67,034 117,587 1,152,291 468,555 632,186 2,461,239 Weekly changes + 23,587 - 23,587 + 3 + 8 + 7 + 27 + 43 Federal agency debt securities (2) Holdings 0 4,161 11,767 10,982 0 2,347 29,257 Weekly changes - 2,061 0 0 0 0 0 - 2,061 Mortgage-backed securities (3) Holdings 0 0 0 776 8,991 1,748,315 1,758,082 Weekly changes 0 0 0 - 2 - 38 + 6,293 + 6,252 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 76 0 0 0 0 0 76 Reverse repurchase agreements (4) 289,888 0 ... ... ... ... 289,888 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 16, 2016 Mortgage-backed securities held outright (1) 1,758,082 Commitments to buy mortgage-backed securities (2) 21,027 Commitments to sell mortgage-backed securities (2) 241 Cash and cash equivalents (3) 60 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 16, 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 16, 2016 Wednesday Wednesday consolidation Mar 9, 2016 Mar 18, 2015 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,917 - 13 + 69 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,418,619 + 4,257 - 9,724 Securities held outright (1) 4,248,579 + 4,235 + 6,001 U.S. Treasury securities 2,461,239 + 43 + 1,452 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,344,518 0 - 2,192 Notes and bonds, inflation-indexed (2) 100,880 0 + 2,411 Inflation compensation (3) 15,841 + 44 + 1,233 Federal agency debt securities (2) 29,257 - 2,061 - 7,620 Mortgage-backed securities (4) 1,758,082 + 6,252 + 12,168 Unamortized premiums on securities held outright (5) 186,371 - 42 - 17,407 Unamortized discounts on securities held outright (5) -16,367 + 39 + 1,656 Repurchase agreements (6) 0 0 0 Loans 37 + 25 + 27 Net portfolio holdings of Maiden Lane LLC (7) 1,722 0 + 30 Items in process of collection (0) 150 + 3 - 202 Bank premises 2,227 + 2 - 21 Central bank liquidity swaps (8) 76 - 19 + 74 Foreign currency denominated assets (9) 20,323 + 13 + 986 Other assets (10) 25,064 + 1,009 - 765 Total assets (0) 4,486,333 + 5,250 - 9,555 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 16, 2016 Wednesday Wednesday consolidation Mar 9, 2016 Mar 18, 2015 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,393,955 + 2,081 + 82,110 Reverse repurchase agreements (11) 289,888 + 6,455 + 273 Deposits (0) 2,755,993 - 3,028 - 73,085 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,455,522 - 77,703 - 270,797 U.S. Treasury, General Account 279,081 + 82,784 + 191,521 Foreign official 5,175 + 4 - 47 Other (12) (0) 16,215 - 8,112 + 6,237 Deferred availability cash items (0) 345 - 43 - 343 Other liabilities and accrued dividends (13) 6,606 - 227 - 470 Total liabilities (0) 4,446,787 + 5,239 + 8,484 Capital accounts Capital paid in 29,546 + 11 + 754 Surplus 10,000 0 - 18,792 Other capital accounts 0 0 0 Total capital 39,546 + 11 - 18,039 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 16, 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 1,917 49 87 133 137 301 183 282 23 58 153 190 322 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,418,619 112,009 2,652,538 109,897 106,233 239,989 248,820 164,177 46,079 26,875 57,404 142,337 512,260 Securities held outright (1) 4,248,579 107,699 2,550,473 105,669 102,146 230,755 239,246 157,854 44,306 25,838 55,191 136,861 492,540 U.S. Treasury securities 2,461,239 62,391 1,477,511 61,215 59,174 133,679 138,597 91,446 25,667 14,968 31,973 79,285 285,333 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,239 62,391 1,477,511 61,215 59,174 133,679 138,597 91,446 25,667 14,968 31,973 79,285 285,333 Federal agency debt securities (2) 29,257 742 17,563 728 703 1,589 1,648 1,087 305 178 380 942 3,392 Mortgage-backed securities (4) 1,758,082 44,567 1,055,398 43,726 42,268 95,488 99,001 65,321 18,334 10,692 22,838 56,634 203,815 Unamortized premiums on securities held outright (5) 186,371 4,724 111,881 4,635 4,481 10,122 10,495 6,925 1,944 1,133 2,421 6,004 21,606 Unamortized discounts on securities held outright (5) -16,367 -415 -9,825 -407 -394 -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 37 0 10 0 0 0 0 7 0 3 4 0 12 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 150 0 0 0 0 0 149 0 0 0 0 0 0 Bank premises 2,227 123 433 74 105 210 207 203 117 91 240 226 198 Central bank liquidity swaps (8) 76 3 24 4 6 17 4 2 1 0 1 1 11 Foreign currency denominated assets (9) 20,323 921 6,553 1,135 1,584 4,663 1,156 546 189 85 214 293 2,984 Other assets (10) 25,064 669 14,433 629 610 1,540 1,415 937 498 173 370 873 2,919 Interdistrict settlement account 0 - 19,683 - 198,951 + 15,731 + 20,017 + 39,876 + 11,378 + 3,096 + 13,247 + 6,260 + 3,666 + 26,642 + 78,722 Total assets 4,486,333 94,633 2,482,364 128,154 129,435 287,790 265,565 170,400 60,604 33,805 62,488 171,735 599,361 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 16, 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 1,560,427 49,358 497,823 49,293 81,976 106,668 222,645 103,486 51,028 27,083 40,150 129,390 201,526 Less: Notes held by F.R. Banks 166,472 5,487 58,229 5,913 8,657 11,593 20,729 10,228 4,626 2,453 4,678 12,400 21,479 Federal Reserve notes, net 1,393,955 43,871 439,594 43,380 73,319 95,075 201,916 93,259 46,402 24,629 35,472 116,990 180,047 Reverse repurchase agreements (11) 289,888 7,349 174,023 7,210 6,970 15,745 16,324 10,771 3,023 1,763 3,766 9,338 33,607 Deposits 2,755,993 41,465 1,852,377 75,144 45,899 167,550 44,613 64,999 10,619 6,850 22,719 44,649 379,109 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 2,455,522 41,460 1,559,147 75,142 45,896 167,393 44,604 57,962 10,608 6,850 22,715 44,647 379,099 U.S. Treasury, General Account 279,081 0 279,081 0 0 0 0 0 0 0 0 0 0 Foreign official 5,175 2 5,148 2 3 9 2 1 0 0 0 1 6 Other (12) 16,215 3 9,001 0 0 148 7 7,036 11 0 3 1 5 Deferred availability cash items 345 0 0 0 0 0 88 0 0 257 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,899 49 1,155 44 45 94 113 70 20 11 23 64 211 Other liabilities and accrued dividends 4,707 153 2,181 193 190 521 303 235 125 126 114 191 375 Total liabilities 4,446,787 92,887 2,469,330 125,972 126,423 278,985 263,358 169,333 60,189 33,635 62,094 171,232 593,350 Capital Capital paid in 29,546 1,305 9,736 1,631 2,250 6,575 1,652 799 312 127 294 376 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 4,486,333 94,633 2,482,364 128,154 129,435 287,790 265,565 170,400 60,604 33,805 62,488 171,735 599,361 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 16, 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 16, 2016 Federal Reserve notes outstanding 1,560,427 Less: Notes held by F.R. Banks not subject to collateralization 166,472 Federal Reserve notes to be collateralized 1,393,955 Collateral held against Federal Reserve notes 1,393,955 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,377,718 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,248,579 Less: Face value of securities under reverse repurchase agreements 270,549 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,978,030 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.