FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 14, 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 Apr 13, 2016 Federal Reserve Banks Apr 13, 2016 Apr 6, 2016 Apr 15, 2015 Reserve Bank credit 4,447,993 + 4,398 - 816 4,460,326 Securities held outright (1) 4,245,566 + 1,886 + 14,708 4,256,748 U.S. Treasury securities 2,461,359 + 23 + 1,594 2,461,368 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,341,898 0 - 4,811 2,341,898 Notes and bonds, inflation-indexed (2) 103,501 0 + 5,032 103,501 Inflation compensation (3) 15,960 + 23 + 1,373 15,969 Federal agency debt securities (2) 29,257 0 - 7,480 29,257 Mortgage-backed securities (4) 1,754,950 + 1,863 + 20,594 1,766,123 Unamortized premiums on securities held outright (5) 185,142 - 263 - 16,983 185,357 Unamortized discounts on securities held outright (5) -16,330 + 31 + 1,572 -16,318 Repurchase agreements (6) 0 0 0 0 Loans 41 + 7 + 7 41 Primary credit 1 - 6 - 9 2 Secondary credit 0 0 0 0 Seasonal credit 39 + 12 + 15 39 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,722 0 + 30 1,722 Float -154 + 122 + 391 -236 Central bank liquidity swaps (8) 45 - 101 + 45 45 Other Federal Reserve assets (9) 31,961 + 2,716 - 586 32,969 Foreign currency denominated assets (10) 21,062 + 210 + 1,692 20,884 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 47,756 + 14 + 1,038 47,756 Total factors supplying reserve funds 4,533,051 + 4,621 + 1,913 4,545,208 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 Apr 13, 2016 Federal Reserve Banks Apr 13, 2016 Apr 6, 2016 Apr 15, 2015 Currency in circulation (11) 1,444,509 + 560 + 82,633 1,444,981 Reverse repurchase agreements (12) 262,381 - 79,834 + 23,665 258,536 Foreign official and international accounts 240,040 - 929 + 86,388 241,926 Others 22,342 - 78,904 - 62,722 16,610 Treasury cash holdings 196 - 15 - 34 183 Deposits with F.R. Banks, other than reserve balances 280,720 - 21,931 + 210,556 282,719 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 239,635 - 24,688 + 189,188 237,928 Foreign official 5,176 + 2 - 54 5,197 Other (13) 35,908 + 2,754 + 21,422 39,594 Other liabilities and capital (14) 48,415 + 987 - 18,423 48,947 Total factors, other than reserve balances, absorbing reserve funds 2,036,221 - 100,233 + 298,397 2,035,365 Reserve balances with Federal Reserve Banks 2,496,830 + 104,853 - 296,484 2,509,842 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 Apr 13, 2016 Apr 13, 2016 Apr 6, 2016 Apr 15, 2015 Securities held in custody for foreign official and international accounts 3,243,424 - 14,142 - 45,335 3,241,975 Marketable U.S. Treasury securities (1) 2,928,824 - 14,009 - 31,615 2,927,065 Federal agency debt and mortgage-backed securities (2) 266,663 + 97 - 18,087 266,963 Other securities (3) 47,937 - 230 + 4,367 47,947 Securities lent to dealers 18,476 - 4,419 + 7,981 19,581 Overnight facility (4) 18,476 - 4,419 + 7,981 19,581 U.S. Treasury securities 18,432 - 4,410 + 8,253 19,537 Federal agency debt securities 44 - 9 - 273 44 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, April 13, 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 39 0 0 0 ... 41 U.S. Treasury securities (1) Holdings 394 80,207 117,587 1,156,734 474,174 632,271 2,461,368 Weekly changes 0 0 + 1 + 4 + 4 + 14 + 23 Federal agency debt securities (2) Holdings 2,161 2,000 11,767 10,982 0 2,347 29,257 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 858 8,752 1,756,513 1,766,123 Weekly changes 0 0 0 0 0 + 13,036 + 13,036 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 45 0 0 0 0 0 45 Reverse repurchase agreements (4) 258,536 0 ... ... ... ... 258,536 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 Apr 13, 2016 Mortgage-backed securities held outright (1) 1,766,123 Commitments to buy mortgage-backed securities (2) 19,633 Commitments to sell mortgage-backed securities (2) 0 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 Apr 13, 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 Apr 13, 2016 Wednesday Wednesday consolidation Apr 6, 2016 Apr 15, 2015 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,874 + 1 + 61 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,425,827 + 13,179 + 11,417 Securities held outright (1) 4,256,748 + 13,059 + 26,613 U.S. Treasury securities 2,461,368 + 23 + 1,562 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,341,898 0 - 4,811 Notes and bonds, inflation-indexed (2) 103,501 0 + 5,033 Inflation compensation (3) 15,969 + 23 + 1,340 Federal agency debt securities (2) 29,257 0 - 6,638 Mortgage-backed securities (4) 1,766,123 + 13,036 + 31,689 Unamortized premiums on securities held outright (5) 185,357 + 86 - 16,762 Unamortized discounts on securities held outright (5) -16,318 + 31 + 1,564 Repurchase agreements (6) 0 0 0 Loans 41 + 4 + 3 Net portfolio holdings of Maiden Lane LLC (7) 1,722 0 + 28 Items in process of collection (0) 169 + 1 + 73 Bank premises 2,222 + 2 - 21 Central bank liquidity swaps (8) 45 - 101 + 45 Foreign currency denominated assets (9) 20,884 - 131 + 1,486 Other assets (10) 30,749 + 2,708 + 1,273 Total assets (0) 4,499,729 + 15,660 + 14,363 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 Apr 13, 2016 Wednesday Wednesday consolidation Apr 6, 2016 Apr 15, 2015 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,399,277 - 764 + 82,199 Reverse repurchase agreements (11) 258,536 - 9,971 + 30,885 Deposits (0) 2,792,564 + 24,462 - 81,829 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,509,845 + 42,754 - 239,110 U.S. Treasury, General Account 237,928 - 25,609 + 126,377 Foreign official 5,197 + 24 - 34 Other (12) (0) 39,594 + 7,293 + 30,938 Deferred availability cash items (0) 405 - 142 - 183 Other liabilities and accrued dividends (13) 8,890 + 2,077 + 923 Total liabilities (0) 4,459,672 + 15,662 + 31,995 Capital accounts Capital paid in 30,057 - 2 + 1,213 Surplus 10,000 0 - 18,844 Other capital accounts 0 0 0 Total capital 40,057 - 2 - 17,632 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, April 13, 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 1,874 50 84 132 138 295 175 280 25 58 152 182 303 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,425,827 112,192 2,656,853 110,077 106,406 240,380 249,225 164,448 46,166 26,924 57,503 142,569 513,084 Securities held outright (1) 4,256,748 107,906 2,555,377 105,872 102,342 231,199 239,706 158,157 44,391 25,888 55,297 137,124 493,487 U.S. Treasury securities 2,461,368 62,394 1,477,588 61,218 59,177 133,686 138,605 91,451 25,668 14,969 31,974 79,289 285,348 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,368 62,394 1,477,588 61,218 59,177 133,686 138,605 91,451 25,668 14,969 31,974 79,289 285,348 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) 1,766,123 44,770 1,060,225 43,926 42,462 95,924 99,454 65,619 18,418 10,741 22,943 56,893 204,748 Unamortized premiums on securities held outright (5) 185,357 4,699 111,272 4,610 4,456 10,067 10,438 6,887 1,933 1,127 2,408 5,971 21,488 Unamortized discounts on securities held outright (5) -16,318 -414 -9,796 -406 -392 -886 -919 -606 -170 -99 -212 -526 -1,892 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 41 0 0 0 0 0 0 11 12 8 10 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 169 0 0 0 0 0 168 0 0 0 0 0 0 Bank premises 2,222 122 432 74 105 209 206 202 116 91 241 226 198 Central bank liquidity swaps (8) 45 2 15 2 3 10 2 1 0 0 0 1 7 Foreign currency denominated assets (9) 20,884 923 6,892 1,149 1,591 4,657 1,159 560 214 89 208 265 3,177 Other assets (10) 30,749 820 17,918 775 751 1,854 1,760 1,163 408 211 450 1,048 3,591 Interdistrict settlement account 0 - 29,092 - 202,198 + 9,692 + 26,233 + 33,360 + 13,421 + 10,174 + 11,489 + 6,104 + 2,706 + 28,637 + 89,474 Total assets 4,499,729 85,560 2,487,243 122,452 135,969 281,962 268,371 177,986 58,869 33,739 61,701 174,100 611,777 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, April 13, 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 1,568,654 49,151 498,905 49,221 81,750 108,487 222,713 105,565 50,809 27,144 40,010 130,296 204,604 Less: Notes held by F.R. Banks 169,377 5,174 58,494 5,618 8,735 11,460 22,756 10,225 4,865 2,346 4,871 12,576 22,257 Federal Reserve notes, net 1,399,277 43,977 440,411 43,604 73,015 97,027 199,957 95,339 45,944 24,798 35,139 117,720 182,347 Reverse repurchase agreements (11) 258,536 6,554 155,202 6,430 6,216 14,042 14,559 9,606 2,696 1,572 3,359 8,328 29,972 Deposits 2,792,564 33,037 1,873,575 69,988 53,465 161,434 51,024 71,143 9,646 6,745 22,639 47,217 392,651 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 2,509,845 33,033 1,598,349 69,986 53,462 161,149 51,015 63,977 9,636 6,745 22,637 47,215 392,641 U.S. Treasury, General Account 237,928 0 237,928 0 0 0 0 0 0 0 0 0 0 Foreign official 5,197 2 5,170 2 3 9 2 1 0 0 0 1 6 Other (12) 39,594 2 32,127 0 0 277 7 7,165 9 0 1 2 5 Deferred availability cash items 405 0 0 0 0 0 104 0 0 301 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,744 42 1,161 31 21 38 99 68 16 9 21 60 179 Other liabilities and accrued dividends 7,146 203 3,774 242 239 615 422 324 151 143 149 266 619 Total liabilities 4,459,672 83,813 2,474,122 120,296 132,955 273,156 266,164 176,481 58,453 33,568 61,306 173,591 605,768 Capital Capital paid in 30,057 1,305 9,822 1,606 2,252 6,575 1,652 1,237 313 128 296 383 4,488 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 4,499,729 85,560 2,487,243 122,452 135,969 281,962 268,371 177,986 58,869 33,739 61,701 174,100 611,777 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, April 13, 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 Apr 13, 2016 Federal Reserve notes outstanding 1,568,654 Less: Notes held by F.R. Banks not subject to collateralization 169,377 Federal Reserve notes to be collateralized 1,399,277 Collateral held against Federal Reserve notes 1,399,277 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,383,041 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,256,748 Less: Face value of securities under reverse repurchase agreements 240,247 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,016,500 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.