FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 28, 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 27, 2016 Federal Reserve Banks Apr 27, 2016 Apr 20, 2016 Apr 29, 2015 Reserve Bank credit 4,444,723 - 6,986 + 506 4,434,948 Securities held outright (1) 4,241,788 - 7,012 + 16,541 4,233,335 U.S. Treasury securities 2,461,405 + 23 + 1,413 2,461,413 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,342,292 + 57 - 4,417 2,342,292 Notes and bonds, inflation-indexed (2) 103,134 - 52 + 4,666 103,134 Inflation compensation (3) 15,979 + 19 + 1,163 15,987 Federal agency debt securities (2) 27,096 - 1,235 - 8,799 27,096 Mortgage-backed securities (4) 1,753,287 - 5,801 + 23,927 1,744,826 Unamortized premiums on securities held outright (5) 184,271 - 647 - 17,041 183,791 Unamortized discounts on securities held outright (5) -16,175 + 121 + 1,652 -16,082 Repurchase agreements (6) 0 0 0 0 Loans 120 + 71 + 53 70 Primary credit 67 + 62 + 34 15 Secondary credit 0 0 0 0 Seasonal credit 53 + 9 + 18 56 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,721 - 1 + 28 1,714 Float -207 + 24 + 263 -660 Central bank liquidity swaps (8) 0 - 33 0 0 Other Federal Reserve assets (9) 33,207 + 493 - 987 32,779 Foreign currency denominated assets (10) 20,736 - 197 + 966 20,772 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 47,784 + 14 + 1,021 47,784 Total factors supplying reserve funds 4,529,485 - 7,168 + 2,493 4,519,745 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 27, 2016 Federal Reserve Banks Apr 27, 2016 Apr 20, 2016 Apr 29, 2015 Currency in circulation (11) 1,445,812 + 1,516 + 86,912 1,448,377 Reverse repurchase agreements (12) 263,028 - 5,971 + 20,202 267,113 Foreign official and international accounts 237,464 - 3,062 + 79,883 235,681 Others 25,564 - 2,908 - 59,681 31,432 Treasury cash holdings 155 - 24 - 68 147 Deposits with F.R. Banks, other than reserve balances 399,589 + 93,743 + 134,742 404,729 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 346,166 + 77,381 + 126,464 372,499 Foreign official 5,234 + 58 - 3 5,174 Other (13) 48,189 + 16,303 + 8,281 27,056 Other liabilities and capital (14) 46,740 - 343 - 19,678 46,121 Total factors, other than reserve balances, absorbing reserve funds 2,155,326 + 88,923 + 222,112 2,166,488 Reserve balances with Federal Reserve Banks 2,374,158 - 96,092 - 219,619 2,353,257 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 27, 2016 Apr 27, 2016 Apr 20, 2016 Apr 29, 2015 Securities held in custody for foreign official and international accounts 3,238,689 - 3,290 - 49,898 3,237,807 Marketable U.S. Treasury securities (1) 2,926,366 - 2,231 - 35,002 2,924,033 Federal agency debt and mortgage-backed securities (2) 263,827 - 1,671 - 19,983 264,755 Other securities (3) 48,496 + 612 + 5,087 49,018 Securities lent to dealers 17,760 + 478 + 8,976 19,059 Overnight facility (4) 17,760 + 478 + 8,976 19,059 U.S. Treasury securities 17,701 + 480 + 9,195 19,006 Federal agency debt securities 59 - 2 - 219 53 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 27, 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 63 8 0 0 0 ... 70 U.S. Treasury securities (1) Holdings 27,371 56,444 114,431 1,156,462 474,322 632,384 2,461,413 Weekly changes 0 + 1 + 1 + 4 + 4 + 14 + 23 Federal agency debt securities (2) Holdings 0 4,604 10,663 9,482 0 2,347 27,096 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 854 8,933 1,735,039 1,744,826 Weekly changes 0 0 0 - 25 - 165 - 14,601 - 14,791 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 0 0 0 0 0 0 0 Reverse repurchase agreements (4) 267,113 0 ... ... ... ... 267,113 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 27, 2016 Mortgage-backed securities held outright (1) 1,744,826 Commitments to buy mortgage-backed securities (2) 25,274 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 16 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 27, 2016 Net portfolio holdings of Maiden Lane LLC (1) 1,714 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 March 31, 2016. 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 27, 2016 Wednesday Wednesday consolidation Apr 20, 2016 Apr 29, 2015 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,867 - 10 + 66 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,401,115 - 15,554 + 3,226 Securities held outright (1) 4,233,335 - 14,768 + 18,556 U.S. Treasury securities 2,461,413 + 23 + 1,379 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,342,292 0 - 4,417 Notes and bonds, inflation-indexed (2) 103,134 0 + 4,666 Inflation compensation (3) 15,987 + 22 + 1,129 Federal agency debt securities (2) 27,096 0 - 8,799 Mortgage-backed securities (4) 1,744,826 - 14,791 + 25,976 Unamortized premiums on securities held outright (5) 183,791 - 995 - 17,069 Unamortized discounts on securities held outright (5) -16,082 + 202 + 1,729 Repurchase agreements (6) 0 0 0 Loans 70 + 6 + 9 Net portfolio holdings of Maiden Lane LLC (7) 1,714 - 8 + 25 Items in process of collection (0) 182 + 34 + 123 Bank premises 2,222 0 - 22 Central bank liquidity swaps (8) 0 - 33 0 Foreign currency denominated assets (9) 20,772 - 143 + 715 Other assets (10) 30,557 + 249 - 965 Total assets (0) 4,474,665 - 15,466 + 3,166 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 27, 2016 Wednesday Wednesday consolidation Apr 20, 2016 Apr 29, 2015 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,402,602 + 2,734 + 86,619 Reverse repurchase agreements (11) 267,113 - 1,400 + 17,226 Deposits (0) 2,757,987 - 16,973 - 81,731 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,353,257 - 51,408 - 227,810 U.S. Treasury, General Account 372,499 + 34,959 + 127,073 Foreign official 5,174 + 1 - 59 Other (12) (0) 27,056 - 526 + 19,064 Deferred availability cash items (0) 842 + 445 + 293 Other liabilities and accrued dividends (13) 6,084 - 275 - 1,577 Total liabilities (0) 4,434,628 - 15,469 + 20,831 Capital accounts Capital paid in 30,038 + 4 + 1,187 Surplus 10,000 0 - 18,851 Other capital accounts 0 0 0 Total capital 40,038 + 4 - 17,664 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 27, 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 11,037 355 3,588 359 586 760 1,541 753 360 193 296 875 1,371 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,867 52 77 129 135 297 178 278 22 56 150 184 308 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,401,115 108,122 2,504,490 119,498 131,804 268,964 246,326 175,372 55,565 32,455 61,264 156,654 540,602 Securities held outright (1) 4,233,335 103,993 2,409,052 114,944 126,781 258,715 236,936 168,677 53,428 31,211 58,917 150,684 519,997 U.S. Treasury securities 2,461,413 60,465 1,400,709 66,833 73,715 150,426 137,763 98,075 31,065 18,147 34,256 87,613 302,345 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,413 60,465 1,400,709 66,833 73,715 150,426 137,763 98,075 31,065 18,147 34,256 87,613 302,345 Federal agency debt securities (2) 27,096 666 15,419 736 811 1,656 1,517 1,080 342 200 377 964 3,328 Mortgage-backed securities (4) 1,744,826 42,862 992,923 47,376 52,255 106,633 97,656 69,522 22,021 12,864 24,283 62,107 214,324 Unamortized premiums on securities held outright (5) 183,791 4,515 104,590 4,990 5,504 11,232 10,287 7,323 2,320 1,355 2,558 6,542 22,576 Unamortized discounts on securities held outright (5) -16,082 -395 -9,152 -437 -482 -983 -900 -641 -203 -119 -224 -572 -1,975 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 70 9 0 0 0 0 4 13 20 8 13 0 4 Net portfolio holdings of Maiden Lane LLC (7) 1,714 0 1,714 0 0 0 0 0 0 0 0 0 0 Items in process of collection 182 0 0 0 0 0 181 0 0 0 0 0 0 Bank premises 2,222 122 432 74 106 208 205 202 117 91 241 226 198 Central bank liquidity swaps (8) 0 0 0 0 0 0 0 0 0 0 0 0 0 Foreign currency denominated assets (9) 20,772 918 6,855 1,143 1,582 4,632 1,153 557 213 89 207 263 3,160 Other assets (10) 30,557 790 16,870 837 918 2,035 1,724 1,230 468 253 476 1,193 3,764 Interdistrict settlement account 0 - 22,599 + 74,570 - 3,288 - 13,131 - 32,116 + 5,345 + 1,270 - 388 - 152 - 4,487 + 4,689 - 9,714 Total assets 4,474,665 87,955 2,610,415 118,962 122,236 245,193 257,309 180,086 56,506 33,076 58,299 164,367 540,262 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 27, 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 1,571,140 49,032 500,758 49,415 81,650 108,448 223,086 105,411 50,706 27,091 39,922 130,611 205,011 Less: Notes held by F.R. Banks 168,538 5,174 57,159 5,768 8,859 11,818 22,521 9,918 4,842 2,386 4,808 12,925 22,359 Federal Reserve notes, net 1,402,602 43,858 443,599 43,647 72,791 96,630 200,564 95,493 45,864 24,705 35,114 117,686 182,651 Reverse repurchase agreements (11) 267,113 6,562 152,005 7,253 8,000 16,324 14,950 10,643 3,371 1,969 3,718 9,508 32,811 Deposits 2,757,987 35,609 1,998,757 65,682 38,200 122,844 39,122 72,154 6,718 5,309 18,935 36,408 318,250 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 2,353,257 35,604 1,601,468 65,679 38,197 122,582 39,113 65,018 6,710 5,309 18,934 36,403 318,239 U.S. Treasury, General Account 372,499 0 372,499 0 0 0 0 0 0 0 0 0 0 Foreign official 5,174 2 5,147 2 3 9 2 1 0 0 0 1 6 Other (12) 27,056 3 19,643 0 0 252 7 7,135 7 0 1 4 5 Deferred availability cash items 842 0 0 0 0 0 66 0 0 776 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,430 36 855 33 38 58 85 53 12 11 20 58 171 Other liabilities and accrued dividends 4,654 144 2,078 193 194 533 311 257 125 135 116 198 370 Total liabilities 4,434,628 86,208 2,597,294 116,807 119,222 236,389 255,099 178,599 56,090 32,905 57,903 163,857 534,253 Capital Capital paid in 30,038 1,305 9,822 1,604 2,252 6,573 1,654 1,219 313 128 296 383 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 4,474,665 87,955 2,610,415 118,962 122,236 245,193 257,309 180,086 56,506 33,076 58,299 164,367 540,262 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 27, 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 27, 2016 Federal Reserve notes outstanding 1,571,140 Less: Notes held by F.R. Banks not subject to collateralization 168,538 Federal Reserve notes to be collateralized 1,402,602 Collateral held against Federal Reserve notes 1,402,602 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,386,365 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,233,335 Less: Face value of securities under reverse repurchase agreements 250,469 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,982,866 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.