FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 4, 2017 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 May 3, 2017 Federal Reserve Banks May 3, 2017 Apr 26, 2017 May 4, 2016 Reserve Bank credit 4,431,843 - 7,859 - 5,218 4,432,290 Securities held outright (1) 4,245,623 - 7,165 + 12,257 4,245,636 U.S. Treasury securities 2,464,779 + 83 + 3,336 2,464,792 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,339,740 0 - 2,552 2,339,740 Notes and bonds, inflation-indexed (2) 106,803 0 + 3,669 106,803 Inflation compensation (3) 18,236 + 83 + 2,218 18,249 Federal agency debt securities (2) 11,829 0 - 15,267 11,829 Mortgage-backed securities (4) 1,769,015 - 7,248 + 24,188 1,769,015 Unamortized premiums on securities held outright (5) 168,101 - 511 - 15,483 167,992 Unamortized discounts on securities held outright (5) -14,859 + 28 + 1,219 -14,860 Repurchase agreements (6) 0 0 0 0 Loans 57 + 21 0 63 Primary credit 25 + 20 + 19 24 Secondary credit 0 0 0 0 Seasonal credit 32 + 1 - 18 39 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,709 + 1 - 5 1,709 Float -775 - 510 - 328 -490 Central bank liquidity swaps (8) 35 - 45 - 1,165 35 Other Federal Reserve assets (9) 31,952 + 320 - 1,713 32,204 Foreign currency denominated assets (10) 20,275 - 9 - 993 20,239 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 48,796 + 14 + 981 48,796 Total factors supplying reserve funds 4,517,154 - 7,855 - 5,231 4,517,566 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 May 3, 2017 Federal Reserve Banks May 3, 2017 Apr 26, 2017 May 4, 2016 Currency in circulation (11) 1,543,383 + 2,645 + 94,569 1,546,200 Reverse repurchase agreements (12) 415,899 + 45,994 + 126,024 432,620 Foreign official and international accounts 243,546 + 1,674 + 1,568 245,953 Others 172,353 + 44,319 + 124,457 186,667 Treasury cash holdings 257 + 3 + 112 255 Deposits with F.R. Banks, other than reserve balances 336,129 + 9,453 - 39,116 290,413 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 244,655 + 10,436 - 91,702 203,408 Foreign official 5,172 + 7 - 4 5,200 Other (13) 86,303 - 989 + 52,590 81,805 Other liabilities and capital (14) 47,500 - 896 + 193 47,257 Total factors, other than reserve balances, absorbing reserve funds 2,343,168 + 57,199 + 181,782 2,316,745 Reserve balances with Federal Reserve Banks 2,173,987 - 65,054 - 187,013 2,200,821 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 securities, Federal agency debt securities, and 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. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 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 May 3, 2017 May 3, 2017 Apr 26, 2017 May 4, 2016 Securities held in custody for foreign official and international accounts 3,215,320 + 4,566 - 13,069 3,213,114 Marketable U.S. Treasury securities (1) 2,898,934 + 4,429 - 15,606 2,896,969 Federal agency debt and mortgage-backed securities (2) 255,337 + 350 - 9,555 255,206 Other securities (3) 61,050 - 211 + 12,092 60,939 Securities lent to dealers 21,462 + 2,407 + 3,475 20,217 Overnight facility (4) 21,462 + 2,407 + 3,475 20,217 U.S. Treasury securities 21,430 + 2,415 + 3,491 20,188 Federal agency debt securities 32 - 8 - 16 29 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, May 3, 2017 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 32 32 0 0 0 ... 63 U.S. Treasury securities (1) Holdings 20,483 37,862 223,203 1,170,570 384,939 627,733 2,464,792 Weekly changes + 6,425 - 8,689 + 22,553 - 23,994 + 3,728 + 37 + 62 Federal agency debt securities (2) Holdings 2,995 737 3,706 2,044 0 2,347 11,829 Weekly changes + 1,500 - 1,500 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 200 11,318 1,757,498 1,769,015 Weekly changes 0 0 0 + 10 + 154 - 162 + 2 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 35 0 0 0 0 0 35 Reverse repurchase agreements (4) 432,620 0 ... ... ... ... 432,620 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 May 3, 2017 Mortgage-backed securities held outright (1) 1,769,015 Commitments to buy mortgage-backed securities (2) 24,297 Commitments to sell mortgage-backed securities (2) 156 Cash and cash equivalents (3) 1 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 May 3, 2017 Net portfolio holdings of Maiden Lane LLC (1) 1,709 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, 2017. 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 May 3, 2017 Wednesday Wednesday consolidation Apr 26, 2017 May 4, 2016 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,878 - 5 + 8 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,398,832 - 200 - 1,987 Securities held outright (1) 4,245,636 + 64 + 12,224 U.S. Treasury securities 2,464,792 + 62 + 3,303 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,339,740 0 - 2,552 Notes and bonds, inflation-indexed (2) 106,803 0 + 3,669 Inflation compensation (3) 18,249 + 62 + 2,186 Federal agency debt securities (2) 11,829 0 - 15,267 Mortgage-backed securities (4) 1,769,015 + 2 + 24,188 Unamortized premiums on securities held outright (5) 167,992 - 293 - 15,438 Unamortized discounts on securities held outright (5) -14,860 + 9 + 1,222 Repurchase agreements (6) 0 0 0 Loans 63 + 19 + 3 Net portfolio holdings of Maiden Lane LLC (7) 1,709 0 - 5 Items in process of collection (0) 113 + 29 - 37 Bank premises 2,199 0 - 20 Central bank liquidity swaps (8) 35 - 45 - 1,165 Foreign currency denominated assets (9) 20,239 - 9 - 1,037 Other assets (10) 30,005 + 1,336 - 1,780 Total assets (0) 4,471,246 + 1,104 - 6,024 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 May 3, 2017 Wednesday Wednesday consolidation Apr 26, 2017 May 4, 2016 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,499,533 + 3,455 + 94,018 Reverse repurchase agreements (11) 432,620 + 69,547 + 155,825 Deposits (0) 2,491,234 - 72,226 - 256,061 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,200,821 + 150 - 182,548 U.S. Treasury, General Account 203,408 - 67,437 - 120,386 Foreign official 5,200 + 36 + 26 Other (12) (0) 81,805 - 4,975 + 46,846 Deferred availability cash items (0) 603 + 99 + 222 Other liabilities and accrued dividends (13) 6,564 + 163 - 681 Total liabilities (0) 4,430,553 + 1,036 - 6,678 Capital accounts Capital paid in 30,693 + 68 + 655 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 40,693 + 68 + 655 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 securities, Federal agency debt securities, and 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. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 13. Includes the liability for earnings remittances due to the U.S. Treasury. 6. Statement of Condition of Each Federal Reserve Bank, May 3, 2017 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 11,037 349 3,592 348 553 776 1,520 737 341 191 292 916 1,422 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,878 51 57 173 131 291 194 287 26 52 121 189 306 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,398,832 85,711 2,476,911 113,574 127,561 257,726 258,938 185,020 58,668 34,301 62,387 176,096 561,939 Securities held outright (1) 4,245,636 82,721 2,390,683 109,620 123,120 248,754 249,914 178,566 56,615 33,101 60,213 169,966 542,364 U.S. Treasury securities 2,464,792 48,023 1,387,904 63,640 71,477 144,414 145,087 103,666 32,867 19,217 34,956 98,673 314,868 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,464,792 48,023 1,387,904 63,640 71,477 144,414 145,087 103,666 32,867 19,217 34,956 98,673 314,868 Federal agency debt securities (2) 11,829 230 6,661 305 343 693 696 498 158 92 168 474 1,511 Mortgage-backed securities (4) 1,769,015 34,467 996,118 45,675 51,300 103,648 104,131 74,403 23,589 13,792 25,089 70,819 225,985 Unamortized premiums on securities held outright (5) 167,992 3,273 94,595 4,337 4,872 9,843 9,889 7,066 2,240 1,310 2,383 6,725 21,460 Unamortized discounts on securities held outright (5) -14,860 -290 -8,368 -384 -431 -871 -875 -625 -198 -116 -211 -595 -1,898 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 63 7 0 0 1 0 10 14 11 6 2 0 13 Net portfolio holdings of Maiden Lane LLC (7) 1,709 0 1,709 0 0 0 0 0 0 0 0 0 0 Items in process of collection 113 0 0 0 0 0 112 0 0 0 0 0 0 Bank premises 2,199 119 442 72 112 202 204 199 112 88 236 221 193 Central bank liquidity swaps (8) 35 2 11 2 3 8 2 1 0 0 0 0 5 Foreign currency denominated assets (9) 20,239 877 6,483 1,088 1,648 4,373 1,180 847 221 85 197 259 2,980 Other assets (10) 30,005 633 16,402 777 881 1,952 1,790 1,266 504 259 495 1,219 3,826 Interdistrict settlement account 0 - 5,441 - 52,556 + 2,755 - 4,449 - 6,734 + 655 + 46,350 + 1,030 + 1,862 + 6,253 + 9,785 + 489 Total assets 4,471,246 82,497 2,454,869 118,999 126,678 259,005 265,248 235,132 61,051 36,930 70,134 188,967 571,735 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, May 3, 2017 (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 1,675,780 56,261 528,520 54,794 84,810 121,232 224,326 115,504 52,092 30,435 47,825 142,394 217,587 Less: Notes held by F.R. Banks 176,247 5,892 44,451 8,186 10,219 13,067 25,945 12,068 5,561 2,986 5,792 16,687 25,390 Federal Reserve notes, net 1,499,533 50,369 484,069 46,607 74,591 108,165 198,380 103,437 46,531 27,449 42,033 125,706 192,197 Reverse repurchase agreements (11) 432,620 8,429 243,605 11,170 12,546 25,347 25,466 18,195 5,769 3,373 6,136 17,319 55,266 Deposits 2,491,234 21,753 1,710,945 58,812 36,003 116,056 38,548 111,421 8,122 5,262 21,416 45,152 317,743 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 2,200,821 21,745 1,475,976 58,810 35,999 115,813 38,539 56,271 8,103 5,262 21,414 45,152 317,735 U.S. Treasury, General Account 203,408 0 203,408 0 0 0 0 0 0 0 0 0 0 Foreign official 5,200 2 5,173 2 3 9 2 2 0 0 0 1 6 Other (12) 81,805 6 26,389 0 0 234 7 55,149 18 0 1 0 1 Deferred availability cash items 603 0 0 0 0 0 73 0 0 529 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,852 38 1,001 44 56 103 138 73 40 16 29 84 231 Other liabilities and accrued dividends 4,711 155 2,232 182 193 481 296 261 136 129 120 192 335 Total liabilities 4,430,553 80,743 2,441,852 116,815 123,388 250,151 262,901 233,387 60,597 36,759 69,734 188,454 565,771 Capital Capital paid in 30,693 1,321 9,815 1,646 2,476 6,693 1,764 1,327 345 129 303 385 4,491 Surplus 10,000 434 3,202 538 815 2,161 583 419 109 42 97 128 1,473 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,471,246 82,497 2,454,869 118,999 126,678 259,005 265,248 235,132 61,051 36,930 70,134 188,967 571,735 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, May 3, 2017 (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 securities, Federal agency debt securities, and 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. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 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 May 3, 2017 Federal Reserve notes outstanding 1,675,780 Less: Notes held by F.R. Banks not subject to collateralization 176,247 Federal Reserve notes to be collateralized 1,499,533 Collateral held against Federal Reserve notes 1,499,533 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,483,297 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,245,636 Less: Face value of securities under reverse repurchase agreements 405,986 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,839,651 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.