FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 11, 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 10, 2017 Federal Reserve Banks May 10, 2017 May 3, 2017 May 11, 2016 Reserve Bank credit 4,433,988 + 2,145 - 4,180 4,434,886 Securities held outright (1) 4,245,651 + 28 + 12,165 4,245,660 U.S. Treasury securities 2,464,806 + 27 + 3,244 2,464,815 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) 18,263 + 27 + 2,126 18,272 Federal agency debt securities (2) 11,829 0 - 15,267 11,829 Mortgage-backed securities (4) 1,769,016 + 1 + 24,189 1,769,016 Unamortized premiums on securities held outright (5) 167,828 - 273 - 15,397 167,731 Unamortized discounts on securities held outright (5) -14,841 + 18 + 1,222 -14,830 Repurchase agreements (6) 9 + 9 + 9 62 Loans 41 - 16 - 44 45 Primary credit 1 - 24 - 27 0 Secondary credit 0 0 0 0 Seasonal credit 41 + 9 - 16 44 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,709 0 - 5 1,709 Float -302 + 473 - 139 -351 Central bank liquidity swaps (8) 35 0 - 136 35 Other Federal Reserve assets (9) 33,858 + 1,906 - 1,855 34,825 Foreign currency denominated assets (10) 20,213 - 62 - 943 20,064 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 48,810 + 14 + 968 48,810 Total factors supplying reserve funds 4,519,252 + 2,098 - 4,155 4,520,001 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 10, 2017 Federal Reserve Banks May 10, 2017 May 3, 2017 May 11, 2016 Currency in circulation (11) 1,546,544 + 3,161 + 95,083 1,548,378 Reverse repurchase agreements (12) 404,522 - 11,377 + 136,622 425,093 Foreign official and international accounts 241,620 - 1,926 + 2,422 237,824 Others 162,902 - 9,451 + 134,201 187,269 Treasury cash holdings 254 - 3 + 125 249 Deposits with F.R. Banks, other than reserve balances 287,327 - 48,802 - 66,415 278,788 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 199,013 - 45,642 - 116,356 188,256 Foreign official 5,171 - 1 - 3 5,165 Other (13) 83,143 - 3,160 + 49,944 85,367 Other liabilities and capital (14) 48,415 + 915 - 81 47,575 Total factors, other than reserve balances, absorbing reserve funds 2,287,061 - 56,107 + 165,333 2,300,083 Reserve balances with Federal Reserve Banks 2,232,191 + 58,204 - 169,489 2,219,918 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 10, 2017 May 10, 2017 May 3, 2017 May 11, 2016 Securities held in custody for foreign official and international accounts 3,221,835 + 6,515 + 2,217 3,227,041 Marketable U.S. Treasury securities (1) 2,905,344 + 6,410 - 625 2,909,985 Federal agency debt and mortgage-backed securities (2) 255,313 - 24 - 9,415 255,505 Other securities (3) 61,178 + 128 + 12,258 61,551 Securities lent to dealers 21,786 + 324 + 4,594 21,352 Overnight facility (4) 21,786 + 324 + 4,594 21,352 U.S. Treasury securities 21,757 + 327 + 4,590 21,326 Federal agency debt securities 29 - 3 + 5 26 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 10, 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 8 37 0 0 0 ... 45 U.S. Treasury securities (1) Holdings 20,483 37,862 223,204 1,170,574 384,944 627,747 2,464,815 Weekly changes 0 0 + 1 + 4 + 5 + 14 + 23 Federal agency debt securities (2) Holdings 2,995 737 3,706 2,044 0 2,347 11,829 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 200 11,318 1,757,499 1,769,016 Weekly changes 0 0 0 0 0 + 1 + 1 Repurchase agreements (4) 62 0 ... ... ... ... 62 Central bank liquidity swaps (5) 35 0 0 0 0 0 35 Reverse repurchase agreements (4) 425,093 0 ... ... ... ... 425,093 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 10, 2017 Mortgage-backed securities held outright (1) 1,769,016 Commitments to buy mortgage-backed securities (2) 31,435 Commitments to sell mortgage-backed securities (2) 154 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 10, 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 10, 2017 Wednesday Wednesday consolidation May 3, 2017 May 11, 2016 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,860 - 18 - 17 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,398,667 - 165 - 1,981 Securities held outright (1) 4,245,660 + 24 + 12,132 U.S. Treasury securities 2,464,815 + 23 + 3,210 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) 18,272 + 23 + 2,093 Federal agency debt securities (2) 11,829 0 - 15,267 Mortgage-backed securities (4) 1,769,016 + 1 + 24,189 Unamortized premiums on securities held outright (5) 167,731 - 261 - 15,372 Unamortized discounts on securities held outright (5) -14,830 + 30 + 1,221 Repurchase agreements (6) 62 + 62 + 62 Loans 45 - 18 - 23 Net portfolio holdings of Maiden Lane LLC (7) 1,709 0 - 4 Items in process of collection (0) 62 - 51 - 73 Bank premises 2,196 - 3 - 23 Central bank liquidity swaps (8) 35 0 + 35 Foreign currency denominated assets (9) 20,064 - 175 - 1,056 Other assets (10) 32,630 + 2,625 - 1,833 Total assets (0) 4,473,459 + 2,213 - 4,952 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 10, 2017 Wednesday Wednesday consolidation May 3, 2017 May 11, 2016 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,501,672 + 2,139 + 94,855 Reverse repurchase agreements (11) 425,093 - 7,527 + 155,504 Deposits (0) 2,498,707 + 7,473 - 255,834 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,219,918 + 19,097 - 189,850 U.S. Treasury, General Account 188,256 - 15,152 - 117,586 Foreign official 5,165 - 35 - 9 Other (12) (0) 85,367 + 3,562 + 51,610 Deferred availability cash items (0) 413 - 190 + 89 Other liabilities and accrued dividends (13) 6,860 + 296 - 238 Total liabilities (0) 4,432,744 + 2,191 - 5,625 Capital accounts Capital paid in 30,716 + 23 + 674 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 40,716 + 23 + 674 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 10, 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 1,860 49 55 171 130 282 192 290 27 53 119 188 305 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,398,667 85,707 2,476,828 113,570 127,556 257,718 258,919 185,015 58,666 34,301 62,388 176,090 561,908 Securities held outright (1) 4,245,660 82,721 2,390,696 109,621 123,120 248,756 249,915 178,567 56,615 33,101 60,213 169,966 542,367 U.S. Treasury securities 2,464,815 48,024 1,387,917 63,640 71,477 144,415 145,088 103,667 32,868 19,217 34,957 98,674 314,871 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,464,815 48,024 1,387,917 63,640 71,477 144,415 145,088 103,667 32,868 19,217 34,957 98,674 314,871 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) 1,769,016 34,467 996,119 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) 167,731 3,268 94,448 4,331 4,864 9,827 9,873 7,055 2,237 1,308 2,379 6,715 21,427 Unamortized discounts on securities held outright (5) -14,830 -289 -8,351 -383 -430 -869 -873 -624 -198 -116 -210 -594 -1,894 Repurchase agreements (6) 62 1 35 2 2 4 4 3 1 0 1 2 8 Loans 45 6 0 0 0 0 0 15 11 7 6 0 0 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 62 0 0 0 0 0 61 0 0 1 0 0 0 Bank premises 2,196 119 441 72 108 202 204 199 112 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) 20,064 870 6,426 1,079 1,634 4,336 1,170 840 219 85 195 256 2,954 Other assets (10) 32,630 683 17,864 844 955 2,104 1,947 1,376 538 278 534 1,348 4,157 Interdistrict settlement account 0 - 5,788 - 41,178 + 452 + 1,128 - 12,857 - 1,919 + 44,483 + 449 + 1,860 + 6,318 + 7,375 - 325 Total assets 4,473,459 82,187 2,467,568 116,748 132,304 252,980 262,750 233,365 60,503 36,947 70,237 186,677 571,194 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 10, 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 1,676,732 56,493 528,018 54,934 85,231 121,721 223,960 115,577 52,087 30,605 47,972 142,425 217,709 Less: Notes held by F.R. Banks 175,060 5,769 43,992 8,024 10,423 12,748 25,917 11,703 5,631 2,934 5,784 16,673 25,462 Federal Reserve notes, net 1,501,672 50,724 484,026 46,910 74,808 108,973 198,043 103,873 46,456 27,671 42,188 125,752 192,247 Reverse repurchase agreements (11) 425,093 8,282 239,366 10,976 12,327 24,906 25,023 17,879 5,669 3,314 6,029 17,018 54,304 Deposits 2,498,707 21,234 1,727,613 56,446 41,642 109,684 36,858 109,511 7,762 5,295 21,464 43,116 318,081 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 2,219,918 21,228 1,505,047 56,444 41,639 109,444 36,849 53,569 7,751 5,295 21,463 43,115 318,074 U.S. Treasury, General Account 188,256 0 188,256 0 0 0 0 0 0 0 0 0 0 Foreign official 5,165 2 5,138 2 3 9 2 2 0 0 0 1 6 Other (12) 85,367 4 29,171 0 0 231 7 55,940 11 0 1 0 1 Deferred availability cash items 413 0 0 0 0 0 63 0 0 350 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,569 25 936 34 39 58 103 56 22 12 26 72 188 Other liabilities and accrued dividends 5,290 167 2,610 197 198 503 308 292 140 132 130 206 408 Total liabilities 4,432,744 80,433 2,454,551 114,562 129,014 244,125 260,397 231,611 60,048 36,775 69,836 186,163 565,228 Capital Capital paid in 30,716 1,321 9,815 1,648 2,476 6,694 1,770 1,335 345 129 303 386 4,494 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 4,473,459 82,187 2,467,568 116,748 132,304 252,980 262,750 233,365 60,503 36,947 70,237 186,677 571,194 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 10, 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 10, 2017 Federal Reserve notes outstanding 1,676,732 Less: Notes held by F.R. Banks not subject to collateralization 175,060 Federal Reserve notes to be collateralized 1,501,672 Collateral held against Federal Reserve notes 1,501,672 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,485,435 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,245,722 Less: Face value of securities under reverse repurchase agreements 406,025 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,839,697 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.