FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 13, 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 Jul 12, 2017 Federal Reserve Banks Jul 12, 2017 Jul 5, 2017 Jul 13, 2016 Reserve Bank credit 4,426,734 - 223 - 4,882 4,427,438 Securities held outright (1) 4,243,489 + 29 + 12,352 4,243,498 U.S. Treasury securities 2,465,112 + 30 + 2,613 2,465,121 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,337,609 - 87 - 948 2,337,609 Notes and bonds, inflation-indexed (2) 108,734 + 87 + 2,065 108,734 Inflation compensation (3) 18,769 + 30 + 1,495 18,778 Federal agency debt securities (2) 8,097 0 - 16,999 8,097 Mortgage-backed securities (4) 1,770,281 0 + 26,740 1,770,281 Unamortized premiums on securities held outright (5) 165,622 - 297 - 14,641 165,544 Unamortized discounts on securities held outright (5) -14,719 + 29 + 1,186 -14,709 Repurchase agreements (6) 0 0 0 0 Loans 154 + 15 - 30 151 Primary credit 15 - 11 - 11 1 Secondary credit 0 0 0 0 Seasonal credit 139 + 26 - 18 151 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,709 0 - 3 1,709 Float -273 + 354 + 19 -450 Central bank liquidity swaps (8) 56 - 3,014 - 2,343 55 Other Federal Reserve assets (9) 30,695 + 2,660 - 1,422 31,640 Foreign currency denominated assets (10) 20,654 - 102 - 591 20,710 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 48,977 + 14 + 899 48,977 Total factors supplying reserve funds 4,512,606 - 312 - 4,574 4,513,366 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 Jul 12, 2017 Federal Reserve Banks Jul 12, 2017 Jul 5, 2017 Jul 13, 2016 Currency in circulation (11) 1,564,945 + 2,038 + 99,919 1,564,816 Reverse repurchase agreements (12) 428,078 - 136,486 + 112,257 419,896 Foreign official and international accounts 242,320 - 5,443 - 8,954 240,724 Others 185,757 - 131,044 + 121,210 179,172 Treasury cash holdings 179 - 7 + 109 170 Deposits with F.R. Banks, other than reserve balances 251,052 - 10,039 - 126,361 242,361 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 171,033 - 5,973 - 145,031 162,156 Foreign official 5,165 0 - 31 5,165 Other (13) 74,853 - 4,066 + 18,700 75,040 Other liabilities and capital (14) 47,583 - 248 - 501 47,172 Total factors, other than reserve balances, absorbing reserve funds 2,291,836 - 144,742 + 85,422 2,274,415 Reserve balances with Federal Reserve Banks 2,220,769 + 144,429 - 89,997 2,238,951 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 Jul 12, 2017 Jul 12, 2017 Jul 5, 2017 Jul 13, 2016 Securities held in custody for foreign official and international accounts 3,322,587 + 6,473 + 100,167 3,320,902 Marketable U.S. Treasury securities (1) 2,999,522 + 6,261 + 93,536 2,997,882 Federal agency debt and mortgage-backed securities (2) 260,773 + 11 - 31 260,617 Other securities (3) 62,291 + 200 + 6,660 62,403 Securities lent to dealers 24,065 - 1,000 - 122 26,137 Overnight facility (4) 24,065 - 1,000 - 122 26,137 U.S. Treasury securities 24,065 - 999 - 106 26,137 Federal agency debt securities 0 - 1 - 16 0 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, July 12, 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 36 115 0 0 0 ... 151 U.S. Treasury securities (1) Holdings 1,278 44,593 275,578 1,152,805 357,263 633,604 2,465,121 Weekly changes 0 0 + 1 + 4 + 5 + 15 + 25 Federal agency debt securities (2) Holdings 0 1,340 4,348 62 0 2,347 8,097 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 624 11,416 1,758,240 1,770,281 Weekly changes 0 0 0 0 0 0 0 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 55 0 0 0 0 0 55 Reverse repurchase agreements (4) 419,896 0 ... ... ... ... 419,896 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 Jul 12, 2017 Mortgage-backed securities held outright (1) 1,770,281 Commitments to buy mortgage-backed securities (2) 31,885 Commitments to sell mortgage-backed securities (2) 0 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 Jul 12, 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 Jul 12, 2017 Wednesday Wednesday consolidation Jul 5, 2017 Jul 13, 2016 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,805 + 9 - 63 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,394,485 - 167 - 1,235 Securities held outright (1) 4,243,498 + 24 + 12,320 U.S. Treasury securities 2,465,121 + 25 + 2,580 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,337,609 0 - 948 Notes and bonds, inflation-indexed (2) 108,734 0 + 2,065 Inflation compensation (3) 18,778 + 25 + 1,462 Federal agency debt securities (2) 8,097 0 - 16,999 Mortgage-backed securities (4) 1,770,281 0 + 26,740 Unamortized premiums on securities held outright (5) 165,544 - 243 - 14,602 Unamortized discounts on securities held outright (5) -14,709 + 29 + 1,184 Repurchase agreements (6) 0 0 0 Loans 151 + 21 - 138 Net portfolio holdings of Maiden Lane LLC (7) 1,709 0 - 3 Items in process of collection (0) 62 - 54 - 167 Bank premises 2,196 - 1 - 16 Central bank liquidity swaps (8) 55 - 3,015 - 2,165 Foreign currency denominated assets (9) 20,710 + 82 - 408 Other assets (10) 29,444 + 2,578 - 1,442 Total assets (0) 4,466,702 - 570 - 5,500 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 Jul 12, 2017 Wednesday Wednesday consolidation Jul 5, 2017 Jul 13, 2016 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,517,809 - 1,156 + 99,214 Reverse repurchase agreements (11) 419,896 - 66,842 + 120,420 Deposits (0) 2,481,313 + 67,747 - 225,341 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,238,951 + 69,301 - 88,350 U.S. Treasury, General Account 162,156 - 2,888 - 145,551 Foreign official 5,165 + 1 - 31 Other (12) (0) 75,040 + 1,332 + 8,590 Deferred availability cash items (0) 513 - 140 - 127 Other liabilities and accrued dividends (13) 6,325 - 178 - 406 Total liabilities (0) 4,425,855 - 571 - 6,240 Capital accounts Capital paid in 30,847 + 1 + 740 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 40,847 + 1 + 740 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, July 12, 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 1,805 44 47 168 127 264 201 278 26 49 111 187 303 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,394,485 85,618 2,474,413 113,460 127,432 257,466 258,671 184,851 58,630 34,332 62,329 175,921 561,361 Securities held outright (1) 4,243,498 82,679 2,389,479 109,565 123,058 248,629 249,788 178,476 56,586 33,084 60,183 169,880 542,091 U.S. Treasury securities 2,465,121 48,030 1,388,089 63,648 71,486 144,433 145,106 103,680 32,872 19,219 34,961 98,686 314,910 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,465,121 48,030 1,388,089 63,648 71,486 144,433 145,106 103,680 32,872 19,219 34,961 98,686 314,910 Federal agency debt securities (2) 8,097 158 4,559 209 235 474 477 341 108 63 115 324 1,034 Mortgage-backed securities (4) 1,770,281 34,492 996,831 45,708 51,337 103,722 104,205 74,456 23,606 13,802 25,107 70,870 226,147 Unamortized premiums on securities held outright (5) 165,544 3,225 93,216 4,274 4,801 9,699 9,745 6,963 2,207 1,291 2,348 6,627 21,148 Unamortized discounts on securities held outright (5) -14,709 -287 -8,282 -380 -427 -862 -866 -619 -196 -115 -209 -589 -1,879 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 151 0 0 0 0 0 4 31 33 72 7 3 1 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 62 0 0 0 0 0 0 Bank premises 2,196 119 441 72 114 200 203 199 111 88 236 220 192 Central bank liquidity swaps (8) 55 2 18 3 4 12 3 2 1 0 1 1 8 Foreign currency denominated assets (9) 20,710 898 6,633 1,113 1,687 4,475 1,208 867 226 87 201 265 3,049 Other assets (10) 29,444 623 16,117 759 862 1,911 1,762 1,242 475 249 481 1,214 3,749 Interdistrict settlement account 0 - 4,786 - 45,455 - 4,142 + 70 - 3,232 - 2,393 + 48,763 + 1,128 + 2,576 + 7,754 + 3,019 - 3,301 Total assets 4,466,702 83,062 2,459,333 111,991 131,086 262,284 261,891 237,364 61,088 37,664 71,557 182,025 567,357 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, July 12, 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 1,686,647 57,013 532,716 55,840 85,962 122,162 223,310 115,710 52,647 31,439 48,682 142,581 218,585 Less: Notes held by F.R. Banks 168,838 5,857 43,790 7,048 9,639 12,662 25,980 11,064 5,045 2,706 5,402 15,721 23,924 Federal Reserve notes, net 1,517,809 51,156 488,926 48,792 76,323 109,500 197,330 104,645 47,602 28,733 43,281 126,861 194,662 Reverse repurchase agreements (11) 419,896 8,181 236,440 10,842 12,177 24,602 24,717 17,660 5,599 3,274 5,955 16,810 53,640 Deposits 2,481,313 21,779 1,717,758 49,927 39,003 118,786 37,026 112,989 7,273 4,886 21,770 37,575 312,540 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 2,238,951 21,774 1,532,250 49,925 38,999 118,634 37,056 56,283 7,270 4,886 21,769 37,574 312,533 U.S. Treasury, General Account 162,156 0 162,156 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) 75,040 4 18,214 0 0 144 -32 56,704 3 0 1 1 1 Deferred availability cash items 513 0 0 0 0 0 57 0 0 456 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,666 35 918 46 56 106 110 59 23 12 22 73 207 Other liabilities and accrued dividends 4,659 157 2,242 175 179 434 293 263 136 132 127 194 327 Total liabilities 4,425,855 81,308 2,446,283 109,781 127,737 253,427 259,533 235,617 60,634 37,493 71,155 181,512 561,376 Capital Capital paid in 30,847 1,321 9,848 1,672 2,535 6,696 1,775 1,329 344 129 305 385 4,509 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 4,466,702 83,062 2,459,333 111,991 131,086 262,284 261,891 237,364 61,088 37,664 71,557 182,025 567,357 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, July 12, 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 Jul 12, 2017 Federal Reserve notes outstanding 1,686,647 Less: Notes held by F.R. Banks not subject to collateralization 168,838 Federal Reserve notes to be collateralized 1,517,809 Collateral held against Federal Reserve notes 1,517,809 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,501,572 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,243,498 Less: Face value of securities under reverse repurchase agreements 406,036 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,837,463 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.