FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks October 26, 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 Oct 25, 2017 Federal Reserve Banks Oct 25, 2017 Oct 18, 2017 Oct 26, 2016 Reserve Bank credit 4,427,620 - 4,951 - 2,415 4,421,630 Securities held outright (1) 4,247,653 - 4,694 + 15,969 4,243,048 U.S. Treasury securities 2,465,696 + 87 + 2,161 2,465,727 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,337,326 0 - 3,650 2,337,326 Notes and bonds, inflation-indexed (2) 109,412 0 + 4,188 109,412 Inflation compensation (3) 18,957 + 86 + 1,622 18,989 Federal agency debt securities (2) 6,757 0 - 11,736 6,757 Mortgage-backed securities (4) 1,775,200 - 4,781 + 25,544 1,770,563 Unamortized premiums on securities held outright (5) 161,750 - 460 - 14,853 161,540 Unamortized discounts on securities held outright (5) -14,346 + 32 + 1,011 -14,333 Repurchase agreements (6) 0 0 0 0 Loans 144 - 21 + 52 149 Primary credit 6 + 1 0 15 Secondary credit 0 0 0 0 Seasonal credit 137 - 22 + 51 134 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,706 0 - 2 1,711 Float -252 + 25 + 74 -263 Central bank liquidity swaps (8) 37 + 2 - 3,504 37 Other Federal Reserve assets (9) 30,929 + 166 - 1,161 29,741 Foreign currency denominated assets (10) 21,089 - 128 + 220 21,094 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,202 + 14 + 783 49,202 Total factors supplying reserve funds 4,514,152 - 5,066 - 1,412 4,508,166 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 Oct 25, 2017 Federal Reserve Banks Oct 25, 2017 Oct 18, 2017 Oct 26, 2016 Currency in circulation (11) 1,583,555 - 770 + 107,491 1,584,028 Reverse repurchase agreements (12) 336,618 + 9,844 - 64,691 347,903 Foreign official and international accounts 232,390 + 4,740 - 7,032 235,846 Others 104,228 + 5,104 - 57,659 112,057 Treasury cash holdings 216 + 2 + 39 215 Deposits with F.R. Banks, other than reserve balances 301,654 + 23,912 - 227,510 286,901 Term deposits held by depository institutions 14,140 + 14,140 - 34,461 14,140 U.S. Treasury, General Account 196,332 + 17,358 - 232,695 185,092 Foreign official 5,208 + 41 + 38 5,166 Other (13) 85,973 - 7,628 + 39,607 82,503 Other liabilities and capital (14) 48,278 - 592 + 1,011 47,501 Total factors, other than reserve balances, absorbing reserve funds 2,270,319 + 32,395 - 183,662 2,266,548 Reserve balances with Federal Reserve Banks 2,243,832 - 37,462 + 182,249 2,241,618 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 Oct 25, 2017 Oct 25, 2017 Oct 18, 2017 Oct 26, 2016 Securities held in custody for foreign official and international accounts 3,364,785 - 318 + 239,553 3,369,860 Marketable U.S. Treasury securities (1) 3,038,432 + 1,207 + 232,182 3,042,718 Federal agency debt and mortgage-backed securities (2) 261,779 - 1,574 + 2,113 262,502 Other securities (3) 64,574 + 49 + 5,258 64,640 Securities lent to dealers 24,059 + 323 + 2,912 25,231 Overnight facility (4) 24,059 + 323 + 2,912 25,231 U.S. Treasury securities 24,059 + 323 + 2,937 25,231 Federal agency debt securities 0 0 - 24 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, October 25, 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 127 22 0 0 0 ... 149 U.S. Treasury securities (1) Holdings 8,701 39,496 321,809 1,133,435 328,941 633,345 2,465,727 Weekly changes 0 + 2 + 1 + 13 + 19 + 51 + 86 Federal agency debt securities (2) Holdings 0 2,366 1,982 62 0 2,347 6,757 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 1 132 17,077 1,753,353 1,770,563 Weekly changes 0 0 0 - 3 - 356 - 7,023 - 7,382 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 37 0 0 0 0 0 37 Reverse repurchase agreements (4) 347,903 0 ... ... ... ... 347,903 Term deposits 14,140 0 0 ... ... ... 14,140 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 Oct 25, 2017 Mortgage-backed securities held outright (1) 1,770,563 Commitments to buy mortgage-backed securities (2) 17,524 Commitments to sell mortgage-backed securities (2) 20 Cash and cash equivalents (3) 26 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 Oct 25, 2017 Net portfolio holdings of Maiden Lane LLC (1) 1,711 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. Assets are revalued quarterly. 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 Oct 25, 2017 Wednesday Wednesday consolidation Oct 18, 2017 Oct 26, 2016 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,839 - 7 - 56 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,390,404 - 7,778 + 11,736 Securities held outright (1) 4,243,048 - 7,295 + 25,170 U.S. Treasury securities 2,465,727 + 86 + 2,183 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,337,326 0 - 3,650 Notes and bonds, inflation-indexed (2) 109,412 0 + 4,188 Inflation compensation (3) 18,989 + 86 + 1,645 Federal agency debt securities (2) 6,757 0 - 11,736 Mortgage-backed securities (4) 1,770,563 - 7,382 + 34,722 Unamortized premiums on securities held outright (5) 161,540 - 505 - 14,516 Unamortized discounts on securities held outright (5) -14,333 + 32 + 1,010 Repurchase agreements (6) 0 0 0 Loans 149 - 11 + 73 Net portfolio holdings of Maiden Lane LLC (7) 1,711 + 6 + 6 Items in process of collection (0) 54 - 3 - 8 Bank premises 2,201 + 4 - 1 Central bank liquidity swaps (8) 37 + 2 - 3,504 Foreign currency denominated assets (9) 21,094 - 25 + 223 Other assets (10) 27,539 - 806 - 1,606 Total assets (0) 4,461,117 - 8,606 + 6,791 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 Oct 25, 2017 Wednesday Wednesday consolidation Oct 18, 2017 Oct 26, 2016 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,536,876 - 1,179 + 105,495 Reverse repurchase agreements (11) 347,903 - 394 - 36,906 Deposits (0) 2,528,519 - 7,110 - 63,351 Term deposits held by depository institutions 14,140 + 14,140 - 34,461 Other deposits held by depository institutions 2,241,618 - 13,486 + 176,598 U.S. Treasury, General Account 185,092 - 11,014 - 235,164 Foreign official 5,166 + 1 0 Other (12) (0) 82,503 + 3,249 + 29,677 Deferred availability cash items (0) 318 - 176 - 209 Other liabilities and accrued dividends (13) 6,275 + 249 + 719 Total liabilities (0) 4,419,891 - 8,611 + 5,748 Capital accounts Capital paid in 31,227 + 7 + 1,045 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 41,227 + 7 + 1,045 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, October 25, 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 1,839 46 47 177 132 267 203 292 30 51 105 187 301 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,390,404 85,541 2,472,117 113,354 127,315 257,227 258,430 184,671 58,579 34,291 62,281 175,759 560,839 Securities held outright (1) 4,243,048 82,670 2,389,226 109,554 123,045 248,603 249,761 178,457 56,580 33,081 60,176 169,862 542,033 U.S. Treasury securities 2,465,727 48,042 1,388,431 63,664 71,504 144,468 145,142 103,705 32,880 19,224 34,970 98,710 314,987 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,465,727 48,042 1,388,431 63,664 71,504 144,468 145,142 103,705 32,880 19,224 34,970 98,710 314,987 Federal agency debt securities (2) 6,757 132 3,805 174 196 396 398 284 90 53 96 271 863 Mortgage-backed securities (4) 1,770,563 34,497 996,990 45,715 51,345 103,738 104,222 74,468 23,610 13,804 25,111 70,881 226,183 Unamortized premiums on securities held outright (5) 161,540 3,147 90,962 4,171 4,685 9,465 9,509 6,794 2,154 1,259 2,291 6,467 20,636 Unamortized discounts on securities held outright (5) -14,333 -279 -8,071 -370 -416 -840 -844 -603 -191 -112 -203 -574 -1,831 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 149 3 0 0 2 0 3 23 36 63 17 4 0 Net portfolio holdings of Maiden Lane LLC (7) 1,711 0 1,711 0 0 0 0 0 0 0 0 0 0 Items in process of collection 54 0 0 0 0 0 54 0 0 1 0 0 0 Bank premises 2,201 117 441 73 121 198 203 203 110 88 236 219 192 Central bank liquidity swaps (8) 37 2 12 2 3 8 2 2 0 0 0 0 5 Foreign currency denominated assets (9) 21,094 914 6,756 1,134 1,718 4,558 1,230 883 231 89 205 270 3,106 Other assets (10) 27,539 585 15,033 707 805 1,790 1,636 1,157 444 235 460 1,197 3,491 Interdistrict settlement account 0 - 9,395 + 14,113 - 310 - 9,560 - 12,563 - 93 + 51,252 - 1,392 + 1,707 + 6,687 + 3,934 - 44,382 Total assets 4,461,117 78,355 2,515,640 115,696 121,324 252,674 263,839 239,621 58,493 36,743 70,419 182,765 525,548 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, October 25, 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 1,727,613 56,227 566,751 54,880 84,805 120,880 232,847 116,759 52,173 31,212 48,221 142,155 220,702 Less: Notes held by F.R. Banks 190,736 6,697 49,885 6,799 10,290 14,424 27,090 12,530 5,567 3,468 5,761 18,934 29,291 Federal Reserve notes, net 1,536,876 49,531 516,866 48,081 74,515 106,457 205,757 104,229 46,606 27,744 42,460 123,221 191,411 Reverse repurchase agreements (11) 347,903 6,778 195,901 8,983 10,089 20,384 20,479 14,632 4,639 2,712 4,934 13,928 44,443 Deposits 2,528,519 20,081 1,786,896 56,076 33,123 116,387 34,746 118,655 6,595 5,683 22,459 44,826 282,992 Term deposits held by depository institutions 14,140 50 5,579 3,000 801 0 0 1,690 0 0 1,820 0 1,200 Other deposits held by depository institutions 2,241,618 20,026 1,567,515 53,074 32,319 116,050 34,737 58,375 6,591 5,683 20,637 44,825 281,785 U.S. Treasury, General Account 185,092 0 185,092 0 0 0 0 0 0 0 0 0 0 Foreign official 5,166 2 5,138 2 3 9 2 2 0 0 0 1 6 Other (12) 82,503 3 23,572 0 0 328 7 58,588 3 0 1 1 1 Deferred availability cash items 318 0 0 0 0 0 52 0 0 266 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,065 24 571 26 35 53 86 36 18 9 15 55 138 Other liabilities and accrued dividends 5,210 172 2,320 209 213 525 342 320 145 142 143 219 460 Total liabilities 4,419,891 76,586 2,502,555 113,375 117,975 243,805 261,461 237,872 58,002 36,556 70,011 182,248 519,445 Capital Capital paid in 31,227 1,336 9,883 1,783 2,535 6,707 1,794 1,330 382 145 311 389 4,631 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 4,461,117 78,355 2,515,640 115,696 121,324 252,674 263,839 239,621 58,493 36,743 70,419 182,765 525,548 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, October 25, 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 Oct 25, 2017 Federal Reserve notes outstanding 1,727,613 Less: Notes held by F.R. Banks not subject to collateralization 190,736 Federal Reserve notes to be collateralized 1,536,876 Collateral held against Federal Reserve notes 1,536,876 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,520,640 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,243,048 Less: Face value of securities under reverse repurchase agreements 334,634 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,908,414 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.