FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 2, 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 Nov 1, 2017 Federal Reserve Banks Nov 1, 2017 Oct 25, 2017 Nov 2, 2016 Reserve Bank credit 4,420,808 - 6,812 + 8,051 4,416,450 Securities held outright (1) 4,241,454 - 6,199 + 23,555 4,237,214 U.S. Treasury securities 2,464,070 - 1,626 + 506 2,459,827 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,335,576 - 1,750 - 5,271 2,331,201 Notes and bonds, inflation-indexed (2) 109,448 + 36 + 4,095 109,537 Inflation compensation (3) 19,046 + 89 + 1,682 19,088 Federal agency debt securities (2) 6,757 0 - 11,736 6,757 Mortgage-backed securities (4) 1,770,627 - 4,573 + 34,784 1,770,630 Unamortized premiums on securities held outright (5) 161,372 - 378 - 14,464 161,274 Unamortized discounts on securities held outright (5) -14,316 + 30 + 999 -14,310 Repurchase agreements (6) 0 0 0 0 Loans 105 - 39 + 47 52 Primary credit 8 + 2 + 4 1 Secondary credit 0 0 0 0 Seasonal credit 97 - 40 + 44 51 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,711 + 5 + 5 1,712 Float -522 - 270 + 313 -436 Central bank liquidity swaps (8) 40 + 3 - 975 40 Other Federal Reserve assets (9) 30,964 + 35 - 1,429 30,904 Foreign currency denominated assets (10) 20,893 - 196 - 23 20,865 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,216 + 14 + 781 49,216 Total factors supplying reserve funds 4,507,157 - 6,995 + 8,808 4,502,772 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 Nov 1, 2017 Federal Reserve Banks Nov 1, 2017 Oct 25, 2017 Nov 2, 2016 Currency in circulation (11) 1,585,383 + 1,828 + 106,017 1,589,253 Reverse repurchase agreements (12) 351,308 + 14,690 - 43,823 319,936 Foreign official and international accounts 240,016 + 7,626 + 311 232,771 Others 111,291 + 7,063 - 44,135 87,165 Treasury cash holdings 217 + 1 + 35 230 Deposits with F.R. Banks, other than reserve balances 279,722 - 21,932 - 189,368 264,815 Term deposits held by depository institutions 0 - 14,140 0 0 U.S. Treasury, General Account 193,546 - 2,786 - 224,119 181,764 Foreign official 5,168 - 40 - 5 5,177 Other (13) 81,008 - 4,965 + 34,755 77,875 Other liabilities and capital (14) 47,312 - 966 + 719 47,067 Total factors, other than reserve balances, absorbing reserve funds 2,263,942 - 6,377 - 126,420 2,221,300 Reserve balances with Federal Reserve Banks 2,243,215 - 617 + 135,228 2,281,472 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 Nov 1, 2017 Nov 1, 2017 Oct 25, 2017 Nov 2, 2016 Securities held in custody for foreign official and international accounts 3,365,758 + 973 + 245,417 3,372,457 Marketable U.S. Treasury securities (1) 3,038,575 + 143 + 237,938 3,045,005 Federal agency debt and mortgage-backed securities (2) 262,500 + 721 + 3,083 262,651 Other securities (3) 64,684 + 110 + 4,398 64,802 Securities lent to dealers 25,338 + 1,279 + 3,957 28,467 Overnight facility (4) 25,338 + 1,279 + 3,957 28,467 U.S. Treasury securities 25,338 + 1,279 + 3,982 28,467 Federal agency debt securities 0 0 - 25 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, November 1, 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 5 47 0 0 0 ... 52 U.S. Treasury securities (1) Holdings 11,043 28,456 345,643 1,111,513 329,644 633,529 2,459,827 Weekly changes + 2,342 - 11,040 + 23,834 - 21,922 + 703 + 184 - 5,900 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 1,753,420 1,770,630 Weekly changes 0 0 0 0 0 + 67 + 67 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 40 0 0 0 0 0 40 Reverse repurchase agreements (4) 319,936 0 ... ... ... ... 319,936 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 Nov 1, 2017 Mortgage-backed securities held outright (1) 1,770,630 Commitments to buy mortgage-backed securities (2) 22,530 Commitments to sell mortgage-backed securities (2) 20 Cash and cash equivalents (3) 6 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 Nov 1, 2017 Net portfolio holdings of Maiden Lane LLC (1) 1,712 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 Nov 1, 2017 Wednesday Wednesday consolidation Oct 25, 2017 Nov 2, 2016 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,832 - 7 - 52 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,384,231 - 6,173 + 5,856 Securities held outright (1) 4,237,214 - 5,834 + 19,289 U.S. Treasury securities 2,459,827 - 5,900 - 3,759 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,331,201 - 6,125 - 9,473 Notes and bonds, inflation-indexed (2) 109,537 + 125 + 4,011 Inflation compensation (3) 19,088 + 99 + 1,703 Federal agency debt securities (2) 6,757 0 - 11,736 Mortgage-backed securities (4) 1,770,630 + 67 + 34,783 Unamortized premiums on securities held outright (5) 161,274 - 266 - 14,434 Unamortized discounts on securities held outright (5) -14,310 + 23 + 984 Repurchase agreements (6) 0 0 0 Loans 52 - 97 + 17 Net portfolio holdings of Maiden Lane LLC (7) 1,712 + 1 + 4 Items in process of collection (0) 66 + 12 - 9 Bank premises 2,199 - 2 0 Central bank liquidity swaps (8) 40 + 3 - 975 Foreign currency denominated assets (9) 20,865 - 229 - 442 Other assets (10) 28,705 + 1,166 - 1,583 Total assets (0) 4,455,887 - 5,230 + 2,800 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 Nov 1, 2017 Wednesday Wednesday consolidation Oct 25, 2017 Nov 2, 2016 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,542,094 + 5,218 + 103,759 Reverse repurchase agreements (11) 319,936 - 27,967 - 95,002 Deposits (0) 2,546,288 + 17,769 - 5,894 Term deposits held by depository institutions 0 - 14,140 0 Other deposits held by depository institutions 2,281,472 + 39,854 + 144,263 U.S. Treasury, General Account 181,764 - 3,328 - 190,130 Foreign official 5,177 + 11 + 5 Other (12) (0) 77,875 - 4,628 + 39,968 Deferred availability cash items (0) 503 + 185 - 1 Other liabilities and accrued dividends (13) 5,850 - 425 - 1,089 Total liabilities (0) 4,414,670 - 5,221 + 1,772 Capital accounts Capital paid in 31,217 - 10 + 1,029 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 41,217 - 10 + 1,029 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, November 1, 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 1,832 46 51 178 134 269 196 290 31 51 103 187 297 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,384,231 85,420 2,468,695 113,198 127,137 256,871 258,069 184,399 58,468 34,201 62,193 175,516 560,063 Securities held outright (1) 4,237,214 82,557 2,385,941 109,403 122,875 248,261 249,418 178,212 56,502 33,035 60,094 169,628 541,288 U.S. Treasury securities 2,459,827 47,927 1,385,108 63,512 71,333 144,123 144,794 103,457 32,801 19,178 34,886 98,474 314,234 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,459,827 47,927 1,385,108 63,512 71,333 144,123 144,794 103,457 32,801 19,178 34,886 98,474 314,234 Federal agency debt securities (2) 6,757 132 3,805 174 196 396 398 284 90 53 96 271 863 Mortgage-backed securities (4) 1,770,630 34,498 997,028 45,717 51,347 103,742 104,226 74,470 23,611 13,805 25,112 70,884 226,191 Unamortized premiums on securities held outright (5) 161,274 3,142 90,812 4,164 4,677 9,449 9,493 6,783 2,151 1,257 2,287 6,456 20,602 Unamortized discounts on securities held outright (5) -14,310 -279 -8,058 -369 -415 -838 -842 -602 -191 -112 -203 -573 -1,828 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 52 0 0 0 0 0 0 6 6 20 15 4 1 Net portfolio holdings of Maiden Lane LLC (7) 1,712 0 1,712 0 0 0 0 0 0 0 0 0 0 Items in process of collection 66 0 0 0 0 0 66 0 0 1 0 0 0 Bank premises 2,199 116 441 72 124 197 203 202 110 88 236 219 192 Central bank liquidity swaps (8) 40 2 13 2 3 9 2 2 0 0 0 1 6 Foreign currency denominated assets (9) 20,865 904 6,683 1,122 1,700 4,509 1,217 873 228 88 203 267 3,072 Other assets (10) 28,705 609 15,731 738 845 1,856 1,716 1,209 480 244 480 1,151 3,647 Interdistrict settlement account 0 - 2,749 - 49,110 + 758 - 4,022 - 1,354 + 3,996 + 54,102 - 329 + 2,763 + 5,910 + 8,068 - 18,032 Total assets 4,455,887 84,893 2,449,625 116,625 126,710 263,545 267,638 242,238 59,479 37,717 69,570 186,606 551,240 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, November 1, 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 1,728,586 56,269 568,866 54,829 84,717 120,745 232,707 116,662 52,126 31,192 48,172 142,006 220,295 Less: Notes held by F.R. Banks 186,492 6,687 51,111 6,563 9,682 13,803 26,268 11,830 5,461 3,303 5,488 18,227 28,068 Federal Reserve notes, net 1,542,094 49,582 517,754 48,266 75,035 106,942 206,439 104,833 46,665 27,889 42,684 123,778 192,228 Reverse repurchase agreements (11) 319,936 6,234 180,153 8,261 9,278 18,745 18,833 13,456 4,266 2,494 4,537 12,808 40,871 Deposits 2,546,288 27,132 1,735,924 57,565 38,816 128,453 39,510 121,882 7,889 6,562 21,790 49,234 311,530 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 2,281,472 27,125 1,529,919 57,563 38,813 128,136 39,501 63,423 7,885 6,562 21,789 49,233 311,523 U.S. Treasury, General Account 181,764 0 181,764 0 0 0 0 0 0 0 0 0 0 Foreign official 5,177 2 5,150 2 3 9 2 2 0 0 0 1 6 Other (12) 77,875 5 19,092 0 0 308 7 58,458 3 0 1 0 1 Deferred availability cash items 503 0 0 0 0 0 63 0 0 439 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,367 34 737 29 33 79 111 54 21 14 19 70 166 Other liabilities and accrued dividends 4,482 142 1,971 184 199 460 305 264 144 133 131 198 351 Total liabilities 4,414,670 83,123 2,436,539 114,305 123,361 254,679 265,260 240,489 58,986 37,532 69,162 186,089 545,145 Capital Capital paid in 31,217 1,336 9,884 1,783 2,535 6,705 1,794 1,330 384 143 311 390 4,622 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 4,455,887 84,893 2,449,625 116,625 126,710 263,545 267,638 242,238 59,479 37,717 69,570 186,606 551,240 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, November 1, 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 Nov 1, 2017 Federal Reserve notes outstanding 1,728,586 Less: Notes held by F.R. Banks not subject to collateralization 186,492 Federal Reserve notes to be collateralized 1,542,094 Collateral held against Federal Reserve notes 1,542,094 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,525,857 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,237,214 Less: Face value of securities under reverse repurchase agreements 307,429 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,929,785 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.