FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 9, 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 8, 2017 Federal Reserve Banks Nov 8, 2017 Nov 1, 2017 Nov 9, 2016 Reserve Bank credit 4,418,185 - 2,623 + 3,457 4,419,083 Securities held outright (1) 4,237,314 - 4,140 + 19,344 4,237,373 U.S. Treasury securities 2,459,927 - 4,143 - 3,702 2,459,985 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,331,201 - 4,375 - 9,473 2,331,201 Notes and bonds, inflation-indexed (2) 109,537 + 89 + 4,011 109,537 Inflation compensation (3) 19,189 + 143 + 1,760 19,247 Federal agency debt securities (2) 6,757 0 - 11,736 6,757 Mortgage-backed securities (4) 1,770,630 + 3 + 34,782 1,770,630 Unamortized premiums on securities held outright (5) 161,117 - 255 - 14,386 161,052 Unamortized discounts on securities held outright (5) -14,292 + 24 + 982 -14,281 Repurchase agreements (6) 9 + 9 + 9 65 Loans 53 - 52 + 25 56 Primary credit 1 - 7 0 4 Secondary credit 0 0 0 0 Seasonal credit 52 - 45 + 25 52 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,712 + 1 + 4 1,712 Float -305 + 217 + 51 -412 Central bank liquidity swaps (8) 37 - 3 - 963 37 Other Federal Reserve assets (9) 32,540 + 1,576 - 1,609 33,481 Foreign currency denominated assets (10) 20,875 - 18 - 217 20,866 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,245 + 14 + 799 49,245 Total factors supplying reserve funds 4,504,546 - 2,627 + 4,039 4,505,435 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 8, 2017 Federal Reserve Banks Nov 8, 2017 Nov 1, 2017 Nov 9, 2016 Currency in circulation (11) 1,590,150 + 4,751 + 103,726 1,591,737 Reverse repurchase agreements (12) 290,532 - 60,776 - 79,656 301,136 Foreign official and international accounts 226,905 - 13,111 - 8,285 226,590 Others 63,626 - 47,665 - 71,372 74,546 Treasury cash holdings 229 + 12 + 43 223 Deposits with F.R. Banks, other than reserve balances 263,236 - 16,486 - 156,588 246,454 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 177,780 - 15,766 - 198,437 160,437 Foreign official 5,167 - 1 - 67 5,166 Other (13) 80,289 - 719 + 41,917 80,851 Other liabilities and capital (14) 48,471 + 1,159 + 256 48,275 Total factors, other than reserve balances, absorbing reserve funds 2,192,617 - 71,341 - 132,219 2,187,825 Reserve balances with Federal Reserve Banks 2,311,929 + 68,714 + 136,259 2,317,610 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 8, 2017 Nov 8, 2017 Nov 1, 2017 Nov 9, 2016 Securities held in custody for foreign official and international accounts 3,373,347 + 7,589 + 261,971 3,371,228 Marketable U.S. Treasury securities (1) 3,045,632 + 7,057 + 254,647 3,042,790 Federal agency debt and mortgage-backed securities (2) 262,651 + 151 + 2,790 262,651 Other securities (3) 65,065 + 381 + 4,535 65,787 Securities lent to dealers 25,253 - 85 + 4,791 24,239 Overnight facility (4) 25,253 - 85 + 4,791 24,239 U.S. Treasury securities 25,253 - 85 + 4,817 24,239 Federal agency debt securities 0 0 - 26 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 8, 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 10 46 0 0 0 ... 56 U.S. Treasury securities (1) Holdings 11,043 56,307 317,797 1,111,537 329,680 633,622 2,459,985 Weekly changes 0 + 27,851 - 27,846 + 24 + 36 + 93 + 158 Federal agency debt securities (2) Holdings 2,366 0 1,982 62 0 2,347 6,757 Weekly changes + 2,366 - 2,366 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 1 134 20,733 1,749,762 1,770,630 Weekly changes 0 0 0 + 2 + 3,656 - 3,658 0 Repurchase agreements (4) 65 0 ... ... ... ... 65 Central bank liquidity swaps (5) 37 0 0 0 0 0 37 Reverse repurchase agreements (4) 301,136 0 ... ... ... ... 301,136 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 8, 2017 Mortgage-backed securities held outright (1) 1,770,630 Commitments to buy mortgage-backed securities (2) 27,993 Commitments to sell mortgage-backed securities (2) 20 Cash and cash equivalents (3) 3 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 8, 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 8, 2017 Wednesday Wednesday consolidation Nov 1, 2017 Nov 9, 2016 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,845 + 13 - 33 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,384,265 + 34 + 6,099 Securities held outright (1) 4,237,373 + 159 + 19,378 U.S. Treasury securities 2,459,985 + 158 - 3,669 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,331,201 0 - 9,473 Notes and bonds, inflation-indexed (2) 109,537 0 + 4,011 Inflation compensation (3) 19,247 + 159 + 1,793 Federal agency debt securities (2) 6,757 0 - 11,736 Mortgage-backed securities (4) 1,770,630 0 + 34,782 Unamortized premiums on securities held outright (5) 161,052 - 222 - 14,350 Unamortized discounts on securities held outright (5) -14,281 + 29 + 982 Repurchase agreements (6) 65 + 65 + 65 Loans 56 + 4 + 24 Net portfolio holdings of Maiden Lane LLC (7) 1,712 0 + 4 Items in process of collection (0) 109 + 43 + 4 Bank premises 2,201 + 2 + 1 Central bank liquidity swaps (8) 37 - 3 - 963 Foreign currency denominated assets (9) 20,866 + 1 - 9 Other assets (10) 31,280 + 2,575 - 1,638 Total assets (0) 4,458,552 + 2,665 + 3,465 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 8, 2017 Wednesday Wednesday consolidation Nov 1, 2017 Nov 9, 2016 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,544,556 + 2,462 + 101,172 Reverse repurchase agreements (11) 301,136 - 18,800 - 62,213 Deposits (0) 2,564,064 + 17,776 - 36,655 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,317,610 + 36,138 + 127,528 U.S. Treasury, General Account 160,437 - 21,327 - 205,017 Foreign official 5,166 - 11 - 351 Other (12) (0) 80,851 + 2,976 + 41,185 Deferred availability cash items (0) 521 + 18 - 122 Other liabilities and accrued dividends (13) 7,038 + 1,188 + 292 Total liabilities (0) 4,417,315 + 2,645 + 2,474 Capital accounts Capital paid in 31,237 + 20 + 991 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 41,237 + 20 + 991 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 8, 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 1,845 45 48 178 139 268 197 294 35 51 105 189 295 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,384,265 85,421 2,468,712 113,198 127,139 256,873 258,071 184,404 58,468 34,200 62,193 175,518 560,068 Securities held outright (1) 4,237,373 82,560 2,386,030 109,407 122,880 248,270 249,427 178,218 56,504 33,037 60,096 169,635 541,308 U.S. Treasury securities 2,459,985 47,930 1,385,198 63,516 71,337 144,132 144,804 103,464 32,803 19,179 34,888 98,481 314,254 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,459,985 47,930 1,385,198 63,516 71,337 144,132 144,804 103,464 32,803 19,179 34,888 98,481 314,254 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) 161,052 3,138 90,687 4,158 4,670 9,436 9,480 6,774 2,148 1,256 2,284 6,447 20,574 Unamortized discounts on securities held outright (5) -14,281 -278 -8,042 -369 -414 -837 -841 -601 -190 -111 -203 -572 -1,824 Repurchase agreements (6) 65 1 37 2 2 4 4 3 1 1 1 3 8 Loans 56 0 0 0 1 0 0 10 6 18 15 5 2 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 109 0 0 0 0 0 108 0 0 0 0 0 0 Bank premises 2,201 116 442 72 124 197 203 202 110 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) 20,866 905 6,683 1,122 1,700 4,509 1,217 873 228 88 203 267 3,072 Other assets (10) 31,280 657 17,157 802 918 2,009 1,868 1,318 514 264 516 1,288 3,969 Interdistrict settlement account 0 - 6,951 - 32,709 - 150 - 5,347 + 331 + 784 + 50,057 - 169 + 2,868 + 6,358 + 4,990 - 20,061 Total assets 4,458,552 80,739 2,467,467 115,783 125,466 265,383 264,624 238,311 59,677 37,841 70,056 183,668 549,537 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 8, 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 1,731,624 56,461 571,482 54,791 84,637 120,603 233,415 116,756 52,204 31,171 48,282 141,858 219,963 Less: Notes held by F.R. Banks 187,068 6,580 52,323 6,534 9,696 13,422 26,589 12,003 5,366 3,242 5,654 17,986 27,672 Federal Reserve notes, net 1,544,556 49,881 519,159 48,257 74,940 107,181 206,826 104,754 46,838 27,929 42,628 123,872 192,290 Reverse repurchase agreements (11) 301,136 5,867 169,567 7,775 8,733 17,644 17,726 12,665 4,016 2,348 4,271 12,055 38,469 Deposits 2,564,064 23,031 1,762,150 57,185 38,178 131,104 37,167 118,777 8,157 6,771 22,584 46,933 312,027 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 2,317,610 23,015 1,575,818 57,183 38,174 130,795 37,159 59,011 8,150 6,771 22,583 46,932 312,021 U.S. Treasury, General Account 160,437 0 160,437 0 0 0 0 0 0 0 0 0 0 Foreign official 5,166 2 5,139 2 3 9 2 2 0 0 0 1 6 Other (12) 80,851 15 20,756 0 0 300 7 59,765 6 0 1 0 1 Deferred availability cash items 521 0 0 0 0 0 65 0 0 455 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,674 26 960 39 54 61 115 64 25 13 24 75 218 Other liabilities and accrued dividends 5,365 164 2,545 206 212 527 328 301 148 139 142 216 437 Total liabilities 4,417,315 78,970 2,454,381 113,462 122,117 256,517 262,228 236,561 59,183 37,655 69,648 183,151 543,442 Capital Capital paid in 31,237 1,336 9,884 1,783 2,534 6,706 1,813 1,331 384 143 311 390 4,623 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 4,458,552 80,739 2,467,467 115,783 125,466 265,383 264,624 238,311 59,677 37,841 70,056 183,668 549,537 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 8, 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 8, 2017 Federal Reserve notes outstanding 1,731,624 Less: Notes held by F.R. Banks not subject to collateralization 187,068 Federal Reserve notes to be collateralized 1,544,556 Collateral held against Federal Reserve notes 1,544,556 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,528,319 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,237,438 Less: Face value of securities under reverse repurchase agreements 290,903 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,946,534 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.