FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 13, 2018 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 Dec 12, 2018 Federal Reserve Banks Dec 12, 2018 Dec 5, 2018 Dec 13, 2017 Reserve Bank credit 4,048,583 + 816 - 352,179 4,049,260 Securities held outright (1) 3,896,464 - 1,741 - 331,176 3,896,485 U.S. Treasury securities 2,240,586 - 1,740 - 213,676 2,240,606 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,101,796 - 1,941 - 222,608 2,101,796 Notes and bonds, inflation-indexed (2) 116,545 + 138 + 6,411 116,545 Inflation compensation (3) 22,245 + 62 + 2,521 22,266 Federal agency debt securities (2) 2,409 0 - 1,982 2,409 Mortgage-backed securities (4) 1,653,470 0 - 115,516 1,653,470 Unamortized premiums on securities held outright (5) 141,349 - 245 - 18,440 141,265 Unamortized discounts on securities held outright (5) -13,520 + 25 + 678 -13,510 Repurchase agreements (6) 0 - 19 0 0 Loans 72 + 17 + 28 69 Primary credit 21 + 16 + 13 9 Secondary credit 0 0 0 0 Seasonal credit 51 + 1 + 15 60 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 7 0 - 1,704 7 Float -195 + 292 + 65 -405 Central bank liquidity swaps (8) 120 - 74 + 78 120 Other Federal Reserve assets (9) 24,285 + 2,561 - 1,709 25,229 Foreign currency denominated assets (10) 20,653 + 27 - 422 20,612 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,863 + 14 + 523 49,863 Total factors supplying reserve funds 4,135,340 + 857 - 352,078 4,135,976 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 Dec 12, 2018 Federal Reserve Banks Dec 12, 2018 Dec 5, 2018 Dec 13, 2017 Currency in circulation (11) 1,705,098 + 545 + 102,634 1,705,801 Reverse repurchase agreements (12) 237,320 + 4,800 - 85,091 235,444 Foreign official and international accounts 234,105 + 4,136 + 9,073 234,983 Others 3,215 + 664 - 94,163 461 Treasury cash holdings 202 - 1 + 2 201 Deposits with F.R. Banks, other than reserve balances 412,086 - 2,151 + 250,703 398,381 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 334,967 - 2,597 + 258,759 322,663 Foreign official 5,254 - 17 + 13 5,243 Other (13) 71,864 + 462 - 8,069 70,475 Other liabilities and capital (14) 45,095 + 266 - 3,302 44,737 Total factors, other than reserve balances, absorbing reserve funds 2,399,801 + 3,459 + 264,946 2,384,564 Reserve balances with Federal Reserve Banks 1,735,539 - 2,602 - 617,023 1,751,413 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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. 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 Dec 12, 2018 Dec 12, 2018 Dec 5, 2018 Dec 13, 2017 Securities held in custody for foreign official and international accounts 3,384,504 - 19,408 - 149 3,391,859 Marketable U.S. Treasury securities (1) 3,009,199 - 19,723 - 32,874 3,016,534 Federal agency debt and mortgage-backed securities (2) 308,412 + 69 + 44,260 308,398 Other securities (3) 66,893 + 247 - 11,536 66,927 Securities lent to dealers 20,851 + 1,862 - 12 21,491 Overnight facility (4) 20,851 + 1,862 - 12 21,491 U.S. Treasury securities 20,851 + 1,862 - 12 21,491 Federal agency debt securities 0 0 0 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, December 12, 2018 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 39 30 0 0 0 ... 69 U.S. Treasury securities (1) Holdings 0 90,542 302,120 964,800 264,567 618,578 2,240,606 Weekly changes 0 + 1 0 + 8 + 20 + 27 + 55 Federal agency debt securities (2) Holdings 0 0 62 0 0 2,347 2,409 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 4 210 63,823 1,589,433 1,653,470 Weekly changes 0 0 0 0 0 0 0 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 120 0 0 0 0 0 120 Reverse repurchase agreements (4) 235,444 0 ... ... ... ... 235,444 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 Dec 12, 2018 Mortgage-backed securities held outright (1) 1,653,470 Commitments to buy mortgage-backed securities (2) 356 Commitments to sell mortgage-backed securities (2) 133 Cash and cash equivalents (3) 0 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 Dec 12, 2018 Net portfolio holdings of Maiden Lane LLC (1) 7 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. 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 Dec 12, 2018 Wednesday Wednesday consolidation Dec 5, 2018 Dec 13, 2017 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,722 + 13 - 161 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,024,309 - 178 - 360,458 Securities held outright (1) 3,896,485 + 55 - 342,398 U.S. Treasury securities 2,240,606 + 55 - 213,650 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,101,796 0 - 222,608 Notes and bonds, inflation-indexed (2) 116,545 0 + 6,411 Inflation compensation (3) 22,266 + 56 + 2,549 Federal agency debt securities (2) 2,409 0 - 1,982 Mortgage-backed securities (4) 1,653,470 0 - 126,767 Unamortized premiums on securities held outright (5) 141,265 - 208 - 18,771 Unamortized discounts on securities held outright (5) -13,510 + 29 + 677 Repurchase agreements (6) 0 - 66 0 Loans 69 + 12 + 34 Net portfolio holdings of Maiden Lane LLC (7) 7 0 - 1,705 Items in process of collection (0) 78 + 16 + 8 Bank premises 2,195 + 3 - 17 Central bank liquidity swaps (8) 120 - 74 + 78 Foreign currency denominated assets (9) 20,612 + 1 - 470 Other assets (10) 23,034 + 2,489 - 1,688 Total assets (0) 4,088,314 + 2,270 - 364,412 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 Dec 12, 2018 Wednesday Wednesday consolidation Dec 5, 2018 Dec 13, 2017 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,657,857 - 381 + 101,080 Reverse repurchase agreements (11) 235,444 - 213 - 136,685 Deposits (0) 2,149,794 + 3,491 - 324,657 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,751,413 + 15,106 - 571,349 U.S. Treasury, General Account 322,663 - 5,950 + 257,929 Foreign official 5,243 - 114 - 9 Other (12) (0) 70,475 - 5,552 - 11,228 Deferred availability cash items (0) 483 - 25 + 161 Other liabilities and accrued dividends (13) 5,546 - 662 - 2,180 Total liabilities (0) 4,049,123 + 2,209 - 362,282 Capital accounts Capital paid in 32,366 + 61 + 1,045 Surplus 6,825 0 - 3,175 Other capital accounts 0 0 0 Total capital 39,191 + 61 - 2,130 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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. 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, December 12, 2018 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 11,037 364 3,626 350 544 773 1,491 739 334 199 307 905 1,405 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,722 41 37 148 122 236 180 286 26 45 111 195 295 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,024,309 76,864 2,221,693 101,604 114,089 238,139 241,562 215,538 53,606 33,601 63,356 166,401 497,856 Securities held outright (1) 3,896,485 74,419 2,151,162 98,378 110,467 230,579 233,893 208,687 51,875 32,516 61,340 161,119 482,050 U.S. Treasury securities 2,240,606 42,793 1,236,988 56,571 63,522 132,590 134,496 120,002 29,830 18,698 35,272 92,649 277,195 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,240,606 42,793 1,236,988 56,571 63,522 132,590 134,496 120,002 29,830 18,698 35,272 92,649 277,195 Federal agency debt securities (2) 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298 Mortgage-backed securities (4) 1,653,470 31,580 912,843 41,747 46,876 97,846 99,252 88,556 22,013 13,798 26,030 68,371 204,558 Unamortized premiums on securities held outright (5) 141,265 2,698 77,989 3,567 4,005 8,360 8,480 7,566 1,881 1,179 2,224 5,841 17,476 Unamortized discounts on securities held outright (5) -13,510 -258 -7,458 -341 -383 -799 -811 -724 -180 -113 -213 -559 -1,671 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 69 5 1 0 0 0 0 9 30 18 5 0 1 Net portfolio holdings of Maiden Lane LLC (7) 7 0 7 0 0 0 0 0 0 0 0 0 0 Items in process of collection 78 0 0 0 0 0 78 0 0 0 0 0 0 Bank premises 2,195 108 453 81 117 195 205 193 106 95 232 220 189 Central bank liquidity swaps (8) 120 5 38 7 10 26 7 5 2 1 1 1 18 Foreign currency denominated assets (9) 20,612 877 6,499 1,171 1,664 4,452 1,191 874 297 95 204 255 3,034 Other assets (10) 23,034 466 12,174 570 658 1,569 1,371 1,197 521 256 412 1,045 2,795 Interdistrict settlement account 0 + 9,266 - 48,131 - 10,330 + 5,727 - 5,103 + 34,081 - 187 + 8,038 + 3,662 - 3,240 + 7,278 - 1,060 Total assets 4,088,314 88,187 2,198,213 93,810 123,167 240,700 280,820 219,070 63,080 38,043 61,536 176,583 505,105 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, December 12, 2018 (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 1,861,473 58,191 616,600 55,129 88,801 125,703 261,993 121,518 56,241 31,644 50,119 151,102 244,433 Less: Notes held by F.R. Banks 203,616 6,073 60,523 7,379 8,899 13,553 30,858 13,605 5,286 2,835 5,909 17,806 30,891 Federal Reserve notes, net 1,657,857 52,117 556,078 47,750 79,902 112,150 231,135 107,913 50,955 28,809 44,210 133,296 213,542 Reverse repurchase agreements (11) 235,444 4,497 129,983 5,944 6,675 13,933 14,133 12,610 3,135 1,965 3,706 9,736 29,128 Deposits 2,149,794 29,687 1,497,618 37,625 33,198 105,583 32,801 96,552 8,228 6,500 13,055 32,792 256,156 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 1,751,413 29,667 1,147,004 37,622 33,169 105,226 32,763 49,451 8,219 6,443 13,042 32,660 256,149 U.S. Treasury, General Account 322,663 0 322,663 0 0 0 0 0 0 0 0 0 0 Foreign official 5,243 2 5,216 2 3 9 2 2 1 0 0 0 6 Other (12) 70,475 18 22,736 1 26 349 36 47,100 9 57 13 131 1 Deferred availability cash items 483 0 0 0 0 0 61 0 0 421 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,309 25 683 34 42 70 108 66 22 13 32 69 146 Other liabilities and accrued dividends 4,237 178 1,407 201 218 595 307 290 149 151 152 209 381 Total liabilities 4,049,123 86,504 2,185,770 91,554 120,035 232,331 278,545 217,431 62,488 37,858 61,155 176,100 499,353 Capital Capital paid in 32,366 1,393 10,293 1,868 2,581 6,895 1,880 1,350 493 154 313 399 4,747 Surplus 6,825 290 2,151 388 551 1,474 394 289 98 31 68 84 1,005 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,088,314 88,187 2,198,213 93,810 123,167 240,700 280,820 219,070 63,080 38,043 61,536 176,583 505,105 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, December 12, 2018 (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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. 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 $6.825 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 Dec 12, 2018 Federal Reserve notes outstanding 1,861,473 Less: Notes held by F.R. Banks not subject to collateralization 203,616 Federal Reserve notes to be collateralized 1,657,857 Collateral held against Federal Reserve notes 1,657,857 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,641,620 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,896,485 Less: Face value of securities under reverse repurchase agreements 232,595 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,663,890 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.