FEDERAL RESERVE statistical release For Release at 4:30 P.M. EST December 27, 2018 Publication Note The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the removal of table 4 "Information on Principal Accounts of Maiden Lane LLC." The table has been removed because the remaining assets in the portfolio holdings of Maiden Lane LLC have been reduced to a de minimis balance. Amounts for "Net portfolio holdings of Maiden Lane LLC," continue to be shown on table 1 "Factors Affecting Reserve Balances of Depository Institutions," on the renumbered table 4 "Consolidated Statement of Condition of All Federal Reserve Banks" in order to provide information on figures from the previous year, and on the renumbered table 5 "Statement of Condition of Each Federal Reserve Bank." FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 27, 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 26, 2018 Federal Reserve Banks Dec 26, 2018 Dec 19, 2018 Dec 27, 2017 Reserve Bank credit 4,043,982 - 4,123 - 373,734 4,036,348 Securities held outright (1) 3,886,608 - 7,855 - 344,510 3,880,249 U.S. Treasury securities 2,240,698 + 57 - 213,526 2,240,717 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,101,796 0 - 222,608 2,101,796 Notes and bonds, inflation-indexed (2) 116,545 0 + 6,411 116,545 Inflation compensation (3) 22,357 + 57 + 2,671 22,376 Federal agency debt securities (2) 2,409 0 - 1,982 2,409 Mortgage-backed securities (4) 1,643,501 - 7,912 - 129,002 1,637,123 Unamortized premiums on securities held outright (5) 140,525 - 526 - 18,711 140,257 Unamortized discounts on securities held outright (5) -13,459 + 32 + 673 -13,448 Repurchase agreements (6) 0 0 0 0 Loans 102 + 28 + 40 77 Primary credit 38 + 29 + 8 12 Secondary credit 0 0 0 0 Seasonal credit 64 - 1 + 31 65 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 - 2 - 1,712 0 Float -238 - 81 - 59 -212 Central bank liquidity swaps (8) 4,207 + 4,137 - 7,801 4,207 Other Federal Reserve assets (9) 26,236 + 144 - 1,654 25,217 Foreign currency denominated assets (10) 20,847 + 241 - 332 20,874 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,859 + 14 + 492 49,859 Total factors supplying reserve funds 4,130,930 - 3,867 - 373,573 4,123,322 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 26, 2018 Federal Reserve Banks Dec 26, 2018 Dec 19, 2018 Dec 27, 2017 Currency in circulation (11) 1,712,526 + 6,722 + 100,406 1,716,129 Reverse repurchase agreements (12) 251,943 + 6,147 - 103,075 244,820 Foreign official and international accounts 244,391 + 591 + 9,315 243,815 Others 7,552 + 5,556 - 112,390 1,005 Treasury cash holdings 206 + 4 + 12 214 Deposits with F.R. Banks, other than reserve balances 460,092 + 21,892 + 172,204 456,788 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 374,085 + 23,371 + 183,802 368,236 Foreign official 5,379 + 136 + 126 6,191 Other (13) 80,628 - 1,615 - 11,724 82,361 Other liabilities and capital (14) 44,940 - 717 - 2,919 44,440 Total factors, other than reserve balances, absorbing reserve funds 2,469,706 + 34,047 + 166,628 2,462,391 Reserve balances with Federal Reserve Banks 1,661,223 - 37,915 - 540,202 1,660,932 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 the note on consolidation accompanying table 5. 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 26, 2018 Dec 26, 2018 Dec 19, 2018 Dec 27, 2017 Securities held in custody for foreign official and international accounts 3,396,908 - 6,261 + 34,909 3,396,564 Marketable U.S. Treasury securities (1) 3,023,167 - 4,625 + 1,878 3,023,234 Federal agency debt and mortgage-backed securities (2) 307,564 - 1,146 + 44,798 307,203 Other securities (3) 66,177 - 490 - 11,767 66,127 Securities lent to dealers 22,713 - 185 - 794 22,999 Overnight facility (4) 22,713 - 185 - 794 22,999 U.S. Treasury securities 22,713 - 185 - 794 22,999 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, 4, and 5. 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 26, 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 77 0 0 0 0 ... 77 U.S. Treasury securities (1) Holdings 18,209 72,334 302,121 964,817 264,607 618,630 2,240,717 Weekly changes 0 + 1 + 1 + 9 + 20 + 26 + 56 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 4 214 62,707 1,574,198 1,637,123 Weekly changes 0 0 0 - 7 - 803 - 10,753 - 11,564 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 4,207 0 0 0 0 0 4,207 Reverse repurchase agreements (4) 244,820 0 ... ... ... ... 244,820 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 26, 2018 Mortgage-backed securities held outright (1) 1,637,123 Commitments to buy mortgage-backed securities (2) 288 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 2 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 4 and table 5. 4. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Dec 26, 2018 Wednesday Wednesday consolidation Dec 19, 2018 Dec 27, 2017 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,726 - 16 - 159 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,007,135 - 12,122 - 361,341 Securities held outright (1) 3,880,249 - 11,508 - 343,286 U.S. Treasury securities 2,240,717 + 56 - 213,502 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) 22,376 + 55 + 2,696 Federal agency debt securities (2) 2,409 0 - 1,982 Mortgage-backed securities (4) 1,637,123 - 11,564 - 127,803 Unamortized premiums on securities held outright (5) 140,257 - 627 - 18,664 Unamortized discounts on securities held outright (5) -13,448 + 31 + 673 Repurchase agreements (6) 0 0 0 Loans 77 - 18 - 64 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,712 Items in process of collection (0) 239 + 50 + 151 Bank premises 2,206 + 7 - 12 Central bank liquidity swaps (8) 4,207 + 4,137 - 7,801 Foreign currency denominated assets (9) 20,874 + 113 - 355 Other assets (10) 23,011 - 808 - 1,814 Total assets (0) 4,075,636 - 8,638 - 373,044 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 4. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Dec 26, 2018 Wednesday Wednesday consolidation Dec 19, 2018 Dec 27, 2017 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,668,206 + 7,067 + 99,148 Reverse repurchase agreements (11) 244,820 - 7,799 - 141,971 Deposits (0) 2,117,720 - 7,080 - 327,369 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,660,932 + 11,767 - 515,520 U.S. Treasury, General Account 368,236 - 28,057 + 181,750 Foreign official 6,191 + 947 + 937 Other (12) (0) 82,361 + 8,263 + 5,464 Deferred availability cash items (0) 451 + 82 + 28 Other liabilities and accrued dividends (13) 5,280 - 906 - 651 Total liabilities (0) 4,036,476 - 8,637 - 370,815 Capital accounts Capital paid in 32,335 0 + 947 Surplus 6,825 0 - 3,175 Other capital accounts 0 0 0 Total capital 39,160 0 - 2,228 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 the note on consolidation accompanying table 5. 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. 5. Statement of Condition of Each Federal Reserve Bank, December 26, 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 1,726 42 38 148 127 237 180 284 25 46 111 195 294 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,007,135 76,531 2,212,207 101,170 113,601 237,122 240,537 214,621 53,377 33,456 63,089 165,691 495,733 Securities held outright (1) 3,880,249 74,109 2,142,198 97,968 110,006 229,618 232,919 207,818 51,659 32,381 61,084 160,447 480,042 U.S. Treasury securities 2,240,717 42,795 1,237,049 56,573 63,525 132,597 134,503 120,008 29,831 18,699 35,274 92,653 277,208 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,240,717 42,795 1,237,049 56,573 63,525 132,597 134,503 120,008 29,831 18,699 35,274 92,653 277,208 Federal agency debt securities (2) 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298 Mortgage-backed securities (4) 1,637,123 31,267 903,819 41,334 46,413 96,879 98,271 87,681 21,796 13,662 25,772 67,695 202,535 Unamortized premiums on securities held outright (5) 140,257 2,679 77,433 3,541 3,976 8,300 8,419 7,512 1,867 1,170 2,208 5,800 17,352 Unamortized discounts on securities held outright (5) -13,448 -257 -7,424 -340 -381 -796 -807 -720 -179 -112 -212 -556 -1,664 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 77 0 0 0 0 0 6 12 30 17 8 0 3 Net portfolio holdings of Maiden Lane LLC (7) 0 0 0 0 0 0 0 0 0 0 0 0 0 Items in process of collection 239 0 0 0 0 0 239 0 0 1 0 0 0 Bank premises 2,206 108 460 82 117 194 206 194 106 95 232 220 190 Central bank liquidity swaps (8) 4,207 179 1,326 239 340 909 243 178 61 19 42 52 619 Foreign currency denominated assets (9) 20,874 888 6,582 1,186 1,685 4,509 1,206 885 301 96 207 258 3,072 Other assets (10) 23,011 474 12,220 575 663 1,547 1,381 1,204 364 238 416 1,121 2,810 Interdistrict settlement account 0 + 16,852 - 73,486 - 7,101 + 5,942 - 7,051 + 39,262 + 10,982 + 8,502 + 3,623 - 1,932 + 7,896 - 3,488 Total assets 4,075,636 95,635 2,164,790 96,858 123,256 238,652 285,400 229,512 63,221 37,861 62,623 176,620 501,209 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Statement of Condition of Each Federal Reserve Bank, December 26, 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 1,862,653 58,039 615,768 54,985 88,813 125,827 262,046 122,009 56,113 31,558 50,027 150,966 246,501 Less: Notes held by F.R. Banks 194,448 5,814 56,510 6,889 8,112 13,022 28,679 14,123 5,264 2,663 5,571 17,263 30,537 Federal Reserve notes, net 1,668,206 52,226 559,258 48,097 80,701 112,805 233,367 107,886 50,849 28,895 44,456 133,702 215,964 Reverse repurchase agreements (11) 244,820 4,676 135,159 6,181 6,941 14,487 14,696 13,112 3,259 2,043 3,854 10,123 30,288 Deposits 2,117,720 36,850 1,456,017 40,094 32,225 102,293 34,454 106,539 8,379 6,336 13,771 32,050 248,713 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 1,660,932 36,835 1,054,632 40,091 32,163 101,769 34,417 52,004 8,371 6,278 13,753 31,910 248,706 U.S. Treasury, General Account 368,236 0 368,236 0 0 0 0 0 0 0 0 0 0 Foreign official 6,191 2 6,164 2 3 9 2 2 1 0 0 0 6 Other (12) 82,361 14 26,984 1 59 515 34 54,533 7 57 17 139 1 Deferred availability cash items 451 0 0 0 0 0 206 0 0 244 0 0 0 Earnings remittances due to the U.S. Treasury (13) 966 19 469 28 40 78 89 44 9 8 16 56 108 Other liabilities and accrued dividends 4,313 181 1,476 202 216 619 313 291 133 150 145 203 384 Total liabilities 4,036,476 93,952 2,152,379 94,602 120,124 230,283 283,125 227,872 62,629 37,676 62,243 176,135 495,457 Capital Capital paid in 32,335 1,393 10,260 1,868 2,581 6,895 1,880 1,350 493 154 313 400 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 4,075,636 95,635 2,164,790 96,858 123,256 238,652 285,400 229,512 63,221 37,861 62,623 176,620 501,209 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Statement of Condition of Each Federal Reserve Bank, December 26, 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 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 and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. 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 4), 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 4). 6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Dec 26, 2018 Federal Reserve notes outstanding 1,862,653 Less: Notes held by F.R. Banks not subject to collateralization 194,448 Federal Reserve notes to be collateralized 1,668,206 Collateral held against Federal Reserve notes 1,668,206 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,651,969 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,880,249 Less: Face value of securities under reverse repurchase agreements 243,573 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,636,676 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.