FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 3, 2019 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 Jan 2, 2019 Federal Reserve Banks Jan 2, 2019 Dec 26, 2018 Jan 3, 2018 Reserve Bank credit 4,029,010 - 14,972 - 378,624 4,019,072 Securities held outright (1) 3,872,472 - 14,136 - 349,342 3,862,049 U.S. Treasury securities 2,232,940 - 7,758 - 219,555 2,222,517 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,093,992 - 7,804 - 228,698 2,083,586 Notes and bonds, inflation-indexed (2) 116,545 0 + 6,411 116,545 Inflation compensation (3) 22,403 + 46 + 2,732 22,386 Federal agency debt securities (2) 2,409 0 - 1,982 2,409 Mortgage-backed securities (4) 1,637,123 - 6,378 - 127,806 1,637,123 Unamortized premiums on securities held outright (5) 140,106 - 419 - 18,643 140,008 Unamortized discounts on securities held outright (5) -13,430 + 29 + 688 -13,418 Repurchase agreements (6) 0 0 0 0 Loans 64 - 38 - 53 6 Primary credit 14 - 24 - 83 5 Secondary credit 0 0 0 0 Seasonal credit 50 - 14 + 29 1 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,713 0 Float -603 - 365 + 131 -140 Central bank liquidity swaps (8) 4,207 0 - 7,852 4,207 Other Federal Reserve assets (9) 26,193 - 43 - 1,841 26,359 Foreign currency denominated assets (10) 20,947 + 100 - 476 20,999 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,873 + 14 + 492 49,873 Total factors supplying reserve funds 4,116,071 - 14,859 - 378,608 4,106,185 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 Jan 2, 2019 Federal Reserve Banks Jan 2, 2019 Dec 26, 2018 Jan 3, 2018 Currency in circulation (11) 1,719,151 + 6,625 + 101,139 1,720,052 Reverse repurchase agreements (12) 266,620 + 14,677 - 223,386 276,394 Foreign official and international accounts 250,061 + 5,670 + 3,690 256,913 Others 16,558 + 9,006 - 227,077 19,481 Treasury cash holdings 214 + 8 - 2 214 Deposits with F.R. Banks, other than reserve balances 463,176 + 3,084 + 170,470 458,581 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 379,902 + 5,817 + 168,336 382,616 Foreign official 5,244 - 135 - 11 5,244 Other (13) 78,031 - 2,597 + 2,147 70,720 Other liabilities and capital (14) 45,055 + 115 - 2,754 43,610 Total factors, other than reserve balances, absorbing reserve funds 2,494,215 + 24,509 + 45,466 2,498,850 Reserve balances with Federal Reserve Banks 1,621,856 - 39,367 - 424,074 1,607,335 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 Jan 2, 2019 Jan 2, 2019 Dec 26, 2018 Jan 3, 2018 Securities held in custody for foreign official and international accounts 3,388,981 - 7,927 + 33,223 3,383,715 Marketable U.S. Treasury securities (1) 3,015,780 - 7,387 + 588 3,010,531 Federal agency debt and mortgage-backed securities (2) 307,126 - 438 + 44,384 307,113 Other securities (3) 66,075 - 102 - 11,749 66,071 Securities lent to dealers 24,505 + 1,792 - 687 28,728 Overnight facility (4) 24,505 + 1,792 - 687 28,728 U.S. Treasury securities 24,505 + 1,792 - 687 28,728 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, January 2, 2019 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 1 0 0 0 ... 6 U.S. Treasury securities (1) Holdings 2,091 92,622 290,222 958,061 260,887 618,634 2,222,517 Weekly changes - 16,118 + 20,288 - 11,899 - 6,756 - 3,720 + 4 - 18,200 Federal agency debt securities (2) Holdings 0 62 0 0 0 2,347 2,409 Weekly changes 0 + 62 - 62 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 4 218 62,701 1,574,199 1,637,123 Weekly changes 0 0 0 + 4 - 6 + 1 0 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 4,207 0 0 0 0 0 4,207 Reverse repurchase agreements (4) 276,394 0 ... ... ... ... 276,394 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 Jan 2, 2019 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) 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 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 Jan 2, 2019 Wednesday Wednesday consolidation Dec 26, 2018 Jan 3, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,722 - 4 - 173 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,988,645 - 18,490 - 373,421 Securities held outright (1) 3,862,049 - 18,200 - 355,479 U.S. Treasury securities 2,222,517 - 18,200 - 225,691 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,083,586 - 18,210 - 234,818 Notes and bonds, inflation-indexed (2) 116,545 0 + 6,411 Inflation compensation (3) 22,386 + 10 + 2,716 Federal agency debt securities (2) 2,409 0 - 1,982 Mortgage-backed securities (4) 1,637,123 0 - 127,806 Unamortized premiums on securities held outright (5) 140,008 - 249 - 18,632 Unamortized discounts on securities held outright (5) -13,418 + 30 + 728 Repurchase agreements (6) 0 0 0 Loans 6 - 71 - 38 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,713 Items in process of collection (0) 209 - 30 + 40 Bank premises 2,202 - 4 - 1 Central bank liquidity swaps (8) 4,207 0 - 7,860 Foreign currency denominated assets (9) 20,999 + 125 - 441 Other assets (10) 24,158 + 1,147 - 1,769 Total assets (0) 4,058,378 - 17,258 - 385,340 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 Jan 2, 2019 Wednesday Wednesday consolidation Dec 26, 2018 Jan 3, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,672,109 + 3,903 + 100,837 Reverse repurchase agreements (11) 276,394 + 31,574 - 107,596 Deposits (0) 2,065,917 - 51,803 - 375,346 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,607,336 - 53,596 - 587,315 U.S. Treasury, General Account 382,616 + 14,380 + 212,659 Foreign official 5,244 - 947 - 9 Other (12) (0) 70,720 - 11,641 - 682 Deferred availability cash items (0) 349 - 102 + 24 Other liabilities and accrued dividends (13) 4,477 - 803 - 1,004 Total liabilities (0) 4,019,245 - 17,231 - 383,085 Capital accounts Capital paid in 32,308 - 27 + 921 Surplus 6,825 0 - 3,175 Other capital accounts 0 0 0 Total capital 39,133 - 27 - 2,254 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, January 2, 2019 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 38 148 124 236 181 285 26 46 110 195 291 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,988,645 76,179 2,202,038 100,705 113,079 236,032 239,425 213,628 53,102 33,286 62,791 164,929 493,451 Securities held outright (1) 3,862,049 73,761 2,132,150 97,509 109,490 228,541 231,826 206,843 51,417 32,229 60,798 159,695 477,790 U.S. Treasury securities 2,222,517 42,448 1,227,002 56,114 63,009 131,520 133,410 119,033 29,589 18,547 34,988 91,901 274,957 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,222,517 42,448 1,227,002 56,114 63,009 131,520 133,410 119,033 29,589 18,547 34,988 91,901 274,957 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) 140,008 2,674 77,295 3,535 3,969 8,285 8,404 7,499 1,864 1,168 2,204 5,789 17,321 Unamortized discounts on securities held outright (5) -13,418 -256 -7,408 -339 -380 -794 -805 -719 -179 -112 -211 -555 -1,660 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 6 0 0 0 0 0 0 5 0 1 0 0 0 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 209 0 0 0 0 0 208 0 0 1 0 0 0 Bank premises 2,202 110 455 81 118 194 206 193 107 95 232 220 192 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) 20,999 890 6,681 1,188 1,688 4,517 1,208 886 302 96 207 259 3,078 Other assets (10) 24,158 490 12,904 606 702 1,658 1,456 1,271 401 264 444 1,000 2,962 Interdistrict settlement account 0 + 16,923 - 116,558 + 706 + 147 + 1,064 + 43,278 + 9,040 + 9,163 + 3,849 + 1,469 + 14,097 + 16,821 Total assets 4,058,378 95,371 2,112,329 104,232 116,978 245,794 288,350 226,646 63,646 37,944 65,755 181,940 519,393 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, January 2, 2019 (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 1,861,321 58,004 615,425 54,943 88,760 125,753 261,759 121,940 56,081 31,546 49,996 150,885 246,229 Less: Notes held by F.R. Banks 189,212 5,736 55,129 6,566 7,834 12,538 28,226 13,674 5,057 2,536 5,429 17,005 29,481 Federal Reserve notes, net 1,672,109 52,268 560,296 48,376 80,925 113,216 233,533 108,266 51,024 29,010 44,567 133,880 216,748 Reverse repurchase agreements (11) 276,394 5,279 152,591 6,978 7,836 16,356 16,591 14,803 3,680 2,307 4,351 11,429 34,194 Deposits 2,065,917 35,977 1,385,257 46,440 24,904 107,365 35,434 101,611 8,213 6,164 16,335 35,931 262,286 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 1,607,336 35,956 977,465 46,437 24,877 106,865 35,368 53,306 8,206 6,004 14,719 35,855 262,278 U.S. Treasury, General Account 382,616 0 382,616 0 0 0 0 0 0 0 0 0 0 Foreign official 5,244 2 5,217 2 3 9 2 2 1 0 0 0 6 Other (12) 70,720 19 19,959 1 24 491 64 48,303 6 160 1,616 76 1 Deferred availability cash items 349 0 0 0 0 0 211 0 0 138 0 0 0 Earnings remittances due to the U.S. Treasury (13) 172 3 123 -1 -5 -11 22 11 3 4 4 16 3 Other liabilities and accrued dividends 4,305 161 1,651 183 185 499 284 317 135 137 131 211 411 Total liabilities 4,019,245 93,688 2,099,917 101,976 113,846 237,425 286,075 225,007 63,054 37,759 65,389 181,468 513,642 Capital Capital paid in 32,308 1,393 10,260 1,868 2,581 6,895 1,881 1,350 493 154 299 388 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 4,058,378 95,371 2,112,329 104,232 116,978 245,794 288,350 226,646 63,646 37,944 65,755 181,940 519,393 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, January 2, 2019 (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 Jan 2, 2019 Federal Reserve notes outstanding 1,861,321 Less: Notes held by F.R. Banks not subject to collateralization 189,212 Federal Reserve notes to be collateralized 1,672,109 Collateral held against Federal Reserve notes 1,672,109 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,655,873 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,862,049 Less: Face value of securities under reverse repurchase agreements 275,244 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,586,805 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.