FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 17, 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 16, 2019 Federal Reserve Banks Jan 16, 2019 Jan 9, 2019 Jan 17, 2018 Reserve Bank credit 4,015,961 - 866 - 388,161 4,010,725 Securities held outright (1) 3,860,049 - 1,934 - 366,151 3,855,356 U.S. Treasury securities 2,221,749 - 701 - 226,117 2,220,219 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,083,586 0 - 235,360 2,083,586 Notes and bonds, inflation-indexed (2) 116,037 - 508 + 6,655 114,769 Inflation compensation (3) 22,125 - 194 + 2,587 21,863 Federal agency debt securities (2) 2,409 0 - 1,982 2,409 Mortgage-backed securities (4) 1,635,891 - 1,232 - 138,051 1,632,729 Unamortized premiums on securities held outright (5) 139,592 - 264 - 18,863 139,410 Unamortized discounts on securities held outright (5) -13,367 + 31 + 735 -13,354 Repurchase agreements (6) 0 0 0 0 Loans 15 + 8 - 33 15 Primary credit 14 + 7 - 32 12 Secondary credit 0 0 0 0 Seasonal credit 1 + 1 - 2 3 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,715 0 Float -202 - 5 + 47 -108 Central bank liquidity swaps (8) 88 - 587 - 30 88 Other Federal Reserve assets (9) 29,786 + 1,884 - 2,151 29,318 Foreign currency denominated assets (10) 21,087 + 19 - 568 20,997 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,901 + 14 + 490 49,901 Total factors supplying reserve funds 4,103,190 - 833 - 388,238 4,097,864 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 16, 2019 Federal Reserve Banks Jan 16, 2019 Jan 9, 2019 Jan 17, 2018 Currency in circulation (11) 1,706,879 - 8,685 + 96,232 1,705,632 Reverse repurchase agreements (12) 262,233 + 216 + 1,398 255,955 Foreign official and international accounts 260,405 + 1,804 + 22,785 254,639 Others 1,829 - 1,587 - 21,386 1,316 Treasury cash holdings 223 + 8 - 5 235 Deposits with F.R. Banks, other than reserve balances 424,749 - 7,709 + 103,957 466,184 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 351,180 - 5,518 + 123,515 396,414 Foreign official 5,247 - 17 - 6 5,243 Other (13) 68,322 - 2,173 - 19,551 64,527 Other liabilities and capital (14) 44,968 + 1,585 - 4,059 44,357 Total factors, other than reserve balances, absorbing reserve funds 2,439,052 - 14,584 + 197,523 2,472,363 Reserve balances with Federal Reserve Banks 1,664,138 + 13,751 - 585,761 1,625,501 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 16, 2019 Jan 16, 2019 Jan 9, 2019 Jan 17, 2018 Securities held in custody for foreign official and international accounts 3,403,279 + 7,635 + 47,741 3,410,003 Marketable U.S. Treasury securities (1) 3,027,819 + 5,490 + 12,780 3,033,022 Federal agency debt and mortgage-backed securities (2) 307,909 + 758 + 46,090 308,544 Other securities (3) 67,551 + 1,386 - 11,130 68,437 Securities lent to dealers 21,188 - 3,287 + 789 18,086 Overnight facility (4) 21,188 - 3,287 + 789 18,086 U.S. Treasury securities 21,188 - 3,287 + 789 18,086 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 16, 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 13 2 0 0 0 ... 15 U.S. Treasury securities (1) Holdings 14,191 78,611 292,515 955,556 260,811 618,535 2,220,219 Weekly changes + 12,101 - 14,011 + 2,293 - 2,489 - 38 - 50 - 2,193 Federal agency debt securities (2) Holdings 0 62 0 0 0 2,347 2,409 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 4 215 65,268 1,567,241 1,632,729 Weekly changes 0 0 0 - 3 - 358 - 4,034 - 4,394 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 88 0 0 0 0 0 88 Reverse repurchase agreements (4) 255,955 0 ... ... ... ... 255,955 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 16, 2019 Mortgage-backed securities held outright (1) 1,632,729 Commitments to buy mortgage-backed securities (2) 353 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 16, 2019 Wednesday Wednesday consolidation Jan 9, 2019 Jan 17, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,768 + 23 - 148 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,981,427 - 6,926 - 384,559 Securities held outright (1) 3,855,356 - 6,588 - 366,393 U.S. Treasury securities 2,220,219 - 2,193 - 226,790 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,083,586 0 - 236,715 Notes and bonds, inflation-indexed (2) 114,769 - 1,776 + 7,266 Inflation compensation (3) 21,863 - 418 + 2,658 Federal agency debt securities (2) 2,409 0 - 1,982 Mortgage-backed securities (4) 1,632,729 - 4,394 - 137,620 Unamortized premiums on securities held outright (5) 139,410 - 379 - 18,842 Unamortized discounts on securities held outright (5) -13,354 + 33 + 759 Repurchase agreements (6) 0 0 0 Loans 15 + 8 - 83 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,715 Items in process of collection (0) 209 + 20 + 107 Bank premises 2,204 + 2 - 3 Central bank liquidity swaps (8) 88 + 2 - 30 Foreign currency denominated assets (9) 20,997 - 162 - 770 Other assets (10) 27,114 + 522 - 1,984 Total assets (0) 4,050,044 - 6,519 - 389,101 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 16, 2019 Wednesday Wednesday consolidation Jan 9, 2019 Jan 17, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,657,729 - 6,291 + 94,722 Reverse repurchase agreements (11) 255,955 - 4,486 - 4,804 Deposits (0) 2,091,685 + 3,992 - 475,313 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,625,501 - 38,685 - 608,951 U.S. Treasury, General Account 396,414 + 46,971 + 139,694 Foreign official 5,243 - 2 - 10 Other (12) (0) 64,527 - 4,292 - 6,047 Deferred availability cash items (0) 317 - 53 + 70 Other liabilities and accrued dividends (13) 5,223 + 316 - 1,505 Total liabilities (0) 4,010,910 - 6,520 - 386,830 Capital accounts Capital paid in 32,308 0 + 903 Surplus 6,825 0 - 3,175 Other capital accounts 0 0 0 Total capital 39,133 0 - 2,272 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 16, 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 1,768 43 41 152 127 236 194 292 31 47 113 200 293 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,981,427 76,041 2,198,050 100,522 112,874 235,605 238,991 213,238 53,006 33,225 62,677 164,640 492,559 Securities held outright (1) 3,855,356 73,633 2,128,456 97,340 109,301 228,145 231,425 206,485 51,328 32,173 60,692 159,418 476,962 U.S. Treasury securities 2,220,219 42,404 1,225,733 56,056 62,944 131,384 133,273 118,910 29,558 18,528 34,952 91,806 274,672 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,220,219 42,404 1,225,733 56,056 62,944 131,384 133,273 118,910 29,558 18,528 34,952 91,806 274,672 Federal agency debt securities (2) 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298 Mortgage-backed securities (4) 1,632,729 31,183 901,393 41,223 46,288 96,619 98,007 87,445 21,737 13,625 25,703 67,513 201,992 Unamortized premiums on securities held outright (5) 139,410 2,663 76,965 3,520 3,952 8,250 8,368 7,467 1,856 1,163 2,195 5,765 17,247 Unamortized discounts on securities held outright (5) -13,354 -255 -7,372 -337 -379 -790 -802 -715 -178 -111 -210 -552 -1,652 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 15 1 1 0 0 0 0 2 0 0 0 9 2 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 0 0 0 0 Bank premises 2,204 110 456 82 118 195 206 194 106 95 232 221 192 Central bank liquidity swaps (8) 88 4 28 5 7 19 5 4 1 0 1 1 13 Foreign currency denominated assets (9) 20,997 893 6,620 1,192 1,695 4,535 1,213 890 303 96 208 260 3,090 Other assets (10) 27,114 547 14,494 679 784 1,837 1,629 1,425 448 260 487 1,207 3,317 Interdistrict settlement account 0 + 4,121 - 69,059 - 710 + 2,706 + 9,247 + 36,141 - 3,963 + 8,702 + 2,635 + 363 + 9,465 + 352 Total assets 4,050,044 82,319 2,156,075 102,483 119,091 252,859 280,733 213,241 63,081 36,647 64,540 177,180 501,795 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 16, 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 1,863,049 57,900 617,452 54,892 89,129 126,182 261,141 121,832 55,996 31,497 49,902 150,502 246,624 Less: Notes held by F.R. Banks 205,320 6,354 53,886 6,884 9,607 14,684 31,392 15,091 5,637 2,939 6,264 19,098 33,484 Federal Reserve notes, net 1,657,729 51,545 563,566 48,008 79,522 111,498 229,750 106,741 50,359 28,558 43,638 131,404 213,139 Reverse repurchase agreements (11) 255,955 4,888 141,307 6,462 7,256 15,146 15,364 13,708 3,408 2,136 4,029 10,584 31,665 Deposits 2,091,685 24,021 1,436,662 45,551 28,974 117,279 32,781 90,798 8,571 5,495 16,358 34,454 250,742 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 1,625,501 24,006 1,014,771 45,548 28,946 116,946 32,746 47,069 8,564 5,441 16,346 34,384 250,735 U.S. Treasury, General Account 396,414 0 396,414 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) 64,527 14 20,261 1 25 325 32 43,727 6 54 12 69 1 Deferred availability cash items 317 0 0 0 0 0 192 0 0 125 0 0 0 Earnings remittances due to the U.S. Treasury (13) 725 10 421 11 21 5 74 40 14 9 3 52 66 Other liabilities and accrued dividends 4,498 171 1,707 195 186 561 298 315 137 138 145 215 431 Total liabilities 4,010,910 80,636 2,143,663 100,227 115,959 244,490 278,458 211,602 62,489 36,462 64,173 176,708 496,043 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 4,050,044 82,319 2,156,075 102,483 119,091 252,859 280,733 213,241 63,081 36,647 64,540 177,180 501,795 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 16, 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 16, 2019 Federal Reserve notes outstanding 1,863,049 Less: Notes held by F.R. Banks not subject to collateralization 205,320 Federal Reserve notes to be collateralized 1,657,729 Collateral held against Federal Reserve notes 1,657,729 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,641,492 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,855,356 Less: Face value of securities under reverse repurchase agreements 252,968 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,602,388 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.