FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 14, 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 Feb 13, 2019 Federal Reserve Banks Feb 13, 2019 Feb 6, 2019 Feb 14, 2018 Reserve Bank credit 3,988,586 + 2,253 - 396,487 3,989,473 Securities held outright (1) 3,829,883 - 88 - 374,619 3,829,969 U.S. Treasury securities 2,205,644 - 109 - 230,536 2,205,604 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,069,396 0 - 238,195 2,069,396 Notes and bonds, inflation-indexed (2) 114,769 0 + 5,356 114,769 Inflation compensation (3) 21,479 - 109 + 2,304 21,439 Federal agency debt securities (2) 2,409 0 - 1,982 2,409 Mortgage-backed securities (4) 1,621,830 + 21 - 142,101 1,621,956 Unamortized premiums on securities held outright (5) 138,154 - 221 - 18,842 138,063 Unamortized discounts on securities held outright (5) -13,238 + 31 + 807 -13,226 Repurchase agreements (6) 0 0 0 0 Loans 20 + 5 + 2 18 Primary credit 6 + 2 + 3 3 Secondary credit 0 0 0 0 Seasonal credit 14 + 4 - 1 15 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,715 0 Float -122 + 121 + 34 -145 Central bank liquidity swaps (8) 71 + 5 + 9 71 Other Federal Reserve assets (9) 33,818 + 2,400 - 2,163 34,723 Foreign currency denominated assets (10) 20,796 - 193 - 1,223 20,708 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,846 + 14 + 406 49,846 Total factors supplying reserve funds 4,075,469 + 2,075 - 397,304 4,076,268 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 Feb 13, 2019 Federal Reserve Banks Feb 13, 2019 Feb 6, 2019 Feb 14, 2018 Currency in circulation (11) 1,706,126 + 2,719 + 92,485 1,709,649 Reverse repurchase agreements (12) 249,176 - 7,791 - 16,977 246,265 Foreign official and international accounts 247,215 - 8,156 + 17,527 244,568 Others 1,961 + 365 - 34,505 1,697 Treasury cash holdings 268 + 8 - 6 278 Deposits with F.R. Banks, other than reserve balances 425,470 + 4,956 + 134,698 441,077 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 359,109 + 6,734 + 161,428 375,119 Foreign official 5,244 0 - 12 5,244 Other (13) 61,118 - 1,778 - 26,717 60,714 Other liabilities and capital (14) 44,455 + 763 - 3,550 44,582 Total factors, other than reserve balances, absorbing reserve funds 2,425,496 + 655 + 206,651 2,441,851 Reserve balances with Federal Reserve Banks 1,649,973 + 1,420 - 603,956 1,634,417 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 Feb 13, 2019 Feb 13, 2019 Feb 6, 2019 Feb 14, 2018 Securities held in custody for foreign official and international accounts 3,426,818 - 99 + 28,152 3,433,576 Marketable U.S. Treasury securities (1) 3,036,211 - 914 - 20,737 3,037,766 Federal agency debt and mortgage-backed securities (2) 320,127 + 882 + 57,604 325,160 Other securities (3) 70,480 - 66 - 8,715 70,650 Securities lent to dealers 18,665 - 3,787 - 9,790 18,131 Overnight facility (4) 18,665 - 3,787 - 9,790 18,131 U.S. Treasury securities 18,665 - 3,787 - 9,790 18,131 Federal agency debt securities 0 0 - 1 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, February 13, 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 3 15 0 0 0 ... 18 U.S. Treasury securities (1) Holdings 56,052 54,305 275,447 942,588 259,274 617,938 2,205,604 Weekly changes + 12,529 - 12,529 - 1 - 15 - 40 - 52 - 109 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 64,907 1,556,830 1,621,956 Weekly changes 0 0 0 0 0 + 147 + 147 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 71 0 0 0 0 0 71 Reverse repurchase agreements (4) 246,265 0 ... ... ... ... 246,265 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 Feb 13, 2019 Mortgage-backed securities held outright (1) 1,621,956 Commitments to buy mortgage-backed securities (2) 279 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 Feb 13, 2019 Wednesday Wednesday consolidation Feb 6, 2019 Feb 14, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,809 - 2 - 145 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,954,823 - 147 - 400,744 Securities held outright (1) 3,829,969 + 39 - 382,522 U.S. Treasury securities 2,205,604 - 109 - 230,569 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,069,396 0 - 238,195 Notes and bonds, inflation-indexed (2) 114,769 0 + 5,356 Inflation compensation (3) 21,439 - 109 + 2,271 Federal agency debt securities (2) 2,409 0 - 1,982 Mortgage-backed securities (4) 1,621,956 + 147 - 149,971 Unamortized premiums on securities held outright (5) 138,063 - 218 - 19,032 Unamortized discounts on securities held outright (5) -13,226 + 32 + 810 Repurchase agreements (6) 0 0 0 Loans 18 + 2 + 1 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,715 Items in process of collection (0) 60 - 6 - 40 Bank premises 2,201 + 2 - 1 Central bank liquidity swaps (8) 71 + 5 + 9 Foreign currency denominated assets (9) 20,708 - 186 - 1,540 Other assets (10) 32,523 + 2,415 - 2,253 Total assets (0) 4,028,431 + 2,081 - 406,432 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 Feb 13, 2019 Wednesday Wednesday consolidation Feb 6, 2019 Feb 14, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,661,886 + 4,275 + 92,849 Reverse repurchase agreements (11) 246,265 - 1,965 - 22,135 Deposits (0) 2,075,494 - 1,169 - 473,751 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,634,417 - 24,446 - 621,550 U.S. Treasury, General Account 375,119 + 21,223 + 194,274 Foreign official 5,244 0 - 10 Other (12) (0) 60,714 + 2,054 - 46,464 Deferred availability cash items (0) 205 - 52 - 18 Other liabilities and accrued dividends (13) 5,421 + 983 - 964 Total liabilities (0) 3,989,271 + 2,071 - 404,019 Capital accounts Capital paid in 32,336 + 10 + 763 Surplus 6,825 0 - 3,175 Other capital accounts 0 0 0 Total capital 39,161 + 10 - 2,412 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, February 13, 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 1,809 49 51 156 125 237 196 293 32 47 115 203 305 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,954,823 75,533 2,183,359 99,851 112,120 234,030 237,394 211,822 52,652 33,009 62,259 163,530 489,265 Securities held outright (1) 3,829,969 73,148 2,114,440 96,699 108,581 226,643 229,901 205,125 50,990 31,961 60,293 158,368 473,821 U.S. Treasury securities 2,205,604 42,125 1,217,664 55,687 62,530 130,519 132,395 118,127 29,364 18,406 34,721 91,201 272,864 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,205,604 42,125 1,217,664 55,687 62,530 130,519 132,395 118,127 29,364 18,406 34,721 91,201 272,864 Federal agency debt securities (2) 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298 Mortgage-backed securities (4) 1,621,956 30,978 895,445 40,951 45,983 95,981 97,361 86,868 21,594 13,535 25,533 67,068 200,659 Unamortized premiums on securities held outright (5) 138,063 2,637 76,221 3,486 3,914 8,170 8,287 7,394 1,838 1,152 2,173 5,709 17,080 Unamortized discounts on securities held outright (5) -13,226 -253 -7,302 -334 -375 -783 -794 -708 -176 -110 -208 -547 -1,636 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 18 0 0 0 0 0 0 11 0 6 1 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 60 0 0 0 0 0 60 0 0 0 0 0 0 Bank premises 2,201 109 455 81 118 195 207 193 106 95 231 220 192 Central bank liquidity swaps (8) 71 3 22 4 6 15 4 3 1 0 1 1 10 Foreign currency denominated assets (9) 20,708 881 6,530 1,176 1,671 4,473 1,196 878 299 95 205 256 3,048 Other assets (10) 32,523 648 17,439 815 938 2,149 1,949 1,709 539 345 593 1,417 3,982 Interdistrict settlement account 0 + 3,815 - 60,410 - 3,194 + 9,669 - 2,076 + 35,195 - 7,492 + 9,184 + 2,501 - 1,859 + 15,501 - 835 Total assets 4,028,431 81,597 2,152,890 99,449 125,428 240,207 278,347 208,568 63,296 36,382 62,005 182,316 497,947 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, February 13, 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 1,869,117 57,643 618,964 54,761 89,338 125,920 260,501 121,592 55,817 31,379 49,728 153,602 249,871 Less: Notes held by F.R. Banks 207,231 6,471 54,885 7,664 9,986 14,867 33,210 14,564 5,232 3,142 6,366 18,345 32,498 Federal Reserve notes, net 1,661,886 51,172 564,079 47,096 79,353 111,052 227,291 107,028 50,585 28,237 43,363 135,257 217,373 Reverse repurchase agreements (11) 246,265 4,703 135,957 6,218 6,982 14,573 14,782 13,189 3,279 2,055 3,877 10,183 30,466 Deposits 2,075,494 23,861 1,437,986 43,678 35,776 105,703 33,578 86,362 8,681 5,606 14,245 36,139 243,879 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 1,634,417 23,846 1,039,941 43,675 35,744 105,177 33,523 44,153 8,671 5,553 14,234 36,031 243,871 U.S. Treasury, General Account 375,119 0 375,119 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) 60,714 14 17,710 1 29 518 52 42,208 10 52 11 108 2 Deferred availability cash items 205 0 0 0 0 0 57 0 0 148 0 0 0 Earnings remittances due to the U.S. Treasury (13) 668 0 436 1 2 5 62 33 10 8 12 47 52 Other liabilities and accrued dividends 4,753 173 2,005 194 187 522 287 317 131 142 144 218 433 Total liabilities 3,989,271 79,910 2,140,463 97,186 122,300 231,856 276,058 206,929 62,686 36,195 61,640 181,844 492,203 Capital Capital paid in 32,336 1,394 10,261 1,868 2,583 6,896 1,892 1,353 506 154 299 388 4,742 Surplus 6,825 294 2,166 394 545 1,455 397 285 104 32 66 84 1,002 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,028,431 81,597 2,152,890 99,449 125,428 240,207 278,347 208,568 63,296 36,382 62,005 182,316 497,947 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, February 13, 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 Feb 13, 2019 Federal Reserve notes outstanding 1,869,117 Less: Notes held by F.R. Banks not subject to collateralization 207,231 Federal Reserve notes to be collateralized 1,661,886 Collateral held against Federal Reserve notes 1,661,886 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,645,649 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,829,969 Less: Face value of securities under reverse repurchase agreements 244,770 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,585,199 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.