FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 28, 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 27, 2019 Federal Reserve Banks Feb 27, 2019 Feb 20, 2019 Feb 28, 2018 Reserve Bank credit 3,939,793 - 12,320 - 426,300 3,934,831 Securities held outright (1) 3,795,931 - 9,849 - 404,783 3,792,109 U.S. Treasury securities 2,182,132 - 3,430 - 248,883 2,182,092 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,046,102 - 3,327 - 256,027 2,046,102 Notes and bonds, inflation-indexed (2) 114,769 0 + 5,026 114,769 Inflation compensation (3) 21,261 - 103 + 2,118 21,221 Federal agency debt securities (2) 2,409 0 - 1,982 2,409 Mortgage-backed securities (4) 1,611,390 - 6,419 - 153,918 1,607,609 Unamortized premiums on securities held outright (5) 137,302 - 462 - 19,007 137,099 Unamortized discounts on securities held outright (5) -13,230 + 22 + 863 -13,218 Repurchase agreements (6) 0 0 0 0 Loans 23 + 4 0 12 Primary credit 13 + 8 + 5 3 Secondary credit 0 0 0 0 Seasonal credit 10 - 4 - 4 9 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,710 0 Float -273 - 106 + 98 -897 Central bank liquidity swaps (8) 88 + 20 + 16 88 Other Federal Reserve assets (9) 19,952 - 1,949 - 1,779 19,637 Foreign currency denominated assets (10) 20,780 + 47 - 1,356 20,792 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,874 + 14 + 434 49,874 Total factors supplying reserve funds 4,026,688 - 12,258 - 427,223 4,021,738 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 27, 2019 Federal Reserve Banks Feb 27, 2019 Feb 20, 2019 Feb 28, 2018 Currency in circulation (11) 1,710,884 - 9 + 87,760 1,712,356 Reverse repurchase agreements (12) 253,532 + 4,603 - 1,802 251,348 Foreign official and international accounts 249,700 + 4,580 + 16,872 249,433 Others 3,832 + 22 - 18,674 1,915 Treasury cash holdings 300 + 19 + 5 312 Deposits with F.R. Banks, other than reserve balances 376,293 - 25,926 + 79,144 330,718 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 310,574 - 23,322 + 107,954 266,024 Foreign official 5,244 0 - 10 5,243 Other (13) 60,475 - 2,604 - 28,800 59,451 Other liabilities and capital (14) 44,929 + 885 - 133 44,794 Total factors, other than reserve balances, absorbing reserve funds 2,385,938 - 20,429 + 164,974 2,339,528 Reserve balances with Federal Reserve Banks 1,640,750 + 8,170 - 592,197 1,682,210 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 27, 2019 Feb 27, 2019 Feb 20, 2019 Feb 28, 2018 Securities held in custody for foreign official and international accounts 3,442,315 + 10,428 + 23,983 3,452,721 Marketable U.S. Treasury securities (1) 3,046,954 + 10,404 - 27,451 3,057,282 Federal agency debt and mortgage-backed securities (2) 324,007 - 681 + 60,535 323,824 Other securities (3) 71,353 + 704 - 9,102 71,615 Securities lent to dealers 22,568 - 274 - 3,917 21,030 Overnight facility (4) 22,568 - 274 - 3,917 21,030 U.S. Treasury securities 22,568 - 274 - 3,917 21,030 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, February 27, 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 12 0 0 0 0 ... 12 U.S. Treasury securities (1) Holdings 12,529 92,780 274,117 930,742 254,779 617,145 2,182,092 Weekly changes 0 0 - 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 4 204 63,771 1,543,631 1,607,609 Weekly changes 0 0 0 - 8 - 788 - 5,744 - 6,541 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 88 0 0 0 0 0 88 Reverse repurchase agreements (4) 251,348 0 ... ... ... ... 251,348 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 27, 2019 Mortgage-backed securities held outright (1) 1,607,609 Commitments to buy mortgage-backed securities (2) 286 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 27, 2019 Wednesday Wednesday consolidation Feb 20, 2019 Feb 28, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,782 - 16 - 137 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,916,003 - 7,072 - 414,544 Securities held outright (1) 3,792,109 - 6,650 - 396,495 U.S. Treasury securities 2,182,092 - 109 - 242,150 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,046,102 0 - 247,783 Notes and bonds, inflation-indexed (2) 114,769 0 + 3,549 Inflation compensation (3) 21,221 - 109 + 2,084 Federal agency debt securities (2) 2,409 0 - 1,982 Mortgage-backed securities (4) 1,607,609 - 6,541 - 152,363 Unamortized premiums on securities held outright (5) 137,099 - 445 - 18,945 Unamortized discounts on securities held outright (5) -13,218 + 32 + 910 Repurchase agreements (6) 0 0 0 Loans 12 - 11 - 15 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,708 Items in process of collection (0) 52 - 22 - 47 Bank premises 2,205 + 2 - 1 Central bank liquidity swaps (8) 88 + 20 + 16 Foreign currency denominated assets (9) 20,792 - 15 - 1,297 Other assets (10) 17,432 + 274 - 1,091 Total assets (0) 3,974,590 - 6,830 - 418,811 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 27, 2019 Wednesday Wednesday consolidation Feb 20, 2019 Feb 28, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,664,572 + 303 + 84,587 Reverse repurchase agreements (11) 251,348 - 3,831 - 26,110 Deposits (0) 2,012,928 - 4,842 - 477,067 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,682,210 + 62,465 - 526,098 U.S. Treasury, General Account 266,024 - 64,979 + 66,634 Foreign official 5,243 0 - 12 Other (12) (0) 59,451 - 2,328 - 17,592 Deferred availability cash items (0) 948 + 684 + 42 Other liabilities and accrued dividends (13) 5,634 + 851 - 259 Total liabilities (0) 3,935,431 - 6,834 - 418,806 Capital accounts Capital paid in 32,335 + 5 + 671 Surplus 6,825 0 - 675 Other capital accounts 0 0 0 Total capital 39,160 + 5 - 4 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 27, 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 1,782 48 50 154 122 234 188 294 33 46 114 197 301 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,916,003 74,791 2,161,930 98,871 111,020 231,733 235,064 209,740 52,135 32,682 61,647 161,925 484,464 Securities held outright (1) 3,792,109 72,425 2,093,538 95,743 107,508 224,402 227,628 203,097 50,486 31,645 59,697 156,803 469,137 U.S. Treasury securities 2,182,092 41,676 1,204,684 55,093 61,863 129,128 130,984 116,868 29,051 18,210 34,351 90,229 269,956 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,182,092 41,676 1,204,684 55,093 61,863 129,128 130,984 116,868 29,051 18,210 34,351 90,229 269,956 Federal agency debt securities (2) 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298 Mortgage-backed securities (4) 1,607,609 30,704 887,525 40,589 45,576 95,132 96,500 86,100 21,403 13,415 25,308 66,474 198,884 Unamortized premiums on securities held outright (5) 137,099 2,618 75,689 3,461 3,887 8,113 8,230 7,343 1,825 1,144 2,158 5,669 16,961 Unamortized discounts on securities held outright (5) -13,218 -252 -7,297 -334 -375 -782 -793 -708 -176 -110 -208 -547 -1,635 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 12 0 0 0 0 0 0 8 0 3 0 0 1 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 52 0 0 0 0 0 51 0 0 0 0 0 0 Bank premises 2,205 107 461 81 119 194 206 193 106 95 231 220 192 Central bank liquidity swaps (8) 88 4 28 5 7 19 5 4 1 0 1 1 13 Foreign currency denominated assets (9) 20,792 885 6,556 1,181 1,678 4,491 1,201 881 300 95 206 257 3,060 Other assets (10) 17,432 351 9,001 431 494 1,267 1,032 897 490 186 329 850 2,104 Interdistrict settlement account 0 + 6,781 - 145,083 + 4,453 + 10,579 + 13,217 + 45,466 + 2,292 + 11,915 + 7,029 - 475 + 22,351 + 21,476 Total assets 3,974,590 83,527 2,038,387 105,736 124,800 252,339 285,359 215,464 65,463 40,423 62,513 186,990 513,588 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 27, 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 1,870,289 57,528 617,961 54,639 89,301 125,889 260,873 121,329 55,705 31,298 49,644 154,769 251,354 Less: Notes held by F.R. Banks 205,716 6,672 55,778 7,291 9,900 14,583 32,595 14,306 4,814 3,067 6,603 17,835 32,273 Federal Reserve notes, net 1,664,572 50,856 562,183 47,348 79,401 111,307 228,278 107,022 50,891 28,230 43,041 136,934 219,081 Reverse repurchase agreements (11) 251,348 4,800 138,764 6,346 7,126 14,874 15,088 13,462 3,346 2,097 3,957 10,393 31,095 Deposits 2,012,928 25,992 1,322,551 49,560 34,925 117,215 39,277 92,987 10,485 8,863 14,992 38,921 257,158 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 1,682,210 25,977 1,032,270 49,557 34,901 116,883 39,242 53,184 10,474 8,812 14,970 38,789 257,151 U.S. Treasury, General Account 266,024 0 266,024 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) 59,451 14 19,042 1 21 324 34 39,801 11 51 21 132 2 Deferred availability cash items 948 0 0 0 0 0 53 0 0 895 0 0 0 Earnings remittances due to the U.S. Treasury (13) 793 18 418 14 28 31 78 37 5 9 20 52 85 Other liabilities and accrued dividends 4,841 173 2,028 204 192 560 296 318 126 141 138 216 448 Total liabilities 3,935,431 81,839 2,025,943 103,472 121,671 243,988 283,070 213,826 64,853 40,236 62,148 186,516 507,868 Capital Capital paid in 32,335 1,394 10,278 1,869 2,583 6,896 1,892 1,354 507 154 299 390 4,718 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 3,974,590 83,527 2,038,387 105,736 124,800 252,339 285,359 215,464 65,463 40,423 62,513 186,990 513,588 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 27, 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 27, 2019 Federal Reserve notes outstanding 1,870,289 Less: Notes held by F.R. Banks not subject to collateralization 205,716 Federal Reserve notes to be collateralized 1,664,572 Collateral held against Federal Reserve notes 1,664,572 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,648,335 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,792,109 Less: Face value of securities under reverse repurchase agreements 251,341 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,540,768 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.