FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 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 Mar 13, 2019 Federal Reserve Banks Mar 13, 2019 Mar 6, 2019 Mar 14, 2018 Reserve Bank credit 3,931,692 + 2,450 - 427,729 3,932,640 Securities held outright (1) 3,785,498 + 82 - 405,843 3,785,655 U.S. Treasury securities 2,175,457 + 58 - 249,047 2,175,479 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,039,011 0 - 254,874 2,039,011 Notes and bonds, inflation-indexed (2) 115,154 0 + 3,934 115,154 Inflation compensation (3) 21,293 + 59 + 1,894 21,314 Federal agency debt securities (2) 2,409 0 - 1,982 2,409 Mortgage-backed securities (4) 1,607,631 + 22 - 154,815 1,607,767 Unamortized premiums on securities held outright (5) 136,742 - 203 - 18,938 136,656 Unamortized discounts on securities held outright (5) -13,195 + 28 + 890 -13,184 Repurchase agreements (6) 0 0 0 0 Loans 11 - 1 + 1 11 Primary credit 3 - 3 + 1 0 Secondary credit 0 0 0 0 Seasonal credit 9 + 3 0 10 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,708 0 Float -157 + 176 + 32 -172 Central bank liquidity swaps (8) 67 + 2 + 3 67 Other Federal Reserve assets (9) 22,726 + 2,365 - 2,166 23,607 Foreign currency denominated assets (10) 20,635 - 84 - 1,587 20,701 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,867 + 14 + 396 49,867 Total factors supplying reserve funds 4,018,435 + 2,379 - 428,920 4,019,449 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 Mar 13, 2019 Federal Reserve Banks Mar 13, 2019 Mar 6, 2019 Mar 14, 2018 Currency in circulation (11) 1,719,913 + 5,117 + 86,638 1,721,355 Reverse repurchase agreements (12) 236,914 - 13,186 + 10,587 239,483 Foreign official and international accounts 236,796 - 10,788 + 14,125 239,467 Others 118 - 2,398 - 3,538 16 Treasury cash holdings 331 + 16 + 15 335 Deposits with F.R. Banks, other than reserve balances 311,745 + 26,922 - 24,617 305,760 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 245,972 + 25,927 - 3,957 238,381 Foreign official 5,243 - 1 - 11 5,243 Other (13) 60,529 + 995 - 20,649 62,135 Other liabilities and capital (14) 45,585 + 1,177 - 661 45,391 Total factors, other than reserve balances, absorbing reserve funds 2,314,488 + 20,046 + 71,962 2,312,324 Reserve balances with Federal Reserve Banks 1,703,948 - 17,666 - 500,881 1,707,125 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 Mar 13, 2019 Mar 13, 2019 Mar 6, 2019 Mar 14, 2018 Securities held in custody for foreign official and international accounts 3,472,172 + 6,219 + 19,966 3,473,058 Marketable U.S. Treasury securities (1) 3,076,067 + 5,445 - 32,995 3,075,526 Federal agency debt and mortgage-backed securities (2) 324,252 + 533 + 61,760 325,743 Other securities (3) 71,854 + 242 - 8,798 71,789 Securities lent to dealers 23,657 - 2,823 - 778 23,309 Overnight facility (4) 23,657 - 2,823 - 778 23,309 U.S. Treasury securities 23,657 - 2,823 - 778 23,309 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, March 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 0 10 0 0 0 ... 11 U.S. Treasury securities (1) Holdings 0 112,837 270,527 922,071 252,470 617,574 2,175,479 Weekly changes 0 0 + 1 + 8 + 21 + 28 + 59 Federal agency debt securities (2) Holdings 62 0 0 0 0 2,347 2,409 Weekly changes + 62 - 62 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 8 211 73,989 1,533,559 1,607,767 Weekly changes 0 0 0 0 0 + 158 + 158 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 67 0 0 0 0 0 67 Reverse repurchase agreements (4) 239,483 0 ... ... ... ... 239,483 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 Mar 13, 2019 Mortgage-backed securities held outright (1) 1,607,767 Commitments to buy mortgage-backed securities (2) 257 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 Mar 13, 2019 Wednesday Wednesday consolidation Mar 6, 2019 Mar 14, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,763 - 7 - 114 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,909,137 + 49 - 430,013 Securities held outright (1) 3,785,655 + 217 - 411,886 U.S. Treasury securities 2,175,479 + 59 - 249,083 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,039,011 0 - 254,874 Notes and bonds, inflation-indexed (2) 115,154 0 + 3,934 Inflation compensation (3) 21,314 + 59 + 1,857 Federal agency debt securities (2) 2,409 0 - 1,982 Mortgage-backed securities (4) 1,607,767 + 158 - 160,821 Unamortized premiums on securities held outright (5) 136,656 - 200 - 19,018 Unamortized discounts on securities held outright (5) -13,184 + 29 + 896 Repurchase agreements (6) 0 0 0 Loans 11 + 5 - 4 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,708 Items in process of collection (0) 48 - 16 - 26 Bank premises 2,202 + 3 + 6 Central bank liquidity swaps (8) 67 + 2 + 3 Foreign currency denominated assets (9) 20,701 + 22 - 1,575 Other assets (10) 21,405 + 2,372 - 2,270 Total assets (0) 3,971,559 + 2,425 - 435,699 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 Mar 13, 2019 Wednesday Wednesday consolidation Mar 6, 2019 Mar 14, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,673,581 + 1,928 + 85,921 Reverse repurchase agreements (11) 239,483 + 2,351 + 2,204 Deposits (0) 2,012,885 - 2,392 - 523,380 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,707,125 - 29,422 - 483,018 U.S. Treasury, General Account 238,381 + 24,770 + 2,221 Foreign official 5,243 - 1 - 11 Other (12) (0) 62,135 + 2,261 - 42,572 Deferred availability cash items (0) 219 - 439 - 135 Other liabilities and accrued dividends (13) 6,156 + 930 - 385 Total liabilities (0) 3,932,324 + 2,378 - 435,774 Capital accounts Capital paid in 32,411 + 48 + 751 Surplus 6,825 0 - 675 Other capital accounts 0 0 0 Total capital 39,236 + 48 + 76 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, March 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 1,763 47 49 154 118 233 183 293 28 47 112 197 301 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,909,137 74,660 2,158,141 98,697 110,825 231,327 234,652 209,372 52,043 32,624 61,539 161,642 483,614 Securities held outright (1) 3,785,655 72,302 2,089,975 95,580 107,325 224,020 227,241 202,751 50,400 31,591 59,595 156,536 468,339 U.S. Treasury securities 2,175,479 41,549 1,201,033 54,926 61,676 128,736 130,587 116,514 28,963 18,154 34,247 89,956 269,137 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,175,479 41,549 1,201,033 54,926 61,676 128,736 130,587 116,514 28,963 18,154 34,247 89,956 269,137 Federal agency debt securities (2) 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298 Mortgage-backed securities (4) 1,607,767 30,707 887,612 40,593 45,581 95,141 96,509 86,109 21,405 13,417 25,310 66,481 198,903 Unamortized premiums on securities held outright (5) 136,656 2,610 75,445 3,450 3,874 8,087 8,203 7,319 1,819 1,140 2,151 5,651 16,906 Unamortized discounts on securities held outright (5) -13,184 -252 -7,279 -333 -374 -780 -791 -706 -176 -110 -208 -545 -1,631 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 11 0 0 0 0 0 0 8 0 3 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 48 0 0 0 0 0 47 0 0 0 0 0 0 Bank premises 2,202 109 456 81 119 194 207 192 106 95 230 221 192 Central bank liquidity swaps (8) 67 3 21 4 5 14 4 3 1 0 1 1 10 Foreign currency denominated assets (9) 20,701 881 6,527 1,176 1,671 4,472 1,196 877 299 95 205 256 3,047 Other assets (10) 21,405 427 11,241 533 611 1,484 1,276 1,111 554 239 400 927 2,603 Interdistrict settlement account 0 + 6,180 - 178,053 + 7,878 + 13,537 + 8,195 + 48,516 + 2,874 + 11,666 + 5,027 + 795 + 27,303 + 46,082 Total assets 3,971,559 82,866 2,003,825 109,083 127,668 247,104 288,226 215,886 65,181 38,416 63,743 191,734 537,828 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, March 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 1,870,563 57,464 618,969 54,551 89,473 126,101 260,565 121,183 55,639 31,266 49,583 154,820 250,949 Less: Notes held by F.R. Banks 196,982 6,142 54,233 7,222 9,341 14,073 31,501 13,637 4,630 2,924 6,363 16,975 29,941 Federal Reserve notes, net 1,673,581 51,322 564,736 47,329 80,131 112,028 229,064 107,546 51,010 28,342 43,221 137,845 221,008 Reverse repurchase agreements (11) 239,483 4,574 132,213 6,046 6,789 14,172 14,375 12,826 3,188 1,998 3,770 9,903 29,627 Deposits 2,012,885 25,083 1,291,672 53,207 37,372 111,913 42,040 93,497 10,218 7,568 16,220 43,224 280,871 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 1,707,125 25,073 1,027,546 53,204 37,344 111,540 42,005 52,519 10,209 7,515 16,206 43,100 280,863 U.S. Treasury, General Account 238,381 0 238,381 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) 62,135 8 20,529 1 24 364 33 40,977 8 53 14 123 2 Deferred availability cash items 219 0 0 0 0 0 52 0 0 168 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,212 24 650 26 39 74 101 62 20 12 20 61 122 Other liabilities and accrued dividends 4,944 175 2,066 211 205 538 304 315 133 142 149 228 477 Total liabilities 3,932,324 81,179 1,991,337 106,819 124,537 238,724 285,937 214,247 64,569 38,230 63,380 191,261 532,105 Capital Capital paid in 32,411 1,394 10,323 1,869 2,586 6,925 1,892 1,354 507 154 297 388 4,721 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 3,971,559 82,866 2,003,825 109,083 127,668 247,104 288,226 215,886 65,181 38,416 63,743 191,734 537,828 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, March 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 Mar 13, 2019 Federal Reserve notes outstanding 1,870,563 Less: Notes held by F.R. Banks not subject to collateralization 196,982 Federal Reserve notes to be collateralized 1,673,581 Collateral held against Federal Reserve notes 1,673,581 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,657,344 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,785,655 Less: Face value of securities under reverse repurchase agreements 239,192 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,546,462 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.