FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 4, 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 Apr 3, 2019 Federal Reserve Banks Apr 3, 2019 Mar 27, 2019 Apr 4, 2018 Reserve Bank credit 3,908,872 - 12,447 - 442,941 3,896,410 Securities held outright (1) 3,761,121 - 13,476 - 417,466 3,748,378 U.S. Treasury securities 2,166,052 - 9,523 - 253,776 2,153,308 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,029,420 - 9,591 - 259,322 2,016,632 Notes and bonds, inflation-indexed (2) 115,154 0 + 3,934 115,154 Inflation compensation (3) 21,478 + 68 + 1,612 21,523 Federal agency debt securities (2) 2,347 - 53 - 2,044 2,347 Mortgage-backed securities (4) 1,592,723 - 3,900 - 161,645 1,592,723 Unamortized premiums on securities held outright (5) 135,554 - 350 - 18,839 135,468 Unamortized discounts on securities held outright (5) -13,104 + 30 + 906 -13,093 Repurchase agreements (6) 0 0 0 0 Loans 58 + 43 + 29 11 Primary credit 51 + 43 + 41 3 Secondary credit 0 0 0 0 Seasonal credit 7 0 - 12 8 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,708 0 Float -579 - 403 - 47 -490 Central bank liquidity swaps (8) 1,365 + 1,299 - 3,646 1,365 Other Federal Reserve assets (9) 24,456 + 410 - 2,170 24,771 Foreign currency denominated assets (10) 20,643 - 122 - 1,626 20,606 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,909 + 14 + 392 49,909 Total factors supplying reserve funds 3,995,666 - 12,555 - 444,174 3,983,167 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 Apr 3, 2019 Federal Reserve Banks Apr 3, 2019 Mar 27, 2019 Apr 4, 2018 Currency in circulation (11) 1,724,790 + 2,962 + 87,071 1,727,490 Reverse repurchase agreements (12) 250,307 + 8,454 - 19,756 249,365 Foreign official and international accounts 249,914 + 10,393 + 938 249,349 Others 393 - 1,938 - 20,694 16 Treasury cash holdings 336 + 2 + 17 336 Deposits with F.R. Banks, other than reserve balances 375,454 - 1,023 - 17,600 330,868 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 310,188 - 680 + 6,272 270,470 Foreign official 5,243 0 - 12 5,243 Other (13) 60,024 - 342 - 23,859 55,155 Other liabilities and capital (14) 44,380 - 1,067 - 259 44,120 Total factors, other than reserve balances, absorbing reserve funds 2,395,268 + 9,329 + 49,473 2,352,180 Reserve balances with Federal Reserve Banks 1,600,398 - 21,884 - 493,647 1,630,987 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 Apr 3, 2019 Apr 3, 2019 Mar 27, 2019 Apr 4, 2018 Securities held in custody for foreign official and international accounts 3,459,775 - 10,322 + 21,938 3,463,341 Marketable U.S. Treasury securities (1) 3,062,186 - 9,735 - 21,954 3,067,283 Federal agency debt and mortgage-backed securities (2) 325,719 - 206 + 51,614 325,721 Other securities (3) 71,870 - 381 - 7,722 70,337 Securities lent to dealers 28,951 + 4,413 + 2,033 26,193 Overnight facility (4) 28,951 + 4,413 + 2,033 26,193 U.S. Treasury securities 28,951 + 4,413 + 2,033 26,193 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, April 3, 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 8 0 0 0 ... 11 U.S. Treasury securities (1) Holdings 180 111,741 265,650 908,908 249,157 617,673 2,153,308 Weekly changes - 22,199 + 21,283 - 4,878 - 13,180 - 3,356 + 43 - 22,288 Federal agency debt securities (2) Holdings 0 0 0 0 0 2,347 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 10 262 72,647 1,519,804 1,592,723 Weekly changes 0 0 + 3 + 62 - 65 + 1 0 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 1,365 0 0 0 0 0 1,365 Reverse repurchase agreements (4) 249,365 0 ... ... ... ... 249,365 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 Apr 3, 2019 Mortgage-backed securities held outright (1) 1,592,723 Commitments to buy mortgage-backed securities (2) 387 Commitments to sell mortgage-backed securities (2) 20 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 Apr 3, 2019 Wednesday Wednesday consolidation Mar 27, 2019 Apr 4, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,719 - 10 - 103 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,870,764 - 22,511 - 441,291 Securities held outright (1) 3,748,378 - 22,288 - 423,412 U.S. Treasury securities 2,153,308 - 22,288 - 259,723 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,016,632 - 22,379 - 265,253 Notes and bonds, inflation-indexed (2) 115,154 0 + 3,934 Inflation compensation (3) 21,523 + 92 + 1,597 Federal agency debt securities (2) 2,347 0 - 2,044 Mortgage-backed securities (4) 1,592,723 0 - 161,645 Unamortized premiums on securities held outright (5) 135,468 - 237 - 18,811 Unamortized discounts on securities held outright (5) -13,093 + 29 + 945 Repurchase agreements (6) 0 0 0 Loans 11 - 16 - 13 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,708 Items in process of collection (0) 46 - 12 - 29 Bank premises 2,199 - 8 + 1 Central bank liquidity swaps (8) 1,365 + 1,299 - 3,646 Foreign currency denominated assets (9) 20,606 - 94 - 1,560 Other assets (10) 22,572 + 1,225 - 2,259 Total assets (0) 3,935,509 - 20,108 - 450,595 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 Apr 3, 2019 Wednesday Wednesday consolidation Mar 27, 2019 Apr 4, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,679,632 + 3,713 + 86,463 Reverse repurchase agreements (11) 249,365 + 7,765 - 15,892 Deposits (0) 1,961,855 - 30,611 - 521,167 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,630,987 - 1,801 - 467,744 U.S. Treasury, General Account 270,470 - 25,123 - 30,134 Foreign official 5,243 0 - 11 Other (12) (0) 55,155 - 3,687 - 23,279 Deferred availability cash items (0) 537 + 128 + 84 Other liabilities and accrued dividends (13) 4,782 - 1,097 - 224 Total liabilities (0) 3,896,170 - 20,102 - 450,738 Capital accounts Capital paid in 32,514 - 6 + 818 Surplus 6,825 0 - 675 Other capital accounts 0 0 0 Total capital 39,339 - 6 + 143 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, April 3, 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 1,719 46 44 152 112 224 178 289 28 48 111 193 293 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,870,764 73,927 2,136,956 97,728 109,737 229,056 232,352 207,317 51,533 32,302 60,935 160,055 478,867 Securities held outright (1) 3,748,378 71,590 2,069,395 94,639 106,268 221,815 225,003 200,755 49,903 31,280 59,008 154,995 463,727 U.S. Treasury securities 2,153,308 41,126 1,188,793 54,367 61,047 127,424 129,256 115,327 28,668 17,969 33,898 89,039 266,395 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,153,308 41,126 1,188,793 54,367 61,047 127,424 129,256 115,327 28,668 17,969 33,898 89,039 266,395 Federal agency debt securities (2) 2,347 45 1,296 59 67 139 141 126 31 20 37 97 290 Mortgage-backed securities (4) 1,592,723 30,419 879,306 40,213 45,154 94,251 95,606 85,303 21,204 13,291 25,073 65,859 197,042 Unamortized premiums on securities held outright (5) 135,468 2,587 74,789 3,420 3,841 8,016 8,132 7,255 1,804 1,130 2,133 5,602 16,759 Unamortized discounts on securities held outright (5) -13,093 -250 -7,229 -331 -371 -775 -786 -701 -174 -109 -206 -541 -1,620 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 11 0 0 0 0 0 3 8 0 0 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 46 0 0 0 0 0 46 0 0 0 0 0 0 Bank premises 2,199 108 458 80 118 193 208 191 105 95 230 221 191 Central bank liquidity swaps (8) 1,365 59 433 79 109 291 79 57 21 6 13 17 200 Foreign currency denominated assets (9) 20,606 887 6,541 1,190 1,645 4,393 1,198 860 314 98 199 255 3,025 Other assets (10) 22,572 457 12,006 569 654 1,567 1,359 1,186 376 251 424 954 2,769 Interdistrict settlement account 0 + 14,060 - 205,446 + 3,362 + 11,600 + 12,141 + 56,035 + 3,544 + 11,750 + 5,570 + 2,799 + 34,440 + 50,144 Total assets 3,935,509 90,105 1,956,436 103,721 124,756 249,051 293,600 214,608 64,611 38,660 65,171 197,323 537,468 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, April 3, 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 1,870,351 57,304 619,246 54,348 89,454 126,028 260,047 120,806 55,522 31,157 49,423 156,162 250,854 Less: Notes held by F.R. Banks 190,719 5,876 50,441 7,473 9,407 13,984 30,482 12,940 4,999 2,986 6,571 17,753 27,807 Federal Reserve notes, net 1,679,632 51,428 568,806 46,874 80,047 112,044 229,564 107,866 50,523 28,171 42,852 138,409 223,047 Reverse repurchase agreements (11) 249,365 4,763 137,669 6,296 7,070 14,756 14,969 13,355 3,320 2,081 3,926 10,311 30,850 Deposits 1,961,855 32,057 1,235,477 48,103 34,312 113,381 46,385 91,442 9,998 7,588 17,856 47,859 277,398 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 1,630,987 32,047 941,351 48,100 34,282 112,939 46,349 55,440 9,990 7,533 17,842 47,722 277,392 U.S. Treasury, General Account 270,470 0 270,470 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) 55,155 8 18,440 1 26 433 33 36,001 7 54 14 137 0 Deferred availability cash items 537 0 0 0 0 0 56 0 0 481 0 0 0 Earnings remittances due to the U.S. Treasury (13) 773 7 485 3 9 -1 74 44 23 9 16 52 53 Other liabilities and accrued dividends 4,008 162 1,511 181 186 489 276 260 131 144 130 205 332 Total liabilities 3,896,170 88,417 1,943,947 101,458 121,623 240,670 291,323 212,968 63,995 38,473 64,780 196,835 531,680 Capital Capital paid in 32,514 1,394 10,323 1,869 2,587 6,925 1,880 1,355 512 154 325 403 4,787 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 3,935,509 90,105 1,956,436 103,721 124,756 249,051 293,600 214,608 64,611 38,660 65,171 197,323 537,468 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, April 3, 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 Apr 3, 2019 Federal Reserve notes outstanding 1,870,351 Less: Notes held by F.R. Banks not subject to collateralization 190,719 Federal Reserve notes to be collateralized 1,679,632 Collateral held against Federal Reserve notes 1,679,632 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,663,395 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,748,378 Less: Face value of securities under reverse repurchase agreements 247,458 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,500,920 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.