FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 11, 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 10, 2019 Federal Reserve Banks Apr 10, 2019 Apr 3, 2019 Apr 11, 2018 Reserve Bank credit 3,896,903 - 11,969 - 445,274 3,897,923 Securities held outright (1) 3,748,490 - 12,631 - 423,294 3,748,702 U.S. Treasury securities 2,153,394 - 12,658 - 259,631 2,153,443 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,016,632 - 12,788 - 265,253 2,016,632 Notes and bonds, inflation-indexed (2) 115,154 0 + 4,020 115,154 Inflation compensation (3) 21,608 + 130 + 1,603 21,658 Federal agency debt securities (2) 2,347 0 - 2,044 2,347 Mortgage-backed securities (4) 1,592,750 + 27 - 161,618 1,592,912 Unamortized premiums on securities held outright (5) 135,345 - 209 - 18,792 135,283 Unamortized discounts on securities held outright (5) -13,076 + 28 + 944 -13,065 Repurchase agreements (6) 0 0 0 0 Loans 13 - 45 - 17 21 Primary credit 4 - 47 + 3 10 Secondary credit 0 0 0 0 Seasonal credit 9 + 2 - 20 11 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,708 0 Float -179 + 400 + 16 -187 Central bank liquidity swaps (8) 55 - 1,310 - 24 55 Other Federal Reserve assets (9) 26,254 + 1,798 - 2,399 27,114 Foreign currency denominated assets (10) 20,605 - 38 - 1,524 20,675 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,900 + 14 + 376 49,900 Total factors supplying reserve funds 3,983,649 - 11,993 - 446,423 3,984,738 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 Apr 10, 2019 Federal Reserve Banks Apr 10, 2019 Apr 3, 2019 Apr 11, 2018 Currency in circulation (11) 1,726,720 + 1,954 + 86,776 1,728,355 Reverse repurchase agreements (12) 253,674 + 3,367 + 5,693 256,374 Foreign official and international accounts 253,090 + 3,176 + 9,360 253,643 Others 584 + 191 - 3,666 2,731 Treasury cash holdings 336 0 + 17 331 Deposits with F.R. Banks, other than reserve balances 322,992 - 52,462 - 53,242 307,584 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 262,617 - 47,571 - 31,466 245,664 Foreign official 5,243 0 - 11 5,244 Other (13) 55,132 - 4,892 - 21,765 56,676 Other liabilities and capital (14) 45,336 + 956 - 294 45,533 Total factors, other than reserve balances, absorbing reserve funds 2,349,058 - 46,186 + 38,951 2,338,178 Reserve balances with Federal Reserve Banks 1,634,591 + 34,193 - 485,374 1,646,560 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 10, 2019 Apr 10, 2019 Apr 3, 2019 Apr 11, 2018 Securities held in custody for foreign official and international accounts 3,471,239 + 11,464 + 21,022 3,474,882 Marketable U.S. Treasury securities (1) 3,073,672 + 11,486 - 23,095 3,069,936 Federal agency debt and mortgage-backed securities (2) 326,823 + 1,104 + 52,902 333,713 Other securities (3) 70,743 - 1,127 - 8,786 71,233 Securities lent to dealers 26,552 - 2,399 + 6,078 23,870 Overnight facility (4) 26,552 - 2,399 + 6,078 23,870 U.S. Treasury securities 26,552 - 2,399 + 6,078 23,870 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 10, 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 10 11 0 0 0 ... 21 U.S. Treasury securities (1) Holdings 180 111,741 265,651 908,927 249,207 617,738 2,153,443 Weekly changes 0 0 + 1 + 19 + 50 + 65 + 135 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 74,011 1,518,628 1,592,912 Weekly changes 0 0 0 0 + 1,364 - 1,176 + 189 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 55 0 0 0 0 0 55 Reverse repurchase agreements (4) 256,374 0 ... ... ... ... 256,374 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 10, 2019 Mortgage-backed securities held outright (1) 1,592,912 Commitments to buy mortgage-backed securities (2) 229 Commitments to sell mortgage-backed securities (2) 10 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 10, 2019 Wednesday Wednesday consolidation Apr 3, 2019 Apr 11, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,708 - 11 - 115 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,870,941 + 177 - 440,951 Securities held outright (1) 3,748,702 + 324 - 423,118 U.S. Treasury securities 2,153,443 + 135 - 259,617 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,016,632 0 - 265,253 Notes and bonds, inflation-indexed (2) 115,154 0 + 4,034 Inflation compensation (3) 21,658 + 135 + 1,603 Federal agency debt securities (2) 2,347 0 - 2,044 Mortgage-backed securities (4) 1,592,912 + 189 - 161,457 Unamortized premiums on securities held outright (5) 135,283 - 185 - 18,768 Unamortized discounts on securities held outright (5) -13,065 + 28 + 944 Repurchase agreements (6) 0 0 0 Loans 21 + 10 - 9 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,709 Items in process of collection (0) 55 + 9 - 23 Bank premises 2,202 + 3 + 3 Central bank liquidity swaps (8) 55 - 1,310 - 24 Foreign currency denominated assets (9) 20,675 + 69 - 1,573 Other assets (10) 24,912 + 2,340 - 2,507 Total assets (0) 3,936,784 + 1,275 - 446,900 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 10, 2019 Wednesday Wednesday consolidation Apr 3, 2019 Apr 11, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,680,490 + 858 + 87,125 Reverse repurchase agreements (11) 256,374 + 7,009 + 11,170 Deposits (0) 1,954,145 - 7,710 - 544,865 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,646,560 + 15,573 - 482,284 U.S. Treasury, General Account 245,664 - 24,806 - 42,140 Foreign official 5,244 + 1 - 9 Other (12) (0) 56,676 + 1,521 - 20,434 Deferred availability cash items (0) 242 - 295 - 15 Other liabilities and accrued dividends (13) 6,191 + 1,409 - 415 Total liabilities (0) 3,897,442 + 1,272 - 447,000 Capital accounts Capital paid in 32,517 + 3 + 775 Surplus 6,825 0 - 675 Other capital accounts 0 0 0 Total capital 39,342 + 3 + 100 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 10, 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 1,708 46 44 151 113 222 173 289 29 48 112 192 289 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,870,941 73,930 2,137,048 97,733 109,742 229,066 232,361 207,327 51,535 32,307 60,942 160,062 478,887 Securities held outright (1) 3,748,702 71,596 2,069,574 94,647 106,277 221,834 225,022 200,772 49,908 31,283 59,013 155,008 463,767 U.S. Treasury securities 2,153,443 41,128 1,188,868 54,370 61,051 127,432 129,264 115,334 28,669 17,970 33,900 89,044 266,411 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,153,443 41,128 1,188,868 54,370 61,051 127,432 129,264 115,334 28,669 17,970 33,900 89,044 266,411 Federal agency debt securities (2) 2,347 45 1,296 59 67 139 141 126 31 20 37 97 290 Mortgage-backed securities (4) 1,592,912 30,423 879,411 40,218 45,160 94,262 95,617 85,313 21,207 13,293 25,076 65,867 197,066 Unamortized premiums on securities held outright (5) 135,283 2,584 74,687 3,416 3,835 8,006 8,121 7,245 1,801 1,129 2,130 5,594 16,736 Unamortized discounts on securities held outright (5) -13,065 -250 -7,213 -330 -370 -773 -784 -700 -174 -109 -206 -540 -1,616 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 21 0 0 0 0 0 2 9 0 4 5 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 55 0 0 0 0 0 54 0 0 1 0 0 0 Bank premises 2,202 108 458 81 118 193 208 192 105 95 230 222 192 Central bank liquidity swaps (8) 55 2 17 3 4 12 3 2 1 0 1 1 8 Foreign currency denominated assets (9) 20,675 890 6,562 1,194 1,650 4,408 1,202 863 315 98 200 256 3,035 Other assets (10) 24,912 501 13,283 627 719 1,701 1,498 1,308 404 279 458 1,079 3,055 Interdistrict settlement account 0 + 10,455 - 211,743 + 2,272 + 15,535 + 13,222 + 54,255 + 5,464 + 12,372 + 5,136 + 3,112 + 31,738 + 58,182 Total assets 3,936,784 86,494 1,951,114 102,621 128,662 250,009 291,900 216,608 65,244 38,253 65,516 194,737 545,627 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 10, 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 1,871,313 57,456 620,026 54,303 89,491 126,289 259,681 120,741 55,585 31,238 49,480 156,036 250,987 Less: Notes held by F.R. Banks 190,823 6,013 49,387 7,432 9,411 14,158 31,155 12,712 5,235 3,041 6,662 17,795 27,821 Federal Reserve notes, net 1,680,490 51,443 570,639 46,870 80,080 112,131 228,526 108,029 50,350 28,197 42,819 138,241 223,166 Reverse repurchase agreements (11) 256,374 4,896 141,538 6,473 7,268 15,171 15,389 13,731 3,413 2,139 4,036 10,601 31,717 Deposits 1,954,145 28,258 1,223,719 46,777 37,933 113,711 45,246 92,833 10,710 7,386 18,103 45,118 284,351 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 1,646,560 28,247 955,618 46,774 37,906 113,293 45,211 54,054 10,702 7,334 18,087 44,990 284,345 U.S. Treasury, General Account 245,664 0 245,664 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) 56,676 10 17,220 1 23 410 33 38,778 7 52 16 127 1 Deferred availability cash items 242 0 0 0 0 0 62 0 0 180 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,307 25 747 29 42 68 99 64 16 11 20 59 127 Other liabilities and accrued dividends 4,884 183 1,983 209 206 546 300 312 139 150 146 232 477 Total liabilities 3,897,442 84,806 1,938,626 100,358 125,529 241,628 289,623 214,969 64,628 38,063 65,124 194,250 539,838 Capital Capital paid in 32,517 1,394 10,323 1,869 2,587 6,926 1,880 1,354 512 157 326 403 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 3,936,784 86,494 1,951,114 102,621 128,662 250,009 291,900 216,608 65,244 38,253 65,516 194,737 545,627 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 10, 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 10, 2019 Federal Reserve notes outstanding 1,871,313 Less: Notes held by F.R. Banks not subject to collateralization 190,823 Federal Reserve notes to be collateralized 1,680,490 Collateral held against Federal Reserve notes 1,680,490 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,664,253 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,748,702 Less: Face value of securities under reverse repurchase agreements 255,291 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,493,411 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.