FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 16, 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 May 15, 2019 Federal Reserve Banks May 15, 2019 May 8, 2019 May 16, 2018 Reserve Bank credit 3,850,500 - 1,923 - 463,888 3,825,790 Securities held outright (1) 3,699,797 - 2,048 - 443,795 3,686,375 U.S. Treasury securities 2,122,831 - 1,234 - 270,274 2,114,444 Bills (2) 100 0 + 100 100 Notes and bonds, nominal (2) 1,985,017 - 1,408 - 274,589 1,976,565 Notes and bonds, inflation-indexed (2) 115,361 0 + 2,412 115,361 Inflation compensation (3) 22,353 + 175 + 1,803 22,417 Federal agency debt securities (2) 2,347 0 - 2,044 2,347 Mortgage-backed securities (4) 1,574,619 - 814 - 171,477 1,569,584 Unamortized premiums on securities held outright (5) 133,690 - 213 - 18,698 133,469 Unamortized discounts on securities held outright (5) -12,946 + 7 + 964 -13,064 Repurchase agreements (6) 19 + 10 + 1 0 Loans 44 0 - 42 64 Primary credit 7 + 1 - 16 22 Secondary credit 0 0 0 0 Seasonal credit 38 + 1 - 25 42 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,715 0 Float -188 - 46 + 4 -213 Central bank liquidity swaps (8) 50 - 5 - 30 50 Other Federal Reserve assets (9) 30,035 + 373 - 575 19,110 Foreign currency denominated assets (10) 20,738 + 147 - 767 20,711 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,949 + 14 + 388 49,949 Total factors supplying reserve funds 3,937,429 - 1,762 - 464,266 3,912,691 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 May 15, 2019 Federal Reserve Banks May 15, 2019 May 8, 2019 May 16, 2018 Currency in circulation (11) 1,731,645 + 223 + 80,991 1,732,314 Reverse repurchase agreements (12) 259,303 - 4,865 + 10,404 263,925 Foreign official and international accounts 258,822 - 5,189 + 13,206 263,363 Others 482 + 325 - 2,801 562 Treasury cash holdings 319 - 10 + 48 303 Deposits with F.R. Banks, other than reserve balances 390,894 - 21,648 - 29,347 354,965 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 323,786 - 24,571 - 13,472 294,969 Foreign official 5,245 + 1 - 10 5,246 Other (13) 61,862 + 2,921 - 15,866 54,750 Other liabilities and capital (14) 45,400 - 354 + 40 44,767 Total factors, other than reserve balances, absorbing reserve funds 2,427,562 - 26,654 + 62,137 2,396,273 Reserve balances with Federal Reserve Banks 1,509,867 + 24,892 - 526,403 1,516,418 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 May 15, 2019 May 15, 2019 May 8, 2019 May 16, 2018 Securities held in custody for foreign official and international accounts 3,469,397 + 7,843 + 82,172 3,468,234 Marketable U.S. Treasury securities (1) 3,062,456 + 6,161 + 27,303 3,060,589 Federal agency debt and mortgage-backed securities (2) 332,818 + 676 + 57,298 333,324 Other securities (3) 74,123 + 1,006 - 2,430 74,321 Securities lent to dealers 21,503 - 2,172 + 881 24,800 Overnight facility (4) 21,503 - 2,172 + 881 24,800 U.S. Treasury securities 21,503 - 2,172 + 881 24,800 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, May 15, 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 24 40 0 0 0 ... 64 U.S. Treasury securities (1) Holdings 0 63,117 255,980 917,215 257,102 621,030 2,114,444 Weekly changes - 38,475 + 1 + 2 + 14,688 - 1,637 + 15,738 - 9,685 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 10 303 73,297 1,495,974 1,569,584 Weekly changes 0 0 0 - 5 - 454 - 5,391 - 5,849 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 50 0 0 0 0 0 50 Reverse repurchase agreements (4) 263,925 0 ... ... ... ... 263,925 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 May 15, 2019 Mortgage-backed securities held outright (1) 1,569,584 Commitments to buy mortgage-backed securities (2) 275 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 17 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 May 15, 2019 Wednesday Wednesday consolidation May 8, 2019 May 16, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,678 + 7 - 125 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,806,843 - 16,110 - 468,463 Securities held outright (1) 3,686,375 - 15,534 - 450,497 U.S. Treasury securities 2,114,444 - 9,685 - 272,522 Bills (2) 100 0 + 100 Notes and bonds, nominal (2) 1,976,565 - 9,860 - 276,877 Notes and bonds, inflation-indexed (2) 115,361 0 + 2,412 Inflation compensation (3) 22,417 + 175 + 1,842 Federal agency debt securities (2) 2,347 0 - 2,044 Mortgage-backed securities (4) 1,569,584 - 5,849 - 175,930 Unamortized premiums on securities held outright (5) 133,469 - 387 - 18,780 Unamortized discounts on securities held outright (5) -13,064 - 121 + 889 Repurchase agreements (6) 0 - 65 - 65 Loans 64 - 2 - 9 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,712 Items in process of collection (0) 119 + 4 + 41 Bank premises 2,196 + 2 + 1 Central bank liquidity swaps (8) 50 - 5 - 30 Foreign currency denominated assets (9) 20,711 + 44 - 612 Other assets (10) 16,914 - 11,408 - 1,961 Total assets (0) 3,864,749 - 27,467 - 472,860 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 May 15, 2019 Wednesday Wednesday consolidation May 8, 2019 May 16, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,684,341 - 820 + 78,198 Reverse repurchase agreements (11) 263,925 + 2,955 + 7,021 Deposits (0) 1,871,383 - 28,893 - 558,427 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,516,419 + 25,739 - 506,242 U.S. Treasury, General Account 294,969 - 49,492 - 32,779 Foreign official 5,246 + 1 - 9 Other (12) (0) 54,750 - 5,141 - 19,395 Deferred availability cash items (0) 333 + 86 + 67 Other liabilities and accrued dividends (13) 5,380 - 754 + 206 Total liabilities (0) 3,825,362 - 27,426 - 472,935 Capital accounts Capital paid in 32,562 - 40 + 750 Surplus 6,825 0 - 675 Other capital accounts 0 0 0 Total capital 39,387 - 40 + 75 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, May 15, 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 11,037 351 3,707 327 531 754 1,560 711 328 186 292 890 1,400 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,678 45 39 145 111 221 176 288 26 48 108 184 285 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,806,843 78,976 2,076,868 92,187 111,377 232,961 260,281 199,849 54,719 32,968 56,450 165,297 444,911 Securities held outright (1) 3,686,375 76,478 2,011,178 89,271 107,854 225,593 252,049 193,503 52,983 31,899 54,663 160,067 430,837 U.S. Treasury securities 2,114,444 43,867 1,153,579 51,205 61,863 129,396 144,571 110,990 30,390 18,297 31,354 91,812 247,121 Bills (2) 100 2 55 2 3 6 7 5 1 1 1 4 12 Notes and bonds (3) 2,114,344 43,865 1,153,524 51,202 61,860 129,390 144,564 110,985 30,389 18,296 31,352 91,807 247,109 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,569,584 32,563 856,319 38,010 45,922 96,053 107,317 82,390 22,559 13,582 23,274 68,153 183,442 Unamortized premiums on securities held outright (5) 133,469 2,769 72,817 3,232 3,905 8,168 9,126 7,006 1,918 1,155 1,979 5,795 15,599 Unamortized discounts on securities held outright (5) -13,064 -271 -7,127 -316 -382 -799 -893 -686 -188 -113 -194 -567 -1,527 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 64 0 0 0 0 0 0 26 5 27 1 2 3 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 119 0 0 0 0 0 118 0 0 1 0 0 0 Bank premises 2,196 108 458 81 119 193 207 191 105 95 229 220 191 Central bank liquidity swaps (8) 50 2 16 3 4 11 3 2 1 0 0 1 7 Foreign currency denominated assets (9) 20,711 892 6,573 1,197 1,653 4,416 1,204 865 316 98 201 256 3,040 Other assets (10) 16,914 378 8,764 408 509 1,247 1,148 861 333 187 335 790 1,954 Interdistrict settlement account 0 + 7,387 - 128,970 + 373 + 1,041 + 7,137 + 25,131 + 423 + 6,338 + 2,897 + 3,494 + 20,187 + 54,563 Total assets 3,864,749 88,335 1,969,273 94,930 115,581 247,352 290,483 203,614 62,315 36,570 61,262 188,107 506,927 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, May 15, 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 1,881,294 57,761 621,539 54,476 89,763 128,028 258,712 121,294 55,956 31,322 50,338 158,346 253,761 Less: Notes held by F.R. Banks 196,953 6,410 49,503 8,173 9,842 14,727 30,470 12,742 6,066 3,052 7,857 18,867 29,244 Federal Reserve notes, net 1,684,341 51,351 572,035 46,303 79,921 113,301 228,242 108,553 49,890 28,269 42,481 139,479 224,517 Reverse repurchase agreements (11) 263,925 5,475 143,990 6,391 7,722 16,151 18,045 13,854 3,793 2,284 3,914 11,460 30,846 Deposits 1,871,383 29,524 1,238,600 39,754 24,488 108,938 41,393 79,316 7,866 5,460 14,310 36,413 245,321 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 1,516,419 29,514 919,152 39,751 24,458 108,597 41,355 44,526 7,859 5,393 14,259 36,239 245,314 U.S. Treasury, General Account 294,969 0 294,969 0 0 0 0 0 0 0 0 0 0 Foreign official 5,246 2 5,218 2 3 9 2 2 1 0 0 0 6 Other (12) 54,750 8 19,261 1 26 333 36 34,789 7 67 50 173 1 Deferred availability cash items 333 0 0 0 0 0 118 0 0 215 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,157 38 626 24 45 60 102 53 15 12 11 60 111 Other liabilities and accrued dividends 4,223 156 1,603 192 194 517 298 275 134 140 153 208 352 Total liabilities 3,825,362 86,545 1,956,853 92,664 112,369 238,967 288,199 202,051 61,700 36,381 60,868 187,620 501,147 Capital Capital paid in 32,562 1,496 10,254 1,871 2,666 6,931 1,887 1,279 511 157 328 403 4,779 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 3,864,749 88,335 1,969,273 94,930 115,581 247,352 290,483 203,614 62,315 36,570 61,262 188,107 506,927 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, May 15, 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 May 15, 2019 Federal Reserve notes outstanding 1,881,294 Less: Notes held by F.R. Banks not subject to collateralization 196,953 Federal Reserve notes to be collateralized 1,684,341 Collateral held against Federal Reserve notes 1,684,341 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,668,104 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,686,375 Less: Face value of securities under reverse repurchase agreements 261,306 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,425,069 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.