FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 30, 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 29, 2019 Federal Reserve Banks May 29, 2019 May 22, 2019 May 30, 2018 Reserve Bank credit 3,819,964 - 4,521 - 468,793 3,812,240 Securities held outright (1) 3,678,891 - 5,343 - 448,539 3,672,496 U.S. Treasury securities 2,114,690 + 186 - 272,392 2,114,744 Bills (2) 50 0 + 50 50 Notes and bonds, nominal (2) 1,976,565 0 - 276,877 1,976,565 Notes and bonds, inflation-indexed (2) 115,361 0 + 2,412 115,361 Inflation compensation (3) 22,714 + 186 + 2,023 22,767 Federal agency debt securities (2) 2,347 0 - 2,044 2,347 Mortgage-backed securities (4) 1,561,854 - 5,529 - 174,104 1,555,405 Unamortized premiums on securities held outright (5) 132,804 - 433 - 18,606 132,550 Unamortized discounts on securities held outright (5) -13,014 + 32 + 891 -13,004 Repurchase agreements (6) 0 0 0 0 Loans 63 + 11 - 37 53 Primary credit 20 + 12 + 1 11 Secondary credit 0 0 0 0 Seasonal credit 43 - 1 - 39 43 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,713 0 Float -220 - 78 + 89 -526 Central bank liquidity swaps (8) 17 0 - 46 17 Other Federal Reserve assets (9) 21,422 + 1,291 - 831 20,653 Foreign currency denominated assets (10) 20,697 + 69 - 565 20,660 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,977 + 14 + 400 49,977 Total factors supplying reserve funds 3,906,880 - 4,437 - 468,957 3,899,119 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 29, 2019 Federal Reserve Banks May 29, 2019 May 22, 2019 May 30, 2018 Currency in circulation (11) 1,737,649 + 5,448 + 78,174 1,739,666 Reverse repurchase agreements (12) 267,400 - 1,208 + 23,161 265,417 Foreign official and international accounts 262,757 + 804 + 20,161 263,191 Others 4,643 - 2,012 + 3,000 2,226 Treasury cash holdings 270 - 29 + 17 247 Deposits with F.R. Banks, other than reserve balances 311,492 - 34,758 - 95,503 314,412 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 247,777 - 35,087 - 77,574 249,011 Foreign official 5,245 0 - 10 5,245 Other (13) 58,470 + 329 - 17,920 60,157 Other liabilities and capital (14) 45,359 - 443 + 166 44,585 Total factors, other than reserve balances, absorbing reserve funds 2,362,169 - 30,991 + 6,013 2,364,326 Reserve balances with Federal Reserve Banks 1,544,711 + 26,554 - 474,970 1,534,792 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 29, 2019 May 29, 2019 May 22, 2019 May 30, 2018 Securities held in custody for foreign official and international accounts 3,463,337 - 5,523 + 68,905 3,459,376 Marketable U.S. Treasury securities (1) 3,055,822 - 4,267 + 23,386 3,050,952 Federal agency debt and mortgage-backed securities (2) 331,676 - 1,996 + 45,078 332,458 Other securities (3) 75,839 + 740 + 441 75,966 Securities lent to dealers 21,457 + 527 + 347 24,585 Overnight facility (4) 21,457 + 527 + 347 24,585 U.S. Treasury securities 21,457 + 527 + 347 24,585 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 29, 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 51 2 0 0 0 ... 53 U.S. Treasury securities (1) Holdings 20,062 97,821 251,025 867,409 266,461 611,966 2,114,744 Weekly changes + 5 - 5 + 1 + 25 + 81 + 67 + 175 Federal agency debt securities (2) Holdings 0 0 0 0 486 1,861 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 8 294 72,273 1,482,829 1,555,405 Weekly changes 0 0 - 2 - 9 - 1,024 - 7,989 - 9,023 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 17 0 0 0 0 0 17 Reverse repurchase agreements (4) 265,417 0 ... ... ... ... 265,417 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 29, 2019 Mortgage-backed securities held outright (1) 1,555,405 Commitments to buy mortgage-backed securities (2) 252 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 2 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 29, 2019 Wednesday Wednesday consolidation May 22, 2019 May 30, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,649 - 12 - 126 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,792,095 - 9,299 - 471,503 Securities held outright (1) 3,672,496 - 8,848 - 453,585 U.S. Treasury securities 2,114,744 + 175 - 272,359 Bills (2) 50 0 + 50 Notes and bonds, nominal (2) 1,976,565 0 - 276,877 Notes and bonds, inflation-indexed (2) 115,361 0 + 2,412 Inflation compensation (3) 22,767 + 175 + 2,056 Federal agency debt securities (2) 2,347 0 - 2,044 Mortgage-backed securities (4) 1,555,405 - 9,023 - 179,183 Unamortized premiums on securities held outright (5) 132,550 - 484 - 18,739 Unamortized discounts on securities held outright (5) -13,004 + 30 + 892 Repurchase agreements (6) 0 0 0 Loans 53 + 3 - 70 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,712 Items in process of collection (0) 132 + 22 + 45 Bank premises 2,195 - 2 + 2 Central bank liquidity swaps (8) 17 0 - 46 Foreign currency denominated assets (9) 20,660 + 60 - 620 Other assets (10) 18,458 + 240 - 2,116 Total assets (0) 3,851,444 - 8,991 - 476,075 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 29, 2019 Wednesday Wednesday consolidation May 22, 2019 May 30, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,691,580 + 4,686 + 77,901 Reverse repurchase agreements (11) 265,417 - 3,821 + 19,863 Deposits (0) 1,849,205 - 9,369 - 573,048 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,534,792 + 1,959 - 471,095 U.S. Treasury, General Account 249,011 - 15,570 - 83,701 Foreign official 5,245 0 - 10 Other (12) (0) 60,157 + 4,241 - 18,241 Deferred availability cash items (0) 658 + 379 - 442 Other liabilities and accrued dividends (13) 5,398 - 651 - 74 Total liabilities (0) 3,812,257 - 8,778 - 475,800 Capital accounts Capital paid in 32,362 - 213 + 400 Surplus 6,825 0 - 675 Other capital accounts 0 0 0 Total capital 39,187 - 213 - 275 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 29, 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 1,649 41 36 145 107 211 176 284 26 48 106 181 287 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,792,095 78,670 2,068,827 91,830 110,946 232,059 259,275 199,058 54,502 32,844 56,233 164,656 443,195 Securities held outright (1) 3,672,496 76,190 2,003,606 88,935 107,448 224,744 251,100 192,774 52,783 31,779 54,457 159,464 429,215 U.S. Treasury securities 2,114,744 43,873 1,153,742 51,212 61,872 129,415 144,591 111,006 30,394 18,299 31,358 91,825 247,156 Bills (2) 50 1 27 1 1 3 3 3 1 0 1 2 6 Notes and bonds (3) 2,114,694 43,872 1,153,715 51,211 61,871 129,412 144,588 111,003 30,394 18,299 31,357 91,823 247,150 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,555,405 32,269 848,584 37,667 45,507 95,185 106,348 81,645 22,355 13,459 23,064 67,538 181,784 Unamortized premiums on securities held outright (5) 132,550 2,750 72,315 3,210 3,878 8,112 9,063 6,958 1,905 1,147 1,966 5,755 15,491 Unamortized discounts on securities held outright (5) -13,004 -270 -7,095 -315 -380 -796 -889 -683 -187 -113 -193 -565 -1,520 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 53 0 0 0 0 0 1 8 0 31 3 1 9 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 132 0 0 0 0 0 131 0 0 0 0 0 0 Bank premises 2,195 108 458 80 119 192 207 192 105 95 229 220 192 Central bank liquidity swaps (8) 17 1 5 1 1 4 1 1 0 0 0 0 2 Foreign currency denominated assets (9) 20,660 890 6,558 1,194 1,649 4,405 1,201 862 315 98 200 256 3,033 Other assets (10) 18,458 399 9,544 442 541 1,319 1,241 946 453 207 338 906 2,124 Interdistrict settlement account 0 - 1,991 - 129,337 - 7,904 + 2,900 + 17,120 + 21,280 + 17,427 + 5,799 + 3,217 + 3,360 + 17,988 + 50,141 Total assets 3,851,444 78,665 1,961,617 86,325 117,030 256,476 285,725 219,905 61,678 36,785 60,912 185,377 500,948 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 29, 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 1,884,805 57,705 621,512 54,480 89,794 129,574 259,025 122,858 56,034 31,240 50,423 158,238 253,923 Less: Notes held by F.R. Banks 193,225 6,095 48,966 7,953 9,429 14,325 30,624 12,133 6,017 3,075 7,676 18,435 28,497 Federal Reserve notes, net 1,691,580 51,610 572,545 46,527 80,365 115,249 228,402 110,725 50,017 28,165 42,747 139,803 225,426 Reverse repurchase agreements (11) 265,417 5,506 144,804 6,427 7,765 16,243 18,147 13,932 3,815 2,297 3,936 11,525 31,020 Deposits 1,849,205 19,581 1,228,893 31,629 25,446 116,194 36,345 93,343 7,091 5,465 13,668 33,296 238,254 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 1,534,792 19,572 954,431 31,626 25,416 115,848 36,310 54,162 7,085 5,413 13,501 33,182 238,247 U.S. Treasury, General Account 249,011 0 249,011 0 0 0 0 0 0 0 0 0 0 Foreign official 5,245 2 5,218 2 3 9 2 2 1 0 0 0 6 Other (12) 60,157 7 20,233 1 27 338 34 39,179 5 52 167 114 1 Deferred availability cash items 658 0 0 0 0 0 143 0 0 515 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,089 25 563 26 42 59 103 55 12 12 19 61 111 Other liabilities and accrued dividends 4,309 159 1,643 186 200 559 301 285 127 142 147 205 355 Total liabilities 3,812,257 76,880 1,948,448 84,795 113,818 248,304 283,441 218,340 61,062 36,595 60,518 184,889 495,166 Capital Capital paid in 32,362 1,491 11,003 1,136 2,667 6,717 1,887 1,280 512 157 328 403 4,780 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 3,851,444 78,665 1,961,617 86,325 117,030 256,476 285,725 219,905 61,678 36,785 60,912 185,377 500,948 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 29, 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 29, 2019 Federal Reserve notes outstanding 1,884,805 Less: Notes held by F.R. Banks not subject to collateralization 193,225 Federal Reserve notes to be collateralized 1,691,580 Collateral held against Federal Reserve notes 1,691,580 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,675,343 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,672,496 Less: Face value of securities under reverse repurchase agreements 254,593 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,417,903 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.