FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 5, 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 Jul 3, 2019 Federal Reserve Banks Jul 3, 2019 Jun 26, 2019 Jul 4, 2018 Reserve Bank credit 3,781,695 - 13,878 - 478,240 3,773,783 Securities held outright (1) 3,638,998 - 13,498 - 455,293 3,630,466 U.S. Treasury securities 2,103,925 - 6,268 - 266,685 2,095,393 Bills (2) 5 0 + 5 5 Notes and bonds, nominal (2) 1,963,841 - 6,429 - 270,606 1,955,270 Notes and bonds, inflation-indexed (2) 116,516 0 + 1,656 116,516 Inflation compensation (3) 23,562 + 161 + 2,258 23,601 Federal agency debt securities (2) 2,347 0 - 62 2,347 Mortgage-backed securities (4) 1,532,726 - 7,230 - 188,546 1,532,726 Unamortized premiums on securities held outright (5) 130,872 - 446 - 18,708 130,759 Unamortized discounts on securities held outright (5) -12,883 + 34 + 1,040 -12,874 Repurchase agreements (6) 0 0 0 0 Loans 101 + 1 - 107 105 Primary credit 18 - 4 - 20 8 Secondary credit 0 0 0 0 Seasonal credit 83 + 5 - 87 97 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,711 0 Float -601 - 437 - 144 -486 Central bank liquidity swaps (8) 17 - 1 - 1,074 17 Other Federal Reserve assets (9) 25,192 + 470 - 2,241 25,796 Foreign currency denominated assets (10) 20,999 - 32 - 150 20,917 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,023 + 14 + 406 50,023 Total factors supplying reserve funds 3,868,959 - 13,895 - 477,983 3,860,965 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 Jul 3, 2019 Federal Reserve Banks Jul 3, 2019 Jun 26, 2019 Jul 4, 2018 Currency in circulation (11) 1,745,369 + 7,070 + 76,803 1,750,954 Reverse repurchase agreements (12) 311,697 + 33,287 + 11,481 296,852 Foreign official and international accounts 285,903 + 24,184 + 36,140 290,003 Others 25,794 + 9,103 - 24,659 6,849 Treasury cash holdings 182 - 13 - 15 169 Deposits with F.R. Banks, other than reserve balances 309,887 - 6,388 - 104,934 282,601 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 245,306 - 2,996 - 90,720 220,911 Foreign official 5,245 - 8 - 32 5,245 Other (13) 59,336 - 3,384 - 14,182 56,445 Other liabilities and capital (14) 45,328 + 389 + 174 45,177 Total factors, other than reserve balances, absorbing reserve funds 2,412,463 + 34,345 - 16,492 2,375,752 Reserve balances with Federal Reserve Banks 1,456,496 - 48,241 - 461,491 1,485,213 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 Jul 3, 2019 Jul 3, 2019 Jun 26, 2019 Jul 4, 2018 Securities held in custody for foreign official and international accounts 3,448,954 - 18,392 + 53,129 3,455,925 Marketable U.S. Treasury securities (1) 3,025,020 - 18,511 - 7,252 3,031,696 Federal agency debt and mortgage-backed securities (2) 346,013 - 209 + 54,721 346,171 Other securities (3) 77,921 + 328 + 5,660 78,058 Securities lent to dealers 31,357 + 2,586 + 10,374 31,001 Overnight facility (4) 31,357 + 2,586 + 10,374 31,001 U.S. Treasury securities 31,357 + 2,586 + 10,374 31,001 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, July 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 20 86 0 0 0 ... 105 U.S. Treasury securities (1) Holdings 2,198 101,784 250,963 861,740 266,427 612,281 2,095,393 Weekly changes - 19,267 + 10,791 + 4,118 - 9,047 - 1,510 + 52 - 14,863 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 8 337 70,858 1,461,524 1,532,726 Weekly changes 0 0 + 1 + 45 - 45 0 0 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 17 0 0 0 0 0 17 Reverse repurchase agreements (4) 296,852 0 ... ... ... ... 296,852 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 Jul 3, 2019 Mortgage-backed securities held outright (1) 1,532,726 Commitments to buy mortgage-backed securities (2) 2,140 Commitments to sell mortgage-backed securities (2) 143 Cash and cash equivalents (3) 1 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 Jul 3, 2019 Wednesday Wednesday consolidation Jun 26, 2019 Jul 4, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,676 - 8 - 80 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,748,455 - 15,179 - 471,316 Securities held outright (1) 3,630,466 - 14,863 - 453,592 U.S. Treasury securities 2,095,393 - 14,863 - 264,984 Bills (2) 5 0 + 5 Notes and bonds, nominal (2) 1,955,270 - 15,000 - 268,891 Notes and bonds, inflation-indexed (2) 116,516 0 + 1,656 Inflation compensation (3) 23,601 + 136 + 2,245 Federal agency debt securities (2) 2,347 0 - 62 Mortgage-backed securities (4) 1,532,726 0 - 188,546 Unamortized premiums on securities held outright (5) 130,759 - 267 - 18,717 Unamortized discounts on securities held outright (5) -12,874 + 31 + 1,058 Repurchase agreements (6) 0 0 0 Loans 105 - 79 - 64 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,711 Items in process of collection (0) 99 + 31 - 137 Bank premises 2,185 - 6 + 3 Central bank liquidity swaps (8) 17 - 1 - 1,074 Foreign currency denominated assets (9) 20,917 - 143 - 230 Other assets (10) 23,611 + 1,687 - 2,023 Total assets (0) 3,813,198 - 13,619 - 476,566 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 Jul 3, 2019 Wednesday Wednesday consolidation Jun 26, 2019 Jul 4, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,702,771 + 8,767 + 78,354 Reverse repurchase agreements (11) 296,852 + 24,663 + 32,247 Deposits (0) 1,767,813 - 47,800 - 586,517 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,485,213 - 23,238 - 468,997 U.S. Treasury, General Account 220,911 - 19,998 - 104,632 Foreign official 5,245 - 4 - 9 Other (12) (0) 56,445 - 4,559 - 12,878 Deferred availability cash items (0) 584 + 245 + 150 Other liabilities and accrued dividends (13) 5,950 + 498 - 1,126 Total liabilities (0) 3,773,971 - 13,626 - 476,892 Capital accounts Capital paid in 32,402 + 7 + 326 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,227 + 7 + 326 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, July 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 11,037 351 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 1,676 38 41 148 111 218 184 277 30 45 107 191 286 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,748,455 77,764 2,044,990 90,772 109,667 229,386 256,298 196,772 53,880 32,502 55,582 162,760 438,082 Securities held outright (1) 3,630,466 75,318 1,980,676 87,918 106,218 222,172 248,226 190,568 52,179 31,415 53,834 157,639 424,303 U.S. Treasury securities 2,095,393 43,471 1,143,185 50,743 61,306 128,231 143,268 109,990 30,116 18,132 31,071 90,984 244,894 Bills (2) 5 0 3 0 0 0 0 0 0 0 0 0 1 Notes and bonds (3) 2,095,388 43,471 1,143,182 50,743 61,306 128,230 143,268 109,990 30,116 18,132 31,071 90,984 244,894 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,532,726 31,798 836,211 37,117 44,844 93,797 104,797 80,455 22,029 13,263 22,728 66,553 179,134 Unamortized premiums on securities held outright (5) 130,759 2,713 71,338 3,167 3,826 8,002 8,940 6,864 1,879 1,131 1,939 5,678 15,282 Unamortized discounts on securities held outright (5) -12,874 -267 -7,024 -312 -377 -788 -880 -676 -185 -111 -191 -559 -1,505 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 105 0 0 0 0 0 12 16 6 67 0 2 2 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 99 0 0 0 0 0 98 0 0 0 0 0 0 Bank premises 2,185 106 456 81 117 191 207 190 104 94 229 220 191 Central bank liquidity swaps (8) 17 1 5 1 1 4 1 1 0 0 0 0 2 Foreign currency denominated assets (9) 20,917 901 6,639 1,208 1,670 4,460 1,216 873 319 99 202 259 3,070 Other assets (10) 23,611 509 12,466 571 705 1,654 1,607 1,216 412 262 426 1,043 2,741 Interdistrict settlement account 0 + 11,511 - 236,249 - 2,211 + 15,639 + 5,412 + 33,640 + 16,861 + 9,628 + 5,249 + 6,419 + 29,676 + 104,425 Total assets 3,813,198 91,377 1,833,873 91,107 128,678 242,489 295,465 217,325 64,851 38,530 63,411 195,321 550,771 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, July 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 1,895,813 57,376 625,030 54,546 90,748 131,009 259,249 123,978 56,594 31,450 50,363 159,021 256,449 Less: Notes held by F.R. Banks 193,042 5,747 48,013 8,039 9,719 14,336 30,009 12,059 5,933 3,333 7,826 19,424 28,606 Federal Reserve notes, net 1,702,771 51,630 577,017 46,507 81,029 116,673 229,240 111,919 50,661 28,117 42,537 139,597 227,844 Reverse repurchase agreements (11) 296,852 6,159 161,954 7,189 8,685 18,166 20,297 15,582 4,267 2,569 4,402 12,890 34,694 Deposits 1,767,813 31,616 1,078,993 35,678 35,529 98,951 43,121 87,887 9,140 7,013 15,916 42,058 281,911 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 1,485,213 31,606 835,603 35,675 35,495 98,440 43,085 49,462 9,134 6,956 15,887 41,965 281,904 U.S. Treasury, General Account 220,911 0 220,911 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) 56,445 8 17,261 1 32 502 33 38,423 5 57 29 93 1 Deferred availability cash items 584 0 0 0 0 0 98 0 0 486 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,410 25 821 28 38 32 131 71 34 13 22 72 122 Other liabilities and accrued dividends 4,540 163 1,890 179 184 498 287 292 134 142 140 215 418 Total liabilities 3,773,971 89,592 1,820,674 89,580 125,466 234,320 293,173 215,752 64,236 38,340 63,017 194,833 544,988 Capital Capital paid in 32,402 1,491 11,033 1,132 2,667 6,714 1,894 1,288 512 157 328 404 4,782 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 3,813,198 91,377 1,833,873 91,107 128,678 242,489 295,465 217,325 64,851 38,530 63,411 195,321 550,771 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, July 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 Jul 3, 2019 Federal Reserve notes outstanding 1,895,813 Less: Notes held by F.R. Banks not subject to collateralization 193,042 Federal Reserve notes to be collateralized 1,702,771 Collateral held against Federal Reserve notes 1,702,771 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,686,534 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,630,466 Less: Face value of securities under reverse repurchase agreements 288,672 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,341,794 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.