FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks August 29, 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 Aug 28, 2019 Federal Reserve Banks Aug 28, 2019 Aug 21, 2019 Aug 29, 2018 Reserve Bank credit 3,723,811 - 3,343 - 461,853 3,720,751 Securities held outright (1) 3,589,547 - 3,597 - 439,999 3,587,082 U.S. Treasury securities 2,091,269 + 5,410 - 233,302 2,095,130 Bills (2) 3,001 0 + 2,901 3,001 Notes and bonds, nominal (2) 1,947,943 + 5,403 - 240,063 1,951,802 Notes and bonds, inflation-indexed (2) 116,545 0 + 1,953 116,545 Inflation compensation (3) 23,779 + 6 + 1,906 23,782 Federal agency debt securities (2) 2,347 0 - 62 2,347 Mortgage-backed securities (4) 1,495,931 - 9,007 - 206,635 1,489,605 Unamortized premiums on securities held outright (5) 127,989 - 487 - 18,795 127,805 Unamortized discounts on securities held outright (5) -13,003 + 51 + 793 -12,923 Repurchase agreements (6) 0 0 0 0 Loans 140 + 8 - 153 110 Primary credit 35 + 1 + 11 5 Secondary credit 0 0 0 0 Seasonal credit 105 + 7 - 165 106 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,720 0 Float -173 - 52 + 43 -319 Central bank liquidity swaps (8) 69 + 26 - 23 69 Other Federal Reserve assets (9) 19,243 + 709 - 1,999 18,927 Foreign currency denominated assets (10) 20,917 + 78 - 168 20,868 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,042 + 14 + 379 50,042 Total factors supplying reserve funds 3,811,012 - 3,251 - 461,641 3,807,903 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 Aug 28, 2019 Federal Reserve Banks Aug 28, 2019 Aug 21, 2019 Aug 29, 2018 Currency in circulation (11) 1,751,632 + 2,385 + 75,324 1,754,962 Reverse repurchase agreements (12) 288,863 - 21,904 + 46,625 286,720 Foreign official and international accounts 281,544 - 17,283 + 42,115 282,465 Others 7,319 - 4,620 + 4,510 4,255 Treasury cash holdings 160 - 11 - 56 157 Deposits with F.R. Banks, other than reserve balances 226,674 + 33,022 - 197,778 216,901 Term deposits held by depository institutions 1,668 + 1,668 - 819 1,668 U.S. Treasury, General Account 145,957 + 20,232 - 196,586 150,146 Foreign official 5,256 0 0 5,257 Other (13) 73,793 + 11,122 - 372 59,831 Other liabilities and capital (14) 45,003 + 622 - 512 44,918 Total factors, other than reserve balances, absorbing reserve funds 2,312,332 + 14,114 - 76,397 2,303,659 Reserve balances with Federal Reserve Banks 1,498,680 - 17,365 - 385,244 1,504,243 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 Aug 28, 2019 Aug 28, 2019 Aug 21, 2019 Aug 29, 2018 Securities held in custody for foreign official and international accounts 3,475,359 + 4,013 + 46,303 3,466,570 Marketable U.S. Treasury securities (1) 3,034,269 + 831 - 25,600 3,025,316 Federal agency debt and mortgage-backed securities (2) 360,009 + 2,631 + 61,280 359,910 Other securities (3) 81,082 + 552 + 10,624 81,344 Securities lent to dealers 26,760 + 1,365 + 8,768 28,328 Overnight facility (4) 26,760 + 1,365 + 8,768 28,328 U.S. Treasury securities 26,760 + 1,365 + 8,768 28,328 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, August 28, 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 82 29 0 0 0 ... 110 U.S. Treasury securities (1) Holdings 14,674 70,603 268,484 830,985 291,712 618,672 2,095,130 Weekly changes 0 0 0 + 4,103 + 2,104 + 2 + 6,210 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 7 440 77,223 1,411,935 1,489,605 Weekly changes 0 0 - 1 - 12 - 1,097 - 9,954 - 11,065 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 69 0 0 0 0 0 69 Reverse repurchase agreements (4) 286,720 0 ... ... ... ... 286,720 Term deposits 1,668 0 0 ... ... ... 1,668 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 Aug 28, 2019 Mortgage-backed securities held outright (1) 1,489,605 Commitments to buy mortgage-backed securities (2) 3,162 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 8 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 Aug 28, 2019 Wednesday Wednesday consolidation Aug 21, 2019 Aug 29, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,722 - 2 - 46 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,702,074 - 5,239 - 454,984 Securities held outright (1) 3,587,082 - 4,855 - 436,922 U.S. Treasury securities 2,095,130 + 6,210 - 229,459 Bills (2) 3,001 0 + 2,901 Notes and bonds, nominal (2) 1,951,802 + 6,203 - 236,204 Notes and bonds, inflation-indexed (2) 116,545 0 + 1,953 Inflation compensation (3) 23,782 + 7 + 1,891 Federal agency debt securities (2) 2,347 0 - 62 Mortgage-backed securities (4) 1,489,605 - 11,065 - 207,401 Unamortized premiums on securities held outright (5) 127,805 - 438 - 18,723 Unamortized discounts on securities held outright (5) -12,923 + 123 + 862 Repurchase agreements (6) 0 0 0 Loans 110 - 69 - 201 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 1,718 Items in process of collection (0) 49 - 4 - 27 Bank premises 2,191 0 + 8 Central bank liquidity swaps (8) 69 + 26 - 23 Foreign currency denominated assets (9) 20,868 + 39 - 230 Other assets (10) 16,736 + 259 - 1,949 Total assets (0) 3,759,946 - 4,920 - 458,968 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 Aug 28, 2019 Wednesday Wednesday consolidation Aug 21, 2019 Aug 29, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,706,795 + 3,679 + 73,526 Reverse repurchase agreements (11) 286,720 - 14,498 + 54,288 Deposits (0) 1,721,145 + 4,859 - 586,612 Term deposits held by depository institutions 1,668 + 1,668 - 819 Other deposits held by depository institutions 1,504,244 - 13,576 - 376,263 U.S. Treasury, General Account 150,146 + 18,699 - 195,109 Foreign official 5,257 + 1 0 Other (12) (0) 59,831 - 1,932 - 14,420 Deferred availability cash items (0) 368 + 161 - 206 Other liabilities and accrued dividends (13) 5,619 + 875 - 237 Total liabilities (0) 3,720,647 - 4,925 - 459,241 Capital accounts Capital paid in 32,474 + 5 + 272 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,299 + 5 + 272 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, August 28, 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 1,722 43 50 152 111 219 184 280 35 47 114 199 289 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,702,074 76,802 2,019,684 89,649 108,313 226,547 253,126 194,321 53,230 32,097 54,896 160,747 432,663 Securities held outright (1) 3,587,082 74,418 1,957,007 86,867 104,949 219,517 245,260 188,291 51,556 31,040 53,191 155,755 419,232 U.S. Treasury securities 2,095,130 43,466 1,143,042 50,737 61,298 128,214 143,250 109,976 30,113 18,130 31,067 90,973 244,864 Bills (2) 3,001 62 1,637 73 88 184 205 158 43 26 44 130 351 Notes and bonds (3) 2,092,129 43,404 1,141,404 50,664 61,210 128,031 143,045 109,819 30,069 18,104 31,023 90,843 244,513 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,489,605 30,904 812,685 36,073 43,582 91,159 101,849 78,191 21,410 12,890 22,088 64,680 174,094 Unamortized premiums on securities held outright (5) 127,805 2,651 69,727 3,095 3,739 7,821 8,738 6,709 1,837 1,106 1,895 5,549 14,937 Unamortized discounts on securities held outright (5) -12,923 -268 -7,051 -313 -378 -791 -884 -678 -186 -112 -192 -561 -1,510 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 110 0 1 0 3 0 11 0 23 63 2 3 4 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 49 0 0 0 0 0 49 0 0 0 0 0 0 Bank premises 2,191 108 458 82 117 191 205 192 103 94 229 222 191 Central bank liquidity swaps (8) 69 3 22 4 5 15 4 3 1 0 1 1 10 Foreign currency denominated assets (9) 20,868 899 6,623 1,206 1,666 4,449 1,213 871 318 99 202 258 3,063 Other assets (10) 16,736 361 8,623 399 490 1,215 1,120 847 430 190 313 831 1,918 Interdistrict settlement account 0 + 9,195 - 220,371 - 9,258 + 12,458 + 15,735 + 41,908 + 25,493 + 8,606 + 7,043 + 6,161 + 28,411 + 74,619 Total assets 3,759,946 87,957 1,820,614 82,770 123,929 249,537 300,022 223,142 63,201 39,847 62,360 191,841 514,727 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, August 28, 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 1,911,010 57,513 634,175 54,996 90,841 131,533 264,113 124,551 56,247 31,286 50,271 159,303 256,184 Less: Notes held by F.R. Banks 204,215 6,424 48,317 9,036 10,022 16,448 28,231 14,206 6,229 3,456 8,201 20,616 33,030 Federal Reserve notes, net 1,706,795 51,089 585,858 45,960 80,819 115,085 235,882 110,344 50,018 27,830 42,070 138,687 223,154 Reverse repurchase agreements (11) 286,720 5,948 156,426 6,943 8,389 17,546 19,604 15,050 4,121 2,481 4,252 12,450 33,510 Deposits 1,721,145 28,935 1,062,718 28,129 31,245 108,133 41,770 95,891 8,312 8,811 15,476 39,943 251,783 Term deposits held by depository institutions 1,668 50 606 250 2 0 100 410 0 0 0 0 250 Other deposits held by depository institutions 1,504,244 28,870 889,442 27,876 31,215 107,688 41,635 53,659 8,308 8,757 15,443 39,824 251,527 U.S. Treasury, General Account 150,146 0 150,146 0 0 0 0 0 0 0 0 0 0 Foreign official 5,257 2 5,229 2 3 9 2 2 1 0 0 0 6 Other (12) 59,831 13 17,294 1 25 436 33 41,820 3 54 32 118 0 Deferred availability cash items 368 0 0 0 0 0 56 0 0 312 0 0 0 Earnings remittances due to the U.S. Treasury (13) 884 19 481 24 31 51 83 37 9 8 14 48 80 Other liabilities and accrued dividends 4,735 178 1,916 186 197 551 310 315 128 148 155 225 426 Total liabilities 3,720,647 86,169 1,807,399 81,242 120,681 241,366 297,705 221,637 62,587 39,590 61,966 191,352 508,953 Capital Capital paid in 32,474 1,494 11,049 1,133 2,703 6,716 1,920 1,220 510 225 328 404 4,772 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 3,759,946 87,957 1,820,614 82,770 123,929 249,537 300,022 223,142 63,201 39,847 62,360 191,841 514,727 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, August 28, 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 Aug 28, 2019 Federal Reserve notes outstanding 1,911,010 Less: Notes held by F.R. Banks not subject to collateralization 204,215 Federal Reserve notes to be collateralized 1,706,795 Collateral held against Federal Reserve notes 1,706,795 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,690,558 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,587,082 Less: Face value of securities under reverse repurchase agreements 267,676 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,319,406 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.