FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, September 5, 2019

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	September 5, 2019

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Sep 4, 2019
	Week ended Sep 4, 2019	Change from week ended
	Week ended Sep 4, 2019	Aug 28, 2019	Sep 5, 2018
Reserve Bank credit	3,721,962	- 1,849	- 447,347	3,722,202
Securities held outright¹	3,587,092	- 2,455	- 427,152	3,587,116
U.S. Treasury securities	2,095,140	+ 3,871	- 219,689	2,095,164
Bills²	3,001	0	+ 2,901	3,001
Notes and bonds, nominal²	1,951,802	+ 3,859	- 225,572	1,951,802
Notes and bonds, inflation-indexed²	116,545	0	+ 1,107	116,545
Inflation compensation³	23,792	+ 13	+ 1,875	23,816
Federal agency debt securities²	2,347	0	- 62	2,347
Mortgage-backed securities⁴	1,489,605	- 6,326	- 207,401	1,489,605
Unamortized premiums on securities held outright⁵	127,687	- 302	- 18,724	127,584
Unamortized discounts on securities held outright⁵	-12,926	+ 77	+ 864	-12,957
Repurchase agreements⁶	0	0	0	0
Loans	97	- 43	- 142	93
Primary credit	1	- 34	- 9	1
Secondary credit	0	0	0	0
Seasonal credit	97	- 8	- 132	92
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	0	0	- 1,719	0
Float	-522	- 349	+ 18	-513
Central bank liquidity swaps⁸	872	+ 803	+ 782	872
Other Federal Reserve assets⁹	19,661	+ 418	- 1,275	20,007
Foreign currency denominated assets¹⁰	20,798	- 119	- 259	20,767
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	50,025	+ 14	+ 358	50,025

Total factors supplying reserve funds	3,809,026	- 1,954	- 447,248	3,809,235

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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Sep 4, 2019
	Week ended Sep 4, 2019	Change from week ended
	Week ended Sep 4, 2019	Aug 28, 2019	Sep 5, 2018
Currency in circulation¹¹	1,760,709	+ 9,109	+ 75,123	1,765,745
Reverse repurchase agreements¹²	301,701	+ 12,838	+ 65,022	302,626
Foreign official and international accounts	294,324	+ 12,780	+ 58,095	301,201
Others	7,377	+ 58	+ 6,927	1,425
Treasury cash holdings	158	- 2	- 53	163
Deposits with F.R. Banks, other than reserve balances	214,758	- 11,916	- 180,163	242,001
Term deposits held by depository institutions	0	- 1,668	0	0
U.S. Treasury, General Account	148,740	+ 2,783	- 175,024	174,779
Foreign official	5,270	+ 14	+ 14	5,255
Other¹³	60,749	- 13,044	- 5,152	61,966
Other liabilities and capital¹⁴	44,145	- 858	+ 279	44,247

Total factors, other than reserve balances, absorbing reserve funds	2,321,471	+ 9,171	- 39,793	2,354,781

Reserve balances with Federal Reserve Banks	1,487,555	- 11,125	- 407,455	1,454,454

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 Sep 4, 2019
	Week ended Sep 4, 2019	Change from week ended
	Week ended Sep 4, 2019	Aug 28, 2019	Sep 5, 2018
Securities held in custody for foreign official and international accounts	3,451,011	- 24,348	+ 22,163	3,451,827
Marketable U.S. Treasury securities¹	3,010,382	- 23,887	- 49,892	3,011,160
Federal agency debt and mortgage-backed securities²	359,925	- 84	+ 61,367	359,932
Other securities³	80,704	- 378	+ 10,688	80,735
Securities lent to dealers	28,151	+ 1,391	+ 10,863	32,250
Overnight facility⁴	28,151	+ 1,391	+ 10,863	32,250
U.S. Treasury securities	28,151	+ 1,391	+ 10,863	32,250
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, September 4, 2019

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans	27	67	0	0	0	...	93
U.S. Treasury securities¹
Holdings	50	78,951	265,484	836,987	295,006	618,685	2,095,164
Weekly changes	- 14,624	+ 8,348	- 3,000	+ 6,002	+ 3,294	+ 13	+ 34
Federal agency debt securities²
Holdings	0	0	0	0	486	1,861	2,347
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	9	614	77,602	1,411,381	1,489,605
Weekly changes	0	0	+ 2	+ 174	+ 379	- 554	0
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	872	0	0	0	0	0	872

Reverse repurchase agreements⁴	302,626	0	...	...	...	...	302,626
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
Account name	Sep 4, 2019
Mortgage-backed securities held outright¹	1,489,605

Commitments to buy mortgage-backed securities²	4,692
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	6

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 from consolidation	Wednesday Sep 4, 2019	Change since
			Wednesday	Wednesday
			Aug 28, 2019	Sep 5, 2018
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,702	- 20	- 53
Securities, unamortized premiums and discounts, repurchase agreements, and loans		3,701,836	- 238	- 443,533
Securities held outright¹		3,587,116	+ 34	- 425,501
U.S. Treasury securities		2,095,164	+ 34	- 218,038
Bills²		3,001	0	+ 2,901
Notes and bonds, nominal²		1,951,802	0	- 223,800
Notes and bonds, inflation-indexed²		116,545	0	+ 966
Inflation compensation³		23,816	+ 34	+ 1,895
Federal agency debt securities²		2,347	0	- 62
Mortgage-backed securities⁴		1,489,605	0	- 207,401
Unamortized premiums on securities held outright⁵		127,584	- 221	- 18,684
Unamortized discounts on securities held outright⁵		-12,957	- 34	+ 819
Repurchase agreements⁶		0	0	0
Loans		93	- 17	- 168
Net portfolio holdings of Maiden Lane LLC⁷		0	0	- 1,719
Items in process of collection	(0)	87	+ 38	- 101
Bank premises		2,184	- 7	+ 5
Central bank liquidity swaps⁸		872	+ 803	+ 782
Foreign currency denominated assets⁹		20,767	- 101	- 267
Other assets¹⁰		17,823	+ 1,087	- 2,101

Total assets	(0)	3,761,508	+ 1,562	- 446,988

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 from consolidation	Wednesday Sep 4, 2019	Change since
			Wednesday	Wednesday
			Aug 28, 2019	Sep 5, 2018
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,717,581	+ 10,786	+ 76,736
Reverse repurchase agreements¹¹		302,626	+ 15,906	+ 72,974
Deposits	(0)	1,696,454	- 24,691	- 596,826
Term deposits held by depository institutions		0	- 1,668	0
Other deposits held by depository institutions		1,454,454	- 49,790	- 443,447
U.S. Treasury, General Account		174,779	+ 24,633	- 149,658
Foreign official		5,255	- 2	- 1
Other¹²	(0)	61,966	+ 2,135	- 3,720
Deferred availability cash items	(0)	600	+ 232	- 89
Other liabilities and accrued dividends¹³		4,997	- 622	- 51

Total liabilities	(0)	3,722,258	+ 1,611	- 447,256

Capital accounts
Capital paid in		32,425	- 49	+ 268
Surplus		6,825	0	0
Other capital accounts		0	0	0

Total capital		39,250	- 49	+ 268

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, September 4, 2019

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	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	1,702	43	51	153	108	216	177	277	34	46	112	198	287
Securities, unamortized premiums and discounts, repurchase agreements, and loans	3,701,836	76,797	2,019,563	89,644	108,304	226,533	253,106	194,311	53,226	32,087	54,893	160,737	432,637
Securities held outright¹	3,587,116	74,419	1,957,026	86,868	104,950	219,519	245,262	188,293	51,556	31,040	53,191	155,757	419,236
U.S. Treasury securities	2,095,164	43,467	1,143,060	50,738	61,299	128,217	143,253	109,978	30,113	18,130	31,068	90,974	244,868
Bills²	3,001	62	1,637	73	88	184	205	158	43	26	44	130	351
Notes and bonds³	2,092,163	43,404	1,141,423	50,665	61,211	128,033	143,048	109,820	30,070	18,104	31,023	90,844	244,517
Federal agency debt securities²	2,347	49	1,280	57	69	144	160	123	34	20	35	102	274
Mortgage-backed securities⁴	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 outright⁵	127,584	2,647	69,606	3,090	3,733	7,808	8,723	6,697	1,834	1,104	1,892	5,540	14,911
Unamortized discounts on securities held outright⁵	-12,957	-269	-7,069	-314	-379	-793	-886	-680	-186	-112	-192	-563	-1,514
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	93	0	0	0	0	0	6	1	22	55	2	3	4
Net portfolio holdings of Maiden
Lane LLC⁷	0	0	0	0	0	0	0	0	0	0	0	0	0
Items in process of collection	87	0	0	0	0	0	86	0	0	1	0	0	0
Bank premises	2,184	106	456	81	116	191	205	191	103	94	228	222	190
Central bank liquidity swaps⁸	872	38	277	50	70	186	51	36	13	4	8	11	128
Foreign currency denominated
assets⁹	20,767	894	6,592	1,200	1,658	4,428	1,208	867	317	99	201	257	3,048
Other assets¹⁰	17,823	384	9,245	425	527	1,302	1,197	904	468	214	331	779	2,047
Interdistrict settlement account	0	+ 9,463	- 251,978	- 7,238	+ 9,555	+ 25,136	+ 48,514	+ 29,564	+ 10,495	+ 7,949	+ 8,521	+ 32,994	+ 77,023

Total assets	3,761,508	88,272	1,789,730	84,853	121,105	259,158	306,757	227,285	65,133	40,770	64,740	196,369	517,334

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, September 4, 2019 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,913,501	57,482	635,580	55,059	90,801	131,460	265,448	124,488	56,218	31,271	50,335	159,277	256,082
Less: Notes held by F.R. Banks	195,920	6,385	46,786	8,902	9,605	15,647	24,976	14,022	6,172	3,348	8,155	20,024	31,897
Federal Reserve notes, net	1,717,581	51,096	588,793	46,156	81,196	115,813	240,472	110,465	50,046	27,923	42,181	139,253	224,185
Reverse repurchase agreements¹¹	302,626	6,278	165,104	7,329	8,854	18,520	20,691	15,885	4,350	2,619	4,487	13,140	35,369
Deposits	1,696,454	28,933	1,020,541	29,650	27,599	116,132	42,797	99,118	9,963	9,316	17,523	43,225	251,656
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	1,454,454	28,922	822,868	29,648	27,573	115,547	42,763	55,695	9,960	9,259	17,502	43,067	251,650
U.S. Treasury, General Account	174,779	0	174,779	0	0	0	0	0	0	0	0	0	0
Foreign official	5,255	2	5,228	2	3	9	2	2	1	0	0	0	6
Other¹²	61,966	9	17,666	1	23	577	32	43,421	3	57	21	157	0
Deferred availability cash items	600	0	0	0	0	0	96	0	0	504	0	0	0
Earnings remittances due to the U.S. Treasury¹³	948	17	524	21	27	31	101	49	22	10	12	52	82
Other liabilities and accrued dividends	4,049	159	1,553	168	181	491	284	263	139	141	142	210	317

Total liabilities	3,722,258	86,484	1,776,516	83,325	117,858	250,987	304,441	225,780	64,520	40,513	64,346	195,880	511,609

Capital
Capital paid in	32,425	1,494	11,049	1,134	2,703	6,716	1,919	1,220	510	225	328	405	4,723
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	3,761,508	88,272	1,789,730	84,853	121,105	259,158	306,757	227,285	65,133	40,770	64,740	196,369	517,334

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, September 4, 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
Federal Reserve notes and collateral	Sep 4, 2019
Federal Reserve notes outstanding	1,913,501
Less: Notes held by F.R. Banks not subject to collateralization	195,920
Federal Reserve notes to be collateralized	1,717,581
Collateral held against Federal Reserve notes	1,717,581
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,701,344
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	3,587,116
Less: Face value of securities under reverse repurchase agreements	279,846
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,307,270

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.

Statistical releases