FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks October 3, 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 Oct 2, 2019 Federal Reserve Banks Oct 2, 2019 Sep 25, 2019 Oct 3, 2018 Reserve Bank credit 3,892,425 + 83,910 - 253,339 3,906,708 Securities held outright (1) 3,582,324 - 5,666 - 406,926 3,586,738 U.S. Treasury securities 2,112,718 + 5,313 - 192,348 2,117,130 Bills (2) 6,002 0 + 5,902 6,002 Notes and bonds, nominal (2) 1,963,674 + 4,726 - 203,782 1,967,364 Notes and bonds, inflation-indexed (2) 118,680 + 534 + 3,101 119,392 Inflation compensation (3) 24,363 + 54 + 2,432 24,372 Federal agency debt securities (2) 2,347 0 - 62 2,347 Mortgage-backed securities (4) 1,467,258 - 10,980 - 214,517 1,467,260 Unamortized premiums on securities held outright (5) 127,088 - 478 - 17,716 127,155 Unamortized discounts on securities held outright (5) -12,686 + 40 + 983 -12,646 Repurchase agreements (6) 171,800 + 89,550 + 171,800 181,050 Loans 98 + 3 - 229 114 Primary credit 9 + 5 - 66 31 Secondary credit 0 0 0 0 Seasonal credit 90 0 - 162 82 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 7 0 Float -592 - 463 + 37 -437 Central bank liquidity swaps (8) 973 + 931 + 899 973 Other Federal Reserve assets (9) 23,420 - 7 - 2,180 23,762 Foreign currency denominated assets (10) 20,557 - 60 - 315 20,699 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,081 + 14 + 390 50,081 Total factors supplying reserve funds 3,979,304 + 83,864 - 253,264 3,993,729 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 Oct 2, 2019 Federal Reserve Banks Oct 2, 2019 Sep 25, 2019 Oct 3, 2018 Currency in circulation (11) 1,762,882 + 1,141 + 76,240 1,765,667 Reverse repurchase agreements (12) 291,981 - 2,110 + 35,508 288,618 Foreign official and international accounts 287,125 - 1,912 + 57,192 285,564 Others 4,855 - 199 - 21,685 3,054 Treasury cash holdings 181 + 11 - 34 189 Deposits with F.R. Banks, other than reserve balances 410,510 + 16,459 - 33,193 408,227 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 335,171 + 20,982 - 32,836 335,185 Foreign official 5,186 + 1 - 70 5,186 Other (13) 70,153 - 4,524 - 287 67,856 Other liabilities and capital (14) 44,551 - 665 + 592 44,317 Total factors, other than reserve balances, absorbing reserve funds 2,510,105 + 14,836 + 79,113 2,507,018 Reserve balances with Federal Reserve Banks 1,469,200 + 69,029 - 332,376 1,486,710 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 Oct 2, 2019 Oct 2, 2019 Sep 25, 2019 Oct 3, 2018 Securities held in custody for foreign official and international accounts 3,441,427 - 17,136 + 5,310 3,436,380 Marketable U.S. Treasury securities (1) 2,999,367 - 16,025 - 61,427 2,994,386 Federal agency debt and mortgage-backed securities (2) 359,681 - 1,490 + 52,862 359,529 Other securities (3) 82,379 + 380 + 13,875 82,465 Securities lent to dealers 31,852 - 14 + 13,530 31,587 Overnight facility (4) 31,852 - 14 + 13,530 31,587 U.S. Treasury securities 31,852 - 14 + 13,530 31,587 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, October 2, 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 62 51 0 0 0 ... 114 U.S. Treasury securities (1) Holdings 128 77,461 267,176 848,695 302,345 621,326 2,117,130 Weekly changes - 12,957 + 10,893 - 2,266 + 9,010 + 4,739 + 30 + 9,447 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 9 640 75,947 1,390,663 1,467,260 Weekly changes 0 0 + 2 - 2 0 + 3 + 3 Repurchase agreements (4) 181,050 0 ... ... ... ... 181,050 Central bank liquidity swaps (5) 973 0 0 0 0 0 973 Reverse repurchase agreements (4) 288,618 0 ... ... ... ... 288,618 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 Oct 2, 2019 Mortgage-backed securities held outright (1) 1,467,260 Commitments to buy mortgage-backed securities (2) 6,213 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 19 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 Oct 2, 2019 Wednesday Wednesday consolidation Sep 25, 2019 Oct 3, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,702 + 4 - 60 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,882,410 + 85,581 - 227,432 Securities held outright (1) 3,586,738 + 9,451 - 391,656 U.S. Treasury securities 2,117,130 + 9,447 - 177,080 Bills (2) 6,002 0 + 5,902 Notes and bonds, nominal (2) 1,967,364 + 8,159 - 189,231 Notes and bonds, inflation-indexed (2) 119,392 + 1,246 + 3,813 Inflation compensation (3) 24,372 + 42 + 2,436 Federal agency debt securities (2) 2,347 0 - 62 Mortgage-backed securities (4) 1,467,260 + 3 - 214,515 Unamortized premiums on securities held outright (5) 127,155 - 6 - 17,555 Unamortized discounts on securities held outright (5) -12,646 + 68 + 1,012 Repurchase agreements (6) 181,050 + 76,050 + 181,050 Loans 114 + 18 - 283 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 7 Items in process of collection (0) 49 - 4 - 85 Bank premises 2,183 - 7 + 4 Central bank liquidity swaps (8) 973 + 931 + 899 Foreign currency denominated assets (9) 20,699 + 137 - 83 Other assets (10) 21,579 + 1,474 - 2,107 Total assets (0) 3,945,831 + 88,116 - 228,873 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 Oct 2, 2019 Wednesday Wednesday consolidation Sep 25, 2019 Oct 3, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,717,473 + 2,740 + 75,371 Reverse repurchase agreements (11) 288,618 - 1,923 + 58,571 Deposits (0) 1,894,938 + 87,302 - 363,537 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,486,710 + 59,421 - 350,877 U.S. Treasury, General Account 335,185 + 29,375 - 15,096 Foreign official 5,186 - 1 - 71 Other (12) (0) 67,856 - 1,495 + 2,506 Deferred availability cash items (0) 486 + 351 + 160 Other liabilities and accrued dividends (13) 5,005 - 382 + 360 Total liabilities (0) 3,906,519 + 88,086 - 229,075 Capital accounts Capital paid in 32,487 + 30 + 203 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,312 + 30 + 203 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, October 2, 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 1,702 47 49 150 105 217 180 285 33 45 110 194 288 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,882,410 80,543 2,118,067 94,016 113,611 237,583 265,457 203,792 55,817 33,639 57,569 168,574 453,742 Securities held outright (1) 3,586,738 74,411 1,956,819 86,859 104,939 219,496 245,236 188,273 51,551 31,037 53,186 155,740 419,192 U.S. Treasury securities 2,117,130 43,922 1,155,044 51,270 61,942 129,561 144,755 111,131 30,429 18,320 31,394 91,928 247,435 Bills (2) 6,002 125 3,275 145 176 367 410 315 86 52 89 261 701 Notes and bonds (3) 2,111,128 43,798 1,151,770 51,124 61,766 129,194 144,344 110,816 30,342 18,268 31,305 91,668 246,733 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,467,260 30,440 800,494 35,532 42,928 89,791 100,321 77,018 21,088 12,697 21,757 63,710 171,483 Unamortized premiums on securities held outright (5) 127,155 2,638 69,372 3,079 3,720 7,781 8,694 6,675 1,828 1,100 1,885 5,521 14,861 Unamortized discounts on securities held outright (5) -12,646 -262 -6,899 -306 -370 -774 -865 -664 -182 -109 -188 -549 -1,478 Repurchase agreements (6) 181,050 3,756 98,776 4,384 5,297 11,080 12,379 9,504 2,602 1,567 2,685 7,861 21,160 Loans 114 0 0 0 25 0 13 5 18 45 1 0 7 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 48 0 0 0 0 0 0 Bank premises 2,183 107 455 82 116 191 204 192 102 94 228 222 190 Central bank liquidity swaps (8) 973 42 309 56 78 207 57 41 15 5 9 12 143 Foreign currency denominated assets (9) 20,699 887 6,632 1,191 1,645 4,394 1,198 860 314 98 200 255 3,025 Other assets (10) 21,579 465 11,381 519 643 1,530 1,465 1,108 382 249 397 939 2,500 Interdistrict settlement account 0 + 11,339 - 170,264 - 13,738 + 6,893 + 22,725 + 38,250 + 22,757 + 7,450 + 4,271 + 4,085 + 27,909 + 38,324 Total assets 3,945,831 93,977 1,972,154 82,813 123,859 268,012 309,073 230,169 64,590 38,677 63,043 199,278 500,185 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, October 2, 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 1,931,285 57,995 641,378 55,510 91,293 131,697 272,694 124,383 56,784 31,197 50,650 160,702 257,002 Less: Notes held by F.R. Banks 213,812 6,797 53,035 9,475 9,984 16,497 30,341 14,544 6,321 3,583 8,142 21,326 33,768 Federal Reserve notes, net 1,717,473 51,198 588,343 46,036 81,308 115,200 242,353 109,840 50,463 27,614 42,508 139,376 223,233 Reverse repurchase agreements (11) 288,618 5,988 157,461 6,989 8,444 17,662 19,734 15,150 4,148 2,497 4,280 12,532 33,732 Deposits 1,894,938 34,834 1,210,990 28,063 30,657 126,492 44,189 103,361 9,208 7,717 15,704 46,621 237,102 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 1,486,710 34,825 849,478 28,061 30,623 125,881 44,153 57,648 9,204 7,621 15,676 46,445 237,096 U.S. Treasury, General Account 335,185 0 335,185 0 0 0 0 0 0 0 0 0 0 Foreign official 5,186 2 5,159 2 3 9 2 2 1 0 0 0 6 Other (12) 67,856 7 21,168 1 31 602 33 45,712 3 97 28 176 0 Deferred availability cash items 486 0 0 0 0 0 50 0 0 436 0 0 0 Earnings remittances due to the U.S. Treasury (13) 961 8 591 20 10 -1 99 48 16 11 15 62 82 Other liabilities and accrued dividends 4,044 162 1,551 168 187 488 284 263 141 141 142 208 310 Total liabilities 3,906,519 92,190 1,958,936 81,276 120,607 259,841 306,708 228,662 63,975 38,417 62,649 198,799 494,459 Capital Capital paid in 32,487 1,494 11,053 1,142 2,707 6,716 1,969 1,222 511 228 328 394 4,724 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 3,945,831 93,977 1,972,154 82,813 123,859 268,012 309,073 230,169 64,590 38,677 63,043 199,278 500,185 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, October 2, 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 Oct 2, 2019 Federal Reserve notes outstanding 1,931,285 Less: Notes held by F.R. Banks not subject to collateralization 213,812 Federal Reserve notes to be collateralized 1,717,473 Collateral held against Federal Reserve notes 1,717,473 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,701,236 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,767,788 Less: Face value of securities under reverse repurchase agreements 277,288 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,490,499 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.