FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks October 24, 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 23, 2019 Federal Reserve Banks Oct 23, 2019 Oct 16, 2019 Oct 24, 2018 Reserve Bank credit 3,933,202 + 23,531 - 203,427 3,929,933 Securities held outright (1) 3,600,390 + 7,390 - 375,839 3,609,449 U.S. Treasury securities 2,136,929 + 15,216 - 157,286 2,149,188 Bills (2) 17,789 + 11,787 + 17,729 28,505 Notes and bonds, nominal (2) 1,973,625 + 3,431 - 182,970 1,975,169 Notes and bonds, inflation-indexed (2) 120,993 0 + 5,414 120,993 Inflation compensation (3) 24,522 - 1 + 2,540 24,521 Federal agency debt securities (2) 2,347 0 - 62 2,347 Mortgage-backed securities (4) 1,461,114 - 7,826 - 218,491 1,457,914 Unamortized premiums on securities held outright (5) 127,394 - 451 - 16,531 127,189 Unamortized discounts on securities held outright (5) -12,586 - 48 + 997 -12,633 Repurchase agreements (6) 190,580 + 16,216 + 190,580 178,204 Loans 55 - 10 - 147 54 Primary credit 1 - 1 - 15 5 Secondary credit 0 0 0 0 Seasonal credit 53 - 10 - 133 50 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 7 0 Float -101 + 16 + 42 -127 Central bank liquidity swaps (8) 43 0 - 37 43 Other Federal Reserve assets (9) 27,428 + 420 - 2,483 27,753 Foreign currency denominated assets (10) 20,710 + 109 - 98 20,673 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,067 + 14 + 354 50,067 Total factors supplying reserve funds 4,020,220 + 23,654 - 203,172 4,016,914 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 23, 2019 Federal Reserve Banks Oct 23, 2019 Oct 16, 2019 Oct 24, 2018 Currency in circulation (11) 1,771,586 + 779 + 81,856 1,773,219 Reverse repurchase agreements (12) 311,006 + 11,403 + 83,119 306,047 Foreign official and international accounts 293,999 - 3,257 + 71,275 287,757 Others 17,007 + 14,660 + 11,845 18,290 Treasury cash holdings 200 + 2 - 30 192 Deposits with F.R. Banks, other than reserve balances 442,802 + 42,692 + 263 440,764 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 377,985 + 53,381 + 8,409 375,170 Foreign official 5,187 + 1 - 69 5,186 Other (13) 59,630 - 10,690 - 8,077 60,407 Other liabilities and capital (14) 45,583 + 102 + 185 45,137 Total factors, other than reserve balances, absorbing reserve funds 2,571,177 + 54,979 + 165,393 2,565,359 Reserve balances with Federal Reserve Banks 1,449,043 - 31,325 - 368,565 1,451,555 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 23, 2019 Oct 23, 2019 Oct 16, 2019 Oct 24, 2018 Securities held in custody for foreign official and international accounts 3,419,508 + 7,593 - 14,749 3,417,395 Marketable U.S. Treasury securities (1) 2,972,663 + 7,758 - 87,997 2,970,717 Federal agency debt and mortgage-backed securities (2) 364,207 - 1,173 + 57,147 363,906 Other securities (3) 82,638 + 1,007 + 16,101 82,773 Securities lent to dealers 22,519 - 3,416 + 7,144 21,743 Overnight facility (4) 22,519 - 3,416 + 7,144 21,743 U.S. Treasury securities 22,519 - 3,416 + 7,144 21,743 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 23, 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 54 0 0 0 0 ... 54 U.S. Treasury securities (1) Holdings 15,736 77,195 276,315 852,320 302,406 625,216 2,149,188 Weekly changes + 53 + 14,163 + 8,664 + 3,225 - 1 - 1 + 26,103 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 9 939 78,606 1,378,360 1,457,914 Weekly changes 0 0 0 + 140 + 12 - 5,375 - 5,223 Repurchase agreements (4) 178,204 0 ... ... ... ... 178,204 Central bank liquidity swaps (5) 43 0 0 0 0 0 43 Reverse repurchase agreements (4) 306,047 0 ... ... ... ... 306,047 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 23, 2019 Mortgage-backed securities held outright (1) 1,457,914 Commitments to buy mortgage-backed securities (2) 5,584 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 7 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 23, 2019 Wednesday Wednesday consolidation Oct 16, 2019 Oct 24, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,680 - 4 - 66 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,902,264 + 844 - 201,700 Securities held outright (1) 3,609,449 + 20,880 - 364,131 U.S. Treasury securities 2,149,188 + 26,103 - 145,027 Bills (2) 28,505 + 22,503 + 28,452 Notes and bonds, nominal (2) 1,975,169 + 3,602 - 181,426 Notes and bonds, inflation-indexed (2) 120,993 0 + 5,414 Inflation compensation (3) 24,521 - 2 + 2,533 Federal agency debt securities (2) 2,347 0 - 62 Mortgage-backed securities (4) 1,457,914 - 5,223 - 219,042 Unamortized premiums on securities held outright (5) 127,189 - 428 - 16,533 Unamortized discounts on securities held outright (5) -12,633 - 107 + 939 Repurchase agreements (6) 178,204 - 19,496 + 178,204 Loans 54 - 6 - 180 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 7 Items in process of collection (0) 50 - 30 - 76 Bank premises 2,191 + 5 + 3 Central bank liquidity swaps (8) 43 0 - 37 Foreign currency denominated assets (9) 20,673 + 51 - 25 Other assets (10) 25,562 + 1,363 - 2,461 Total assets (0) 3,968,700 + 2,229 - 204,370 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 23, 2019 Wednesday Wednesday consolidation Oct 16, 2019 Oct 24, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,725,020 + 630 + 82,355 Reverse repurchase agreements (11) 306,047 + 3,250 + 80,110 Deposits (0) 1,892,318 - 2,237 - 366,882 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,451,555 - 18,316 - 373,455 U.S. Treasury, General Account 375,170 + 13,673 + 14,489 Foreign official 5,186 0 - 70 Other (12) (0) 60,407 + 2,406 - 7,847 Deferred availability cash items (0) 177 - 43 - 152 Other liabilities and accrued dividends (13) 5,793 + 607 - 50 Total liabilities (0) 3,929,356 + 2,209 - 204,620 Capital accounts Capital paid in 32,519 + 20 + 250 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,344 + 20 + 250 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 23, 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 1,680 44 48 151 105 215 177 279 32 45 107 191 286 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,902,264 80,956 2,128,931 94,498 114,169 238,801 266,815 204,833 56,100 33,795 57,863 169,439 456,063 Securities held outright (1) 3,609,449 74,882 1,969,210 87,409 105,603 220,885 246,789 189,465 51,877 31,233 53,522 156,727 421,846 U.S. Treasury securities 2,149,188 44,587 1,172,534 52,046 62,880 131,523 146,947 112,814 30,889 18,597 31,869 93,320 251,182 Bills (2) 28,505 591 15,551 690 834 1,744 1,949 1,496 410 247 423 1,238 3,331 Notes and bonds (3) 2,120,683 43,996 1,156,983 51,356 62,046 129,778 144,998 111,318 30,480 18,351 31,446 92,083 247,850 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,457,914 30,246 795,395 35,306 42,655 89,219 99,682 76,528 20,954 12,616 21,619 63,304 170,390 Unamortized premiums on securities held outright (5) 127,189 2,639 69,390 3,080 3,721 7,783 8,696 6,676 1,828 1,101 1,886 5,523 14,865 Unamortized discounts on securities held outright (5) -12,633 -262 -6,892 -306 -370 -773 -864 -663 -182 -109 -187 -549 -1,476 Repurchase agreements (6) 178,204 3,697 97,223 4,315 5,214 10,905 12,184 9,354 2,561 1,542 2,642 7,738 20,827 Loans 54 0 0 0 0 0 9 1 15 28 0 0 1 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 50 0 1 0 0 0 49 0 0 0 0 0 0 Bank premises 2,191 108 456 83 116 191 204 194 102 94 228 223 190 Central bank liquidity swaps (8) 43 2 14 2 3 9 2 2 1 0 0 1 6 Foreign currency denominated assets (9) 20,673 890 6,561 1,194 1,650 4,408 1,202 863 315 98 200 256 3,035 Other assets (10) 25,562 548 13,495 613 757 1,783 1,733 1,314 436 268 460 1,203 2,952 Interdistrict settlement account 0 + 6,813 - 151,045 - 15,536 + 10,327 + 8,325 + 35,853 + 23,949 + 7,039 + 3,599 + 4,289 + 22,842 + 43,544 Total assets 3,968,700 89,908 2,003,987 81,542 127,896 254,898 308,250 232,570 64,503 38,176 63,594 195,326 508,051 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 23, 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 1,937,881 58,602 641,751 55,319 92,029 132,499 272,309 125,099 57,471 31,099 51,569 161,646 258,488 Less: Notes held by F.R. Banks 212,861 6,732 54,039 9,084 9,871 16,746 27,977 14,463 6,144 3,667 7,888 21,799 34,451 Federal Reserve notes, net 1,725,020 51,870 587,712 46,235 82,158 115,754 244,331 110,636 51,328 27,432 43,681 139,847 224,037 Reverse repurchase agreements (11) 306,047 6,349 166,971 7,411 8,954 18,729 20,925 16,065 4,399 2,648 4,538 13,289 35,769 Deposits 1,892,318 29,694 1,233,651 26,146 33,289 111,639 40,165 103,996 7,992 7,528 14,804 41,427 241,987 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 1,451,555 29,685 834,936 26,144 33,239 110,942 40,131 62,937 7,988 7,477 14,777 41,320 241,980 U.S. Treasury, General Account 375,170 0 375,170 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) 60,407 8 18,386 0 46 689 32 41,057 4 51 27 106 1 Deferred availability cash items 177 0 0 0 0 0 48 0 0 129 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,134 22 628 30 35 64 97 48 19 9 17 54 110 Other liabilities and accrued dividends 4,660 185 1,808 184 207 540 319 317 143 150 158 230 420 Total liabilities 3,929,356 88,121 1,990,768 80,006 124,643 246,726 305,886 231,062 63,881 37,897 63,198 194,847 502,322 Capital Capital paid in 32,519 1,494 11,053 1,142 2,708 6,716 1,968 1,223 518 247 330 394 4,727 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 3,968,700 89,908 2,003,987 81,542 127,896 254,898 308,250 232,570 64,503 38,176 63,594 195,326 508,051 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 23, 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 23, 2019 Federal Reserve notes outstanding 1,937,881 Less: Notes held by F.R. Banks not subject to collateralization 212,861 Federal Reserve notes to be collateralized 1,725,020 Collateral held against Federal Reserve notes 1,725,020 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,708,783 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,787,653 Less: Face value of securities under reverse repurchase agreements 293,870 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,493,784 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.