FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 7, 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 Nov 6, 2019 Federal Reserve Banks Nov 6, 2019 Oct 30, 2019 Nov 7, 2018 Reserve Bank credit 3,999,741 + 33,802 - 102,368 4,000,728 Securities held outright (1) 3,630,367 + 17,569 - 311,453 3,642,441 U.S. Treasury securities 2,182,249 + 19,274 - 88,173 2,194,318 Bills (2) 55,294 + 15,002 + 55,241 66,010 Notes and bonds, nominal (2) 1,979,652 + 2,482 - 153,110 1,980,995 Notes and bonds, inflation-indexed (2) 122,771 + 1,778 + 7,192 122,771 Inflation compensation (3) 24,532 + 12 + 2,503 24,542 Federal agency debt securities (2) 2,347 0 - 62 2,347 Mortgage-backed securities (4) 1,445,771 - 1,705 - 223,218 1,445,776 Unamortized premiums on securities held outright (5) 126,612 - 147 - 16,469 126,604 Unamortized discounts on securities held outright (5) -12,755 - 54 + 766 -12,781 Repurchase agreements (6) 227,103 + 15,367 + 227,103 215,160 Loans 25 - 30 - 76 22 Primary credit 1 - 12 - 9 2 Secondary credit 0 0 0 0 Seasonal credit 25 - 17 - 66 20 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 7 0 Float -191 + 58 - 45 -122 Central bank liquidity swaps (8) 46 + 5 - 34 46 Other Federal Reserve assets (9) 28,535 + 1,036 - 2,152 29,357 Foreign currency denominated assets (10) 20,721 + 83 + 43 20,607 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,064 + 14 + 338 50,064 Total factors supplying reserve funds 4,086,767 + 33,899 - 101,987 4,087,640 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 Nov 6, 2019 Federal Reserve Banks Nov 6, 2019 Oct 30, 2019 Nov 7, 2018 Currency in circulation (11) 1,782,287 + 6,218 + 85,667 1,784,936 Reverse repurchase agreements (12) 294,271 + 7,557 + 65,644 288,496 Foreign official and international accounts 292,025 + 5,418 + 65,548 286,846 Others 2,246 + 2,138 + 96 1,650 Treasury cash holdings 196 + 4 - 36 194 Deposits with F.R. Banks, other than reserve balances 440,607 - 20,704 + 48,666 440,024 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 377,029 - 12,843 + 57,045 378,184 Foreign official 5,183 - 4 - 73 5,183 Other (13) 58,395 - 7,857 - 8,305 56,657 Other liabilities and capital (14) 45,466 + 588 + 263 45,233 Total factors, other than reserve balances, absorbing reserve funds 2,562,827 - 6,339 + 200,204 2,558,883 Reserve balances with Federal Reserve Banks 1,523,939 + 40,237 - 302,192 1,528,757 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 Nov 6, 2019 Nov 6, 2019 Oct 30, 2019 Nov 7, 2018 Securities held in custody for foreign official and international accounts 3,418,865 - 2,796 + 3,771 3,418,520 Marketable U.S. Treasury securities (1) 2,973,035 - 3,372 - 69,665 2,972,644 Federal agency debt and mortgage-backed securities (2) 362,329 + 330 + 56,291 362,340 Other securities (3) 83,500 + 245 + 17,144 83,536 Securities lent to dealers 27,153 + 4,704 + 8,543 23,728 Overnight facility (4) 27,153 + 4,704 + 8,543 23,728 U.S. Treasury securities 27,153 + 4,704 + 8,543 23,728 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, November 6, 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 6 16 0 0 0 ... 22 U.S. Treasury securities (1) Holdings 41,822 65,966 285,932 866,728 308,578 625,292 2,194,318 Weekly changes + 24,039 - 15,993 - 6,074 + 10,606 + 6,173 + 77 + 18,827 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 15 953 77,491 1,367,317 1,445,776 Weekly changes 0 0 + 7 + 42 + 385 - 420 + 14 Repurchase agreements (4) 215,160 0 ... ... ... ... 215,160 Central bank liquidity swaps (5) 46 0 0 0 0 0 46 Reverse repurchase agreements (4) 288,496 0 ... ... ... ... 288,496 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 Nov 6, 2019 Mortgage-backed securities held outright (1) 1,445,776 Commitments to buy mortgage-backed securities (2) 8,109 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 1 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4 and table 5. 4. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Nov 6, 2019 Wednesday Wednesday consolidation Oct 30, 2019 Nov 7, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,674 0 - 59 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,971,447 + 18,377 - 99,990 Securities held outright (1) 3,642,441 + 18,841 - 299,393 U.S. Treasury securities 2,194,318 + 18,827 - 76,118 Bills (2) 66,010 + 15,002 + 65,957 Notes and bonds, nominal (2) 1,980,995 + 2,024 - 151,767 Notes and bonds, inflation-indexed (2) 122,771 + 1,778 + 7,192 Inflation compensation (3) 24,542 + 23 + 2,499 Federal agency debt securities (2) 2,347 0 - 62 Mortgage-backed securities (4) 1,445,776 + 14 - 223,213 Unamortized premiums on securities held outright (5) 126,604 - 48 - 16,406 Unamortized discounts on securities held outright (5) -12,781 - 31 + 729 Repurchase agreements (6) 215,160 - 340 + 215,160 Loans 22 - 46 - 81 Net portfolio holdings of Maiden Lane LLC (7) 0 0 - 7 Items in process of collection (0) 76 + 22 - 58 Bank premises 2,186 - 14 0 Central bank liquidity swaps (8) 46 + 5 - 33 Foreign currency denominated assets (9) 20,607 - 53 - 110 Other assets (10) 27,171 + 1,284 - 2,233 Total assets (0) 4,039,443 + 19,620 - 102,493 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 Nov 6, 2019 Wednesday Wednesday consolidation Oct 30, 2019 Nov 7, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,736,735 + 3,867 + 85,485 Reverse repurchase agreements (11) 288,496 - 1,165 + 57,658 Deposits (0) 1,968,781 + 17,262 - 245,453 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,528,757 + 44,038 - 300,068 U.S. Treasury, General Account 378,184 - 22,432 + 62,027 Foreign official 5,183 - 4 - 74 Other (12) (0) 56,657 - 4,341 - 7,338 Deferred availability cash items (0) 198 - 958 - 69 Other liabilities and accrued dividends (13) 5,916 + 634 - 316 Total liabilities (0) 4,000,126 + 19,640 - 102,696 Capital accounts Capital paid in 32,493 - 19 + 204 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,318 - 19 + 204 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, November 6, 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 1,674 42 45 151 106 213 176 278 35 44 110 187 286 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,971,447 82,393 2,166,693 96,174 116,194 243,037 271,543 208,466 57,080 34,381 58,890 172,444 464,152 Securities held outright (1) 3,642,441 75,567 1,987,209 88,208 106,569 222,904 249,045 191,197 52,351 31,519 54,011 158,159 425,702 U.S. Treasury securities 2,194,318 45,524 1,197,156 53,139 64,200 134,284 150,032 115,183 31,538 18,988 32,538 95,280 256,456 Bills (2) 66,010 1,369 36,013 1,599 1,931 4,040 4,513 3,465 949 571 979 2,866 7,715 Notes and bonds (3) 2,128,308 44,154 1,161,143 51,540 62,269 130,245 145,519 111,718 30,589 18,417 31,559 92,414 248,741 Federal agency debt securities (2) 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities (4) 1,445,776 29,994 788,773 35,012 42,300 88,476 98,852 75,891 20,780 12,511 21,439 62,777 168,972 Unamortized premiums on securities held outright (5) 126,604 2,627 69,072 3,066 3,704 7,748 8,656 6,646 1,820 1,096 1,877 5,497 14,797 Unamortized discounts on securities held outright (5) -12,781 -265 -6,973 -310 -374 -782 -874 -671 -184 -111 -190 -555 -1,494 Repurchase agreements (6) 215,160 4,464 117,385 5,210 6,295 13,167 14,711 11,294 3,092 1,862 3,190 9,343 25,146 Loans 22 1 0 0 0 0 4 0 0 16 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 76 0 0 0 0 0 75 0 0 1 0 0 0 Bank premises 2,186 107 455 84 116 191 204 193 102 94 228 224 189 Central bank liquidity swaps (8) 46 2 14 3 4 10 3 2 1 0 0 1 7 Foreign currency denominated assets (9) 20,607 887 6,540 1,191 1,645 4,394 1,198 860 314 98 200 255 3,025 Other assets (10) 27,171 581 14,393 652 809 1,881 1,844 1,397 482 302 487 1,202 3,140 Interdistrict settlement account 0 + 2,203 - 144,015 - 14,378 + 11,704 - 2,207 + 32,920 + 15,808 + 8,784 + 3,926 + 6,217 + 26,880 + 52,157 Total assets 4,039,443 86,762 2,049,651 84,415 131,345 248,685 310,176 228,140 67,275 39,122 66,577 202,365 524,931 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, November 6, 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 1,945,741 59,497 641,570 56,281 93,037 132,889 272,969 125,763 58,366 31,100 52,582 162,646 259,042 Less: Notes held by F.R. Banks 209,006 6,258 53,778 8,906 9,331 15,843 30,631 13,474 5,862 3,409 7,724 20,516 33,276 Federal Reserve notes, net 1,736,735 53,239 587,792 47,375 83,706 117,046 242,338 112,289 52,504 27,691 44,858 142,131 225,766 Reverse repurchase agreements (11) 288,496 5,985 157,395 6,986 8,441 17,655 19,725 15,144 4,146 2,496 4,278 12,527 33,717 Deposits 1,968,781 25,547 1,288,707 28,303 35,706 105,186 45,262 98,833 9,833 8,371 16,873 46,961 259,199 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 1,528,757 25,535 886,080 28,301 35,675 104,580 45,217 62,308 9,830 8,318 16,844 46,877 259,192 U.S. Treasury, General Account 378,184 0 378,184 0 0 0 0 0 0 0 0 0 0 Foreign official 5,183 2 5,156 2 3 9 2 2 1 0 0 0 6 Other (12) 56,657 11 19,287 0 27 597 43 36,524 3 53 29 83 1 Deferred availability cash items 198 0 0 0 0 0 74 0 0 123 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,212 22 689 30 31 62 99 61 21 9 17 52 119 Other liabilities and accrued dividends 4,703 180 1,849 183 208 563 313 306 149 151 155 235 410 Total liabilities 4,000,126 84,974 2,036,432 82,878 128,092 240,513 307,811 226,632 66,654 38,841 66,181 201,905 519,211 Capital Capital paid in 32,493 1,494 11,053 1,142 2,708 6,716 1,968 1,223 517 248 330 375 4,717 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 4,039,443 86,762 2,049,651 84,415 131,345 248,685 310,176 228,140 67,275 39,122 66,577 202,365 524,931 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, November 6, 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 Nov 6, 2019 Federal Reserve notes outstanding 1,945,741 Less: Notes held by F.R. Banks not subject to collateralization 209,006 Federal Reserve notes to be collateralized 1,736,735 Collateral held against Federal Reserve notes 1,736,735 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,720,499 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 3,857,601 Less: Face value of securities under reverse repurchase agreements 270,687 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,586,915 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.