H.4.1 Factors Affecting Reserve Balances of Depository Institutions

FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 24, 2016 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 Mar 23, 2016 Federal Reserve Banks Mar 23, 2016 Mar 16, 2016 Mar 25, 2015 Reserve Bank credit 4,450,735 + 4,495 - 2,476 4,453,820 Securities held outright1 4,250,757 + 3,408 + 12,919 4,253,473 U.S. Treasury securities 2,461,267 + 44 + 1,557 2,461,283 Bills2 0 0 0 0 Notes and bonds, nominal2 2,344,518 0 - 2,192 2,344,518 Notes and bonds, inflation-indexed2 100,880 0 + 2,411 100,880 Inflation compensation3 15,868 + 43 + 1,337 15,884 Federal agency debt securities2 29,257 - 1,472 - 7,620 29,257 Mortgage-backed securities4 1,760,233 + 4,837 + 18,982 1,762,933 Unamortized premiums on securities held outright5 186,216 - 129 - 17,117 186,225 Unamortized discounts on securities held outright5 -16,347 + 37 + 1,654 -16,335 Repurchase agreements6 0 0 0 0 Loans 19 + 4 + 3 18 Primary credit 4 0 - 2 4 Secondary credit 0 0 0 0 Seasonal credit 15 + 4 + 5 14 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC7 1,722 0 + 30 1,722 Float -228 + 149 + 183 -249 Central bank liquidity swaps8 53 - 23 + 50 53 Other Federal Reserve assets9 28,543 + 1,049 - 198 28,913 Foreign currency denominated assets10 20,681 + 269 + 1,086 20,508 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 47,714 + 14 + 1,066 47,714 Total factors supplying reserve funds 4,535,371 + 4,777 - 324 4,538,282 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 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 Mar 23, 2016 Federal Reserve Banks Mar 23, 2016 Mar 16, 2016 Mar 25, 2015 Currency in circulation11 1,439,660 + 1,932 + 83,615 1,441,401 Reverse repurchase agreements12 299,132 + 18,793 + 16 307,555 Foreign official and international accounts 237,440 - 2,639 + 96,439 237,480 Others 61,692 + 21,431 - 96,423 70,075 Treasury cash holdings 228 - 10 + 31 217 Deposits with F.R. Banks, other than reserve balances 326,338 + 61,276 + 218,006 310,672 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 296,956 + 61,322 + 211,049 277,707 Foreign official 5,172 0 - 67 5,173 Other13 24,210 - 47 + 7,024 27,793 Other liabilities and capital14 47,478 - 236 - 17,900 46,611 Total factors, other than reserve balances, absorbing reserve funds 2,112,837 + 81,755 + 283,769 2,106,456 Reserve balances with Federal Reserve Banks 2,422,534 - 76,978 - 284,093 2,431,826 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 and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements. 7. Refer to table 4 and the note on consolidation accompanying table 6. 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, and designated financial market utilities. 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.

H.4.1 1A. Memorandum Items Millions of dollars Averages of daily figures Wednesday Memorandum item Week ended Change from week ended Mar 23, 2016 Mar 23, 2016 Mar 16, 2016 Mar 25, 2015 Securities held in custody for foreign official and international accounts 3,256,269 + 4,403 + 22,400 3,253,585 Marketable U.S. Treasury securities1 2,942,303 + 5,747 + 34,568 2,939,861 Federal agency debt and mortgage-backed securities2 265,863 - 415 - 16,615 265,836 Other securities3 48,103 - 929 + 4,447 47,889 Securities lent to dealers 20,877 + 1,048 + 8,278 19,995 Overnight facility4 20,877 + 1,048 + 8,278 19,995 U.S. Treasury securities 20,842 + 1,071 + 8,672 19,953 Federal agency debt securities 35 - 23 - 394 42 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, 5, and 6. 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, March 23, 2016 Millions of dollars Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 Remaining Maturity All days 90 days 1 year to 5 years to 10 years years Loans 18 0 0 0 0 ... 18 U.S. Treasury securities1 Holdings 23,587 67,034 117,589 1,152,298 468,561 632,214 2,461,283 Weekly changes 0 0 + 2 + 7 + 6 + 28 + 44 Federal agency debt securities2 Holdings 0 4,161 11,767 10,982 0 2,347 29,257 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities3 Holdings 0 0 0 777 9,014 1,753,142 1,762,933 Weekly changes 0 0 0 + 1 + 23 + 4,827 + 4,851 Repurchase agreements4 0 0 ... ... ... ... 0 Central bank liquidity swaps5 53 0 0 0 0 0 53 Reverse repurchase agreements4 307,555 0 ... ... ... ... 307,555 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.

H.4.1 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Wednesday Account name Mar 23, 2016 Mortgage-backed securities held outright1 1,762,933 Commitments to buy mortgage-backed securities2 17,103 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 0 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 5 and table 6. 4. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Wednesday Account name Mar 23, 2016 Net portfolio holdings of Maiden Lane LLC1 1,722 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0 Accrued interest payable to the Federal Reserve Bank of New York2 0 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3 0 1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of December 31, 2015. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available. 2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6. 3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 5 and table 6. Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.

H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Mar 23, 2016 Mar 16, 2016 Mar 25, 2015 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,896 - 21 + 57 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,423,381 + 4,762 + 9,964 Securities held outright1 4,253,473 + 4,894 + 25,021 U.S. Treasury securities 2,461,283 + 44 + 1,617 Bills2 0 0 0 Notes and bonds, nominal2 2,344,518 0 - 2,192 Notes and bonds, inflation-indexed2 100,880 0 + 2,411 Inflation compensation3 15,884 + 43 + 1,397 Federal agency debt securities2 29,257 0 - 7,620 Mortgage-backed securities4 1,762,933 + 4,851 + 31,024 Unamortized premiums on securities held outright5 186,225 - 146 - 16,710 Unamortized discounts on securities held outright5 -16,335 + 32 + 1,649 Repurchase agreements6 0 0 0 Loans 18 - 19 + 3 Net portfolio holdings of Maiden Lane LLC7 1,722 0 + 30 Items in process of collection (0) 148 - 2 - 34 Bank premises 2,227 0 - 21 Central bank liquidity swaps8 53 - 23 + 50 Foreign currency denominated assets9 20,508 + 185 + 696 Other assets10 26,686 + 1,622 + 1,512 Total assets (0) 4,492,857 + 6,524 + 12,254 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 5. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Change since Eliminations from Wednesday Assets, liabilities, and capital Wednesday Wednesday consolidation Mar 23, 2016 Mar 16, 2016 Mar 25, 2015 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,395,796 + 1,841 + 82,882 Reverse repurchase agreements11 307,555 + 17,667 + 28,708 Deposits (0) 2,742,498 - 13,495 - 81,338 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,431,826 - 23,696 - 305,976 U.S. Treasury, General Account 277,707 - 1,374 + 206,382 Foreign official 5,173 - 2 - 52 Other12 (0) 27,793 + 11,578 + 18,309 Deferred availability cash items (0) 397 + 52 - 348 Other liabilities and accrued dividends13 6,623 + 17 - 25 Total liabilities (0) 4,452,869 + 6,082 + 29,880 Capital accounts Capital paid in 29,988 + 442 + 1,181 Surplus 10,000 0 - 18,807 Other capital accounts 0 0 0 Total capital 39,988 + 442 - 17,626 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 and Federal agency debt securities, amortization is on a straight-line basis. For 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 table 4 and the note on consolidation accompanying table 6. 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, and designated financial market utilities. 13. Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, March 23, 2016 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Assets Gold certificate account 11,037 347 3,709 340 505 783 1,600 734 299 171 288 891 1,370 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,896 48 87 132 136 300 180 280 24 57 153 186 314 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,423,381 112,130 2,655,398 110,016 106,348 240,249 249,089 164,355 46,130 26,906 57,466 142,491 512,803 Securities held outright1 4,253,473 107,823 2,553,411 105,791 102,264 231,021 239,522 158,035 44,357 25,868 55,255 137,018 493,107 U.S. Treasury securities 2,461,283 62,392 1,477,538 61,216 59,175 133,681 138,600 91,448 25,667 14,969 31,973 79,286 285,338 Bills2 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds3 2,461,283 62,392 1,477,538 61,216 59,175 133,681 138,600 91,448 25,667 14,969 31,973 79,286 285,338 Federal agency debt securities2 29,257 742 17,563 728 703 1,589 1,648 1,087 305 178 380 942 3,392 Mortgage-backed securities4 1,762,933 44,689 1,058,310 43,847 42,385 95,751 99,274 65,501 18,385 10,721 22,901 56,790 204,378 Unamortized premiums on securities held outright5 186,225 4,721 111,793 4,632 4,477 10,115 10,487 6,919 1,942 1,133 2,419 5,999 21,589 Unamortized discounts on securities held outright5 -16,335 -414 -9,806 -406 -393 -887 -920 -607 -170 -99 -212 -526 -1,894 Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 18 0 0 0 0 0 0 7 1 5 5 0 0 Net portfolio holdings of Maiden Lane LLC7 1,722 0 1,722 0 0 0 0 0 0 0 0 0 0 Items in process of collection 148 0 0 0 0 0 148 0 0 0 0 0 0 Bank premises 2,227 123 433 74 105 210 207 203 117 91 240 226 199 Central bank liquidity swaps8 53 2 17 3 4 12 3 1 0 0 1 1 8 Foreign currency denominated assets9 20,508 930 6,612 1,146 1,599 4,705 1,167 551 191 86 216 295 3,011 Other assets10 26,686 713 15,483 673 652 1,636 1,517 1,007 349 183 393 960 3,121 Interdistrict settlement account 0 - 26,842- 187,452+ 13,292+ 17,811+ 37,966+ 12,529+ 6,573+ 12,247+ 5,955+ 2,887+ 27,343 + 77,692 Total assets 4,492,857 87,647 2,497,825 125,886 127,396 286,273 267,094 174,127 59,507 33,541 61,795 172,674 599,092 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, March 23, 2016 (continued) Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Dallas City Francisco Liabilities Federal Reserve notes outstanding 1,563,675 49,231 497,753 49,186 81,686 107,761 222,942 104,574 50,868 26,981 40,033 129,548 203,114 Less: Notes held by F.R. Banks 167,879 5,353 58,068 5,815 8,559 11,638 22,127 10,360 4,813 2,454 4,718 12,394 21,581 Federal Reserve notes, net 1,395,796 43,878 439,685 43,371 73,127 96,123 200,816 94,213 46,055 24,527 35,315 117,154 181,532 Reverse repurchase agreements11 307,555 7,796 184,629 7,649 7,394 16,704 17,319 11,427 3,207 1,870 3,995 9,907 35,655 Deposits 2,742,498 34,019 1,857,175 72,443 43,619 163,995 46,236 66,674 9,686 6,529 21,954 44,855 375,313 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 2,431,826 34,014 1,553,593 72,440 43,616 163,857 46,227 59,767 9,675 6,529 21,951 44,854 375,303 U.S. Treasury, General Account 277,707 0 277,707 0 0 0 0 0 0 0 0 0 0 Foreign official 5,173 2 5,146 2 3 9 2 1 0 0 0 1 6 Other12 27,793 3 20,729 0 0 129 7 6,905 11 0 3 1 5 Deferred availability cash items 397 0 0 0 0 0 89 0 0 309 0 0 0 Earnings remittances due to the U.S. Treasury13 2,025 54 1,197 51 57 129 122 69 19 9 22 64 233 Other liabilities and accrued dividends 4,598 154 2,104 190 188 517 306 242 125 127 113 188 344 Total liabilities 4,452,869 85,900 2,484,790 123,704 124,385 277,468 264,886 172,625 59,093 33,371 61,401 172,169 593,077 Capital Capital paid in 29,988 1,305 9,736 1,631 2,250 6,575 1,652 1,234 312 127 295 379 4,493 Surplus 10,000 442 3,299 550 762 2,230 555 268 103 43 100 127 1,521 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,492,857 87,647 2,497,825 125,886 127,396 286,273 267,094 174,127 59,507 33,541 61,795 172,674 599,092 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, March 23, 2016 (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 and Federal agency debt securities, amortization is on a straight-line basis. For 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 table 4 and 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, and designated financial market utilities. 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 $10 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. 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 5), 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 5).

H.4.1 7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts Millions of dollars Wednesday Federal Reserve notes and collateral Mar 23, 2016 Federal Reserve notes outstanding 1,563,675 Less: Notes held by F.R. Banks not subject to collateralization 167,879 Federal Reserve notes to be collateralized 1,395,796 Collateral held against Federal Reserve notes 1,395,796 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,379,559 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,253,473 Less: Face value of securities under reverse repurchase agreements 287,304 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,966,169 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.