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 July 14, 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 Jul 13, 2016 Federal Reserve Banks Jul 13, 2016 Jul 6, 2016 Jul 15, 2015 Reserve Bank credit 4,431,616 + 1,849 - 17,451 4,432,340 Securities held outright1 4,231,137 + 107 - 2,702 4,231,178 U.S. Treasury securities 2,462,499 + 106 + 1,309 2,462,541 Bills2 0 0 0 0 Notes and bonds, nominal2 2,338,557 0 - 8,084 2,338,557 Notes and bonds, inflation-indexed2 106,669 0 + 8,135 106,669 Inflation compensation3 17,274 + 107 + 1,259 17,316 Federal agency debt securities2 25,096 0 - 10,799 25,096 Mortgage-backed securities4 1,743,541 0 + 6,787 1,743,541 Unamortized premiums on securities held outright5 180,263 - 311 - 17,431 180,146 Unamortized discounts on securities held outright5 -15,905 + 29 + 1,560 -15,893 Repurchase agreements6 0 0 0 0 Loans 184 - 38 + 14 289 Primary credit 26 - 62 + 24 123 Secondary credit 0 0 0 0 Seasonal credit 157 + 23 - 11 166 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC7 1,712 0 + 14 1,712 Float -292 + 158 + 175 -412 Central bank liquidity swaps8 2,399 - 595 + 2,091 2,220 Other Federal Reserve assets9 32,117 + 2,498 - 1,173 33,099 Foreign currency denominated assets10 21,245 - 49 + 1,556 21,118 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 47,955 + 14 + 903 47,955 Total factors supplying reserve funds 4,517,056 + 1,813 - 14,993 4,517,653 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 Jul 13, 2016 Federal Reserve Banks Jul 13, 2016 Jul 6, 2016 Jul 15, 2015 Currency in circulation11 1,464,902 - 998 + 94,528 1,464,626 Reverse repurchase agreements12 315,821 - 74,633 + 45,765 299,476 Foreign official and international accounts 251,274 - 6,728 + 97,406 251,119 Others 64,547 - 67,905 - 51,641 48,357 Treasury cash holdings 70 - 1 - 11 60 Deposits with F.R. Banks, other than reserve balances 377,413 + 19,829 + 172,926 379,353 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 316,064 + 12,767 + 139,653 307,707 Foreign official 5,196 - 29 - 47 5,196 Other13 56,153 + 7,090 + 33,321 66,450 Other liabilities and capital14 48,084 + 261 - 18,831 46,838 Total factors, other than reserve balances, absorbing reserve funds 2,206,291 - 55,542 + 294,379 2,190,352 Reserve balances with Federal Reserve Banks 2,310,766 + 57,356 - 309,371 2,327,301 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. 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.

H.4.1 1A. Memorandum Items Millions of dollars Averages of daily figures Wednesday Memorandum item Week ended Change from week ended Jul 13, 2016 Jul 13, 2016 Jul 6, 2016 Jul 15, 2015 Securities held in custody for foreign official and international accounts 3,222,420 - 7,085 - 122,185 3,221,171 Marketable U.S. Treasury securities1 2,905,986 - 11,192 - 94,973 2,903,994 Federal agency debt and mortgage-backed securities2 260,804 - 1,116 - 38,061 260,807 Other securities3 55,631 + 5,224 + 10,850 56,371 Securities lent to dealers 24,187 - 2,726 + 14,501 24,876 Overnight facility4 24,187 - 2,726 + 14,501 24,876 U.S. Treasury securities 24,171 - 2,720 + 14,565 24,860 Federal agency debt securities 16 - 6 - 64 16 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, July 13, 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 175 114 0 0 0 ... 289 U.S. Treasury securities1 Holdings 3,647 27,346 146,458 1,195,901 451,872 637,317 2,462,541 Weekly changes + 3 0 + 3 + 18 + 21 + 70 + 114 Federal agency debt securities2 Holdings 2,604 2,000 12,395 5,750 0 2,347 25,096 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities3 Holdings 0 0 0 1,054 9,522 1,732,965 1,743,541 Weekly changes 0 0 0 0 0 0 0 Repurchase agreements4 0 0 ... ... ... ... 0 Central bank liquidity swaps5 2,220 0 0 0 0 0 2,220 Reverse repurchase agreements4 299,476 0 ... ... ... ... 299,476 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 Jul 13, 2016 Mortgage-backed securities held outright1 1,743,541 Commitments to buy mortgage-backed securities2 44,249 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 4 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 Jul 13, 2016 Net portfolio holdings of Maiden Lane LLC1 1,712 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 March 31, 2016. 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 Jul 13, 2016 Jul 6, 2016 Jul 15, 2015 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,868 + 27 - 14 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,395,720 - 33 - 25,723 Securities held outright1 4,231,178 + 114 - 9,763 U.S. Treasury securities 2,462,541 + 114 + 1,303 Bills2 0 0 0 Notes and bonds, nominal2 2,338,557 0 - 8,084 Notes and bonds, inflation-indexed2 106,669 0 + 8,135 Inflation compensation3 17,316 + 114 + 1,253 Federal agency debt securities2 25,096 0 - 10,799 Mortgage-backed securities4 1,743,541 0 - 266 Unamortized premiums on securities held outright5 180,146 - 320 - 17,631 Unamortized discounts on securities held outright5 -15,893 + 31 + 1,566 Repurchase agreements6 0 0 0 Loans 289 + 142 + 104 Net portfolio holdings of Maiden Lane LLC7 1,712 0 + 14 Items in process of collection (0) 229 - 53 + 152 Bank premises 2,212 0 - 29 Central bank liquidity swaps8 2,220 - 774 + 1,912 Foreign currency denominated assets9 21,118 - 226 + 1,604 Other assets10 30,886 + 2,657 + 682 Total assets (0) 4,472,202 + 1,597 - 21,403 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 Jul 13, 2016 Jul 6, 2016 Jul 15, 2015 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,418,595 - 2,266 + 92,896 Reverse repurchase agreements11 299,476 - 38,900 + 43,452 Deposits (0) 2,706,654 + 43,372 - 139,410 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,327,301 + 19,019 - 327,844 U.S. Treasury, General Account 307,707 + 9,663 + 132,001 Foreign official 5,196 0 - 48 Other12 (0) 66,450 + 14,690 + 56,482 Deferred availability cash items (0) 640 - 44 + 303 Other liabilities and accrued dividends13 6,731 - 563 - 452 Total liabilities (0) 4,432,095 + 1,598 - 3,212 Capital accounts Capital paid in 30,107 - 1 + 958 Surplus 10,000 0 - 19,149 Other capital accounts 0 0 0 Total capital 40,107 - 1 - 18,191 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. 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.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, July 13, 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 11,037 355 3,588 359 586 760 1,541 753 360 193 296 875 1,371 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,868 45 65 149 134 297 186 273 28 54 133 186 318 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,395,720 107,975 2,501,295 119,347 131,636 268,621 246,036 175,155 55,528 32,478 61,181 156,459 540,009 Securities held outright1 4,231,178 103,940 2,407,824 114,886 126,717 258,583 236,816 168,591 53,401 31,195 58,887 150,608 519,732 U.S. Treasury securities 2,462,541 60,493 1,401,351 66,863 73,749 150,495 137,826 98,120 31,079 18,155 34,272 87,654 302,483 Bills2 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds3 2,462,541 60,493 1,401,351 66,863 73,749 150,495 137,826 98,120 31,079 18,155 34,272 87,654 302,483 Federal agency debt securities2 25,096 616 14,281 681 752 1,534 1,405 1,000 317 185 349 893 3,083 Mortgage-backed securities4 1,743,541 42,831 992,192 47,341 52,216 106,554 97,585 69,471 22,005 12,854 24,266 62,061 214,166 Unamortized premiums on securities held outright5 180,146 4,425 102,515 4,891 5,395 11,009 10,083 7,178 2,274 1,328 2,507 6,412 22,128 Unamortized discounts on securities held outright5 -15,893 -390 -9,044 -432 -476 -971 -890 -633 -201 -117 -221 -566 -1,952 Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 289 0 0 1 0 0 27 19 54 73 8 5 101 Net portfolio holdings of Maiden Lane LLC7 1,712 0 1,712 0 0 0 0 0 0 0 0 0 0 Items in process of collection 229 0 0 0 0 0 228 0 0 0 0 0 0 Bank premises 2,212 120 429 73 105 207 208 202 115 90 241 225 197 Central bank liquidity swaps8 2,220 98 732 122 169 495 123 60 23 9 22 28 338 Foreign currency denominated assets9 21,118 933 6,969 1,162 1,608 4,709 1,172 566 217 90 211 268 3,212 Other assets10 30,886 800 17,099 842 930 2,063 1,754 1,247 468 250 484 1,141 3,808 Interdistrict settlement account 0 - 30,018+ 28,223 - 23,648- 3,914- 16,922+ 5,917- 1,530+ 666- 173- 2,251+ 11,002 + 32,648 Total assets 4,472,202 80,504 2,561,932 98,615 131,492 260,643 257,820 177,149 57,554 33,083 60,470 170,466 582,475 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, July 13, 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 1,594,409 49,826 513,242 49,674 81,575 111,760 222,203 106,466 50,464 27,602 41,040 133,054 207,503 Less: Notes held by F.R. Banks 175,815 5,446 54,979 5,814 8,921 12,804 25,640 11,036 5,115 2,706 4,804 14,720 23,829 Federal Reserve notes, net 1,418,595 44,379 458,264 43,860 72,654 98,956 196,563 95,430 45,349 24,896 36,236 118,334 183,675 Reverse repurchase agreements11 299,476 7,357 170,422 8,131 8,969 18,302 16,761 11,933 3,780 2,208 4,168 10,660 36,786 Deposits 2,706,654 26,830 1,916,540 44,243 46,605 134,033 41,606 67,978 7,851 5,280 19,526 40,694 355,468 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 2,327,301 26,821 1,544,306 44,240 46,602 133,913 41,597 61,023 7,843 5,280 19,524 40,692 355,460 U.S. Treasury, General Account 307,707 0 307,707 0 0 0 0 0 0 0 0 0 0 Foreign official 5,196 2 5,169 2 3 9 2 1 0 0 0 1 6 Other12 66,450 7 59,358 1 0 111 7 6,954 8 0 1 1 2 Deferred availability cash items 640 0 0 0 0 0 258 0 0 382 0 0 0 Earnings remittances due to the U.S. Treasury13 1,843 41 1,125 40 43 67 105 80 22 13 29 70 208 Other liabilities and accrued dividends 4,887 151 2,429 180 183 476 308 239 134 133 119 201 334 Total liabilities 4,432,095 78,757 2,548,780 96,455 128,454 251,834 255,601 175,660 57,136 32,912 60,077 169,959 576,471 Capital Capital paid in 30,107 1,305 9,853 1,611 2,276 6,579 1,664 1,221 316 128 292 380 4,483 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 4,472,202 80,504 2,561,932 98,615 131,492 260,643 257,820 177,149 57,554 33,083 60,470 170,466 582,475 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, July 13, 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. 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 $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 Jul 13, 2016 Federal Reserve notes outstanding 1,594,409 Less: Notes held by F.R. Banks not subject to collateralization 175,815 Federal Reserve notes to be collateralized 1,418,595 Collateral held against Federal Reserve notes 1,418,595 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,402,358 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,231,178 Less: Face value of securities under reverse repurchase agreements 274,481 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,956,697 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.