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 January 12, 2017 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 Jan 11, 2017 Federal Reserve Banks Jan 11, 2017 Jan 4, 2017 Jan 13, 2016 Reserve Bank credit 4,413,643 - 747 - 37,287 4,414,192 Securities held outright1 4,221,135 - 44 - 22,623 4,221,125 U.S. Treasury securities 2,463,564 - 45 + 2,093 2,463,548 Bills2 0 0 0 0 Notes and bonds, nominal2 2,339,103 0 - 7,536 2,339,103 Notes and bonds, inflation-indexed2 106,697 0 + 8,163 106,697 Inflation compensation3 17,764 - 44 + 1,466 17,748 Federal agency debt securities2 16,180 0 - 16,764 16,180 Mortgage-backed securities4 1,741,392 + 1 - 7,951 1,741,398 Unamortized premiums on securities held outright5 172,608 - 326 - 16,422 172,520 Unamortized discounts on securities held outright5 -15,064 + 17 + 1,461 -15,054 Repurchase agreements6 0 0 0 0 Loans 5 - 49 - 17 5 Primary credit 3 - 32 - 1 4 Secondary credit 0 - 1 0 0 Seasonal credit 2 - 16 - 16 1 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC7 1,706 + 5 - 11 1,704 Float -368 + 478 - 233 -588 Central bank liquidity swaps8 2,731 - 2,727 + 2,613 2,626 Other Federal Reserve assets9 30,889 + 1,898 - 2,055 31,854 Foreign currency denominated assets10 19,568 + 44 - 243 19,505 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 48,575 + 14 + 993 48,575 Total factors supplying reserve funds 4,498,027 - 689 - 36,537 4,498,513 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 Jan 11, 2017 Federal Reserve Banks Jan 11, 2017 Jan 4, 2017 Jan 13, 2016 Currency in circulation11 1,505,444 - 3,928 + 88,325 1,504,110 Reverse repurchase agreements12 454,852 - 197,973 + 137,693 414,925 Foreign official and international accounts 255,916 - 681 + 36,579 256,105 Others 198,936 - 197,292 + 101,114 158,820 Treasury cash holdings 177 + 10 - 102 180 Deposits with F.R. Banks, other than reserve balances 422,217 - 21,792 + 91,077 421,144 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 372,492 - 15,497 + 69,509 369,010 Foreign official 5,205 + 40 - 39 5,166 Other13 44,520 - 6,335 + 21,607 46,968 Other liabilities and capital14 47,160 + 212 + 192 47,227 Total factors, other than reserve balances, absorbing reserve funds 2,429,849 - 223,472 + 317,184 2,387,586 Reserve balances with Federal Reserve Banks 2,068,178 + 222,782 - 353,721 2,110,927 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 Jan 11, 2017 Jan 11, 2017 Jan 4, 2017 Jan 13, 2016 Securities held in custody for foreign official and international accounts 3,181,751 - 213 - 95,308 3,176,911 Marketable U.S. Treasury securities1 2,861,677 + 520 - 100,273 2,857,046 Federal agency debt and mortgage-backed securities2 260,720 - 681 - 7,841 260,784 Other securities3 59,354 - 52 + 12,807 59,081 Securities lent to dealers 17,079 - 6,407 + 4,110 17,983 Overnight facility4 17,079 - 6,407 + 4,110 17,983 U.S. Treasury securities 17,031 - 6,411 + 4,179 17,938 Federal agency debt securities 48 + 3 - 68 45 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, January 11, 2017 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 4 1 0 0 0 ... 5 U.S. Treasury securities1 Holdings 3,103 41,249 150,765 1,232,315 402,988 633,127 2,463,548 Weekly changes - 2 0 - 1 - 7 - 8 - 27 - 43 Federal agency debt securities2 Holdings 0 2,851 8,938 2,044 0 2,347 16,180 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities3 Holdings 0 0 0 84 10,895 1,730,418 1,741,398 Weekly changes 0 0 0 0 0 + 7 + 7 Repurchase agreements4 0 0 ... ... ... ... 0 Central bank liquidity swaps5 2,626 0 0 0 0 0 2,626 Reverse repurchase agreements4 414,925 0 ... ... ... ... 414,925 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 Jan 11, 2017 Mortgage-backed securities held outright1 1,741,398 Commitments to buy mortgage-backed securities2 51,573 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 2 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 Jan 11, 2017 Net portfolio holdings of Maiden Lane LLC1 1,704 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 September 30, 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 Jan 11, 2017 Jan 4, 2017 Jan 13, 2016 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,890 + 15 - 32 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,378,596 - 312 - 49,205 Securities held outright1 4,221,125 - 37 - 33,871 U.S. Treasury securities 2,463,548 - 43 + 2,098 Bills2 0 0 0 Notes and bonds, nominal2 2,339,103 0 - 7,536 Notes and bonds, inflation-indexed2 106,697 0 + 8,163 Inflation compensation3 17,748 - 43 + 1,470 Federal agency debt securities2 16,180 0 - 16,764 Mortgage-backed securities4 1,741,398 + 7 - 19,204 Unamortized premiums on securities held outright5 172,520 - 269 - 16,770 Unamortized discounts on securities held outright5 -15,054 + 29 + 1,460 Repurchase agreements6 0 0 0 Loans 5 - 35 - 24 Net portfolio holdings of Maiden Lane LLC7 1,704 - 3 - 14 Items in process of collection (0) 98 - 70 - 49 Bank premises 2,203 + 1 - 33 Central bank liquidity swaps8 2,626 - 2,937 + 2,508 Foreign currency denominated assets9 19,505 + 104 - 280 Other assets10 29,651 + 2,610 - 2,080 Total assets (0) 4,452,509 - 592 - 49,186 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 Jan 11, 2017 Jan 4, 2017 Jan 13, 2016 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,457,601 - 4,962 + 87,377 Reverse repurchase agreements11 414,925 - 108,288 + 113,822 Deposits (0) 2,532,071 + 111,747 - 250,492 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,110,927 + 112,761 - 339,900 U.S. Treasury, General Account 369,010 - 2,823 + 66,770 Foreign official 5,166 + 2 - 65 Other12 (0) 46,968 + 1,807 + 22,702 Deferred availability cash items (0) 686 - 280 + 254 Other liabilities and accrued dividends13 6,780 + 1,186 - 1,089 Total liabilities (0) 4,412,063 - 596 - 50,128 Capital accounts Capital paid in 30,447 + 5 + 943 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 40,447 + 5 + 943 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, January 11, 2017 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 1,890 49 71 161 135 309 187 284 30 53 114 193 306 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,378,596 107,561 2,491,713 118,888 131,131 267,592 245,066 174,465 55,261 32,285 60,939 155,855 537,839 Securities held outright1 4,221,125 103,693 2,402,103 114,613 126,416 257,969 236,253 168,190 53,274 31,121 58,747 150,250 518,497 U.S. Treasury securities 2,463,548 60,518 1,401,924 66,891 73,779 150,557 137,883 98,160 31,092 18,163 34,286 87,689 302,607 Bills2 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds3 2,463,548 60,518 1,401,924 66,891 73,779 150,557 137,883 98,160 31,092 18,163 34,286 87,689 302,607 Federal agency debt securities2 16,180 397 9,208 439 485 989 906 645 204 119 225 576 1,987 Mortgage-backed securities4 1,741,398 42,778 990,972 47,283 52,152 106,423 97,465 69,386 21,978 12,839 24,236 61,985 213,903 Unamortized premiums on securities held outright5 172,520 4,238 98,175 4,684 5,167 10,543 9,656 6,874 2,177 1,272 2,401 6,141 21,191 Unamortized discounts on securities held outright5 -15,054 -370 -8,567 -409 -451 -920 -843 -600 -190 -111 -210 -536 -1,849 Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 5 0 1 0 0 0 0 0 0 3 1 0 0 Net portfolio holdings of Maiden Lane LLC7 1,704 0 1,704 0 0 0 0 0 0 0 0 0 0 Items in process of collection 98 0 0 0 0 0 97 0 0 1 0 0 0 Bank premises 2,203 118 437 72 107 203 206 200 113 89 239 223 196 Central bank liquidity swaps8 2,626 116 866 144 200 586 146 70 27 11 26 33 400 Foreign currency denominated assets9 19,505 862 6,437 1,073 1,485 4,350 1,083 523 200 83 195 247 2,967 Other assets10 29,651 768 16,408 810 893 1,987 1,690 1,191 452 242 465 1,098 3,647 Interdistrict settlement account 0 - 23,971+ 3,101 - 8,513- 9,070- 13,787+ 12,988+ 14,713+ 3,574+ 2,680+ 2,917+ 18,371 - 3,004 Total assets 4,452,509 86,054 2,526,143 113,205 125,706 262,411 263,658 192,622 60,167 35,727 65,342 177,177 544,296 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, January 11, 2017 (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 1,638,870 53,307 534,630 51,858 80,650 118,022 223,489 108,917 49,449 28,309 45,148 135,894 209,195 Less: Notes held by F.R. Banks 181,269 5,916 48,888 6,461 9,277 13,589 26,086 11,854 5,362 3,095 6,009 16,928 27,805 Federal Reserve notes, net 1,457,601 47,392 485,742 45,397 71,374 104,433 197,402 97,064 44,088 25,214 39,139 118,966 181,391 Reverse repurchase agreements11 414,925 10,193 236,120 11,266 12,426 25,358 23,223 16,533 5,237 3,059 5,775 14,769 50,967 Deposits 2,532,071 26,505 1,787,798 54,122 38,418 123,217 40,094 77,145 10,250 6,627 19,893 42,643 305,359 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 2,110,927 26,498 1,382,714 54,120 38,415 123,085 40,085 61,271 10,228 6,627 19,891 42,641 305,351 U.S. Treasury, General Account 369,010 0 369,010 0 0 0 0 0 0 0 0 0 0 Foreign official 5,166 2 5,139 2 3 9 2 1 0 0 0 1 6 Other12 46,968 5 30,935 0 0 123 7 15,873 21 0 1 1 2 Deferred availability cash items 686 0 0 0 0 0 177 0 0 509 0 0 0 Earnings remittances due to the U.S. Treasury13 1,961 52 1,083 56 65 131 116 84 24 15 26 71 239 Other liabilities and accrued dividends 4,819 150 2,353 177 182 457 316 255 134 132 114 212 336 Total liabilities 4,412,063 84,291 2,513,096 111,018 122,464 253,596 261,329 191,080 59,732 35,556 64,947 176,661 538,292 Capital Capital paid in 30,447 1,320 9,748 1,637 2,480 6,585 1,774 1,274 333 129 296 389 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 4,452,509 86,054 2,526,143 113,205 125,706 262,411 263,658 192,622 60,167 35,727 65,342 177,177 544,296 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, January 11, 2017 (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 Jan 11, 2017 Federal Reserve notes outstanding 1,638,870 Less: Notes held by F.R. Banks not subject to collateralization 181,269 Federal Reserve notes to be collateralized 1,457,601 Collateral held against Federal Reserve notes 1,457,601 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,441,364 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,221,125 Less: Face value of securities under reverse repurchase agreements 392,561 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,828,564 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.