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 August 3, 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 Aug 2, 2017 Federal Reserve Banks Aug 2, 2017 Jul 26, 2017 Aug 3, 2016 Reserve Bank credit 4,426,220 - 9,164 + 118 4,426,636 Securities held outright1 4,242,301 - 8,425 + 15,876 4,242,317 U.S. Treasury securities 2,465,185 + 24 + 2,355 2,465,195 Bills2 0 0 0 0 Notes and bonds, nominal2 2,338,320 - 567 - 3,884 2,337,565 Notes and bonds, inflation-indexed2 108,218 + 567 + 4,622 108,973 Inflation compensation3 18,647 + 25 + 1,617 18,657 Federal agency debt securities2 8,097 0 - 14,395 8,097 Mortgage-backed securities4 1,769,018 - 8,450 + 27,916 1,769,026 Unamortized premiums on securities held outright5 164,848 - 531 - 14,486 164,745 Unamortized discounts on securities held outright5 -14,624 + 24 + 1,108 -14,622 Repurchase agreements6 0 0 0 0 Loans 196 + 23 - 7 200 Primary credit 8 + 4 - 10 3 Secondary credit 0 0 0 0 Seasonal credit 188 + 19 + 3 197 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC7 1,710 0 + 6 1,710 Float -853 - 606 - 136 -573 Central bank liquidity swaps8 35 - 50 - 895 35 Other Federal Reserve assets9 32,609 + 403 - 1,344 32,824 Foreign currency denominated assets10 21,296 + 199 - 55 21,486 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 49,042 + 14 + 858 49,042 Total factors supplying reserve funds 4,512,800 - 8,951 + 922 4,513,405 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 Aug 2, 2017 Federal Reserve Banks Aug 2, 2017 Jul 26, 2017 Aug 3, 2016 Currency in circulation11 1,562,778 + 2,230 + 99,749 1,565,431 Reverse repurchase agreements12 366,328 + 11,329 + 38,931 361,577 Foreign official and international accounts 245,886 + 571 + 3,956 242,243 Others 120,443 + 10,759 + 34,976 119,334 Treasury cash holdings 164 + 2 + 86 172 Deposits with F.R. Banks, other than reserve balances 264,244 - 13,582 - 76,536 246,790 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 180,348 - 11,056 - 118,465 165,407 Foreign official 5,244 + 69 + 47 5,166 Other13 78,653 - 2,594 + 41,883 76,218 Other liabilities and capital14 47,971 + 321 + 138 47,858 Total factors, other than reserve balances, absorbing reserve funds 2,241,486 + 300 + 62,369 2,221,829 Reserve balances with Federal Reserve Banks 2,271,315 - 9,250 - 61,446 2,291,576 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 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 Aug 2, 2017 Aug 2, 2017 Jul 26, 2017 Aug 3, 2016 Securities held in custody for foreign official and international accounts 3,333,291 + 7,995 + 114,137 3,340,756 Marketable U.S. Treasury securities1 3,009,494 + 7,350 + 113,456 3,016,768 Federal agency debt and mortgage-backed securities2 262,299 + 509 - 2,566 262,388 Other securities3 61,499 + 137 + 3,248 61,600 Securities lent to dealers 23,112 + 3,103 + 180 24,021 Overnight facility4 23,112 + 3,103 + 180 24,021 U.S. Treasury securities 23,112 + 3,103 + 199 24,021 Federal agency debt securities 0 0 - 19 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, 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, August 2, 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 22 178 0 0 0 ... 200 U.S. Treasury securities1 Holdings 18,655 22,845 298,286 1,129,960 361,528 633,921 2,465,195 Weekly changes + 6,861 - 9,954 + 21,602 - 22,673 + 4,175 + 14 + 25 Federal agency debt securities2 Holdings 0 1,340 4,348 62 0 2,347 8,097 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities3 Holdings 0 0 0 792 11,251 1,756,983 1,769,026 Weekly changes 0 0 0 + 10 - 10 + 27 + 27 Repurchase agreements4 0 0 ... ... ... ... 0 Central bank liquidity swaps5 35 0 0 0 0 0 35 Reverse repurchase agreements4 361,577 0 ... ... ... ... 361,577 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 Aug 2, 2017 Mortgage-backed securities held outright1 1,769,026 Commitments to buy mortgage-backed securities2 26,222 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 10 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 Aug 2, 2017 Net portfolio holdings of Maiden Lane LLC1 1,710 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 June 30, 2017. 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 Aug 2, 2017 Jul 26, 2017 Aug 3, 2016 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,839 + 6 - 61 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,392,640 - 211 + 2,519 Securities held outright1 4,242,317 + 52 + 15,856 U.S. Treasury securities 2,465,195 + 25 + 2,330 Bills2 0 0 0 Notes and bonds, nominal2 2,337,565 - 1,322 - 4,639 Notes and bonds, inflation-indexed2 108,973 + 1,322 + 5,377 Inflation compensation3 18,657 + 26 + 1,592 Federal agency debt securities2 8,097 0 - 14,395 Mortgage-backed securities4 1,769,026 + 27 + 27,922 Unamortized premiums on securities held outright5 164,745 - 279 - 14,460 Unamortized discounts on securities held outright5 -14,622 + 14 + 1,108 Repurchase agreements6 0 0 0 Loans 200 + 3 + 14 Net portfolio holdings of Maiden Lane LLC7 1,710 0 + 5 Items in process of collection (0) 74 + 18 - 136 Bank premises 2,192 - 6 - 18 Central bank liquidity swaps8 35 - 50 - 895 Foreign currency denominated assets9 21,486 + 455 + 60 Other assets10 30,633 + 1,350 - 1,421 Total assets (0) 4,466,846 + 1,562 + 53 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 Aug 2, 2017 Jul 26, 2017 Aug 3, 2016 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,518,395 + 3,444 + 99,461 Reverse repurchase agreements11 361,577 + 17,781 + 50,323 Deposits (0) 2,538,367 - 21,201 - 150,362 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,291,577 - 2,039 - 111,487 U.S. Treasury, General Account 165,407 - 18,127 - 80,275 Foreign official 5,166 - 24 - 31 Other12 (0) 76,218 - 1,011 + 41,431 Deferred availability cash items (0) 648 + 196 + 188 Other liabilities and accrued dividends13 6,989 + 1,320 - 318 Total liabilities (0) 4,425,977 + 1,541 - 708 Capital accounts Capital paid in 30,869 + 21 + 761 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 40,869 + 21 + 761 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 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, August 2, 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 11,037 349 3,592 348 553 776 1,520 737 341 191 292 916 1,422 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,839 44 50 174 131 260 201 288 27 50 114 192 309 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,392,640 85,581 2,473,347 113,411 127,377 257,356 258,561 184,767 58,616 34,347 62,308 175,847 561,123 Securities held outright1 4,242,317 82,656 2,388,814 109,535 123,023 248,560 249,718 178,426 56,570 33,075 60,166 169,833 541,940 U.S. Treasury securities 2,465,195 48,031 1,388,131 63,650 71,488 144,437 145,110 103,683 32,873 19,220 34,962 98,689 314,919 Bills2 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds3 2,465,195 48,031 1,388,131 63,650 71,488 144,437 145,110 103,683 32,873 19,220 34,962 98,689 314,919 Federal agency debt securities2 8,097 158 4,559 209 235 474 477 341 108 63 115 324 1,034 Mortgage-backed securities4 1,769,026 34,467 996,124 45,675 51,300 103,648 104,131 74,403 23,590 13,792 25,089 70,819 225,986 Unamortized premiums on securities held outright5 164,745 3,210 92,767 4,254 4,777 9,652 9,697 6,929 2,197 1,284 2,336 6,595 21,046 Unamortized discounts on securities held outright5 -14,622 -285 -8,234 -378 -424 -857 -861 -615 -195 -114 -207 -585 -1,868 Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 200 0 0 0 0 0 6 27 44 101 13 4 5 Net portfolio holdings of Maiden Lane LLC7 1,710 0 1,710 0 0 0 0 0 0 0 0 0 0 Items in process of collection 74 0 0 0 0 0 74 0 0 0 0 0 0 Bank premises 2,192 118 442 71 114 199 203 198 111 88 236 220 191 Central bank liquidity swaps8 35 2 11 2 3 8 2 1 0 0 0 0 5 Foreign currency denominated assets9 21,486 928 6,937 1,151 1,743 4,625 1,248 896 234 90 208 274 3,151 Other assets10 30,633 646 16,783 789 899 1,984 1,826 1,291 510 262 508 1,237 3,896 Interdistrict settlement account 0 - 9,994- 32,930 - 4,789- 2,676- 7,332- 4,454+ 45,839- 376+ 1,928+ 6,247+ 6,019 + 2,518 Total assets 4,466,846 77,869 2,471,761 111,367 128,382 258,287 259,836 234,442 59,613 37,046 70,066 184,987 573,190 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, August 2, 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 1,694,711 56,817 538,932 55,576 85,714 121,945 225,357 115,322 52,528 31,384 48,576 142,534 220,025 Less: Notes held by F.R. Banks 176,315 6,314 46,435 6,932 9,943 13,311 26,613 11,622 5,356 2,924 5,555 15,858 25,453 Federal Reserve notes, net 1,518,395 50,503 492,498 48,644 75,770 108,634 198,744 103,700 47,173 28,461 43,021 126,676 194,573 Reverse repurchase agreements11 361,577 7,045 203,601 9,336 10,485 21,185 21,284 15,207 4,822 2,819 5,128 14,475 46,190 Deposits 2,538,367 18,358 1,759,142 50,938 38,517 118,963 36,919 113,430 6,999 4,888 21,360 43,042 325,811 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 2,291,577 18,353 1,569,200 50,935 38,514 118,867 36,910 56,712 6,996 4,888 21,359 43,041 325,804 U.S. Treasury, General Account 165,407 0 165,407 0 0 0 0 0 0 0 0 0 0 Foreign official 5,166 2 5,138 2 3 9 2 2 0 0 0 1 6 Other12 76,218 3 19,397 0 0 88 7 56,717 3 0 1 1 1 Deferred availability cash items 648 0 0 0 0 0 87 0 0 560 0 0 0 Earnings remittances due to the U.S. Treasury13 1,786 47 879 52 73 156 134 70 28 16 27 77 228 Other liabilities and accrued dividends 5,204 149 2,590 188 186 491 304 287 137 131 129 205 407 Total liabilities 4,425,977 76,101 2,458,710 109,157 125,032 249,430 257,471 232,694 59,159 36,875 69,664 184,474 567,209 Capital Capital paid in 30,869 1,334 9,849 1,672 2,535 6,696 1,781 1,329 345 129 305 385 4,508 Surplus 10,000 434 3,202 538 815 2,161 583 419 109 42 97 128 1,473 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,466,846 77,869 2,471,761 111,367 128,382 258,287 259,836 234,442 59,613 37,046 70,066 184,987 573,190 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, August 2, 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 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 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 Aug 2, 2017 Federal Reserve notes outstanding 1,694,711 Less: Notes held by F.R. Banks not subject to collateralization 176,315 Federal Reserve notes to be collateralized 1,518,395 Collateral held against Federal Reserve notes 1,518,395 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,502,159 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,242,317 Less: Face value of securities under reverse repurchase agreements 345,594 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,896,723 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.