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 September 27, 2018 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 Sep 26, 2018 Federal Reserve Banks Sep 26, 2018 Sep 19, 2018 Sep 27, 2017 Reserve Bank credit 4,161,375 - 11,860 - 262,398 4,153,289 Securities held outright1 4,004,300 - 9,835 - 242,895 3,997,380 U.S. Treasury securities 2,313,207 + 2 - 152,227 2,313,208 Bills2 100 0 + 100 100 Notes and bonds, nominal2 2,175,602 0 - 161,724 2,175,602 Notes and bonds, inflation-indexed2 115,579 0 + 6,167 115,579 Inflation compensation3 21,927 + 2 + 3,231 21,928 Federal agency debt securities2 2,409 0 - 4,348 2,409 Mortgage-backed securities4 1,688,684 - 9,836 - 86,320 1,681,763 Unamortized premiums on securities held outright5 145,265 - 621 - 17,597 144,968 Unamortized discounts on securities held outright5 -13,700 + 32 + 761 -13,688 Repurchase agreements6 0 0 0 0 Loans 347 + 43 + 114 359 Primary credit 56 + 16 + 49 64 Secondary credit 0 0 0 0 Seasonal credit 292 + 28 + 66 295 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC7 7 - 1,223 - 1,701 7 Float -170 - 9 + 137 -399 Central bank liquidity swaps8 90 - 10 + 53 90 Other Federal Reserve assets9 25,236 - 236 - 1,270 24,572 Foreign currency denominated assets10 21,086 + 42 - 220 21,077 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 49,785 + 14 + 628 49,785 Total factors supplying reserve funds 4,248,487 - 11,804 - 261,990 4,240,392 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 Sep 26, 2018 Federal Reserve Banks Sep 26, 2018 Sep 19, 2018 Sep 27, 2017 Currency in circulation11 1,684,591 - 589 + 105,645 1,686,023 Reverse repurchase agreements12 235,244 + 3,964 - 172,439 229,759 Foreign official and international accounts 222,577 - 5,063 - 16,941 224,134 Others 12,667 + 9,027 - 155,498 5,625 Treasury cash holdings 212 + 4 + 25 214 Deposits with F.R. Banks, other than reserve balances 450,804 + 31,753 + 187,765 441,804 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 370,031 + 34,153 + 205,379 367,243 Foreign official 5,256 0 + 61 5,255 Other13 75,517 - 2,400 - 17,675 69,306 Other liabilities and capital14 45,137 + 462 - 2,776 44,717 Total factors, other than reserve balances, absorbing reserve funds 2,415,987 + 35,592 + 118,219 2,402,518 Reserve balances with Federal Reserve Banks 1,832,500 - 47,396 - 380,209 1,837,874 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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 14. Includes the liability for earnings remittances due to the U.S. Treasury. Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

H.4.1 1A. Memorandum Items Millions of dollars Averages of daily figures Wednesday Memorandum item Week ended Change from week ended Sep 26, 2018 Sep 26, 2018 Sep 19, 2018 Sep 27, 2017 Securities held in custody for foreign official and international accounts 3,438,549 + 12,473 + 66,684 3,436,081 Marketable U.S. Treasury securities1 3,063,876 + 12,303 + 17,453 3,062,390 Federal agency debt and mortgage-backed securities2 305,742 + 302 + 43,540 305,625 Other securities3 68,930 - 132 + 5,689 68,066 Securities lent to dealers 18,866 + 3,022 - 5,413 17,672 Overnight facility4 18,866 + 3,022 - 5,413 17,672 U.S. Treasury securities 18,866 + 3,022 - 5,413 17,672 Federal agency debt securities 0 0 0 0 Note: Components may not sum to totals because of rounding. 1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 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, September 26, 2018 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 346 13 0 0 0 ... 359 U.S. Treasury securities1 Holdings 19,033 83,128 315,819 1,010,629 267,467 617,133 2,313,208 Weekly changes + 26 - 26 0 0 + 1 + 1 + 2 Federal agency debt securities2 Holdings 0 0 62 0 0 2,347 2,409 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities3 Holdings 0 0 1 156 43,631 1,637,976 1,681,763 Weekly changes 0 0 0 + 2 - 781 - 12,680 - 13,460 Repurchase agreements4 0 0 ... ... ... ... 0 Central bank liquidity swaps5 90 0 0 0 0 0 90 Reverse repurchase agreements4 229,759 0 ... ... ... ... 229,759 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 Sep 26, 2018 Mortgage-backed securities held outright1 1,681,763 Commitments to buy mortgage-backed securities2 4,350 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 50 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 Sep 26, 2018 Net portfolio holdings of Maiden Lane LLC1 7 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. Assets are revalued quarterly. 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 Sep 26, 2018 Sep 19, 2018 Sep 27, 2017 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,766 + 2 - 83 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,129,019 - 14,235 - 259,663 Securities held outright1 3,997,380 - 13,458 - 242,964 U.S. Treasury securities 2,313,208 + 2 - 152,219 Bills2 100 0 + 100 Notes and bonds, nominal2 2,175,602 0 - 161,724 Notes and bonds, inflation-indexed2 115,579 0 + 6,167 Inflation compensation3 21,928 + 3 + 3,239 Federal agency debt securities2 2,409 0 - 4,348 Mortgage-backed securities4 1,681,763 - 13,460 - 86,397 Unamortized premiums on securities held outright5 144,968 - 726 - 17,585 Unamortized discounts on securities held outright5 -13,688 + 32 + 760 Repurchase agreements6 0 0 0 Loans 359 - 83 + 126 Net portfolio holdings of Maiden Lane LLC7 7 0 - 1,700 Items in process of collection (0) 141 + 7 + 79 Bank premises 2,189 + 7 - 8 Central bank liquidity swaps8 90 - 10 + 53 Foreign currency denominated assets9 21,077 + 28 - 26 Other assets10 22,383 - 949 - 1,404 Total assets (0) 4,192,909 - 15,150 - 262,752 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 Sep 26, 2018 Sep 19, 2018 Sep 27, 2017 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,638,215 + 256 + 105,091 Reverse repurchase agreements11 229,759 - 4,577 - 225,314 Deposits (0) 2,279,678 - 11,556 - 139,809 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,837,874 + 15,156 - 340,967 U.S. Treasury, General Account 367,243 - 32,276 + 212,084 Foreign official 5,255 - 1 - 115 Other12 (0) 69,306 + 5,565 - 10,811 Deferred availability cash items (0) 540 + 260 - 199 Other liabilities and accrued dividends13 5,619 + 427 - 433 Total liabilities (0) 4,153,811 - 15,191 - 260,665 Capital accounts Capital paid in 32,273 + 42 + 1,087 Surplus 6,825 0 - 3,175 Other capital accounts 0 0 0 Total capital 39,098 + 42 - 2,088 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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 13. Includes the liability for earnings remittances due to the U.S. Treasury.

H.4.1 6. Statement of Condition of Each Federal Reserve Bank, September 26, 2018 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 11,037 364 3,626 350 544 773 1,491 739 334 199 307 905 1,405 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,766 45 43 160 120 243 190 293 30 44 107 201 289 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,129,019 78,855 2,279,340 104,240 117,049 244,318 247,848 221,201 55,112 34,553 65,004 170,720 510,778 Securities held outright1 3,997,380 76,346 2,206,864 100,925 113,327 236,550 239,950 214,091 53,218 33,358 62,928 165,291 494,532 U.S. Treasury securities 2,313,208 44,180 1,277,070 58,404 65,580 136,887 138,854 123,890 30,796 19,304 36,415 95,651 286,177 Bills2 100 2 55 3 3 6 6 5 1 1 2 4 12 Notes and bonds3 2,313,108 44,178 1,277,015 58,401 65,577 136,881 138,848 123,885 30,795 19,303 36,414 95,647 286,164 Federal agency debt securities2 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298 Mortgage-backed securities4 1,681,763 32,120 928,464 42,461 47,679 99,520 100,951 90,072 22,390 14,034 26,475 69,541 208,058 Unamortized premiums on securities held outright5 144,968 2,769 80,034 3,660 4,110 8,579 8,702 7,764 1,930 1,210 2,282 5,994 17,935 Unamortized discounts on securities held outright5 -13,688 -261 -7,557 -346 -388 -810 -822 -733 -182 -114 -215 -566 -1,693 Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 359 2 0 0 0 0 18 79 145 99 9 1 5 Net portfolio holdings of Maiden Lane LLC7 7 0 7 0 0 0 0 0 0 0 0 0 0 Items in process of collection 141 0 0 0 0 0 141 0 0 0 0 0 0 Bank premises 2,189 109 449 77 117 194 205 196 106 95 233 219 188 Central bank liquidity swaps8 90 4 28 5 7 19 5 4 1 0 1 1 13 Foreign currency denominated assets9 21,077 897 6,645 1,197 1,701 4,553 1,218 893 304 97 209 261 3,102 Other assets10 22,383 461 11,907 561 644 1,518 1,341 1,180 357 232 415 1,026 2,743 Interdistrict settlement account 0 - 4,884+ 31,013 - 5,705+ 2,844+ 7,337+ 30,955- 7,489+ 1,336- 413- 7,007+ 2,787 - 50,774 Total assets 4,192,909 76,048 2,334,877 101,095 123,264 259,368 284,047 217,441 57,731 34,896 59,423 176,401 468,319 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, September 26, 2018 (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 1,829,660 58,442 609,373 54,675 87,775 125,592 263,729 120,067 55,351 30,397 48,898 149,952 225,408 Less: Notes held by F.R. Banks 191,445 6,280 50,404 7,240 9,309 13,807 29,269 13,101 5,670 3,118 5,761 17,748 29,737 Federal Reserve notes, net 1,638,215 52,161 558,969 47,435 78,467 111,784 234,460 106,966 49,681 27,279 43,137 132,204 195,670 Reverse repurchase agreements11 229,759 4,388 126,845 5,801 6,514 13,596 13,792 12,305 3,059 1,917 3,617 9,500 28,424 Deposits 2,279,678 17,666 1,634,368 45,373 34,913 124,989 33,032 96,170 4,261 4,955 12,125 33,942 237,884 Term deposits held by depository institutions 0 0 0 0 0 0 0 0 0 0 0 0 0 Other deposits held by depository institutions 1,837,874 17,635 1,240,978 45,371 34,850 124,609 32,997 48,483 4,254 4,904 12,109 33,805 237,877 U.S. Treasury, General Account 367,243 0 367,243 0 0 0 0 0 0 0 0 0 0 Foreign official 5,255 2 5,228 2 3 9 2 2 1 0 0 0 6 Other12 69,306 29 20,918 1 60 371 33 47,686 6 50 15 136 1 Deferred availability cash items 540 0 0 0 0 0 128 0 0 412 0 0 0 Earnings remittances due to the U.S. Treasury13 832 17 394 19 29 79 73 43 4 8 16 47 103 Other liabilities and accrued dividends 4,787 182 1,861 211 213 557 332 322 139 148 152 223 448 Total liabilities 4,153,811 74,414 2,322,437 98,839 120,136 251,005 281,816 215,807 57,143 34,720 59,047 175,917 462,530 Capital Capital paid in 32,273 1,343 10,288 1,868 2,577 6,888 1,837 1,345 489 145 308 400 4,785 Surplus 6,825 290 2,151 388 551 1,474 394 289 98 31 68 84 1,005 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,192,909 76,048 2,334,877 101,095 123,264 259,368 284,047 217,441 57,731 34,896 59,423 176,401 468,319 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, September 26, 2018 (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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $6.825 billion surplus. Note on consolidation: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain assets of Bear Stearns. 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 Sep 26, 2018 Federal Reserve notes outstanding 1,829,660 Less: Notes held by F.R. Banks not subject to collateralization 191,445 Federal Reserve notes to be collateralized 1,638,215 Collateral held against Federal Reserve notes 1,638,215 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,621,978 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,997,380 Less: Face value of securities under reverse repurchase agreements 231,168 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,766,213 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.