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 October 18, 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 Oct 17, 2018 Federal Reserve Banks Oct 17, 2018 Oct 10, 2018 Oct 18, 2017 Reserve Bank credit 4,139,218 + 2,214 - 293,353 4,136,254 Securities held outright1 3,979,407 + 998 - 272,940 3,976,763 U.S. Treasury securities 2,294,238 + 16 - 171,371 2,294,245 Bills2 100 0 + 100 100 Notes and bonds, nominal2 2,156,595 0 - 180,731 2,156,595 Notes and bonds, inflation-indexed2 115,579 0 + 6,167 115,579 Inflation compensation3 21,964 + 16 + 3,093 21,971 Federal agency debt securities2 2,409 0 - 4,348 2,409 Mortgage-backed securities4 1,682,760 + 982 - 97,221 1,680,109 Unamortized premiums on securities held outright5 144,312 - 245 - 17,898 144,137 Unamortized discounts on securities held outright5 -13,613 + 25 + 765 -13,602 Repurchase agreements6 0 0 0 0 Loans 192 - 25 + 27 209 Primary credit 8 + 5 + 3 10 Secondary credit 0 0 0 0 Seasonal credit 184 - 30 + 25 199 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC7 7 0 - 1,699 7 Float -230 - 30 + 47 -173 Central bank liquidity swaps8 89 - 1 + 54 89 Other Federal Reserve assets9 29,054 + 1,492 - 1,709 28,824 Foreign currency denominated assets10 20,929 + 162 - 288 20,889 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 49,801 + 14 + 590 49,801 Total factors supplying reserve funds 4,226,189 + 2,390 - 293,052 4,223,185 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 Oct 17, 2018 Federal Reserve Banks Oct 17, 2018 Oct 10, 2018 Oct 18, 2017 Currency in circulation11 1,691,232 - 682 + 106,883 1,691,479 Reverse repurchase agreements12 219,254 - 4,036 - 107,520 220,377 Foreign official and international accounts 218,411 - 2,835 - 9,239 220,203 Others 843 - 1,201 - 98,281 174 Treasury cash holdings 227 + 6 + 13 230 Deposits with F.R. Banks, other than reserve balances 416,922 + 18,707 + 139,180 435,098 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 332,923 + 8,202 + 153,949 360,638 Foreign official 5,256 - 1 + 89 5,256 Other13 78,743 + 10,505 - 14,858 69,204 Other liabilities and capital14 45,020 - 75 - 3,850 44,383 Total factors, other than reserve balances, absorbing reserve funds 2,372,655 + 13,921 + 134,708 2,391,567 Reserve balances with Federal Reserve Banks 1,853,533 - 11,532 - 427,761 1,831,618 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 Oct 17, 2018 Oct 17, 2018 Oct 10, 2018 Oct 18, 2017 Securities held in custody for foreign official and international accounts 3,433,377 - 11,032 + 68,274 3,433,740 Marketable U.S. Treasury securities1 3,058,815 - 10,702 + 21,590 3,059,426 Federal agency debt and mortgage-backed securities2 307,576 + 663 + 44,223 307,606 Other securities3 66,986 - 993 + 2,461 66,708 Securities lent to dealers 16,978 - 1,462 - 6,758 15,522 Overnight facility4 16,978 - 1,462 - 6,758 15,522 U.S. Treasury securities 16,978 - 1,462 - 6,758 15,522 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, October 17, 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 190 19 0 0 0 ... 209 U.S. Treasury securities1 Holdings 23,833 79,615 308,510 999,357 265,775 617,154 2,294,245 Weekly changes + 23,807 - 21,722 - 2,085 + 2 + 6 + 8 + 18 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 2 194 49,483 1,630,429 1,680,109 Weekly changes 0 0 + 1 + 10 - 98 - 1,583 - 1,669 Repurchase agreements4 0 0 ... ... ... ... 0 Central bank liquidity swaps5 89 0 0 0 0 0 89 Reverse repurchase agreements4 220,377 0 ... ... ... ... 220,377 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 Oct 17, 2018 Mortgage-backed securities held outright1 1,680,109 Commitments to buy mortgage-backed securities2 4,281 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 7 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 Oct 17, 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. 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 Oct 17, 2018 Oct 10, 2018 Oct 18, 2017 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,747 - 7 - 99 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,107,507 - 1,960 - 290,675 Securities held outright1 3,976,763 - 1,652 - 273,580 U.S. Treasury securities 2,294,245 + 18 - 171,396 Bills2 100 0 + 100 Notes and bonds, nominal2 2,156,595 0 - 180,731 Notes and bonds, inflation-indexed2 115,579 0 + 6,167 Inflation compensation3 21,971 + 18 + 3,068 Federal agency debt securities2 2,409 0 - 4,348 Mortgage-backed securities4 1,680,109 - 1,669 - 97,836 Unamortized premiums on securities held outright5 144,137 - 355 - 17,908 Unamortized discounts on securities held outright5 -13,602 + 27 + 763 Repurchase agreements6 0 0 0 Loans 209 + 20 + 49 Net portfolio holdings of Maiden Lane LLC7 7 0 - 1,698 Items in process of collection (0) 146 - 36 + 89 Bank premises 2,186 + 6 - 11 Central bank liquidity swaps8 89 - 1 + 54 Foreign currency denominated assets9 20,889 + 35 - 230 Other assets10 26,638 + 502 - 1,707 Total assets (0) 4,175,446 - 1,460 - 294,277 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 Oct 17, 2018 Oct 10, 2018 Oct 18, 2017 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,643,651 - 1,514 + 105,596 Reverse repurchase agreements11 220,377 + 3,084 - 127,920 Deposits (0) 2,266,717 - 2,087 - 268,912 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,831,618 - 47,269 - 423,486 U.S. Treasury, General Account 360,638 + 51,769 + 164,532 Foreign official 5,256 - 2 + 91 Other12 (0) 69,204 - 6,586 - 10,050 Deferred availability cash items (0) 319 - 15 - 175 Other liabilities and accrued dividends13 5,246 - 936 - 780 Total liabilities (0) 4,136,309 - 1,469 - 292,193 Capital accounts Capital paid in 32,312 + 9 + 1,092 Surplus 6,825 0 - 3,175 Other capital accounts 0 0 0 Total capital 39,137 + 9 - 2,083 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, October 17, 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 1,747 46 38 158 119 243 182 291 30 43 107 199 292 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,107,507 78,446 2,267,551 103,701 116,443 243,055 246,566 219,991 54,776 34,342 64,669 169,836 508,131 Securities held outright1 3,976,763 75,952 2,195,481 100,405 112,743 235,329 238,712 212,987 52,944 33,186 62,604 164,438 491,982 U.S. Treasury securities 2,294,245 43,818 1,266,601 57,925 65,043 135,765 137,716 122,875 30,544 19,145 36,117 94,867 283,830 Bills2 100 2 55 3 3 6 6 5 1 1 2 4 12 Notes and bonds3 2,294,145 43,816 1,266,546 57,922 65,040 135,759 137,710 122,869 30,543 19,145 36,115 94,862 283,818 Federal agency debt securities2 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298 Mortgage-backed securities4 1,680,109 32,088 927,550 42,419 47,632 99,422 100,852 89,983 22,368 14,020 26,449 69,472 207,853 Unamortized premiums on securities held outright5 144,137 2,753 79,575 3,639 4,086 8,529 8,652 7,720 1,919 1,203 2,269 5,960 17,832 Unamortized discounts on securities held outright5 -13,602 -260 -7,509 -343 -386 -805 -816 -728 -181 -114 -214 -562 -1,683 Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 209 0 4 0 0 1 19 13 95 67 11 0 0 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 146 0 0 0 0 0 145 0 0 0 0 0 0 Bank premises 2,186 108 446 79 117 195 205 196 106 95 233 219 187 Central bank liquidity swaps8 89 4 28 5 7 19 5 4 1 0 1 1 13 Foreign currency denominated assets9 20,889 889 6,586 1,186 1,686 4,512 1,207 885 301 96 207 259 3,074 Other assets10 26,638 547 14,256 668 768 1,777 1,598 1,400 431 262 487 1,180 3,264 Interdistrict settlement account 0 + 419+ 2,386 - 6,645+ 6,172- 10,483+ 30,675- 1,778+ 3,123- 252- 3,454+ 5,790 - 25,952 Total assets 4,175,446 81,018 2,296,742 99,713 126,092 240,503 282,730 222,152 59,253 34,876 62,710 178,670 490,988 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, October 17, 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 1,841,866 58,416 613,919 54,617 88,384 125,746 263,425 120,358 55,564 30,451 49,661 150,021 231,304 Less: Notes held by F.R. Banks 198,215 6,212 54,270 7,383 9,743 14,081 31,056 13,189 5,665 3,122 5,805 17,680 30,009 Federal Reserve notes, net 1,643,651 52,204 559,648 47,234 78,641 111,665 232,369 107,169 49,899 27,329 43,856 132,341 201,295 Reverse repurchase agreements11 220,377 4,209 121,665 5,564 6,248 13,041 13,229 11,803 2,934 1,839 3,469 9,113 27,264 Deposits 2,266,717 22,774 1,600,966 44,434 37,835 106,862 34,335 101,207 5,674 5,188 14,831 36,469 256,141 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 1,831,618 22,743 1,211,336 44,431 37,798 106,171 34,299 56,748 5,667 5,121 14,817 36,359 256,128 U.S. Treasury, General Account 360,638 0 360,638 0 0 0 0 0 0 0 0 0 0 Foreign official 5,256 2 5,228 2 3 9 2 2 1 0 0 0 6 Other12 69,204 30 23,763 1 34 682 34 44,457 7 67 14 109 7 Deferred availability cash items 319 0 0 0 0 0 133 0 0 186 0 0 0 Earnings remittances due to the U.S. Treasury13 1,109 24 547 29 36 68 98 57 22 12 22 63 131 Other liabilities and accrued dividends 4,137 173 1,475 195 204 503 311 279 135 144 153 203 361 Total liabilities 4,136,309 79,385 2,284,302 97,457 122,965 232,139 280,474 220,515 58,664 34,699 62,331 178,188 485,192 Capital Capital paid in 32,312 1,343 10,288 1,868 2,576 6,890 1,862 1,348 490 146 311 398 4,791 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 4,175,446 81,018 2,296,742 99,713 126,092 240,503 282,730 222,152 59,253 34,876 62,710 178,670 490,988 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, October 17, 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 Oct 17, 2018 Federal Reserve notes outstanding 1,841,866 Less: Notes held by F.R. Banks not subject to collateralization 198,215 Federal Reserve notes to be collateralized 1,643,651 Collateral held against Federal Reserve notes 1,643,651 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,627,414 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,976,763 Less: Face value of securities under reverse repurchase agreements 221,617 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,755,146 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.