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 22, 2019 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 21, 2019 Federal Reserve Banks Aug 21, 2019 Aug 14, 2019 Aug 22, 2018 Reserve Bank credit 3,727,154 - 17,240 - 462,705 3,725,869 Securities held outright1 3,593,144 - 2,373 - 441,058 3,591,937 U.S. Treasury securities 2,085,859 + 5,151 - 238,649 2,088,920 Bills2 3,001 + 3,001 + 2,915 3,001 Notes and bonds, nominal2 1,942,540 + 2,144 - 245,466 1,945,599 Notes and bonds, inflation-indexed2 116,545 0 + 1,953 116,545 Inflation compensation3 23,773 + 6 + 1,949 23,775 Federal agency debt securities2 2,347 0 - 62 2,347 Mortgage-backed securities4 1,504,938 - 7,524 - 202,347 1,500,670 Unamortized premiums on securities held outright5 128,476 - 472 - 18,752 128,243 Unamortized discounts on securities held outright5 -13,054 - 337 + 772 -13,046 Repurchase agreements6 0 0 0 0 Loans 132 + 33 - 153 179 Primary credit 34 + 33 - 2 75 Secondary credit 0 0 0 0 Seasonal credit 98 0 - 150 104 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,719 0 Float -121 + 6 + 46 -154 Central bank liquidity swaps8 43 - 2 - 25 43 Other Federal Reserve assets9 18,534 - 14,094 - 1,816 18,667 Foreign currency denominated assets10 20,839 - 174 - 88 20,829 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,028 + 14 + 369 50,028 Total factors supplying reserve funds 3,814,263 - 17,399 - 462,423 3,812,967 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 21, 2019 Federal Reserve Banks Aug 21, 2019 Aug 14, 2019 Aug 22, 2018 Currency in circulation11 1,749,247 + 1,518 + 75,575 1,751,265 Reverse repurchase agreements12 310,767 + 23,140 + 61,757 301,218 Foreign official and international accounts 298,827 + 14,684 + 52,220 286,065 Others 11,939 + 8,455 + 9,536 15,153 Treasury cash holdings 171 + 3 - 48 160 Deposits with F.R. Banks, other than reserve balances 193,652 - 6,459 - 232,361 198,466 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 125,725 - 4,232 - 222,668 131,447 Foreign official 5,256 + 1 - 18 5,256 Other13 62,671 - 2,228 - 9,675 61,763 Other liabilities and capital14 44,381 - 1,239 - 138 44,038 Total factors, other than reserve balances, absorbing reserve funds 2,298,218 + 16,962 - 95,214 2,295,147 Reserve balances with Federal Reserve Banks 1,516,045 - 34,361 - 367,209 1,517,820 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 the note on consolidation accompanying table 5. 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 Aug 21, 2019 Aug 21, 2019 Aug 14, 2019 Aug 22, 2018 Securities held in custody for foreign official and international accounts 3,471,346 + 3,548 + 41,503 3,469,762 Marketable U.S. Treasury securities1 3,033,438 + 4,293 - 25,769 3,030,813 Federal agency debt and mortgage-backed securities2 357,378 - 368 + 57,723 358,293 Other securities3 80,530 - 377 + 9,548 80,656 Securities lent to dealers 25,395 - 3,654 + 11,184 21,407 Overnight facility4 25,395 - 3,654 + 11,184 21,407 U.S. Treasury securities 25,395 - 3,654 + 11,184 21,407 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, 4, and 5. 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 21, 2019 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 154 25 0 0 0 ... 179 U.S. Treasury securities1 Holdings 14,674 70,603 268,484 826,882 289,608 618,670 2,088,920 Weekly changes - 40,140 + 27,262 + 17,249 - 26,182 + 23,874 + 6,149 + 8,210 Federal agency debt securities2 Holdings 0 0 0 0 486 1,861 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities3 Holdings 0 0 8 452 78,320 1,421,889 1,500,670 Weekly changes 0 0 0 + 40 - 524 - 13,021 - 13,504 Repurchase agreements4 0 0 ... ... ... ... 0 Central bank liquidity swaps5 43 0 0 0 0 0 43 Reverse repurchase agreements4 301,218 0 ... ... ... ... 301,218 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 21, 2019 Mortgage-backed securities held outright1 1,500,670 Commitments to buy mortgage-backed securities2 2,802 Commitments to sell mortgage-backed securities2 0 Cash and cash equivalents3 1 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 4 and table 5.

H.4.1 4. 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 21, 2019 Aug 14, 2019 Aug 22, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,724 + 9 - 67 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,707,313 - 6,200 - 459,904 Securities held outright1 3,591,937 - 5,294 - 441,743 U.S. Treasury securities 2,088,920 + 8,210 - 235,620 Bills2 3,001 + 3,001 + 2,901 Notes and bonds, nominal2 1,945,599 + 5,203 - 242,407 Notes and bonds, inflation-indexed2 116,545 0 + 1,953 Inflation compensation3 23,775 + 6 + 1,933 Federal agency debt securities2 2,347 0 - 62 Mortgage-backed securities4 1,500,670 - 13,504 - 206,061 Unamortized premiums on securities held outright5 128,243 - 645 - 18,825 Unamortized discounts on securities held outright5 -13,046 - 340 + 769 Repurchase agreements6 0 0 0 Loans 179 + 79 - 106 Net portfolio holdings of Maiden Lane LLC7 0 0 - 1,720 Items in process of collection (0) 53 - 6 - 1 Bank premises 2,191 + 5 + 8 Central bank liquidity swaps8 43 - 2 - 25 Foreign currency denominated assets9 20,829 - 111 - 251 Other assets10 16,477 - 14,846 - 1,991 Total assets (0) 3,764,866 - 21,152 - 463,952 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 4. 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 21, 2019 Aug 14, 2019 Aug 22, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,703,116 + 1,756 + 75,726 Reverse repurchase agreements11 301,218 + 2,677 + 57,014 Deposits (0) 1,716,286 - 24,434 - 596,085 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,517,820 + 6,556 - 384,965 U.S. Treasury, General Account 131,447 + 466 - 203,545 Foreign official 5,256 + 1 0 Other12 (0) 61,763 - 31,457 - 7,575 Deferred availability cash items (0) 207 - 27 - 71 Other liabilities and accrued dividends13 4,744 - 1,138 - 809 Total liabilities (0) 3,725,572 - 21,165 - 464,224 Capital accounts Capital paid in 32,469 + 13 + 273 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,294 + 13 + 273 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 the note on consolidation accompanying table 5. 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 5. Statement of Condition of Each Federal Reserve Bank, August 21, 2019 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 11,037 351 3,707 327 531 754 1,560 711 328 186 292 890 1,400 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,724 43 47 153 111 219 189 278 35 47 114 200 288 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,707,313 76,909 2,022,504 89,774 108,461 226,870 253,526 194,596 53,307 32,143 54,974 160,981 433,269 Securities held outright1 3,591,937 74,519 1,959,656 86,984 105,091 219,814 245,592 188,546 51,626 31,082 53,263 155,966 419,800 U.S. Treasury securities 2,088,920 43,337 1,139,654 50,587 61,117 127,834 142,826 109,650 30,023 18,076 30,975 90,703 244,138 Bills2 3,001 62 1,637 73 88 184 205 158 43 26 44 130 351 Notes and bonds3 2,085,919 43,275 1,138,017 50,514 61,029 127,651 142,621 109,493 29,980 18,050 30,931 90,573 243,787 Federal agency debt securities2 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities4 1,500,670 31,133 818,721 36,341 43,906 91,836 102,605 78,772 21,569 12,986 22,252 65,161 175,387 Unamortized premiums on securities held outright5 128,243 2,661 69,966 3,106 3,752 7,848 8,768 6,732 1,843 1,110 1,902 5,568 14,988 Unamortized discounts on securities held outright5 -13,046 -271 -7,118 -316 -382 -798 -892 -685 -188 -113 -193 -566 -1,525 Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 179 0 0 0 0 6 58 3 26 64 3 13 6 Net portfolio holdings of Maiden Lane LLC7 0 0 0 0 0 0 0 0 0 0 0 0 0 Items in process of collection 53 0 0 0 0 0 53 0 0 0 0 0 0 Bank premises 2,191 108 458 82 117 191 205 192 103 94 228 222 190 Central bank liquidity swaps8 43 2 14 2 3 9 3 2 1 0 0 1 6 Foreign currency denominated assets9 20,829 897 6,611 1,203 1,663 4,441 1,211 870 318 99 202 258 3,058 Other assets10 16,477 361 8,517 394 494 1,227 1,111 837 324 188 333 800 1,890 Interdistrict settlement account 0 + 6,384- 206,806- 7,215+ 16,058+ 17,415+ 37,863+ 23,950+ 8,776+ 5,056+ 5,806+ 27,739 + 64,972 Total assets 3,764,866 85,251 1,836,869 84,930 127,676 251,537 296,375 221,859 63,341 37,904 62,102 191,373 505,648 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 5. Statement of Condition of Each Federal Reserve Bank, August 21, 2019 (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 1,907,670 57,465 633,120 54,948 90,727 131,373 262,331 124,462 56,292 31,305 50,199 159,170 256,278 Less: Notes held by F.R. Banks 204,554 6,350 46,682 8,978 10,167 16,534 28,722 14,272 6,263 3,567 8,375 21,024 33,621 Federal Reserve notes, net 1,703,116 51,115 586,438 45,971 80,560 114,839 233,610 110,190 50,030 27,738 41,824 138,146 222,657 Reverse repurchase agreements11 301,218 6,249 164,336 7,294 8,813 18,433 20,595 15,811 4,329 2,607 4,467 13,079 35,204 Deposits 1,716,286 25,924 1,070,933 29,953 34,859 109,594 39,433 94,051 8,231 7,002 15,258 39,408 241,641 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 1,517,820 25,909 917,683 29,950 34,827 108,889 39,399 49,858 8,228 6,946 15,207 39,290 241,635 U.S. Treasury, General Account 131,447 0 131,447 0 0 0 0 0 0 0 0 0 0 Foreign official 5,256 2 5,229 2 3 9 2 2 1 0 0 0 6 Other12 61,763 13 16,574 1 28 696 32 44,191 3 56 51 118 1 Deferred availability cash items 207 0 0 0 0 0 58 0 0 149 0 0 0 Earnings remittances due to the U.S. Treasury13 597 9 343 12 13 22 66 24 12 6 12 39 39 Other liabilities and accrued dividends 4,147 166 1,605 173 184 478 296 278 130 144 147 212 333 Total liabilities 3,725,572 83,464 1,823,655 83,403 124,429 243,366 294,058 220,354 62,731 37,646 61,707 190,884 499,874 Capital Capital paid in 32,469 1,493 11,049 1,133 2,702 6,716 1,920 1,220 506 225 328 404 4,772 Surplus 6,825 294 2,166 394 545 1,455 397 285 104 32 66 84 1,002 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 3,764,866 85,251 1,836,869 84,930 127,676 251,537 296,375 221,859 63,341 37,904 62,102 191,373 505,648 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

H.4.1 5. Statement of Condition of Each Federal Reserve Bank, August 21, 2019 (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 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 and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. 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 4), 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 4).

H.4.1 6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts Millions of dollars Wednesday Federal Reserve notes and collateral Aug 21, 2019 Federal Reserve notes outstanding 1,907,670 Less: Notes held by F.R. Banks not subject to collateralization 204,554 Federal Reserve notes to be collateralized 1,703,116 Collateral held against Federal Reserve notes 1,703,116 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,686,880 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,591,937 Less: Face value of securities under reverse repurchase agreements 281,160 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,310,777 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.