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 10, 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 Oct 9, 2019 Federal Reserve Banks Oct 9, 2019 Oct 2, 2019 Oct 10, 2018 Reserve Bank credit 3,909,325 + 16,900 - 227,679 3,911,257 Securities held outright1 3,589,500 + 7,176 - 388,909 3,591,105 U.S. Treasury securities 2,119,889 + 7,171 - 174,333 2,121,485 Bills2 6,002 0 + 5,902 6,002 Notes and bonds, nominal2 1,969,622 + 5,948 - 186,973 1,969,966 Notes and bonds, inflation-indexed2 119,850 + 1,170 + 4,271 120,993 Inflation compensation3 24,415 + 52 + 2,467 24,524 Federal agency debt securities2 2,347 0 - 62 2,347 Mortgage-backed securities4 1,467,264 + 6 - 214,514 1,467,273 Unamortized premiums on securities held outright5 127,890 + 802 - 16,667 128,013 Unamortized discounts on securities held outright5 -12,587 + 99 + 1,051 -12,553 Repurchase agreements6 179,321 + 7,521 + 179,321 178,650 Loans 77 - 21 - 140 72 Primary credit 2 - 7 - 1 1 Secondary credit 0 0 0 0 Seasonal credit 74 - 16 - 140 71 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC7 0 0 - 7 0 Float -112 + 480 + 88 -90 Central bank liquidity swaps8 39 - 934 - 51 39 Other Federal Reserve assets9 25,197 + 1,777 - 2,365 26,021 Foreign currency denominated assets10 20,651 + 94 - 116 20,619 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding11 50,039 + 14 + 340 50,039 Total factors supplying reserve funds 3,996,255 + 17,007 - 227,456 3,998,156 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 9, 2019 Federal Reserve Banks Oct 9, 2019 Oct 2, 2019 Oct 10, 2018 Currency in circulation11 1,766,333 + 3,507 + 74,507 1,769,136 Reverse repurchase agreements12 290,336 - 1,645 + 67,046 291,109 Foreign official and international accounts 285,997 - 1,128 + 64,751 289,640 Others 4,338 - 517 + 2,294 1,469 Treasury cash holdings 190 + 9 - 31 197 Deposits with F.R. Banks, other than reserve balances 387,468 - 23,042 - 10,747 363,948 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 318,191 - 16,980 - 6,530 297,389 Foreign official 5,186 0 - 71 5,185 Other13 64,091 - 6,062 - 4,147 61,373 Other liabilities and capital14 45,473 + 922 + 378 45,372 Total factors, other than reserve balances, absorbing reserve funds 2,489,801 - 20,247 + 131,155 2,469,762 Reserve balances with Federal Reserve Banks 1,506,455 + 37,255 - 358,610 1,528,394 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 Oct 9, 2019 Oct 9, 2019 Oct 2, 2019 Oct 10, 2018 Securities held in custody for foreign official and international accounts 3,418,779 - 22,648 - 25,630 3,408,302 Marketable U.S. Treasury securities1 2,976,983 - 22,384 - 92,534 2,966,998 Federal agency debt and mortgage-backed securities2 359,585 - 96 + 52,672 359,595 Other securities3 82,211 - 168 + 14,232 81,709 Securities lent to dealers 27,727 - 4,125 + 9,287 26,179 Overnight facility4 27,727 - 4,125 + 9,287 26,179 U.S. Treasury securities 27,727 - 4,125 + 9,287 26,179 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, October 9, 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 27 45 0 0 0 ... 72 U.S. Treasury securities1 Holdings 28 77,561 267,176 849,095 302,408 625,217 2,121,485 Weekly changes - 100 + 100 0 + 400 + 63 + 3,891 + 4,355 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 9 806 79,144 1,387,314 1,467,273 Weekly changes 0 0 0 + 166 + 3,197 - 3,349 + 13 Repurchase agreements4 178,650 0 ... ... ... ... 178,650 Central bank liquidity swaps5 39 0 0 0 0 0 39 Reverse repurchase agreements4 291,109 0 ... ... ... ... 291,109 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 9, 2019 Mortgage-backed securities held outright1 1,467,273 Commitments to buy mortgage-backed securities2 7,892 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 Oct 9, 2019 Oct 2, 2019 Oct 10, 2018 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,700 - 2 - 54 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,885,287 + 2,877 - 224,180 Securities held outright1 3,591,105 + 4,367 - 387,310 U.S. Treasury securities 2,121,485 + 4,355 - 172,742 Bills2 6,002 0 + 5,902 Notes and bonds, nominal2 1,969,966 + 2,602 - 186,629 Notes and bonds, inflation-indexed2 120,993 + 1,601 + 5,414 Inflation compensation3 24,524 + 152 + 2,571 Federal agency debt securities2 2,347 0 - 62 Mortgage-backed securities4 1,467,273 + 13 - 214,505 Unamortized premiums on securities held outright5 128,013 + 858 - 16,479 Unamortized discounts on securities held outright5 -12,553 + 93 + 1,076 Repurchase agreements6 178,650 - 2,400 + 178,650 Loans 72 - 42 - 117 Net portfolio holdings of Maiden Lane LLC7 0 0 - 7 Items in process of collection (0) 52 + 3 - 130 Bank premises 2,186 + 3 + 6 Central bank liquidity swaps8 39 - 934 - 51 Foreign currency denominated assets9 20,619 - 80 - 235 Other assets10 23,836 + 2,257 - 2,300 Total assets (0) 3,949,955 + 4,124 - 226,951 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 Oct 9, 2019 Oct 2, 2019 Oct 10, 2018 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,720,990 + 3,517 + 75,825 Reverse repurchase agreements11 291,109 + 2,491 + 73,816 Deposits (0) 1,892,341 - 2,597 - 376,463 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,528,394 + 41,684 - 350,493 U.S. Treasury, General Account 297,389 - 37,796 - 11,480 Foreign official 5,185 - 1 - 73 Other12 (0) 61,373 - 6,483 - 14,417 Deferred availability cash items (0) 142 - 344 - 192 Other liabilities and accrued dividends13 6,050 + 1,045 - 132 Total liabilities (0) 3,910,633 + 4,114 - 227,145 Capital accounts Capital paid in 32,497 + 10 + 194 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 39,322 + 10 + 194 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, October 9, 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 1,700 45 54 150 106 214 181 282 33 45 108 195 287 Securities, unamortized premiums and discounts, repurchase agreements, and loans 3,885,287 80,603 2,119,660 94,087 113,672 237,761 265,653 203,943 55,860 33,658 57,612 168,701 454,078 Securities held outright1 3,591,105 74,502 1,959,202 86,964 105,067 219,763 245,535 188,502 51,614 31,075 53,250 155,930 419,702 U.S. Treasury securities 2,121,485 44,013 1,157,420 51,375 62,069 129,827 145,052 111,360 30,491 18,358 31,458 92,117 247,944 Bills2 6,002 125 3,275 145 176 367 410 315 86 52 89 261 701 Notes and bonds3 2,115,483 43,888 1,154,146 51,230 61,894 129,460 144,642 111,045 30,405 18,306 31,369 91,857 247,242 Federal agency debt securities2 2,347 49 1,280 57 69 144 160 123 34 20 35 102 274 Mortgage-backed securities4 1,467,273 30,440 800,501 35,532 42,929 89,792 100,322 77,019 21,089 12,697 21,757 63,711 171,484 Unamortized premiums on securities held outright5 128,013 2,656 69,840 3,100 3,745 7,834 8,753 6,720 1,840 1,108 1,898 5,558 14,961 Unamortized discounts on securities held outright5 -12,553 -260 -6,849 -304 -367 -768 -858 -659 -180 -109 -186 -545 -1,467 Repurchase agreements6 178,650 3,706 97,466 4,326 5,227 10,933 12,215 9,378 2,568 1,546 2,649 7,757 20,879 Loans 72 0 0 0 0 0 9 3 19 39 1 0 2 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 52 0 0 0 0 0 52 0 0 0 0 0 0 Bank premises 2,186 107 455 83 116 191 204 192 102 94 228 223 190 Central bank liquidity swaps8 39 2 12 2 3 8 2 2 1 0 0 0 6 Foreign currency denominated assets9 20,619 888 6,544 1,191 1,646 4,396 1,199 861 314 98 200 255 3,027 Other assets10 23,836 511 12,591 572 709 1,670 1,617 1,225 414 270 435 1,065 2,758 Interdistrict settlement account 0 + 1,960- 167,393- 13,666+ 14,572+ 17,967+ 41,024+ 13,558+ 7,927+ 4,324+ 4,999+ 28,964 + 45,764 Total assets 3,949,955 84,662 1,977,448 82,956 131,590 263,373 312,146 221,197 65,129 38,766 64,028 200,575 508,084 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, October 9, 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 1,933,926 57,941 641,937 55,460 91,706 132,081 272,339 124,695 57,228 31,168 50,997 161,048 257,327 Less: Notes held by F.R. Banks 212,937 6,498 54,116 9,371 9,875 16,592 29,210 14,419 6,149 3,680 8,004 21,565 33,458 Federal Reserve notes, net 1,720,990 51,443 587,822 46,089 81,831 115,489 243,129 110,276 51,079 27,489 42,992 139,483 223,869 Reverse repurchase agreements11 291,109 6,039 158,821 7,050 8,517 17,815 19,904 15,281 4,184 2,519 4,317 12,640 34,023 Deposits 1,892,341 25,188 1,214,912 28,066 37,747 121,298 46,283 93,767 9,075 8,252 16,142 47,682 243,929 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 1,528,394 25,179 892,898 28,063 37,718 120,546 46,248 52,888 9,071 8,198 16,117 47,546 243,922 U.S. Treasury, General Account 297,389 0 297,389 0 0 0 0 0 0 0 0 0 0 Foreign official 5,185 2 5,158 2 3 9 2 2 1 0 0 0 6 Other12 61,373 7 19,467 1 25 744 32 40,878 4 54 25 135 1 Deferred availability cash items 142 0 0 0 0 0 53 0 0 89 0 0 0 Earnings remittances due to the U.S. Treasury13 1,335 23 762 33 40 69 102 59 21 10 27 60 131 Other liabilities and accrued dividends 4,715 182 1,913 182 203 530 310 308 148 148 154 231 406 Total liabilities 3,910,633 82,875 1,964,229 81,419 128,338 255,202 309,780 219,691 64,507 38,506 63,631 200,097 502,358 Capital Capital paid in 32,497 1,494 11,053 1,142 2,708 6,716 1,969 1,222 518 228 330 394 4,724 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 3,949,955 84,662 1,977,448 82,956 131,590 263,373 312,146 221,197 65,129 38,766 64,028 200,575 508,084 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, October 9, 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 Oct 9, 2019 Federal Reserve notes outstanding 1,933,926 Less: Notes held by F.R. Banks not subject to collateralization 212,937 Federal Reserve notes to be collateralized 1,720,990 Collateral held against Federal Reserve notes 1,720,990 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,704,753 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,769,755 Less: Face value of securities under reverse repurchase agreements 278,674 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,491,082 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.