Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
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This page provides additional information about data in the Board of Governors' statistical release on factors affecting reserve balances (H.4.1). Most of the information is of a technical nature and represents answers to questions that may be of interest to a range of analysts and researchers. The page will be updated as such questions arise.

Documentation for the data in the H.4.1 release is available on the About page on the Board's website.


Where can I find information about the Federal Reserve's holdings of Treasury Floating Rate Notes?

Posted: 08/07/2014

Treasury Floating Rate Notes (FRNs) are included in the following line items on the H.4.1.: U.S. Treasury securities, Notes and bonds, nominal on tables 1 and 8; U.S. Treasury securities on table 2; U.S. Treasury securities, Notes and bonds on table 9; and Total U.S. Treasury, agency debt, and mortgage-backed securities on table 10. The Federal Reserve Bank of New York reports detailed information on FRN holdings on the System Open Market Account Holdings section of its website. The Federal Reserve first rolled over maturing Treasury securities into FRNs on July 31, 2014.

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What are designated financial market utilities (FMUs)?

Posted: 02/20/2014

On July 18, 2012, the Financial Stability Oversight Council (Council) designated eight financial market utilities (FMUs) as systemically important under Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act permits the Federal Reserve Board to authorize a Federal Reserve Bank to establish and maintain an account for such designated FMUs and to provide certain financial services to such entities. On December 5, 2013, the Federal Reserve Board promulgated provisions in the Board's Regulation HH that set out the conditions and minimum requirements for a Reserve Bank to open and maintain accounts for designated FMUs (12 CFR 234.6). These provisions became effective February 18, 2014.

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Where will deposits held by designated FMUs appear on the H.4.1 release?

Posted: 02/20/2014

Effective February 18, 2014, balances maintained in designated FMU accounts will be included in "Deposits with F.R. Banks, other than reserve balances, Other" on table 1 and in "Deposits, Other" on tables 8 and 9.

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Where did deposits of FMUs that were held at Federal Reserve Banks prior to February 18, 2014 appear on the H.4.1 release?

Posted: 02/20/2014

Prior to February 18, 2014, some entities that became designated FMUs in July 2012 had pre-existing Reserve Bank accounts under other statutory authority. These account balances were reported in "Reserve balances with Federal Reserve Banks" on table 1 and "Other deposits held by depository institutions" on tables 8 and 9. Effective February 18, 2014, balances in existing accounts of designated FMUs, along with balances in any new accounts opened by designated FMUs in the future, will be reported in "Deposits with F.R. Banks, other than reserve balances, Other" on table 1 and in "Deposits, Other" on tables 8 and 9.

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Where can I find additional information on designated FMUs?

Posted: 02/20/2014

For more information on designated FMUs on the Federal Reserve Board's website, please see: http://www.federalreserve.gov/paymentsystems/designated_fmu_about.htm

For more information regarding the Council's designations, please see: http://www.gpo.gov/fdsys/pkg/FR-2011-07-27/pdf/2011-18948.pdf#page=11

For more information regarding the final rule on Regulation HH pertaining to designated FMU accounts and services, please see: http://www.gpo.gov/fdsys/pkg/FR-2013-12-20/html/2013-29711.htm

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What changes were made to the H.4.1 statistical release on April 18, 2013?

Posted: 04/18/2013

The formats for tables 1, 8, and 9 have been modified to separately present the amounts of "Unamortized premiums on securities held outright," "Unamortized discounts on securities held outright," and "Foreign currency denominated assets." "Unamortized premiums on securities held outright" and "Foreign currency denominated assets" were previously included in "Other Federal Reserve assets" (table 1) and "Other assets" (tables 8 and 9). "Unamortized discounts on securities held outright" was previously included in "Other liabilities and capital" (table 1) and "Other liabilities and accrued dividends" (tables 8 and 9).

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Which line items on the H.4.1 statistical release were added or revised by these changes?

Posted: 04/18/2013

In tables 1, 8, and 9, the following items were added: "Unamortized premiums on securities held outright," "Unamortized discounts on securities held outright," and "Foreign currency denominated assets." In table 1, the following items were revised: "Reserve Bank credit"; "Other Federal Reserve assets"; "Total factors supplying reserve funds"; "Other liabilities and capital"; and "Total factors, other than reserve balances, absorbing reserve funds."

In tables 8 and 9, the following items were revised: "Securities, unamortized premiums and discounts, repurchase agreements, and loans"; "Other assets"; "Total assets"; "Other liabilities and accrued dividends"; and "Total liabilities."

In table 9, the following item was revised: "Total liabilities and capital."

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On what date did the changes take effect?

Posted: 04/18/2013

The updated H.4.1 format was effective for the April 18, 2013, H.4.1 statistical release.

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Are the previously published H.4.1 releases being updated to include these recent changes?

Posted: 04/18/2013

No. All releases prior to the April 18, 2013, release will remain in their original form. However, the historical data which can be accessed via the Data Download Program (DDP) has been updated to reflect these new changes.

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How can I reconstruct the old line items?

Posted: 04/18/2013

Below are formulas you can use to recreate the old line items on tables 1, 8, and 9.

Table 1

Reserve Bank Credit (old) = Reserve Bank Credit (new) - Unamortized discounts on securities held outright + Foreign currency denominated assets

Other Federal Reserve assets (old) = Other Federal Reserve assets (new) + Unamortized premiums on securities held outright + Foreign currency denominated assets

Total factors supplying reserve funds (old) = Total factors supplying reserve funds (new) - Unamortized discounts on securities held outright

Other liabilities and capital (old) = Other liabilities and capital (new) - Unamortized discounts on securities held outright

Total factors, other than reserve balances, absorbing reserve funds (old) = Total factors, other than reserve balances, absorbing reserve funds (new) - Unamortized discounts on securities held outright

Tables 8 and 9

Securities, repurchase agreements, and loans (old) = Securities, unamortized premiums and discounts, repurchase agreements, and loans (new) - Unamortized premiums on securities held outright - Unamortized discounts on securities held outright

Other assets (old) = Other assets (new) + Unamortized premiums on securities held outright + Foreign currency denominated assets

Total assets (old) = Total assets (new) - Unamortized discounts on securities held outright

Other liabilities and accrued dividends (old) = Other liabilities and accrued dividends (new) - Unamortized discounts on securities held outright

Total liabilities (old) = Total liabilities (new) - Unamortized discounts on securities held outright

Table 9 only

Total liabilities and capital (old) = Total liabilities and capital (new) - Unamortized discounts on securities held outright

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Where can I go to find historical data that incorporates these new and revised line items?

Posted: 04/18/2013

Historical data incorporating these new and revised line items can be accessed through the Data Download Program (DDP) at http://www.federalreserve.gov/datadownload/Choose.aspx?rel=H41

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