FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, July 7, 2016

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	July 7, 2016

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jul 6, 2016
	Week ended Jul 6, 2016	Change from week ended
	Week ended Jul 6, 2016	Jun 29, 2016	Jul 8, 2015
Reserve Bank credit	4,429,767	- 6,319	- 12,351	4,430,499
Securities held outright¹	4,231,030	- 8,421	+ 2,016	4,231,064
U.S. Treasury securities	2,462,393	+ 140	+ 1,334	2,462,427
Bills²	0	0	0	0
Notes and bonds, nominal²	2,338,557	- 729	- 8,084	2,338,557
Notes and bonds, inflation-indexed²	106,669	+ 730	+ 8,135	106,669
Inflation compensation³	17,167	+ 139	+ 1,284	17,202
Federal agency debt securities²	25,096	0	- 10,799	25,096
Mortgage-backed securities⁴	1,743,541	- 8,560	+ 11,481	1,743,541
Unamortized premiums on securities held outright⁵	180,574	- 635	- 17,308	180,466
Unamortized discounts on securities held outright⁵	-15,934	- 7	+ 1,558	-15,924
Repurchase agreements⁶	0	0	0	0
Loans	222	+ 90	+ 39	147
Primary credit	88	+ 81	+ 75	0
Secondary credit	0	0	0	0
Seasonal credit	134	+ 9	- 36	147
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,712	- 1	+ 16	1,712
Float	-450	- 171	- 186	-402
Central bank liquidity swaps⁸	2,994	+ 2,992	+ 2,839	2,994
Other Federal Reserve assets⁹	29,619	- 167	- 1,325	30,441
Foreign currency denominated assets¹⁰	21,294	+ 38	+ 1,572	21,344
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	47,941	+ 14	+ 914	47,941

Total factors supplying reserve funds	4,515,243	- 6,267	- 9,865	4,516,025

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jul 6, 2016
	Week ended Jul 6, 2016	Change from week ended
	Week ended Jul 6, 2016	Jun 29, 2016	Jul 8, 2015
Currency in circulation¹¹	1,465,900	+ 7,387	+ 94,784	1,466,893
Reverse repurchase agreements¹²	390,454	+ 31,413	+ 64,712	338,376
Foreign official and international accounts	258,002	+ 5,097	+ 100,720	254,975
Others	132,452	+ 26,316	- 36,009	83,401
Treasury cash holdings	71	- 22	- 13	72
Deposits with F.R. Banks, other than reserve balances	357,584	- 42,271	+ 150,402	355,000
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	303,297	- 33,796	+ 120,701	298,044
Foreign official	5,225	- 97	- 37	5,196
Other¹³	49,063	- 8,376	+ 29,739	51,760
Other liabilities and capital¹⁴	47,823	+ 159	- 18,061	47,402

Total factors, other than reserve balances, absorbing reserve funds	2,261,833	- 3,333	+ 291,825	2,207,743

Reserve balances with Federal Reserve Banks	2,253,410	- 2,934	- 301,690	2,308,282

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 and Federal agency debt securities, amortization is on a straight-line basis. For 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, and designated financial market utilities. 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.

1A. Memorandum Items

Millions of dollars

Memorandum item	Averages of daily figures			Wednesday Jul 6, 2016
	Week ended Jul 6, 2016	Change from week ended
	Week ended Jul 6, 2016	Jun 29, 2016	Jul 8, 2015
Securities held in custody for foreign official and international accounts	3,229,505	+ 4,508	- 137,895	3,216,866
Marketable U.S. Treasury securities¹	2,917,178	+ 5,123	- 106,361	2,905,447
Federal agency debt and mortgage-backed securities²	261,920	- 692	- 36,744	260,832
Other securities³	50,407	+ 77	+ 5,210	50,587
Securities lent to dealers	26,913	+ 2,961	+ 15,826	24,729
Overnight facility⁴	26,913	+ 2,961	+ 15,826	24,729
U.S. Treasury securities	26,891	+ 2,953	+ 15,932	24,711
Federal agency debt securities	22	+ 8	- 106	18

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, July 6, 2016

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans	23	124	0	0	0	...	147
U.S. Treasury securities¹
Holdings	3,644	27,346	146,455	1,195,883	451,851	637,247	2,462,427
Weekly changes	- 9,923	+ 3,187	+ 6,061	- 4,114	+ 4,105	+ 807	+ 124
Federal agency debt securities²
Holdings	2,604	2,000	12,395	5,750	0	2,347	25,096
Weekly changes	+ 2,604	- 2,604	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	0	1,054	9,522	1,732,965	1,743,541
Weekly changes	0	0	0	+ 127	- 89	- 38	0
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	2,994	0	0	0	0	0	2,994

Reverse repurchase agreements⁴	338,376	0	...	...	...	...	338,376
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.

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Jul 6, 2016
Mortgage-backed securities held outright¹	1,743,541

Commitments to buy mortgage-backed securities²	37,220
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	6

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

Account name	Wednesday
Account name	Jul 6, 2016
Net portfolio holdings of Maiden Lane LLC¹	1,712

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. Revalued quarterly. This table reflects valuations as of March 31, 2016. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.
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.

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Jul 6, 2016	Change since
			Wednesday	Wednesday
			Jun 29, 2016	Jul 8, 2015
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,841	- 12	- 41
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,395,753	- 251	- 13,786
Securities held outright¹		4,231,064	+ 124	+ 2,002
U.S. Treasury securities		2,462,427	+ 124	+ 1,320
Bills²		0	0	0
Notes and bonds, nominal²		2,338,557	- 729	- 8,084
Notes and bonds, inflation-indexed²		106,669	+ 730	+ 8,135
Inflation compensation³		17,202	+ 125	+ 1,271
Federal agency debt securities²		25,096	0	- 10,799
Mortgage-backed securities⁴		1,743,541	0	+ 11,481
Unamortized premiums on securities held outright⁵		180,466	- 352	- 17,320
Unamortized discounts on securities held outright⁵		-15,924	- 14	+ 1,558
Repurchase agreements⁶		0	0	0
Loans		147	- 9	- 25
Net portfolio holdings of Maiden Lane LLC⁷		1,712	0	+ 14
Items in process of collection	(0)	282	+ 145	+ 214
Bank premises		2,212	- 8	- 28
Central bank liquidity swaps⁸		2,994	+ 2,992	+ 2,839
Foreign currency denominated assets⁹		21,344	+ 97	+ 1,504
Other assets¹⁰		28,229	+ 1,159	- 1,402

Total assets	(0)	4,470,605	+ 4,123	- 10,684

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Jul 6, 2016	Change since
			Wednesday	Wednesday
			Jun 29, 2016	Jul 8, 2015
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,420,861	+ 4,113	+ 94,070
Reverse repurchase agreements¹¹		338,376	- 65,351	+ 36,521
Deposits	(0)	2,663,282	+ 65,369	- 123,471
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,308,282	+ 109,163	- 277,061
U.S. Treasury, General Account		298,044	- 48,588	+ 124,402
Foreign official		5,196	+ 2	- 48
Other¹²	(0)	51,760	+ 4,792	+ 29,236
Deferred availability cash items	(0)	684	- 722	+ 321
Other liabilities and accrued dividends¹³		7,294	+ 719	+ 59

Total liabilities	(0)	4,430,497	+ 4,128	+ 7,501

Capital accounts
Capital paid in		30,108	- 5	+ 962
Surplus		10,000	0	- 19,146
Other capital accounts		0	0	0

Total capital		40,108	- 5	- 18,185

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 and Federal agency debt securities, amortization is on a straight-line basis. For 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, and designated financial market utilities. 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.

6. Statement of Condition of Each Federal Reserve Bank, July 6, 2016

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Assets
Gold certificate account	11,037	355	3,588	359	586	760	1,541	753	360	193	296	875	1,371
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	1,841	44	61	143	134	294	182	272	27	56	132	183	314
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,395,753	107,979	2,501,395	119,350	131,641	268,632	246,025	175,161	55,525	32,469	61,184	156,463	539,929
Securities held outright¹	4,231,064	103,937	2,407,760	114,883	126,713	258,576	236,809	168,586	53,399	31,194	58,885	150,604	519,718
U.S. Treasury securities	2,462,427	60,490	1,401,286	66,860	73,746	150,488	137,820	98,115	31,078	18,154	34,271	87,649	302,469
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,462,427	60,490	1,401,286	66,860	73,746	150,488	137,820	98,115	31,078	18,154	34,271	87,649	302,469
Federal agency debt securities²	25,096	616	14,281	681	752	1,534	1,405	1,000	317	185	349	893	3,083
Mortgage-backed securities⁴	1,743,541	42,831	992,192	47,341	52,216	106,554	97,585	69,471	22,005	12,854	24,266	62,061	214,166
Unamortized premiums on securities held outright⁵	180,466	4,433	102,697	4,900	5,405	11,029	10,101	7,191	2,278	1,330	2,512	6,424	22,167
Unamortized discounts on securities held outright⁵	-15,924	-391	-9,062	-432	-477	-973	-891	-635	-201	-117	-222	-567	-1,956
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	147	0	0	0	0	0	7	18	48	62	8	3	0
Net portfolio holdings of Maiden
Lane LLC⁷	1,712	0	1,712	0	0	0	0	0	0	0	0	0	0
Items in process of collection	282	0	0	0	0	0	280	1	0	1	0	0	0
Bank premises	2,212	120	429	73	106	207	207	202	115	90	241	225	196
Central bank liquidity swaps⁸	2,994	132	988	165	228	668	166	80	31	13	30	38	456
Foreign currency denominated
assets⁹	21,344	943	7,044	1,174	1,626	4,760	1,185	572	219	91	213	271	3,247
Other assets¹⁰	28,229	729	15,608	771	853	1,892	1,602	1,142	437	237	446	1,025	3,488
Interdistrict settlement account	0	- 24,859	- 26,093	+ 433	- 4,061	- 9,011	+ 8,654	+ 2,987	+ 1,112	+ 112	+ 407	+ 13,487	+ 36,832

Total assets	4,470,605	85,640	2,506,549	122,679	131,351	268,613	260,497	181,595	57,975	33,351	63,101	172,848	586,406

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, July 6, 2016 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,592,023	49,790	511,528	49,673	81,527	111,405	222,136	106,560	50,506	27,414	40,665	133,103	207,717
Less: Notes held by F.R. Banks	171,162	5,242	54,177	5,648	8,979	12,420	25,305	10,525	5,006	2,595	4,678	14,163	22,425
Federal Reserve notes, net	1,420,861	44,549	457,351	44,025	72,548	98,986	196,830	96,036	45,500	24,819	35,987	118,940	185,292
Reverse repurchase agreements¹¹	338,376	8,312	192,559	9,188	10,134	20,679	18,939	13,483	4,271	2,495	4,709	12,044	41,564
Deposits	2,663,282	30,822	1,839,744	67,054	45,364	139,491	41,687	70,249	7,620	5,404	21,868	41,075	352,903
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	2,308,282	30,803	1,492,185	67,052	45,361	139,351	41,678	63,000	7,612	5,404	21,866	41,075	352,895
U.S. Treasury, General Account	298,044	0	298,044	0	0	0	0	0	0	0	0	0	0
Foreign official	5,196	2	5,169	2	3	9	2	1	0	0	0	1	6
Other¹²	51,760	17	44,345	0	0	131	7	7,248	8	0	1	0	2
Deferred availability cash items	684	0	0	0	0	0	370	0	0	314	0	0	0
Earnings remittances due to the U.S. Treasury¹³	2,391	66	1,308	68	83	183	143	93	34	16	26	80	289
Other liabilities and accrued dividends	4,903	145	2,436	182	185	465	309	245	133	132	118	202	353

Total liabilities	4,430,497	83,893	2,493,397	120,517	128,313	259,804	258,278	180,106	57,557	33,181	62,708	172,342	580,401

Capital
Capital paid in	30,108	1,305	9,853	1,612	2,276	6,579	1,664	1,221	315	128	292	380	4,484
Surplus	10,000	442	3,299	550	762	2,230	555	268	103	43	100	127	1,521
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,470,605	85,640	2,506,549	122,679	131,351	268,613	260,497	181,595	57,975	33,351	63,101	172,848	586,406

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, July 6, 2016 (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 and Federal agency debt securities, amortization is on a straight-line basis. For 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, and designated financial market utilities. 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 $10 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).

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Federal Reserve notes and collateral	Wednesday
Federal Reserve notes and collateral	Jul 6, 2016
Federal Reserve notes outstanding	1,592,023
Less: Notes held by F.R. Banks not subject to collateralization	171,162
Federal Reserve notes to be collateralized	1,420,861
Collateral held against Federal Reserve notes	1,420,861
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,404,624
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,231,064
Less: Face value of securities under reverse repurchase agreements	311,289
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,919,776

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.

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