FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, February 12, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	February 12, 2015

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 Feb 11, 2015
	Week ended Feb 11, 2015	Change from week ended
	Week ended Feb 11, 2015	Feb 4, 2015	Feb 12, 2014
Reserve Bank credit	4,462,371	+ 882	+ 389,030	4,462,825
Securities held outright¹	4,236,515	- 471	+ 394,217	4,236,063
U.S. Treasury securities	2,460,549	- 171	+ 201,901	2,460,490
Bills²	0	0	0	0
Notes and bonds, nominal²	2,346,711	0	+ 194,994	2,346,711
Notes and bonds, inflation-indexed²	98,469	0	+ 4,886	98,469
Inflation compensation³	15,369	- 171	+ 2,022	15,310
Federal agency debt securities²	37,283	- 305	- 14,128	36,877
Mortgage-backed securities⁴	1,738,682	+ 4	+ 206,442	1,738,696
Unamortized premiums on securities held outright⁵	205,156	- 374	- 3,385	205,027
Unamortized discounts on securities held outright⁵	-18,208	+ 32	- 3,553	-18,196
Repurchase agreements⁶	0	0	0	0
Loans	13	- 37	- 89	17
Primary credit	8	- 36	+ 4	12
Secondary credit	0	0	0	0
Seasonal credit	5	0	+ 3	5
Term Asset-Backed Securities Loan Facility⁷	0	0	- 96	0
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁸	1,686	0	+ 107	1,686
Net portfolio holdings of Maiden Lane II LLC⁹	0	0	- 63	0
Net portfolio holdings of Maiden Lane III LLC⁹	0	0	- 22	0
Net portfolio holdings of TALF LLC¹⁰	0	0	- 106	0
Float	-420	- 38	+ 203	-409
Central bank liquidity swaps¹¹	0	0	- 360	0
Other Federal Reserve assets¹²	37,628	+ 1,769	+ 2,081	38,637
Foreign currency denominated assets¹³	20,211	- 117	- 3,697	20,084
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹⁴	46,414	+ 14	+ 782	46,414

Total factors supplying reserve funds	4,545,237	+ 779	+ 386,115	4,545,564

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 Feb 11, 2015
	Week ended Feb 11, 2015	Change from week ended
	Week ended Feb 11, 2015	Feb 4, 2015	Feb 12, 2014
Currency in circulation¹⁴	1,337,799	+ 6,796	+ 106,043	1,342,364
Reverse repurchase agreements¹⁵	244,538	- 40,790	+ 46,004	248,575
Foreign official and international accounts	121,876	- 327	+ 24,822	121,823
Others	122,662	- 40,464	+ 21,183	126,752
Treasury cash holdings	202	0	- 64	205
Deposits with F.R. Banks, other than reserve balances	362,366	+ 181,574	+ 287,312	332,659
Term deposits held by depository institutions	188,083	+ 188,083	+ 175,261	188,083
U.S. Treasury, General Account	158,907	- 8,365	+ 122,497	130,765
Foreign official	5,217	- 107	- 2,778	5,213
Other¹⁶	10,159	+ 1,963	- 7,667	8,598
Other liabilities and capital¹⁷	63,725	+ 855	- 119	63,548

Total factors, other than reserve balances, absorbing reserve funds	2,008,630	+ 148,435	+ 439,176	1,987,351

Reserve balances with Federal Reserve Banks	2,536,607	- 147,656	- 53,062	2,558,213

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.	Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
8.	Refer to table 4 and the note on consolidation accompanying table 6.
9.	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. Refer to the note on consolidation accompanying table 6.
10.	Refer to the note on consolidation accompanying table 6.
11.	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.
12.	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.
13.	Revalued daily at current foreign currency exchange rates.
14.	Estimated.
15.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
16.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
17.	Includes the liability for interest on Federal Reserve notes due to 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 Feb 11, 2015
	Week ended Feb 11, 2015	Change from week ended
	Week ended Feb 11, 2015	Feb 4, 2015	Feb 12, 2014
Securities held in custody for foreign official and international accounts	3,260,263	+ 2,380	- 53,160	3,261,610
Marketable U.S. Treasury securities¹	2,931,246	+ 2,668	- 29,669	2,932,656
Federal agency debt and mortgage-backed securities²	286,440	- 346	- 21,287	286,695
Other securities³	42,578	+ 58	- 2,203	42,259
Securities lent to dealers	11,268	+ 2,369	+ 1,574	10,991
Overnight facility⁴	11,268	+ 2,369	+ 1,574	10,991
U.S. Treasury securities	10,833	+ 2,379	+ 2,272	10,561
Federal agency debt securities	435	- 11	- 698	430

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, February 11, 2015

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	12	5	0	0	0	...	17
U.S. Treasury securities¹
Holdings	2	453	4,976	1,117,979	687,652	649,427	2,460,490
Weekly changes	0	0	0	- 24	- 31	- 107	- 162
Federal agency debt securities²
Holdings	0	982	4,577	28,971	0	2,347	36,877
Weekly changes	- 711	0	0	0	0	0	- 711
Mortgage-backed securities³
Holdings	0	0	0	15	7,875	1,730,806	1,738,696
Weekly changes	0	0	0	0	0	+ 16	+ 16
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	0	0	0	0	0	0	0

Reverse repurchase agreements⁴	248,575	0	...	...	...	...	248,575
Term deposits	188,083	0	0	...	...	...	188,083

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	Feb 11, 2015
Mortgage-backed securities held outright¹	1,738,696

Commitments to buy mortgage-backed securities²	37,626
Commitments to sell mortgage-backed securities²	456

Cash and cash equivalents³	16

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	Feb 11, 2015
Net portfolio holdings of Maiden Lane LLC¹	1,686

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 September 30, 2014. 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 Feb 11, 2015	Change since
			Wednesday	Wednesday
			Feb 4, 2015	Feb 12, 2014
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,957	+ 2	- 94
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,422,911	- 1,167	+ 384,293
Securities held outright¹		4,236,063	- 857	+ 391,311
U.S. Treasury securities		2,460,490	- 162	+ 199,391
Bills²		0	0	0
Notes and bonds, nominal²		2,346,711	0	+ 192,541
Notes and bonds, inflation-indexed²		98,469	0	+ 4,886
Inflation compensation³		15,310	- 162	+ 1,963
Federal agency debt securities²		36,877	- 711	- 14,534
Mortgage-backed securities⁴		1,738,696	+ 16	+ 206,454
Unamortized premiums on securities held outright⁵		205,027	- 344	- 3,506
Unamortized discounts on securities held outright⁵		-18,196	+ 31	- 3,428
Repurchase agreements⁶		0	0	0
Loans		17	+ 3	- 84
Net portfolio holdings of Maiden Lane LLC⁷		1,686	0	+ 107
Net portfolio holdings of Maiden Lane II LLC⁸		0	0	- 63
Net portfolio holdings of Maiden Lane III LLC⁸		0	0	- 22
Net portfolio holdings of TALF LLC⁹		0	0	- 106
Items in process of collection	(0)	174	+ 64	+ 97
Bank premises		2,253	0	- 26
Central bank liquidity swaps¹⁰		0	0	- 360
Foreign currency denominated assets¹¹		20,084	- 312	- 3,778
Other assets¹²		36,384	+ 2,750	+ 2,167

Total assets	(0)	4,501,685	+ 1,337	+ 382,211

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 Feb 11, 2015	Change since
			Wednesday	Wednesday
			Feb 4, 2015	Feb 12, 2014
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,298,107	+ 7,335	+ 106,414
Reverse repurchase agreements¹³		248,575	- 17,075	+ 56,503
Deposits	(0)	2,890,872	+ 10,394	+ 217,945
Term deposits held by depository institutions		188,083	+ 188,083	+ 175,261
Other deposits held by depository institutions		2,558,213	- 150,598	- 43,572
U.S. Treasury, General Account		130,765	- 26,485	+ 98,201
Foreign official		5,213	0	- 2,758
Other¹⁴	(0)	8,598	- 606	- 9,186
Deferred availability cash items	(0)	583	+ 7	- 182
Other liabilities and accrued dividends¹⁵		6,320	+ 660	+ 108

Total liabilities	(0)	4,444,457	+ 1,321	+ 380,789

Capital accounts
Capital paid in		28,614	+ 8	+ 711
Surplus		28,614	+ 8	+ 711
Other capital accounts		0	0	0

Total capital		57,228	+ 16	+ 1,423

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.	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. Refer to the note on consolidation accompanying table 6.
9.	Refer to the note on consolidation accompanying table 6.
10.	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.
11.	Revalued daily at current foreign currency exchange rates.
12.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
13.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
14.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
15.	Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

6. Statement of Condition of Each Federal Reserve Bank, February 11, 2015

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	352	4,125	338	464	824	1,349	706	278	173	291	880	1,257
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	1,957	34	80	131	126	314	210	289	25	48	157	196	347
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,422,911	89,467	2,714,616	105,959	96,567	247,199	244,495	180,774	54,553	27,105	58,261	134,772	469,143
Securities held outright¹	4,236,063	85,688	2,599,941	101,483	92,488	236,756	234,167	173,134	52,249	25,960	55,799	129,074	449,324
U.S. Treasury securities	2,460,490	49,771	1,510,159	58,946	53,721	137,518	136,014	100,564	30,348	15,079	32,410	74,972	260,987
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,460,490	49,771	1,510,159	58,946	53,721	137,518	136,014	100,564	30,348	15,079	32,410	74,972	260,987
Federal agency debt securities²	36,877	746	22,634	883	805	2,061	2,039	1,507	455	226	486	1,124	3,912
Mortgage-backed securities⁴	1,738,696	35,171	1,067,148	41,654	37,962	97,177	96,114	71,063	21,446	10,655	22,903	52,979	184,425
Unamortized premiums on securities held outright⁵	205,027	4,147	125,838	4,912	4,476	11,459	11,334	8,380	2,529	1,256	2,701	6,247	21,747
Unamortized discounts on securities held outright⁵	-18,196	-368	-11,168	-436	-397	-1,017	-1,006	-744	-224	-112	-240	-554	-1,930
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	17	0	5	0	0	0	0	4	0	0	1	5	2
Net portfolio holdings of Maiden
Lane LLC⁷	1,686	0	1,686	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Maiden
Lane II LLC⁸	0	0	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Maiden
Lane III LLC⁸	0	0	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF LLC⁹	0	0	0	0	0	0	0	0	0	0	0	0	0
Items in process of collection	174	0	0	0	0	0	173	0	0	0	0	0	0
Bank premises	2,253	124	434	75	110	219	211	200	121	95	241	222	200
Central bank liquidity swaps¹⁰	0	0	0	0	0	0	0	0	0	0	0	0	0
Foreign currency denominated
assets¹¹	20,084	910	6,475	1,122	1,566	4,608	1,143	539	187	84	211	289	2,949
Other assets¹²	36,384	789	21,783	885	813	2,219	2,044	1,497	530	255	515	1,187	3,867
Interdistrict settlement account	0	+ 22,629	- 170,307	+ 12,984	+ 22,507	+ 11,955	+ 75	- 9,862	- 1,748	+ 5,942	+ 8,217	+ 18,408	+ 79,200

Total assets	4,501,685	114,502	2,580,710	121,704	122,388	267,749	250,354	174,569	54,097	33,793	68,046	156,236	557,537

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, February 11, 2015 (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	1,490,485	49,471	475,550	48,860	71,620	104,884	212,427	104,056	43,758	25,940	41,468	121,743	190,706
Less: Notes held by F.R. Banks	192,378	5,684	66,977	6,060	9,860	13,122	23,260	12,411	4,803	3,213	5,477	14,954	26,558
Federal Reserve notes, net	1,298,107	43,787	408,573	42,800	61,761	91,762	189,167	91,645	38,955	22,728	35,991	106,790	164,149
Reverse repurchase agreements¹³	248,575	5,028	152,566	5,955	5,427	13,893	13,741	10,160	3,066	1,523	3,274	7,574	26,367
Deposits	2,890,872	62,936	1,997,668	69,552	50,541	148,472	43,322	70,919	11,402	9,071	28,053	40,823	358,114
Term deposits held by depository institutions	188,083	235	109,659	27,310	16,750	2,021	455	3,475	74	70	1,771	405	25,858
Other deposits held by depository institutions	2,558,213	62,695	1,743,670	42,216	33,788	146,285	42,858	67,431	11,328	9,001	26,280	40,416	332,246
U.S. Treasury, General Account	130,765	0	130,765	0	0	0	0	0	0	0	0	0	0
Foreign official	5,213	2	5,186	2	3	9	2	1	0	0	0	1	6
Other¹⁴	8,598	4	8,388	24	0	157	7	12	0	0	1	2	4
Deferred availability cash items	583	0	0	0	0	0	487	0	0	96	0	0	0
Interest on Federal Reserve notes due to U.S. Treasury¹⁵	1,672	25	1,174	26	13	28	84	71	19	8	19	50	155
Other liabilities and accrued dividends¹⁶	4,648	134	2,314	175	184	479	291	238	121	126	108	171	306

Total liabilities	4,444,457	111,911	2,562,295	118,509	117,926	254,634	247,092	173,033	53,562	33,553	67,445	155,407	549,091

Capital
Capital paid in	28,614	1,296	9,207	1,597	2,231	6,558	1,631	768	268	120	300	414	4,223
Surplus	28,614	1,296	9,207	1,597	2,231	6,558	1,631	768	268	120	300	414	4,223
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,501,685	114,502	2,580,710	121,704	122,388	267,749	250,354	174,569	54,097	33,793	68,046	156,236	557,537

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, February 11, 2015 (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.	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. Refer to the note on consolidation below.
9.	Refer to the note on consolidation below.
10.	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.
11.	Revalued daily at current foreign currency exchange rates.
12.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
13.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
14.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
15.	Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank's net earnings are not sufficient to equate surplus to capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the Federal Reserve Bank's earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy, which requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends, and the amount necessary to equate surplus with capital paid-in.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to Maiden Lane LLC was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC was repaid in full, with interest. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the American International Group, Inc. had written credit default swap contracts. On June 14, 2012, the loan from FRBNY to Maiden Lane III was repaid in full, with interest. On December 12, 2008, a loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. On March 1, 2012, the loan from FRBNY to Maiden Lane II was repaid in full, with interest. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended under the Term Asset-Backed Securities Loan Facility. On January 15, 2013 the FRBNY's commitment to extend credit to TALF LLC was eliminated.

The FRBNY was the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY was primarily responsible for directing the financial activities of TALF LLC. The FRBNY was the primary beneficiary of the other LLCs cited above because it received a majority of any residual returns of the LLCs and absorbed a majority of any residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs were consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs were eliminated, the net assets of the LLCs appeared as assets on the previous page (and in table 1 and table 5), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, 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	Feb 11, 2015
Federal Reserve notes outstanding	1,490,485
Less: Notes held by F.R. Banks not subject to collateralization	192,378
Federal Reserve notes to be collateralized	1,298,107
Collateral held against Federal Reserve notes	1,298,107
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,281,870
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,236,063
Less: Face value of securities under reverse repurchase agreements	226,014
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	4,010,049

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.

Statistical releases