FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 23, 2015 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 Jul 22, 2015 Federal Reserve Banks Jul 22, 2015 Jul 15, 2015 Jul 23, 2014 Reserve Bank credit 4,461,067 + 12,000 + 97,442 4,462,536 Securities held outright (1) 4,244,822 + 10,983 + 108,210 4,245,923 U.S. Treasury securities 2,461,322 + 132 + 48,804 2,461,370 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,641 0 + 47,540 2,346,641 Notes and bonds, inflation-indexed (2) 98,534 0 + 1,207 98,534 Inflation compensation (3) 16,146 + 131 + 55 16,194 Federal agency debt securities (2) 35,208 - 687 - 7,442 35,093 Mortgage-backed securities (4) 1,748,293 + 11,539 + 66,850 1,749,460 Unamortized premiums on securities held outright (5) 197,640 - 54 - 11,866 197,502 Unamortized discounts on securities held outright (5) -17,440 + 25 + 1,109 -17,428 Repurchase agreements (6) 0 0 0 0 Loans 192 + 22 - 58 197 Primary credit 2 0 - 9 4 Secondary credit 0 0 0 0 Seasonal credit 190 + 22 + 1 193 Term Asset-Backed Securities Loan Facility (7) 0 0 - 49 0 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (8) 1,698 0 + 37 1,698 Net portfolio holdings of Maiden Lane II LLC (9) 0 0 - 63 0 Net portfolio holdings of Maiden Lane III LLC (9) 0 0 - 22 0 Net portfolio holdings of TALF LLC (10) 0 0 - 60 0 Float -332 + 135 + 212 -374 Central bank liquidity swaps (11) 659 + 351 + 582 659 Other Federal Reserve assets (12) 33,828 + 538 - 641 34,359 Foreign currency denominated assets (13) 19,403 - 286 - 4,498 19,414 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (14) 46,939 + 14 + 925 46,939 Total factors supplying reserve funds 4,543,651 + 11,728 + 93,869 4,545,130 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 Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jul 22, 2015 Federal Reserve Banks Jul 22, 2015 Jul 15, 2015 Jul 23, 2014 Currency in circulation (14) 1,369,754 - 493 + 86,028 1,370,677 Reverse repurchase agreements (15) 265,730 - 4,326 + 45,193 266,195 Foreign official and international accounts 150,938 - 2,930 + 46,500 153,500 Others 114,792 - 1,396 - 1,307 112,695 Treasury cash holdings 96 + 15 - 42 95 Deposits with F.R. Banks, other than reserve balances 210,482 + 5,995 + 121,481 198,076 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 194,772 + 18,361 + 130,634 183,203 Foreign official 5,243 0 - 1,322 5,243 Other (16) 10,466 - 12,366 - 7,833 9,630 Other liabilities and capital (17) 66,046 - 869 + 1,969 64,630 Total factors, other than reserve balances, absorbing reserve funds 1,912,108 + 322 + 254,628 1,899,673 Reserve balances with Federal Reserve Banks 2,631,543 + 11,406 - 160,759 2,645,456 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 Week ended Change from week ended Jul 22, 2015 Jul 22, 2015 Jul 15, 2015 Jul 23, 2014 Securities held in custody for foreign official and international accounts 3,340,353 - 4,252 + 29,575 3,325,571 Marketable U.S. Treasury securities (1) 2,997,152 - 3,807 + 18,215 2,982,765 Federal agency debt and mortgage-backed securities (2) 298,948 + 83 + 9,646 298,534 Other securities (3) 44,253 - 528 + 1,715 44,272 Securities lent to dealers 10,917 + 1,231 + 423 10,267 Overnight facility (4) 10,917 + 1,231 + 423 10,267 U.S. Treasury securities 10,859 + 1,253 + 1,465 10,211 Federal agency debt securities 58 - 22 - 1,043 56 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 22, 2015 Millions of dollars Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All days 90 days 1 year to 5 years to 10 years years Loans 182 15 0 0 0 ... 197 U.S. Treasury securities (1) Holdings 1 1,288 146,748 1,099,409 569,305 644,620 2,461,370 Weekly changes + 1 - 1 + 3,614 - 3,589 + 20 + 87 + 132 Federal agency debt securities (2) Holdings 0 947 11,654 20,145 0 2,347 35,093 Weekly changes - 802 + 947 + 1,657 - 2,604 0 0 - 802 Mortgage-backed securities (3) Holdings 0 0 0 79 9,640 1,739,741 1,749,460 Weekly changes 0 0 0 0 + 7 + 5,645 + 5,653 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 659 0 0 0 0 0 659 Reverse repurchase agreements (4) 266,195 0 ... ... ... ... 266,195 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 Jul 22, 2015 Mortgage-backed securities held outright (1) 1,749,460 Commitments to buy mortgage-backed securities (2) 23,460 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 79 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 Jul 22, 2015 Net portfolio holdings of Maiden Lane LLC (1) 1,698 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0 Accrued interest payable to the Federal Reserve Bank of New York (2) 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, 2015. 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 Wednesday Change since from Jul 22, 2015 Wednesday Wednesday consolidation Jul 15, 2015 Jul 23, 2014 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,885 + 3 - 32 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,426,195 + 4,752 + 94,346 Securities held outright (1) 4,245,923 + 4,982 + 105,392 U.S. Treasury securities 2,461,370 + 132 + 47,754 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,641 0 + 46,475 Notes and bonds, inflation-indexed (2) 98,534 0 + 1,207 Inflation compensation (3) 16,194 + 131 + 71 Federal agency debt securities (2) 35,093 - 802 - 7,557 Mortgage-backed securities (4) 1,749,460 + 5,653 + 65,195 Unamortized premiums on securities held outright (5) 197,502 - 275 - 12,099 Unamortized discounts on securities held outright (5) -17,428 + 31 + 1,114 Repurchase agreements (6) 0 0 0 Loans 197 + 12 - 62 Net portfolio holdings of Maiden Lane LLC (7) 1,698 0 + 44 Net portfolio holdings of Maiden Lane II LLC (8) 0 0 - 63 Net portfolio holdings of Maiden Lane III LLC (8) 0 0 - 22 Net portfolio holdings of TALF LLC (9) 0 0 - 60 Items in process of collection (0) 57 - 20 - 10 Bank premises 2,241 0 - 22 Central bank liquidity swaps (10) 659 + 351 + 582 Foreign currency denominated assets (11) 19,414 - 100 - 4,432 Other assets (12) 32,118 + 1,914 - 575 Total assets (0) 4,500,503 + 6,898 + 89,757 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 Wednesday Change since from Jul 22, 2015 Wednesday Wednesday consolidation Jul 15, 2015 Jul 23, 2014 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,325,714 + 15 + 85,487 Reverse repurchase agreements (13) 266,195 + 10,171 + 24,506 Deposits (0) 2,843,533 - 2,531 - 21,826 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,645,457 - 9,688 - 142,540 U.S. Treasury, General Account 183,203 + 7,497 + 127,396 Foreign official 5,243 - 1 - 1,321 Other (14) (0) 9,630 - 338 - 5,361 Deferred availability cash items (0) 431 + 94 - 184 Other liabilities and accrued dividends (15) 6,334 - 849 - 201 Total liabilities (0) 4,442,207 + 6,900 + 87,782 Capital accounts Capital paid in 29,148 - 1 + 987 Surplus 29,148 - 1 + 987 Other capital accounts 0 0 0 Total capital 58,296 - 2 + 1,975 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, July 22, 2015 Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Assets Gold certificate account 11,037 347 3,709 340 505 783 1,600 734 299 171 288 891 1,370 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,885 39 65 131 131 301 193 277 33 44 149 195 326 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,426,195 112,197 2,656,981 110,082 106,411 240,392 249,264 164,457 46,193 27,020 57,503 142,585 513,110 Securities held outright (1) 4,245,923 107,632 2,548,879 105,603 102,082 230,611 239,097 157,755 44,279 25,822 55,157 136,775 492,232 U.S. Treasury securities 2,461,370 62,395 1,477,590 61,218 59,177 133,686 138,605 91,451 25,668 14,969 31,974 79,289 285,348 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,370 62,395 1,477,590 61,218 59,177 133,686 138,605 91,451 25,668 14,969 31,974 79,289 285,348 Federal agency debt securities (2) 35,093 890 21,067 873 844 1,906 1,976 1,304 366 213 456 1,130 4,068 Mortgage-backed securities (4) 1,749,460 44,348 1,050,222 43,512 42,061 95,019 98,516 65,000 18,244 10,639 22,726 56,356 202,816 Unamortized premiums on securities held outright (5) 197,502 5,007 118,563 4,912 4,748 10,727 11,122 7,338 2,060 1,201 2,566 6,362 22,897 Unamortized discounts on securities held outright (5) -17,428 -442 -10,462 -433 -419 -947 -981 -648 -182 -106 -226 -561 -2,020 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 197 0 1 0 0 0 27 11 36 103 7 9 2 Net portfolio holdings of Maiden Lane LLC (7) 1,698 0 1,698 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane II LLC (8) 0 0 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane III LLC (8) 0 0 0 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF LLC (9) 0 0 0 0 0 0 0 0 0 0 0 0 0 Items in process of collection 57 0 0 0 0 0 56 0 0 0 0 0 0 Bank premises 2,241 126 437 73 108 216 209 204 119 94 238 220 197 Central bank liquidity swaps (10) 659 30 212 37 51 151 37 18 6 3 7 9 97 Foreign currency denominated assets (11) 19,414 880 6,259 1,085 1,513 4,454 1,104 521 181 81 204 280 2,850 Other assets (12) 32,118 857 18,762 811 785 1,911 1,821 1,207 425 227 457 1,129 3,727 Interdistrict settlement account 0 + 8,360 - 51,291 + 13,416 + 23,305 + 21,662 - 14,470 + 7,029 + 7,279 + 4,438 + 1,978 + 5,447 - 27,154 Total assets 4,500,503 123,031 2,638,649 126,185 133,048 270,283 240,469 174,871 54,684 32,169 60,978 151,038 495,098 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 22, 2015 (continued) Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Liabilities Federal Reserve notes outstanding 1,508,191 49,271 490,040 50,382 80,424 104,386 207,245 106,077 49,112 26,778 41,625 118,355 184,496 Less: Notes held by F.R. Banks 182,477 6,182 62,363 5,692 9,682 12,726 22,542 11,020 4,902 2,901 4,778 14,405 25,285 Federal Reserve notes, net 1,325,714 43,090 427,677 44,690 70,742 91,660 184,703 95,057 44,210 23,878 36,847 103,950 159,211 Reverse repurchase agreements (13) 266,195 6,748 159,800 6,621 6,400 14,458 14,990 9,890 2,776 1,619 3,458 8,575 30,860 Deposits 2,843,533 70,395 2,028,826 71,309 51,211 150,535 36,852 68,025 6,971 6,071 19,915 37,408 296,013 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 2,645,457 70,392 1,831,063 71,307 51,208 150,294 36,843 68,020 6,935 6,071 19,914 37,406 296,005 U.S. Treasury, General Account 183,203 0 183,203 0 0 0 0 0 0 0 0 0 0 Foreign official 5,243 2 5,216 2 3 9 2 1 0 0 0 1 6 Other (14) 9,630 2 9,345 0 0 231 7 4 36 0 1 2 3 Deferred availability cash items 431 0 0 0 0 0 226 0 0 205 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (15) 1,686 36 1,122 29 16 13 100 66 21 8 25 64 184 Other liabilities and accrued dividends 4,648 159 2,157 187 192 472 320 253 135 134 119 181 340 Total liabilities 4,442,207 120,428 2,619,582 122,836 128,562 257,139 237,190 173,291 54,113 31,915 60,363 150,179 486,609 Capital Capital paid in 29,148 1,302 9,534 1,675 2,243 6,572 1,640 790 285 127 307 430 4,245 Surplus 29,148 1,302 9,534 1,675 2,243 6,572 1,640 790 285 127 307 430 4,245 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,500,503 123,031 2,638,649 126,185 133,048 270,283 240,469 174,871 54,684 32,169 60,978 151,038 495,098 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 22, 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 Jul 22, 2015 Federal Reserve notes outstanding 1,508,191 Less: Notes held by F.R. Banks not subject to collateralization 182,477 Federal Reserve notes to be collateralized 1,325,714 Collateral held against Federal Reserve notes 1,325,714 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,309,477 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,245,923 Less: Face value of securities under reverse repurchase agreements 259,747 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,986,176 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.