FRB: H.4.1 Release--Factors Affecting Reserve Balances--December 29, 2014

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks December 29, 2014

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 Dec 24, 2014
Federal Reserve Banks Dec 24, 2014 Dec 17, 2014 Dec 25, 2013

Reserve Bank credit 4,471,568 + 7,707 + 485,979 4,469,654
Securities held outright (1) 4,249,952 + 6,149 + 490,697 4,247,474
U.S. Treasury securities 2,461,452 - 67 + 256,522 2,461,420
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,712 - 1 + 246,760 2,346,712
Notes and bonds, inflation-indexed (2) 98,469 0 + 7,090 98,469
Inflation compensation (3) 16,271 - 66 + 2,672 16,239
Federal agency debt securities (2) 38,677 0 - 18,544 38,677
Mortgage-backed securities (4) 1,749,822 + 6,215 + 252,717 1,747,377
Unamortized premiums on securities held outright (5) 207,761 - 44 - 1,447 207,466
Unamortized discounts on securities held outright (5) -18,441 + 36 - 6,329 -18,425
Repurchase agreements (6) 0 0 0 0
Loans 112 + 17 - 81 119
Primary credit 32 + 24 + 5 32
Secondary credit 0 0 0 0
Seasonal credit 80 - 8 + 11 87
Term Asset-Backed Securities Loan Facility (7) 0 0 - 97 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,678 - 3 + 153 1,678
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 - 109 0
Float -473 + 61 + 154 -533
Central bank liquidity swaps (11) 30 + 28 - 243 30
Other Federal Reserve assets (12) 30,950 + 1,465 + 3,271 31,845
Foreign currency denominated assets (13) 21,131 - 361 - 2,666 21,041
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,339 + 14 + 849 46,339

Total factors supplying reserve funds 4,555,279 + 7,360 + 484,161 4,553,276

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 Dec 24, 2014
Federal Reserve Banks Dec 24, 2014 Dec 17, 2014 Dec 25, 2013

Currency in circulation (14) 1,332,901 + 10,099 + 97,043 1,338,522
Reverse repurchase agreements (15) 280,447 + 45,153 + 146,107 298,833
Foreign official and international accounts 98,274 + 1,007 - 6,321 96,096
Others 182,173 + 44,146 + 152,428 202,737
Treasury cash holdings 191 + 4 - 39 197
Deposits with F.R. Banks, other than reserve balances 195,545 + 58,131 + 33,066 242,812
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 175,093 + 60,317 + 75,971 177,911
Foreign official 5,213 + 6 - 2,776 5,209
Other (16) 15,239 - 2,192 - 40,129 59,692
Other liabilities and capital (17) 64,393 - 922 + 337 63,277

Total factors, other than reserve balances,
absorbing reserve funds 1,873,478 + 112,466 + 276,515 1,943,641

Reserve balances with Federal Reserve Banks 2,681,801 - 105,106 + 207,646 2,609,634

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 Dec 24, 2014
Dec 24, 2014 Dec 17, 2014 Dec 25, 2013

Securities held in custody for foreign official and
international accounts 3,308,131 - 20,027 - 66,114 3,298,867
Marketable U.S. Treasury securities (1) 2,972,932 - 13,728 - 44,992 2,965,047
Federal agency debt and mortgage-backed securities (2) 293,388 - 6,235 - 19,534 292,021
Other securities (3) 41,811 - 64 - 1,588 41,799
Securities lent to dealers 12,376 + 1,038 - 721 12,315
Overnight facility (4) 12,376 + 1,038 - 721 12,315
U.S. Treasury securities 11,718 + 1,029 - 343 11,639
Federal agency debt securities 658 + 9 - 379 676

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, December 24, 2014

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 119 0 0 0 0 ... 119
U.S. Treasury securities (1)
Holdings 1 4 3,516 1,105,853 693,716 658,330 2,461,420
Weekly changes 0 0 0 - 10 - 10 - 55 - 75
Federal agency debt securities (2)
Holdings 0 1,800 3,933 30,597 0 2,347 38,677
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 13 6,563 1,740,801 1,747,377
Weekly changes 0 0 0 0 0 + 5,419 + 5,420
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 30 0 0 0 0 0 30

Reverse repurchase agreements (4) 298,833 0 ... ... ... ... 298,833
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
Dec 24, 2014

Mortgage-backed securities held outright (1) 1,747,377

Commitments to buy mortgage-backed securities (2) 27,500
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 46

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
Dec 24, 2014

Net portfolio holdings of Maiden Lane LLC (1) 1,678

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 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 Wednesday Change since
from Dec 24, 2014 Wednesday Wednesday
consolidation Dec 17, 2014 Dec 25, 2013

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,871 - 5 - 92
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,436,634 + 5,245 + 476,720
Securities held outright (1) 4,247,474 + 5,345 + 484,481
U.S. Treasury securities 2,461,420 - 75 + 252,591
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,712 0 + 242,840
Notes and bonds, inflation-indexed (2) 98,469 0 + 7,090
Inflation compensation (3) 16,239 - 75 + 2,661
Federal agency debt securities (2) 38,677 0 - 18,544
Mortgage-backed securities (4) 1,747,377 + 5,420 + 250,434
Unamortized premiums on securities held outright
(5) 207,466 - 166 - 1,636
Unamortized discounts on securities held outright
(5) -18,425 + 38 - 6,053
Repurchase agreements (6) 0 0 0
Loans 119 + 29 - 73
Net portfolio holdings of Maiden Lane LLC (7) 1,678 0 + 137
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 - 109
Items in process of collection (0) 126 + 25 - 35
Bank premises 2,265 + 1 - 25
Central bank liquidity swaps (10) 30 + 28 - 243
Foreign currency denominated assets (11) 21,041 - 422 - 2,745
Other assets (12) 29,580 + 2,343 + 3,364

Total assets (0) 4,509,462 + 7,215 + 476,887

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 Dec 24, 2014 Wednesday Wednesday
consolidation Dec 17, 2014 Dec 25, 2013

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,294,247 + 11,685 + 99,046
Reverse repurchase agreements (13) 298,833 + 68,817 + 147,576
Deposits (0) 2,852,447 - 73,029 + 232,110
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 2,609,635 - 129,475 + 158,902
U.S. Treasury, General Account 177,911 + 6,597 + 84,018
Foreign official 5,209 + 3 - 2,771
Other (14) (0) 59,692 + 49,846 - 8,039
Deferred availability cash items (0) 658 + 23 - 556
Other liabilities and accrued dividends (15) 6,142 - 301 - 3,407

Total liabilities (0) 4,452,327 + 7,196 + 474,770

Capital accounts
Capital paid in 28,568 + 10 + 1,059
Surplus 28,568 + 10 + 1,059
Other capital accounts 0 0 0

Total capital 57,135 + 19 + 2,117

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, December 24, 2014
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 11,037 352 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 1,871 30 77 122 119 308 208 279 22 44 152 187 323
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,436,634 89,744 2,722,973 106,285 96,865 247,960 245,260 181,337 54,725 27,233 58,481 135,186 470,586
Securities held outright (1) 4,247,474 85,919 2,606,945 101,757 92,737 237,394 234,798 173,600 52,390 26,030 55,949 129,422 450,534
U.S. Treasury securities 2,461,420 49,790 1,510,730 58,968 53,741 137,570 136,066 100,602 30,360 15,084 32,423 75,000 261,085
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,461,420 49,790 1,510,730 58,968 53,741 137,570 136,066 100,602 30,360 15,084 32,423 75,000 261,085
Federal agency debt securities (2) 38,677 782 23,739 927 844 2,162 2,138 1,581 477 237 509 1,178 4,103
Mortgage-backed securities (4) 1,747,377 35,346 1,072,476 41,862 38,151 97,662 96,594 71,418 21,553 10,709 23,017 53,243 185,346
Unamortized premiums on securities held
outright (5) 207,466 4,197 127,335 4,970 4,530 11,595 11,469 8,479 2,559 1,271 2,733 6,322 22,006
Unamortized discounts on securities
held outright (5) -18,425 -373 -11,309 -441 -402 -1,030 -1,019 -753 -227 -113 -243 -561 -1,954
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 119 1 2 0 0 0 12 10 4 44 41 4 0
Net portfolio holdings of Maiden
Lane LLC (7) 1,678 0 1,678 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 126 0 0 0 0 0 95 0 0 30 0 0 0
Bank premises 2,265 124 438 75 110 219 213 200 122 96 242 224 201
Central bank liquidity swaps (10) 30 1 10 2 2 6 2 1 0 0 0 1 4
Foreign currency denominated
assets (11) 21,041 957 6,769 1,582 1,673 4,387 1,210 581 177 89 221 352 3,044
Other assets (12) 29,580 627 17,778 827 642 1,776 1,617 1,189 411 208 410 1,043 3,053
Interdistrict settlement account 0 + 25,990 - 84,803 - 9,924 + 26,967 - 9,074 - 280 - 6,289 - 6,641 + 2,641 + 189 + 14,598 + 46,626

Total assets 4,509,462 118,021 2,670,863 99,517 127,080 246,818 250,327 178,427 49,245 30,605 60,138 152,752 525,668

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, December 24, 2014 (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 1,471,865 46,052 476,358 46,632 68,887 103,615 214,356 101,678 41,553 23,257 38,415 120,194 190,867
Less: Notes held by F.R. Banks 177,618 4,926 59,902 5,231 8,228 11,454 22,720 10,785 4,792 3,191 4,666 15,485 26,238
Federal Reserve notes, net 1,294,247 41,126 416,456 41,401 60,658 92,162 191,637 90,893 36,762 20,065 33,750 104,709 164,629
Reverse repurchase agreements (13) 298,833 6,045 183,413 7,159 6,525 16,702 16,519 12,214 3,686 1,831 3,936 9,106 31,698
Deposits 2,852,447 68,063 2,049,883 47,529 55,199 124,154 37,892 73,447 8,109 8,253 21,709 37,873 320,337
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 2,609,635 68,059 1,807,258 47,500 55,196 124,036 37,883 73,434 8,108 8,253 21,707 37,871 320,329
U.S. Treasury, General Account 177,911 0 177,911 0 0 0 0 0 0 0 0 0 0
Foreign official 5,209 2 5,182 3 3 8 2 1 0 0 0 1 6
Other (14) 59,692 2 59,532 26 0 109 6 12 0 0 1 2 2
Deferred availability cash items 658 0 0 0 0 0 574 0 0 84 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,853 19 1,266 18 15 39 111 75 28 12 35 65 170
Other liabilities and accrued
dividends (16) 4,289 180 1,430 217 227 648 342 267 129 119 108 179 444

Total liabilities 4,452,327 115,433 2,652,447 96,324 122,625 233,704 247,075 176,896 48,713 30,365 59,537 151,932 517,276

Capital
Capital paid in 28,568 1,294 9,208 1,597 2,228 6,557 1,626 766 266 120 301 410 4,196
Surplus 28,568 1,294 9,208 1,597 2,228 6,557 1,626 766 266 120 301 410 4,196
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,509,462 118,021 2,670,863 99,517 127,080 246,818 250,327 178,427 49,245 30,605 60,138 152,752 525,668

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, December 24, 2014 (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
Dec 24, 2014

Federal Reserve notes outstanding 1,471,865
Less: Notes held by F.R. Banks not subject to collateralization 177,618
Federal Reserve notes to be collateralized 1,294,247
Collateral held against Federal Reserve notes 1,294,247
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,278,010
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,247,474
Less: Face value of securities under reverse repurchase agreements 277,086
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,970,388

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