FRB: H.4.1 Release--Factors Affecting Reserve Balances--July 2, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks July 2, 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 1, 2015
Federal Reserve Banks Jul 1, 2015 Jun 24, 2015 Jul 2, 2014

Reserve Bank credit 4,440,876 - 19,255 + 110,262 4,440,806
Securities held outright (1) 4,228,816 - 17,951 + 120,119 4,228,931
U.S. Treasury securities 2,460,947 + 56 + 59,809 2,460,975
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,642 0 + 58,045 2,346,641
Notes and bonds, inflation-indexed (2) 98,534 0 + 1,763 98,534
Inflation compensation (3) 15,770 + 55 0 15,800
Federal agency debt securities (2) 35,895 0 - 7,764 35,895
Mortgage-backed securities (4) 1,731,974 - 18,007 + 68,074 1,732,060
Unamortized premiums on securities held outright (5) 198,245 - 976 - 11,148 198,111
Unamortized discounts on securities held outright (5) -17,523 + 39 + 972 -17,512
Repurchase agreements (6) 0 0 0 0
Loans 172 - 4 - 27 170
Primary credit 9 - 14 - 1 6
Secondary credit 0 0 0 0
Seasonal credit 162 + 9 + 22 164
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) 1,696 0 + 42 1,696
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 - 90 0
Float -461 - 127 + 147 -350
Central bank liquidity swaps (11) 635 + 520 + 511 635
Other Federal Reserve assets (12) 29,297 - 754 - 178 29,125
Foreign currency denominated assets (13) 19,769 - 161 - 4,289 19,775
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,853 + 14 + 890 46,853

Total factors supplying reserve funds 4,523,740 - 19,402 + 106,864 4,523,675

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 1, 2015
Federal Reserve Banks Jul 1, 2015 Jun 24, 2015 Jul 2, 2014

Currency in circulation (14) 1,366,466 + 2,182 + 84,085 1,370,050
Reverse repurchase agreements (15) 379,412 + 68,636 + 98,391 349,857
Foreign official and international accounts 157,182 + 5,956 + 47,353 156,446
Others 222,230 + 62,679 + 51,038 193,411
Treasury cash holdings 100 - 30 - 46 85
Deposits with F.R. Banks, other than reserve balances 254,517 - 16,226 + 44,081 234,695
Term deposits held by depository institutions 0 0 - 92,420 0
U.S. Treasury, General Account 227,457 - 12,041 + 127,372 212,135
Foreign official 5,244 + 2 - 697 5,243
Other (16) 21,817 - 4,186 + 9,827 17,317
Other liabilities and capital (17) 65,839 - 1,044 + 1,645 64,456

Total factors, other than reserve balances,
absorbing reserve funds 2,066,334 + 53,517 + 228,155 2,019,143

Reserve balances with Federal Reserve Banks 2,457,406 - 72,918 - 121,291 2,504,532

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 1, 2015
Jul 1, 2015 Jun 24, 2015 Jul 2, 2014

Securities held in custody for foreign official and
international accounts 3,378,862 + 10,788 + 75,095 3,376,811
Marketable U.S. Treasury securities (1) 3,035,038 + 13,395 + 64,884 3,032,996
Federal agency debt and mortgage-backed securities (2) 298,574 - 3,161 + 6,707 298,627
Other securities (3) 45,250 + 554 + 3,504 45,188
Securities lent to dealers 11,981 + 528 - 4,383 11,165
Overnight facility (4) 11,981 + 528 - 4,383 11,165
U.S. Treasury securities 11,828 + 517 - 3,298 10,954
Federal agency debt securities 153 + 11 - 1,085 211

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 1, 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 50 120 0 0 0 ... 170
U.S. Treasury securities (1)
Holdings 0 1,288 143,134 1,098,074 574,120 644,359 2,460,975
Weekly changes - 1 0 + 13,567 - 690 - 12,855 + 43 + 64
Federal agency debt securities (2)
Holdings 0 802 9,997 22,749 0 2,347 35,895
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 35 9,284 1,722,741 1,732,060
Weekly changes 0 0 0 - 1 - 200 - 14,132 - 14,333
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 635 0 0 0 0 0 635

Reverse repurchase agreements (4) 349,857 0 ... ... ... ... 349,857
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 1, 2015

Mortgage-backed securities held outright (1) 1,732,060

Commitments to buy mortgage-backed securities (2) 38,462
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 17

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 1, 2015

Net portfolio holdings of Maiden Lane LLC (1) 1,696

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 1, 2015 Wednesday Wednesday
consolidation Jun 24, 2015 Jul 2, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,870 + 3 - 6
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,409,700 - 15,074 + 106,576
Securities held outright (1) 4,228,931 - 14,268 + 116,795
U.S. Treasury securities 2,460,975 + 64 + 56,398
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,641 - 1 + 54,637
Notes and bonds, inflation-indexed (2) 98,534 0 + 1,763
Inflation compensation (3) 15,800 + 65 - 2
Federal agency debt securities (2) 35,895 0 - 7,764
Mortgage-backed securities (4) 1,732,060 - 14,333 + 68,159
Unamortized premiums on securities held outright
(5) 198,111 - 807 - 11,204
Unamortized discounts on securities held outright
(5) -17,512 + 38 + 1,011
Repurchase agreements (6) 0 0 0
Loans 170 - 37 - 25
Net portfolio holdings of Maiden Lane LLC (7) 1,696 0 + 41
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 - 90
Items in process of collection (0) 91 + 19 - 4
Bank premises 2,236 - 7 - 25
Central bank liquidity swaps (10) 635 + 520 + 511
Foreign currency denominated assets (11) 19,775 + 52 - 4,332
Other assets (12) 26,889 - 1,439 - 490

Total assets (0) 4,479,130 - 15,925 + 102,099

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 1, 2015 Wednesday Wednesday
consolidation Jun 24, 2015 Jul 2, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,325,147 + 4,672 + 81,480
Reverse repurchase agreements (13) 349,857 + 60,441 + 91,735
Deposits (0) 2,739,227 - 80,139 - 72,388
Term deposits held by depository institutions 0 0 - 92,420
Other deposits held by depository institutions 2,504,532 + 11,003 - 100,248
U.S. Treasury, General Account 212,135 - 28,627 + 111,050
Foreign official 5,243 0 - 698
Other (14) (0) 17,317 - 62,516 + 9,928
Deferred availability cash items (0) 442 + 17 - 345
Other liabilities and accrued dividends (15) 6,192 - 916 - 330

Total liabilities (0) 4,420,866 - 15,925 + 100,153

Capital accounts
Capital paid in 29,132 0 + 973
Surplus 29,132 0 + 973
Other capital accounts 0 0 0

Total capital 58,264 0 + 1,946

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 1, 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 1,870 36 63 127 128 300 204 273 32 47 148 196 316
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,409,700 111,779 2,647,094 109,672 106,016 239,497 248,335 163,847 46,017 26,898 57,294 142,050 511,201
Securities held outright (1) 4,228,931 107,201 2,538,678 105,180 101,674 229,688 238,140 157,124 44,101 25,719 54,936 136,228 490,262
U.S. Treasury securities 2,460,975 62,384 1,477,353 61,209 59,168 133,664 138,583 91,436 25,664 14,967 31,969 79,276 285,302
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,460,975 62,384 1,477,353 61,209 59,168 133,664 138,583 91,436 25,664 14,967 31,969 79,276 285,302
Federal agency debt securities (2) 35,895 910 21,548 893 863 1,950 2,021 1,334 374 218 466 1,156 4,161
Mortgage-backed securities (4) 1,732,060 43,907 1,039,777 43,079 41,643 94,074 97,536 64,354 18,063 10,534 22,500 55,795 200,799
Unamortized premiums on securities held
outright (5) 198,111 5,022 118,929 4,927 4,763 10,760 11,156 7,361 2,066 1,205 2,574 6,382 22,967
Unamortized discounts on securities
held outright (5) -17,512 -444 -10,512 -436 -421 -951 -986 -651 -183 -106 -227 -564 -2,030
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 170 0 0 0 0 0 26 13 32 81 12 5 2
Net portfolio holdings of Maiden
Lane LLC (7) 1,696 0 1,696 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 91 0 0 0 0 0 91 0 0 0 0 0 0
Bank premises 2,236 125 434 73 108 216 209 203 118 94 239 220 197
Central bank liquidity swaps (10) 635 29 205 35 50 146 36 17 6 3 7 9 93
Foreign currency denominated
assets (11) 19,775 893 6,429 1,100 1,535 4,519 1,121 529 183 83 207 284 2,892
Other assets (12) 26,889 719 15,666 679 659 1,627 1,542 1,019 373 199 388 886 3,131
Interdistrict settlement account 0 + 24,811 - 132,381 + 15,087 + 35,642 + 24,722 - 3,885 + 14,481 + 6,597 + 5,131 + 4,691 + 12,950 - 7,845

Total assets 4,479,130 138,935 2,544,732 127,324 144,880 272,222 249,906 181,526 53,776 32,715 63,415 157,767 511,930

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 1, 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 1,507,312 49,626 488,813 50,648 79,709 104,454 207,674 106,349 47,180 26,655 41,719 118,960 185,526
Less: Notes held by F.R. Banks 182,165 5,822 64,454 5,530 9,694 12,423 22,804 11,020 4,838 2,789 4,580 13,736 24,476
Federal Reserve notes, net 1,325,147 43,805 424,359 45,118 70,015 92,031 184,870 95,329 42,342 23,866 37,139 105,224 161,050
Reverse repurchase agreements (13) 349,857 8,869 210,024 8,702 8,411 19,002 19,701 12,999 3,648 2,128 4,545 11,270 40,559
Deposits 2,739,227 83,485 1,888,065 69,950 61,757 147,534 41,366 71,317 7,073 6,167 20,990 40,185 301,338
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 2,504,532 83,479 1,653,520 69,947 61,754 147,457 41,357 71,312 7,036 6,167 20,989 40,184 301,329
U.S. Treasury, General Account 212,135 0 212,135 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) 17,317 4 17,194 0 0 68 7 4 37 0 1 1 2
Deferred availability cash items 442 0 0 0 0 0 280 0 0 161 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,857 47 1,113 43 36 107 118 72 22 11 15 61 212
Other liabilities and accrued
dividends 4,335 126 2,131 163 176 403 290 230 126 128 111 168 283

Total liabilities 4,420,866 136,332 2,525,691 123,975 140,395 259,078 246,625 179,947 53,212 32,461 62,801 156,908 503,441

Capital
Capital paid in 29,132 1,302 9,520 1,675 2,243 6,572 1,641 790 282 127 307 430 4,245
Surplus 29,132 1,302 9,520 1,675 2,243 6,572 1,641 790 282 127 307 430 4,245
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,479,130 138,935 2,544,732 127,324 144,880 272,222 249,906 181,526 53,776 32,715 63,415 157,767 511,930

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 1, 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 1, 2015

Federal Reserve notes outstanding 1,507,312
Less: Notes held by F.R. Banks not subject to collateralization 182,165
Federal Reserve notes to be collateralized 1,325,147
Collateral held against Federal Reserve notes 1,325,147
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,308,910
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,228,931
Less: Face value of securities under reverse repurchase agreements 329,869
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,899,062

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