FRB: H.4.1 Release--Factors Affecting Reserve Balances--July 16, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks July 16, 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 15, 2015
Federal Reserve Banks Jul 15, 2015 Jul 8, 2015 Jul 16, 2014

Reserve Bank credit 4,449,067 + 6,949 + 100,155 4,455,635
Securities held outright (1) 4,233,839 + 4,825 + 110,711 4,240,941
U.S. Treasury securities 2,461,190 + 131 + 51,780 2,461,238
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,641 0 + 50,473 2,346,641
Notes and bonds, inflation-indexed (2) 98,534 0 + 1,286 98,534
Inflation compensation (3) 16,015 + 132 + 21 16,063
Federal agency debt securities (2) 35,895 0 - 7,476 35,895
Mortgage-backed securities (4) 1,736,754 + 4,694 + 66,406 1,743,807
Unamortized premiums on securities held outright (5) 197,694 - 188 - 11,603 197,777
Unamortized discounts on securities held outright (5) -17,465 + 27 + 1,073 -17,459
Repurchase agreements (6) 0 0 0 0
Loans 170 - 13 - 49 185
Primary credit 2 - 11 - 2 6
Secondary credit 0 0 0 0
Seasonal credit 168 - 2 + 3 179
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 + 2 + 42 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 -467 - 203 + 138 -260
Central bank liquidity swaps (11) 308 + 153 + 184 308
Other Federal Reserve assets (12) 33,290 + 2,346 - 196 32,445
Foreign currency denominated assets (13) 19,689 - 33 - 4,298 19,514
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,925 + 14 + 928 46,925

Total factors supplying reserve funds 4,531,923 + 6,931 + 96,786 4,538,315

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 15, 2015
Federal Reserve Banks Jul 15, 2015 Jul 8, 2015 Jul 16, 2014

Currency in circulation (14) 1,370,247 - 754 + 84,783 1,370,650
Reverse repurchase agreements (15) 270,056 - 55,686 + 55,948 256,024
Foreign official and international accounts 153,868 - 3,414 + 50,936 152,807
Others 116,188 - 52,273 + 5,012 103,217
Treasury cash holdings 81 - 3 - 61 96
Deposits with F.R. Banks, other than reserve balances 204,487 - 2,695 - 26,853 190,919
Term deposits held by depository institutions 0 0 - 152,795 0
U.S. Treasury, General Account 176,411 - 6,185 + 117,027 175,706
Foreign official 5,243 - 19 - 948 5,244
Other (16) 22,832 + 3,508 + 9,862 9,968
Other liabilities and capital (17) 66,915 + 1,031 + 2,518 65,481

Total factors, other than reserve balances,
absorbing reserve funds 1,911,786 - 58,107 + 116,334 1,883,170

Reserve balances with Federal Reserve Banks 2,620,137 + 65,037 - 19,548 2,655,145

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 15, 2015
Jul 15, 2015 Jul 8, 2015 Jul 16, 2014

Securities held in custody for foreign official and
international accounts 3,344,605 - 22,795 + 32,789 3,352,630
Marketable U.S. Treasury securities (1) 3,000,959 - 22,580 + 22,414 3,009,134
Federal agency debt and mortgage-backed securities (2) 298,865 + 201 + 7,845 299,344
Other securities (3) 44,781 - 416 + 2,531 44,152
Securities lent to dealers 9,686 - 1,401 - 2,250 10,956
Overnight facility (4) 9,686 - 1,401 - 2,250 10,956
U.S. Treasury securities 9,606 - 1,353 - 1,266 10,889
Federal agency debt securities 80 - 48 - 983 67

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 15, 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 59 126 0 0 0 ... 185
U.S. Treasury securities (1)
Holdings 0 1,289 143,134 1,102,998 569,285 644,533 2,461,238
Weekly changes 0 0 0 + 4,905 - 4,860 + 87 + 131
Federal agency debt securities (2)
Holdings 802 0 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 79 9,633 1,734,096 1,743,807
Weekly changes 0 0 0 0 - 46 + 11,794 + 11,747
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 308 0 0 0 0 0 308

Reverse repurchase agreements (4) 256,024 0 ... ... ... ... 256,024
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 15, 2015

Mortgage-backed securities held outright (1) 1,743,807

Commitments to buy mortgage-backed securities (2) 26,858
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 0

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 15, 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 15, 2015 Wednesday Wednesday
consolidation Jul 8, 2015 Jul 16, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,882 0 - 14
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,421,443 + 11,904 + 100,280
Securities held outright (1) 4,240,941 + 11,879 + 110,976
U.S. Treasury securities 2,461,238 + 131 + 50,899
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,641 0 + 49,663
Notes and bonds, inflation-indexed (2) 98,534 0 + 1,207
Inflation compensation (3) 16,063 + 132 + 29
Federal agency debt securities (2) 35,895 0 - 6,755
Mortgage-backed securities (4) 1,743,807 + 11,747 + 66,831
Unamortized premiums on securities held outright
(5) 197,777 - 9 - 11,744
Unamortized discounts on securities held outright
(5) -17,459 + 23 + 1,101
Repurchase agreements (6) 0 0 0
Loans 185 + 13 - 52
Net portfolio holdings of Maiden Lane LLC (7) 1,698 0 + 36
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) 77 + 9 + 2
Bank premises 2,241 + 1 - 21
Central bank liquidity swaps (10) 308 + 153 + 184
Foreign currency denominated assets (11) 19,514 - 326 - 4,388
Other assets (12) 30,204 + 573 - 531

Total assets (0) 4,493,605 + 12,316 + 95,404

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 15, 2015 Wednesday Wednesday
consolidation Jul 8, 2015 Jul 16, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,325,699 - 1,092 + 84,412
Reverse repurchase agreements (13) 256,024 - 45,831 + 46,548
Deposits (0) 2,846,064 + 59,311 - 38,108
Term deposits held by depository institutions 0 0 - 152,795
Other deposits held by depository institutions 2,655,145 + 69,802 + 927
U.S. Treasury, General Account 175,706 + 2,064 + 111,969
Foreign official 5,244 0 - 1,322
Other (14) (0) 9,968 - 12,556 + 3,112
Deferred availability cash items (0) 337 - 26 - 352
Other liabilities and accrued dividends (15) 7,183 - 52 + 927

Total liabilities (0) 4,435,307 + 12,311 + 93,427

Capital accounts
Capital paid in 29,149 + 3 + 988
Surplus 29,149 + 3 + 988
Other capital accounts 0 0 0

Total capital 58,298 + 5 + 1,977

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 15, 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 1,882 38 64 131 129 301 199 276 32 45 150 194 323
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,421,443 112,079 2,654,134 109,965 106,298 240,134 248,996 164,280 46,144 26,982 57,442 142,429 512,561
Securities held outright (1) 4,240,941 107,506 2,545,888 105,479 101,962 230,341 238,816 157,570 44,227 25,792 55,092 136,615 491,654
U.S. Treasury securities 2,461,238 62,391 1,477,511 61,215 59,174 133,679 138,597 91,446 25,667 14,968 31,973 79,285 285,333
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,461,238 62,391 1,477,511 61,215 59,174 133,679 138,597 91,446 25,667 14,968 31,973 79,285 285,333
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) 1,743,807 44,205 1,046,829 43,371 41,925 94,712 98,197 64,790 18,185 10,605 22,653 56,174 202,160
Unamortized premiums on securities held
outright (5) 197,777 5,014 118,728 4,919 4,755 10,742 11,137 7,348 2,063 1,203 2,569 6,371 22,928
Unamortized discounts on securities
held outright (5) -17,459 -443 -10,481 -434 -420 -948 -983 -649 -182 -106 -227 -562 -2,024
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 185 2 0 1 0 0 26 11 37 94 7 6 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 77 0 0 0 0 0 76 0 0 1 0 0 0
Bank premises 2,241 126 437 73 108 216 208 204 119 94 239 220 197
Central bank liquidity swaps (10) 308 14 99 17 24 71 18 8 3 1 3 4 45
Foreign currency denominated
assets (11) 19,514 885 6,292 1,090 1,521 4,477 1,110 524 182 82 205 281 2,865
Other assets (12) 30,204 809 17,636 762 739 1,807 1,712 1,133 403 213 432 1,045 3,512
Interdistrict settlement account 0 + 16,671 - 101,770 + 14,359 + 32,853 + 26,411 - 11,478 + 7,960 + 7,692 + 4,194 + 3,406 + 8,277 - 8,577

Total assets 4,493,605 131,164 2,584,118 126,947 142,414 274,613 243,095 175,544 55,024 31,873 62,318 153,624 512,870

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 15, 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 1,508,227 49,491 489,184 50,586 80,513 104,369 207,261 106,269 49,045 26,749 41,790 118,657 184,313
Less: Notes held by F.R. Banks 182,528 6,012 63,462 5,454 9,551 12,686 22,609 10,972 4,910 2,901 4,708 14,209 25,057
Federal Reserve notes, net 1,325,699 43,480 425,722 45,133 70,962 91,684 184,651 95,298 44,135 23,848 37,083 104,448 159,256
Reverse repurchase agreements (13) 256,024 6,490 153,694 6,368 6,155 13,906 14,417 9,512 2,670 1,557 3,326 8,247 29,681
Deposits 2,846,064 78,393 1,981,628 71,877 60,590 155,372 40,057 68,824 7,496 5,987 21,150 39,814 314,875
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 2,655,145 78,389 1,790,846 71,875 60,587 155,309 40,048 68,820 7,460 5,987 21,149 39,810 314,867
U.S. Treasury, General Account 175,706 0 175,706 0 0 0 0 0 0 0 0 0 0
Foreign official 5,244 2 5,217 2 3 9 2 1 0 0 0 1 6
Other (14) 9,968 2 9,859 0 0 54 7 4 36 0 1 3 2
Deferred availability cash items 337 0 0 0 0 0 252 0 0 85 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,627 27 1,102 26 23 25 92 64 9 9 15 56 178
Other liabilities and accrued
dividends 5,556 172 2,903 195 198 482 344 266 143 133 130 200 391

Total liabilities 4,435,307 128,561 2,565,050 123,598 137,928 261,469 239,814 173,965 54,453 31,619 61,704 152,765 504,381

Capital
Capital paid in 29,149 1,302 9,534 1,675 2,243 6,572 1,641 790 285 127 307 430 4,245
Surplus 29,149 1,302 9,534 1,675 2,243 6,572 1,641 790 285 127 307 430 4,245
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,493,605 131,164 2,584,118 126,947 142,414 274,613 243,095 175,544 55,024 31,873 62,318 153,624 512,870

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 15, 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 15, 2015

Federal Reserve notes outstanding 1,508,227
Less: Notes held by F.R. Banks not subject to collateralization 182,528
Federal Reserve notes to be collateralized 1,325,699
Collateral held against Federal Reserve notes 1,325,699
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,309,462
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,240,941
Less: Face value of securities under reverse repurchase agreements 238,804
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,002,137

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