FRB: H.4.1 Release--Factors Affecting Reserve Balances--December 4, 2014

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks December 4, 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 3, 2014
Federal Reserve Banks Dec 3, 2014 Nov 26, 2014 Dec 4, 2013

Reserve Bank credit 4,445,998 - 7,582 + 561,608 4,446,176
Securities held outright (1) 4,230,121 - 7,052 + 567,137 4,230,106
U.S. Treasury securities 2,461,644 + 9 + 296,892 2,461,625
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,713 0 + 285,681 2,346,713
Notes and bonds, inflation-indexed (2) 98,469 0 + 8,490 98,469
Inflation compensation (3) 16,463 + 10 + 2,722 16,444
Federal agency debt securities (2) 38,677 0 - 19,695 38,677
Mortgage-backed securities (4) 1,729,800 - 7,061 + 289,940 1,729,804
Unamortized premiums on securities held outright (5) 207,952 - 571 + 356 207,816
Unamortized discounts on securities held outright (5) -18,540 + 34 - 8,288 -18,529
Repurchase agreements (6) 0 0 0 0
Loans 105 - 16 - 61 99
Primary credit 8 - 2 + 4 9
Secondary credit 0 0 0 0
Seasonal credit 97 - 14 + 34 90
Term Asset-Backed Securities Loan Facility (7) 0 0 - 98 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,681 0 + 164 1,681
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 - 110 0
Float -716 - 149 + 42 -637
Central bank liquidity swaps (11) 1 0 - 271 1
Other Federal Reserve assets (12) 25,394 + 171 + 2,724 25,638
Foreign currency denominated assets (13) 21,432 - 51 - 2,451 21,206
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,286 + 14 + 803 46,286

Total factors supplying reserve funds 4,529,957 - 7,619 + 559,960 4,529,909

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 3, 2014
Federal Reserve Banks Dec 3, 2014 Nov 26, 2014 Dec 4, 2013

Currency in circulation (14) 1,317,978 + 4,854 + 89,951 1,318,745
Reverse repurchase agreements (15) 264,112 + 9,289 + 147,535 261,881
Foreign official and international accounts 100,619 - 66 - 1,956 95,553
Others 163,493 + 9,355 + 149,492 166,328
Treasury cash holdings 189 + 4 - 36 193
Deposits with F.R. Banks, other than reserve balances 434,692 + 15,842 + 365,668 407,308
Term deposits held by depository institutions 334,714 + 16,023 + 321,182 334,714
U.S. Treasury, General Account 87,426 + 7,657 + 49,479 57,606
Foreign official 5,249 - 5 - 3,486 5,249
Other (16) 7,303 - 7,833 - 1,508 9,739
Other liabilities and capital (17) 63,542 - 479 + 7 62,329

Total factors, other than reserve balances,
absorbing reserve funds 2,080,514 + 29,512 + 603,126 2,050,456

Reserve balances with Federal Reserve Banks 2,449,444 - 37,130 - 43,165 2,479,454

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 3, 2014
Dec 3, 2014 Nov 26, 2014 Dec 4, 2013

Securities held in custody for foreign official and
international accounts 3,321,748 + 7,805 - 39,427 3,324,443
Marketable U.S. Treasury securities (1) 2,978,913 + 6,632 - 20,715 2,981,840
Federal agency debt and mortgage-backed securities (2) 300,311 + 685 - 18,464 300,425
Other securities (3) 42,524 + 488 - 248 42,178
Securities lent to dealers 9,566 - 79 - 4,054 11,626
Overnight facility (4) 9,566 - 79 - 4,054 11,626
U.S. Treasury securities 8,922 - 3 - 3,585 10,949
Federal agency debt securities 644 - 76 - 469 677

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 3, 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 29 70 0 0 0 ... 99
U.S. Treasury securities (1)
Holdings 0 4 3,517 1,105,881 693,743 658,481 2,461,625
Weekly changes 0 0 0 + 6,981 - 6,986 - 14 - 20
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 5,567 1,724,224 1,729,804
Weekly changes 0 0 0 + 2 - 1 + 14 + 14
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 1 0 0 0 0 0 1

Reverse repurchase agreements (4) 261,881 0 ... ... ... ... 261,881
Term deposits 334,714 0 0 ... ... ... 334,714

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 3, 2014

Mortgage-backed securities held outright (1) 1,729,804

Commitments to buy mortgage-backed securities (2) 38,863
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 22

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 3, 2014

Net portfolio holdings of Maiden Lane LLC (1) 1,681

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 3, 2014 Wednesday Wednesday
consolidation Nov 26, 2014 Dec 4, 2013

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,839 - 2 - 87
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,419,493 - 308 + 553,952
Securities held outright (1) 4,230,106 - 6 + 562,082
U.S. Treasury securities 2,461,625 - 20 + 291,837
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,713 0 + 280,623
Notes and bonds, inflation-indexed (2) 98,469 0 + 8,490
Inflation compensation (3) 16,444 - 19 + 2,725
Federal agency debt securities (2) 38,677 0 - 19,695
Mortgage-backed securities (4) 1,729,804 + 14 + 289,940
Unamortized premiums on securities held outright
(5) 207,816 - 317 + 48
Unamortized discounts on securities held outright
(5) -18,529 + 26 - 8,117
Repurchase agreements (6) 0 0 0
Loans 99 - 12 - 62
Net portfolio holdings of Maiden Lane LLC (7) 1,681 0 + 162
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 - 110
Items in process of collection (0) 96 + 8 + 2
Bank premises 2,260 - 5 - 24
Central bank liquidity swaps (10) 1 0 - 271
Foreign currency denominated assets (11) 21,206 - 362 - 2,600
Other assets (12) 23,378 + 929 + 2,625

Total assets (0) 4,486,190 + 259 + 553,564

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 3, 2014 Wednesday Wednesday
consolidation Nov 26, 2014 Dec 4, 2013

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,274,486 + 1,292 + 89,226
Reverse repurchase agreements (13) 261,881 + 10,408 + 152,289
Deposits (0) 2,886,762 - 10,622 + 312,352
Term deposits held by depository institutions 334,714 0 + 321,182
Other deposits held by depository institutions 2,479,454 + 159 - 31,172
U.S. Treasury, General Account 57,606 - 14,295 + 25,227
Foreign official 5,249 - 1 - 3,485
Other (14) (0) 9,739 + 3,515 + 600
Deferred availability cash items (0) 733 - 2 - 105
Other liabilities and accrued dividends (15) 5,742 - 819 - 1,805

Total liabilities (0) 4,429,604 + 258 + 551,957

Capital accounts
Capital paid in 28,293 + 1 + 803
Surplus 28,293 + 1 + 803
Other capital accounts 0 0 0

Total capital 56,587 + 2 + 1,607

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 3, 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 1,839 29 76 124 114 304 208 268 22 43 151 174 327
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,419,493 89,400 2,712,464 105,875 96,491 247,003 244,316 180,630 54,512 27,127 58,237 134,667 468,772
Securities held outright (1) 4,230,106 85,568 2,596,285 101,340 92,358 236,424 233,838 172,890 52,175 25,924 55,720 128,892 448,692
U.S. Treasury securities 2,461,625 49,794 1,510,856 58,973 53,746 137,582 136,077 100,610 30,362 15,086 32,425 75,006 261,107
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,461,625 49,794 1,510,856 58,973 53,746 137,582 136,077 100,610 30,362 15,086 32,425 75,006 261,107
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) 1,729,804 34,991 1,061,691 41,441 37,768 96,680 95,623 70,700 21,336 10,601 22,786 52,708 183,482
Unamortized premiums on securities held
outright (5) 207,816 4,204 127,550 4,979 4,537 11,615 11,488 8,494 2,563 1,274 2,737 6,332 22,043
Unamortized discounts on securities
held outright (5) -18,529 -375 -11,372 -444 -405 -1,036 -1,024 -757 -229 -114 -244 -565 -1,965
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 99 3 1 0 0 0 14 3 2 43 24 7 2
Net portfolio holdings of Maiden
Lane LLC (7) 1,681 0 1,681 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 96 0 0 0 0 0 95 0 0 1 0 0 0
Bank premises 2,260 123 438 74 110 220 212 199 122 96 242 224 201
Central bank liquidity swaps (10) 1 0 0 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 21,206 964 6,822 1,594 1,686 4,421 1,219 585 178 90 223 354 3,068
Other assets (12) 23,378 500 14,056 681 505 1,435 1,286 943 334 175 328 728 2,406
Interdistrict settlement account 0 + 16,804 - 118,411 + 761 + 21,693 - 9,805 + 8,158 - 9,275 - 5,462 + 1,826 + 474 + 19,327 + 73,910

Total assets 4,486,190 108,369 2,623,069 109,657 121,300 244,815 257,496 174,481 50,134 29,620 60,099 156,636 550,514

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 3, 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 1,464,786 45,119 478,245 45,767 68,351 103,091 214,667 100,574 40,677 22,286 37,694 119,864 188,451
Less: Notes held by F.R. Banks 190,300 5,184 67,502 5,295 8,863 11,594 22,443 10,764 4,848 3,447 5,202 18,110 27,049
Federal Reserve notes, net 1,274,486 39,935 410,743 40,471 59,488 91,498 192,224 89,810 35,830 18,838 32,493 101,754 161,402
Reverse repurchase agreements (13) 261,881 5,297 160,733 6,274 5,718 14,637 14,477 10,703 3,230 1,605 3,450 7,980 27,778
Deposits 2,886,762 60,375 2,030,539 59,510 51,424 125,482 46,486 72,133 10,394 8,725 23,418 45,858 352,419
Term deposits held by depository
institutions 334,714 91 232,910 30,338 9,450 10,026 840 18,190 428 181 3,857 3,605 24,799
Other deposits held by depository
institutions 2,479,454 60,281 1,725,373 29,137 41,971 115,194 45,637 53,929 9,966 8,544 19,559 42,250 327,612
U.S. Treasury, General Account 57,606 0 57,606 0 0 0 0 0 0 0 0 0 0
Foreign official 5,249 2 5,222 3 3 8 2 1 0 0 0 1 6
Other (14) 9,739 1 9,428 32 0 253 6 13 0 0 1 2 2
Deferred availability cash items 733 0 0 0 0 0 646 0 0 87 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,407 17 1,007 8 4 15 84 55 16 7 16 48 129
Other liabilities and accrued
dividends (16) 4,335 166 1,651 201 217 579 328 248 134 117 122 177 396

Total liabilities 4,429,604 105,790 2,604,673 106,464 116,851 232,211 254,244 172,950 49,604 29,380 59,498 155,817 542,123

Capital
Capital paid in 28,293 1,289 9,198 1,597 2,224 6,302 1,626 766 265 120 301 410 4,196
Surplus 28,293 1,289 9,198 1,597 2,224 6,302 1,626 766 265 120 301 410 4,196
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,486,190 108,369 2,623,069 109,657 121,300 244,815 257,496 174,481 50,134 29,620 60,099 156,636 550,514

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 3, 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 3, 2014

Federal Reserve notes outstanding 1,464,786
Less: Notes held by F.R. Banks not subject to collateralization 190,300
Federal Reserve notes to be collateralized 1,274,486
Collateral held against Federal Reserve notes 1,274,486
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,258,249
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,230,106
Less: Face value of securities under reverse repurchase agreements 245,004
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,985,103

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