FRB: H.4.1 Release--Factors Affecting Reserve Balances--March 19, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks March 19, 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 Mar 18, 2015
Federal Reserve Banks Mar 18, 2015 Mar 11, 2015 Mar 19, 2014

Reserve Bank credit 4,461,128 + 10,744 + 287,491 4,457,778
Securities held outright (1) 4,245,736 + 8,678 + 294,980 4,242,578
U.S. Treasury securities 2,459,831 - 121 + 158,069 2,459,787
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,711 0 + 153,286 2,346,710
Notes and bonds, inflation-indexed (2) 98,469 0 + 3,904 98,469
Inflation compensation (3) 14,652 - 120 + 881 14,608
Federal agency debt securities (2) 36,877 0 - 10,466 36,877
Mortgage-backed securities (4) 1,749,027 + 8,798 + 147,376 1,745,914
Unamortized premiums on securities held outright (5) 203,991 - 55 - 5,973 203,778
Unamortized discounts on securities held outright (5) -18,038 + 34 - 1,710 -18,023
Repurchase agreements (6) 0 0 0 0
Loans 15 - 3 - 94 10
Primary credit 7 - 5 - 1 0
Secondary credit 0 0 0 0
Seasonal credit 8 + 2 + 2 10
Term Asset-Backed Securities Loan Facility (7) 0 0 - 95 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,692 + 5 + 107 1,692
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 - 105 0
Float -395 + 98 + 219 -336
Central bank liquidity swaps (11) 2 0 - 456 2
Other Federal Reserve assets (12) 28,125 + 1,986 + 607 28,078
Foreign currency denominated assets (13) 19,243 - 275 - 5,067 19,337
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,455 + 14 + 738 46,455

Total factors supplying reserve funds 4,543,067 + 10,482 + 283,162 4,539,812

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 Mar 18, 2015
Federal Reserve Banks Mar 18, 2015 Mar 11, 2015 Mar 19, 2014

Currency in circulation (14) 1,355,504 + 691 + 90,353 1,356,260
Reverse repurchase agreements (15) 251,918 - 12,039 + 92,943 289,615
Foreign official and international accounts 138,116 + 5,742 + 41,492 138,191
Others 113,802 - 17,781 + 51,451 151,424
Treasury cash holdings 208 - 4 - 70 197
Deposits with F.R. Banks, other than reserve balances 87,150 - 73,366 - 38,999 102,759
Term deposits held by depository institutions 0 - 107,229 - 15,183 0
U.S. Treasury, General Account 60,686 + 21,255 - 27,659 87,560
Foreign official 5,237 + 14 - 1,392 5,222
Other (16) 21,228 + 12,595 + 5,235 9,978
Other liabilities and capital (17) 65,353 + 523 + 894 64,661

Total factors, other than reserve balances,
absorbing reserve funds 1,760,133 - 84,195 + 145,121 1,813,493

Reserve balances with Federal Reserve Banks 2,782,935 + 94,678 + 138,042 2,726,319

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 Mar 18, 2015
Mar 18, 2015 Mar 11, 2015 Mar 19, 2014

Securities held in custody for foreign official and
international accounts 3,223,453 - 24,485 + 17,470 3,227,101
Marketable U.S. Treasury securities (1) 2,896,115 - 23,455 + 36,192 2,900,127
Federal agency debt and mortgage-backed securities (2) 283,750 - 1,053 - 17,819 283,250
Other securities (3) 43,588 + 24 - 903 43,724
Securities lent to dealers 12,731 + 596 - 1,150 13,137
Overnight facility (4) 12,731 + 596 - 1,150 13,137
U.S. Treasury securities 12,263 + 607 - 347 12,700
Federal agency debt securities 468 - 11 - 803 437

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, March 18, 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 10 0 0 0 0 ... 10
U.S. Treasury securities (1)
Holdings 1 1,899 40,235 1,125,187 649,255 643,209 2,459,787
Weekly changes 0 - 1 0 - 18 - 23 - 80 - 121
Federal agency debt securities (2)
Holdings 0 982 6,638 26,910 0 2,347 36,877
Weekly changes 0 0 + 2,061 - 2,061 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 15 8,497 1,737,401 1,745,914
Weekly changes 0 0 0 - 1 - 13 + 5,675 + 5,662
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 2 0 0 0 0 0 2

Reverse repurchase agreements (4) 289,615 0 ... ... ... ... 289,615
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
Mar 18, 2015

Mortgage-backed securities held outright (1) 1,745,914

Commitments to buy mortgage-backed securities (2) 26,329
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 1

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
Mar 18, 2015

Net portfolio holdings of Maiden Lane LLC (1) 1,692

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 December 31, 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 Mar 18, 2015 Wednesday Wednesday
consolidation Mar 11, 2015 Mar 19, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,848 - 12 - 105
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,428,343 + 5,437 + 278,598
Securities held outright (1) 4,242,578 + 5,541 + 286,456
U.S. Treasury securities 2,459,787 - 121 + 153,992
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,710 - 1 + 149,285
Notes and bonds, inflation-indexed (2) 98,469 0 + 3,904
Inflation compensation (3) 14,608 - 120 + 803
Federal agency debt securities (2) 36,877 0 - 10,466
Mortgage-backed securities (4) 1,745,914 + 5,662 + 142,930
Unamortized premiums on securities held outright
(5) 203,778 - 143 - 6,179
Unamortized discounts on securities held outright
(5) -18,023 + 38 - 1,567
Repurchase agreements (6) 0 0 0
Loans 10 + 1 - 112
Net portfolio holdings of Maiden Lane LLC (7) 1,692 0 + 107
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 - 105
Items in process of collection (0) 352 + 150 + 267
Bank premises 2,248 0 - 28
Central bank liquidity swaps (10) 2 0 - 456
Foreign currency denominated assets (11) 19,337 + 111 - 4,964
Other assets (12) 25,829 + 924 + 579

Total assets (0) 4,495,888 + 6,609 + 273,807

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 Mar 18, 2015 Wednesday Wednesday
consolidation Mar 11, 2015 Mar 19, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,311,845 + 172 + 88,662
Reverse repurchase agreements (13) 289,615 + 24,316 + 117,735
Deposits (0) 2,829,078 - 18,652 + 65,485
Term deposits held by depository institutions 0 - 107,229 - 15,183
Other deposits held by depository institutions 2,726,319 + 33,626 + 112,323
U.S. Treasury, General Account 87,560 + 60,323 - 30,473
Foreign official 5,222 - 14 - 1,756
Other (14) (0) 9,978 - 5,356 + 575
Deferred availability cash items (0) 688 - 108 - 51
Other liabilities and accrued dividends (15) 7,076 + 873 + 478

Total liabilities (0) 4,438,303 + 6,601 + 272,309

Capital accounts
Capital paid in 28,792 + 4 + 748
Surplus 28,792 + 4 + 748
Other capital accounts 0 0 0

Total capital 57,585 + 8 + 1,498

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, March 18, 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 11,037 352 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 1,848 42 68 131 119 305 187 276 19 46 152 180 323
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,428,343 89,582 2,717,949 106,089 96,686 247,503 244,796 180,992 54,620 27,141 58,333 134,932 469,718
Securities held outright (1) 4,242,578 85,820 2,603,940 101,639 92,630 237,121 234,527 173,400 52,329 26,000 55,885 129,272 450,015
U.S. Treasury securities 2,459,787 49,757 1,509,727 58,929 53,706 137,479 135,976 100,535 30,340 15,074 32,401 74,950 260,912
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,459,787 49,757 1,509,727 58,929 53,706 137,479 135,976 100,535 30,340 15,074 32,401 74,950 260,912
Federal agency debt securities (2) 36,877 746 22,634 883 805 2,061 2,039 1,507 455 226 486 1,124 3,912
Mortgage-backed securities (4) 1,745,914 35,317 1,071,578 41,827 38,119 97,580 96,513 71,358 21,535 10,700 22,998 53,198 185,191
Unamortized premiums on securities held
outright (5) 203,778 4,122 125,071 4,882 4,449 11,389 11,265 8,329 2,513 1,249 2,684 6,209 21,615
Unamortized discounts on securities
held outright (5) -18,023 -365 -11,062 -432 -393 -1,007 -996 -737 -222 -110 -237 -549 -1,912
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 10 5 0 0 0 0 0 0 0 3 2 0 0
Net portfolio holdings of Maiden
Lane LLC (7) 1,692 0 1,692 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 352 0 0 0 0 0 351 0 0 0 0 0 0
Bank premises 2,248 124 432 75 110 219 210 201 121 95 240 222 200
Central bank liquidity swaps (10) 2 0 1 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 19,337 877 6,235 1,080 1,507 4,437 1,100 519 180 81 203 279 2,839
Other assets (12) 25,829 564 15,274 626 574 1,610 1,437 1,055 526 186 372 867 2,738
Interdistrict settlement account 0 + 21,688 - 184,621 + 16,564 + 28,853 + 9,121 + 4,860 - 10,549 - 976 + 6,454 + 9,305 + 26,524 + 72,777

Total assets 4,495,888 113,425 2,562,973 125,114 128,551 264,430 254,944 173,624 54,917 34,267 69,050 164,166 550,427

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, March 18, 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 1,495,938 50,602 473,247 49,951 72,806 105,060 211,035 106,585 44,830 26,706 42,191 121,894 191,032
Less: Notes held by F.R. Banks 184,093 5,210 65,350 5,604 9,973 12,291 22,854 11,489 4,848 3,438 5,298 13,861 23,878
Federal Reserve notes, net 1,311,845 45,392 407,897 44,347 62,833 92,769 188,182 95,096 39,982 23,267 36,893 108,033 167,155
Reverse repurchase agreements (13) 289,615 5,858 177,755 6,938 6,323 16,187 16,010 11,837 3,572 1,775 3,815 8,825 30,720
Deposits 2,829,078 59,409 1,954,775 70,374 54,691 141,732 46,552 64,822 10,674 8,664 27,600 46,239 343,546
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 2,726,319 59,404 1,852,204 70,346 54,688 141,619 46,541 64,807 10,674 8,664 27,599 46,237 343,536
U.S. Treasury, General Account 87,560 0 87,560 0 0 0 0 0 0 0 0 0 0
Foreign official 5,222 2 5,194 2 3 9 2 1 0 0 0 1 6
Other (14) 9,978 3 9,817 25 0 103 9 13 0 0 1 1 4
Deferred availability cash items 688 0 0 0 0 0 507 0 0 181 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,848 34 1,148 40 37 96 109 75 21 8 23 57 201
Other liabilities and accrued
dividends (16) 5,228 149 2,693 193 204 517 317 249 124 130 115 177 361

Total liabilities 4,438,303 110,842 2,544,268 121,892 124,087 251,300 251,676 172,079 54,373 34,025 68,447 163,331 541,982

Capital
Capital paid in 28,792 1,291 9,352 1,611 2,232 6,565 1,634 773 272 121 302 418 4,222
Surplus 28,792 1,291 9,352 1,611 2,232 6,565 1,634 773 272 121 302 418 4,222
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,495,888 113,425 2,562,973 125,114 128,551 264,430 254,944 173,624 54,917 34,267 69,050 164,166 550,427

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, March 18, 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
Mar 18, 2015

Federal Reserve notes outstanding 1,495,938
Less: Notes held by F.R. Banks not subject to collateralization 184,093
Federal Reserve notes to be collateralized 1,311,845
Collateral held against Federal Reserve notes 1,311,845
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,295,609
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,242,578
Less: Face value of securities under reverse repurchase agreements 273,143
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,969,434

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