FRB: H.4.1 Release--Factors Affecting Reserve Balances--July 9, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks July 9, 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 8, 2015
Federal Reserve Banks Jul 8, 2015 Jul 1, 2015 Jul 9, 2014

Reserve Bank credit 4,442,118 + 1,242 + 105,476 4,442,968
Securities held outright (1) 4,229,014 + 198 + 115,871 4,229,062
U.S. Treasury securities 2,461,059 + 112 + 55,476 2,461,107
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,641 - 1 + 53,692 2,346,641
Notes and bonds, inflation-indexed (2) 98,534 0 + 1,763 98,534
Inflation compensation (3) 15,883 + 113 + 20 15,931
Federal agency debt securities (2) 35,895 0 - 7,764 35,895
Mortgage-backed securities (4) 1,732,060 + 86 + 68,159 1,732,060
Unamortized premiums on securities held outright (5) 197,882 - 363 - 11,223 197,786
Unamortized discounts on securities held outright (5) -17,492 + 31 + 1,022 -17,482
Repurchase agreements (6) 0 0 0 0
Loans 183 + 11 - 15 172
Primary credit 13 + 4 + 12 3
Secondary credit 0 0 0 0
Seasonal credit 170 + 8 + 23 169
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 + 41 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 - 77 0
Float -264 + 197 + 474 -295
Central bank liquidity swaps (11) 155 - 480 + 31 155
Other Federal Reserve assets (12) 30,944 + 1,647 - 564 31,871
Foreign currency denominated assets (13) 19,722 - 47 - 4,243 19,840
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,867 + 14 + 887 46,867

Total factors supplying reserve funds 4,524,948 + 1,208 + 102,120 4,525,916

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 8, 2015
Federal Reserve Banks Jul 8, 2015 Jul 1, 2015 Jul 9, 2014

Currency in circulation (14) 1,370,957 + 4,491 + 82,233 1,371,703
Reverse repurchase agreements (15) 325,742 - 53,670 + 81,165 301,855
Foreign official and international accounts 157,282 + 100 + 51,060 156,385
Others 168,461 - 53,769 + 30,106 145,470
Treasury cash holdings 84 - 16 - 64 78
Deposits with F.R. Banks, other than reserve balances 207,182 - 47,335 + 4,626 201,410
Term deposits held by depository institutions 0 0 - 124,887 0
U.S. Treasury, General Account 182,596 - 44,861 + 118,770 173,642
Foreign official 5,262 + 18 - 606 5,244
Other (16) 19,324 - 2,493 + 11,349 22,524
Other liabilities and capital (17) 65,884 + 45 + 1,893 65,528

Total factors, other than reserve balances,
absorbing reserve funds 1,969,849 - 96,485 + 169,853 1,940,572

Reserve balances with Federal Reserve Banks 2,555,100 + 97,694 - 67,732 2,585,343

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 8, 2015
Jul 8, 2015 Jul 1, 2015 Jul 9, 2014

Securities held in custody for foreign official and
international accounts 3,367,400 - 11,462 + 58,306 3,353,741
Marketable U.S. Treasury securities (1) 3,023,539 - 11,499 + 48,397 3,009,890
Federal agency debt and mortgage-backed securities (2) 298,664 + 90 + 6,785 298,627
Other securities (3) 45,197 - 53 + 3,125 45,224
Securities lent to dealers 11,087 - 894 - 2,716 9,286
Overnight facility (4) 11,087 - 894 - 2,716 9,286
U.S. Treasury securities 10,959 - 869 - 1,714 9,162
Federal agency debt securities 128 - 25 - 1,002 124

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 8, 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 36 136 0 0 0 ... 172
U.S. Treasury securities (1)
Holdings 0 1,289 143,134 1,098,093 574,145 644,446 2,461,107
Weekly changes 0 + 1 0 + 19 + 25 + 87 + 132
Federal agency debt securities (2)
Holdings 802 0 9,997 22,749 0 2,347 35,895
Weekly changes + 802 - 802 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 79 9,679 1,722,302 1,732,060
Weekly changes 0 0 0 + 44 + 395 - 439 0
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 155 0 0 0 0 0 155

Reverse repurchase agreements (4) 301,855 0 ... ... ... ... 301,855
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 8, 2015

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

Commitments to buy mortgage-backed securities (2) 43,711
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 24

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 8, 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 8, 2015 Wednesday Wednesday
consolidation Jul 1, 2015 Jul 9, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,882 + 12 + 4
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,409,539 - 161 + 102,652
Securities held outright (1) 4,229,062 + 131 + 112,996
U.S. Treasury securities 2,461,107 + 132 + 52,601
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,641 0 + 50,796
Notes and bonds, inflation-indexed (2) 98,534 0 + 1,763
Inflation compensation (3) 15,931 + 131 + 41
Federal agency debt securities (2) 35,895 0 - 7,764
Mortgage-backed securities (4) 1,732,060 0 + 68,159
Unamortized premiums on securities held outright
(5) 197,786 - 325 - 11,372
Unamortized discounts on securities held outright
(5) -17,482 + 30 + 1,062
Repurchase agreements (6) 0 0 0
Loans 172 + 2 - 34
Net portfolio holdings of Maiden Lane LLC (7) 1,698 + 2 + 43
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) 68 - 23 - 30
Bank premises 2,240 + 4 - 21
Central bank liquidity swaps (10) 155 - 480 + 31
Foreign currency denominated assets (11) 19,840 + 65 - 4,169
Other assets (12) 29,631 + 2,742 - 477

Total assets (0) 4,481,289 + 2,159 + 97,888

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 8, 2015 Wednesday Wednesday
consolidation Jul 1, 2015 Jul 9, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,326,791 + 1,644 + 82,586
Reverse repurchase agreements (13) 301,855 - 48,002 + 53,603
Deposits (0) 2,786,753 + 47,526 - 40,435
Term deposits held by depository institutions 0 0 - 124,887
Other deposits held by depository institutions 2,585,343 + 80,811 - 47,710
U.S. Treasury, General Account 173,642 - 38,493 + 117,139
Foreign official 5,244 + 1 - 622
Other (14) (0) 22,524 + 5,207 + 15,646
Deferred availability cash items (0) 363 - 79 - 386
Other liabilities and accrued dividends (15) 7,235 + 1,043 + 546

Total liabilities (0) 4,422,996 + 2,130 + 95,913

Capital accounts
Capital paid in 29,146 + 14 + 987
Surplus 29,146 + 14 + 987
Other capital accounts 0 0 0

Total capital 58,293 + 29 + 1,974

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 8, 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 37 63 128 129 301 206 274 32 46 149 195 321
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,409,539 111,775 2,646,996 109,668 106,012 239,488 248,326 163,845 46,013 26,900 57,289 142,045 511,182
Securities held outright (1) 4,229,062 107,205 2,538,757 105,184 101,677 229,696 238,147 157,129 44,103 25,719 54,938 136,232 490,277
U.S. Treasury securities 2,461,107 62,388 1,477,432 61,212 59,171 133,672 138,590 91,441 25,666 14,967 31,971 79,280 285,317
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,461,107 62,388 1,477,432 61,212 59,171 133,672 138,590 91,441 25,666 14,967 31,971 79,280 285,317
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) 197,786 5,014 118,733 4,919 4,755 10,742 11,138 7,349 2,063 1,203 2,569 6,371 22,929
Unamortized discounts on securities
held outright (5) -17,482 -443 -10,494 -435 -420 -949 -984 -650 -182 -106 -227 -563 -2,027
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 172 0 0 0 0 0 25 17 30 84 9 5 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 68 0 0 0 0 0 67 0 0 0 0 0 0
Bank premises 2,240 125 436 73 108 216 209 204 119 94 239 220 197
Central bank liquidity swaps (10) 155 7 50 9 12 36 9 4 1 1 2 2 23
Foreign currency denominated
assets (11) 19,840 899 6,397 1,108 1,546 4,552 1,129 533 185 83 209 286 2,913
Other assets (12) 29,631 788 17,296 747 725 1,776 1,696 1,120 398 215 424 1,001 3,445
Interdistrict settlement account 0 + 14,075 - 106,737 + 14,341 + 34,978 + 25,298 - 6,507 + 4,292 + 8,066 + 4,453 + 4,871 + 9,932 - 7,061

Total assets 4,481,289 128,249 2,571,726 126,624 144,252 272,862 247,388 171,430 55,263 32,054 63,623 154,853 512,964

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 8, 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 1,508,678 49,561 488,915 50,639 80,455 104,529 207,522 106,254 48,634 26,660 41,841 118,804 184,863
Less: Notes held by F.R. Banks 181,887 5,950 63,887 5,441 9,522 12,532 22,257 11,030 4,815 2,880 4,731 14,266 24,575
Federal Reserve notes, net 1,326,791 43,611 425,029 45,198 70,934 91,997 185,265 95,224 43,819 23,780 37,110 104,537 160,288
Reverse repurchase agreements (13) 301,855 7,652 181,207 7,508 7,257 16,395 16,998 11,215 3,148 1,836 3,921 9,724 34,994
Deposits 2,786,753 74,190 1,942,452 70,338 61,331 150,757 41,157 63,088 7,580 5,933 21,834 39,488 308,605
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 2,585,343 74,186 1,741,184 70,335 61,328 150,686 41,148 63,083 7,543 5,933 21,833 39,487 308,597
U.S. Treasury, General Account 173,642 0 173,642 0 0 0 0 0 0 0 0 0 0
Foreign official 5,244 2 5,216 2 3 9 2 1 0 0 0 1 6
Other (14) 22,524 2 22,409 0 0 62 7 4 37 0 1 0 2
Deferred availability cash items 363 0 0 0 0 0 254 0 0 109 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 2,332 51 1,428 57 61 121 129 81 16 12 28 71 278
Other liabilities and accrued
dividends 4,903 143 2,543 175 184 447 304 243 134 131 115 174 309

Total liabilities 4,422,996 125,646 2,552,658 123,275 139,767 259,718 244,106 169,851 54,698 31,800 63,009 153,994 504,475

Capital
Capital paid in 29,146 1,302 9,534 1,675 2,243 6,572 1,641 790 283 127 307 430 4,245
Surplus 29,146 1,302 9,534 1,675 2,243 6,572 1,641 790 283 127 307 430 4,245
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,481,289 128,249 2,571,726 126,624 144,252 272,862 247,388 171,430 55,263 32,054 63,623 154,853 512,964

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 8, 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 8, 2015

Federal Reserve notes outstanding 1,508,678
Less: Notes held by F.R. Banks not subject to collateralization 181,887
Federal Reserve notes to be collateralized 1,326,791
Collateral held against Federal Reserve notes 1,326,791
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,310,554
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,229,062
Less: Face value of securities under reverse repurchase agreements 288,361
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,940,702

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