FRB: H.4.1 Release--Factors Affecting Reserve Balances--January 22, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks January 22, 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 Jan 21, 2015
Federal Reserve Banks Jan 21, 2015 Jan 14, 2015 Jan 22, 2014

Reserve Bank credit 4,467,681 + 5,409 + 422,565 4,473,381
Securities held outright (1) 4,243,575 + 4,796 + 427,623 4,249,065
U.S. Treasury securities 2,460,987 - 149 + 232,941 2,460,944
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,712 0 + 224,692 2,346,712
Notes and bonds, inflation-indexed (2) 98,469 0 + 5,854 98,469
Inflation compensation (3) 15,806 - 149 + 2,396 15,764
Federal agency debt securities (2) 37,588 - 1,089 - 17,323 37,588
Mortgage-backed securities (4) 1,745,000 + 6,033 + 212,005 1,750,532
Unamortized premiums on securities held outright (5) 206,323 - 26 - 2,736 206,458
Unamortized discounts on securities held outright (5) -18,305 + 39 - 4,977 -18,295
Repurchase agreements (6) 0 0 0 0
Loans 101 + 70 - 19 155
Primary credit 91 + 69 + 85 143
Secondary credit 0 0 0 0
Seasonal credit 10 + 1 - 7 12
Term Asset-Backed Securities Loan Facility (7) 0 0 - 97 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,680 + 2 + 137 1,680
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 - 107 0
Float -413 + 20 + 159 -590
Central bank liquidity swaps (11) 10 + 10 - 250 10
Other Federal Reserve assets (12) 34,709 + 497 + 2,819 34,898
Foreign currency denominated assets (13) 20,532 - 242 - 3,132 20,557
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,397 + 14 + 826 46,397

Total factors supplying reserve funds 4,550,850 + 5,180 + 420,259 4,556,575

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 Jan 21, 2015
Federal Reserve Banks Jan 21, 2015 Jan 14, 2015 Jan 22, 2014

Currency in circulation (14) 1,330,796 - 2,028 + 104,539 1,330,826
Reverse repurchase agreements (15) 248,226 + 30,789 + 63,938 280,314
Foreign official and international accounts 111,779 + 7,730 + 4,065 112,545
Others 136,447 + 23,059 + 59,872 167,769
Treasury cash holdings 206 + 2 - 49 219
Deposits with F.R. Banks, other than reserve balances 185,360 + 8,010 + 52,083 210,449
Term deposits held by depository institutions 0 0 - 12,822 0
U.S. Treasury, General Account 170,152 + 11,884 + 92,354 196,231
Foreign official 5,221 + 6 - 2,829 5,212
Other (16) 9,987 - 3,879 - 24,619 9,006
Other liabilities and capital (17) 63,871 - 81 + 248 63,064

Total factors, other than reserve balances,
absorbing reserve funds 1,828,458 + 36,691 + 220,756 1,884,871

Reserve balances with Federal Reserve Banks 2,722,392 - 31,511 + 199,502 2,671,704

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 Jan 21, 2015
Jan 21, 2015 Jan 14, 2015 Jan 22, 2014

Securities held in custody for foreign official and
international accounts 3,284,501 - 15,612 - 60,178 3,286,077
Marketable U.S. Treasury securities (1) 2,954,360 - 12,950 - 39,789 2,957,685
Federal agency debt and mortgage-backed securities (2) 288,362 - 2,985 - 18,157 286,343
Other securities (3) 41,778 + 323 - 2,232 42,050
Securities lent to dealers 10,807 + 578 - 418 12,330
Overnight facility (4) 10,807 + 578 - 418 12,330
U.S. Treasury securities 10,306 + 610 + 36 11,808
Federal agency debt securities 501 - 32 - 455 522

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, January 21, 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 155 0 0 0 0 ... 155
U.S. Treasury securities (1)
Holdings 0 6 3,514 1,113,942 693,755 649,728 2,460,944
Weekly changes 0 + 1 - 2 - 20 + 8,238 - 8,356 - 140
Federal agency debt securities (2)
Holdings 0 1,693 4,577 28,971 0 2,347 37,588
Weekly changes - 1,089 + 982 + 644 - 1,626 0 0 - 1,089
Mortgage-backed securities (3)
Holdings 0 0 0 14 6,848 1,743,671 1,750,532
Weekly changes 0 0 0 0 + 317 - 1,517 - 1,202
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 10 0 0 0 0 0 10

Reverse repurchase agreements (4) 280,314 0 ... ... ... ... 280,314
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
Jan 21, 2015

Mortgage-backed securities held outright (1) 1,750,532

Commitments to buy mortgage-backed securities (2) 17,764
Commitments to sell mortgage-backed securities (2) 377

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
Jan 21, 2015

Net portfolio holdings of Maiden Lane LLC (1) 1,680

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 Jan 21, 2015 Wednesday Wednesday
consolidation Jan 14, 2015 Jan 22, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,928 + 20 - 72
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,437,383 - 2,557 + 415,750
Securities held outright (1) 4,249,065 - 2,430 + 423,257
U.S. Treasury securities 2,460,944 - 140 + 229,514
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,712 0 + 221,292
Notes and bonds, inflation-indexed (2) 98,469 0 + 5,854
Inflation compensation (3) 15,764 - 140 + 2,369
Federal agency debt securities (2) 37,588 - 1,089 - 17,323
Mortgage-backed securities (4) 1,750,532 - 1,202 + 211,065
Unamortized premiums on securities held outright
(5) 206,458 - 289 - 2,767
Unamortized discounts on securities held outright
(5) -18,295 + 37 - 4,774
Repurchase agreements (6) 0 0 0
Loans 155 + 124 + 34
Net portfolio holdings of Maiden Lane LLC (7) 1,680 0 + 134
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 - 108
Items in process of collection (0) 243 + 82 + 43
Bank premises 2,262 + 2 - 24
Central bank liquidity swaps (10) 10 + 10 - 250
Foreign currency denominated assets (11) 20,557 - 314 - 3,086
Other assets (12) 32,636 - 384 + 2,719

Total assets (0) 4,512,936 - 3,141 + 415,022

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 Jan 21, 2015 Wednesday Wednesday
consolidation Jan 14, 2015 Jan 22, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,286,572 - 8 + 103,900
Reverse repurchase agreements (13) 280,314 + 76,595 + 78,360
Deposits (0) 2,882,153 - 77,567 + 232,755
Term deposits held by depository institutions 0 0 - 12,822
Other deposits held by depository institutions 2,671,704 - 88,680 + 176,973
U.S. Treasury, General Account 196,231 + 36,501 + 99,507
Foreign official 5,212 - 22 - 2,848
Other (14) (0) 9,006 - 25,365 - 28,055
Deferred availability cash items (0) 834 + 238 - 290
Other liabilities and accrued dividends (15) 5,917 - 2,397 - 1,817

Total liabilities (0) 4,455,789 - 3,140 + 412,906

Capital accounts
Capital paid in 28,574 0 + 1,059
Surplus 28,574 0 + 1,059
Other capital accounts 0 0 0

Total capital 57,147 - 1 + 2,116

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, January 21, 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 1,928 35 82 130 122 313 207 284 23 46 156 192 337
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,437,383 89,757 2,723,489 106,302 96,880 248,000 245,288 181,374 54,730 27,199 58,454 135,208 470,701
Securities held outright (1) 4,249,065 85,951 2,607,921 101,795 92,772 237,483 234,886 173,665 52,409 26,040 55,970 129,470 450,703
U.S. Treasury securities 2,460,944 49,781 1,510,438 58,957 53,731 137,544 136,040 100,582 30,354 15,082 32,416 74,986 261,035
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,460,944 49,781 1,510,438 58,957 53,731 137,544 136,040 100,582 30,354 15,082 32,416 74,986 261,035
Federal agency debt securities (2) 37,588 760 23,070 900 821 2,101 2,078 1,536 464 230 495 1,145 3,987
Mortgage-backed securities (4) 1,750,532 35,410 1,074,413 41,937 38,220 97,838 96,768 71,547 21,592 10,728 23,059 53,339 185,681
Unamortized premiums on securities held
outright (5) 206,458 4,176 126,716 4,946 4,508 11,539 11,413 8,438 2,547 1,265 2,720 6,291 21,899
Unamortized discounts on securities
held outright (5) -18,295 -370 -11,229 -438 -399 -1,023 -1,011 -748 -226 -112 -241 -557 -1,941
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 155 0 80 0 0 0 1 18 0 7 5 4 40
Net portfolio holdings of Maiden
Lane LLC (7) 1,680 0 1,680 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 243 0 0 0 0 0 243 0 0 1 0 0 0
Bank premises 2,262 126 437 75 110 220 212 200 122 96 241 223 201
Central bank liquidity swaps (10) 10 0 3 1 1 2 1 0 0 0 0 0 1
Foreign currency denominated
assets (11) 20,557 935 6,613 1,545 1,635 4,286 1,182 568 173 87 216 344 2,974
Other assets (12) 32,636 699 19,765 783 717 1,968 1,787 1,316 459 228 458 1,060 3,396
Interdistrict settlement account 0 + 24,322 - 59,136 - 7,160 + 13,474 - 13,469 - 8,153 - 14,343 - 6,184 + 3,008 + 4,101 + 12,036 + 51,504

Total assets 4,512,936 116,422 2,698,876 102,224 113,639 242,556 242,770 170,529 49,751 30,928 64,070 150,224 530,947

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, January 21, 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 1,477,156 47,311 474,331 47,624 70,039 103,781 212,818 101,722 42,376 24,862 39,872 121,341 191,079
Less: Notes held by F.R. Banks 190,584 5,423 62,384 5,815 9,828 12,387 25,213 11,801 5,430 3,185 5,066 16,080 27,973
Federal Reserve notes, net 1,286,572 41,888 411,947 41,809 60,210 91,394 187,605 89,922 36,946 21,678 34,806 105,261 163,106
Reverse repurchase agreements (13) 280,314 5,670 172,047 6,715 6,120 15,667 15,496 11,457 3,457 1,718 3,692 8,541 29,733
Deposits 2,882,153 66,098 2,093,588 50,290 42,646 121,848 35,279 67,289 8,666 7,058 24,840 35,354 329,196
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 2,671,704 66,094 1,883,275 50,262 42,643 121,785 35,270 67,276 8,666 7,058 24,839 35,349 329,186
U.S. Treasury, General Account 196,231 0 196,231 0 0 0 0 0 0 0 0 0 0
Foreign official 5,212 2 5,184 3 3 8 2 1 0 0 0 1 6
Other (14) 9,006 2 8,898 24 0 54 7 12 0 0 1 4 4
Deferred availability cash items 834 0 0 0 0 0 734 0 0 100 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,102 16 818 16 -3 30 46 36 16 3 -4 40 88
Other liabilities and accrued
dividends (16) 4,815 158 2,061 200 205 502 359 290 132 132 136 207 433

Total liabilities 4,455,789 113,831 2,680,460 99,031 109,178 229,441 239,518 168,994 49,218 30,688 63,471 149,402 522,556

Capital
Capital paid in 28,574 1,296 9,208 1,597 2,230 6,557 1,626 768 267 120 300 411 4,195
Surplus 28,574 1,296 9,208 1,597 2,230 6,557 1,626 768 267 120 300 411 4,195
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,512,936 116,422 2,698,876 102,224 113,639 242,556 242,770 170,529 49,751 30,928 64,070 150,224 530,947

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, January 21, 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
Jan 21, 2015

Federal Reserve notes outstanding 1,477,156
Less: Notes held by F.R. Banks not subject to collateralization 190,584
Federal Reserve notes to be collateralized 1,286,572
Collateral held against Federal Reserve notes 1,286,572
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,270,335
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,249,065
Less: Face value of securities under reverse repurchase agreements 247,372
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,001,693

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