FRB: H.4.1 Release--Factors Affecting Reserve Balances--January 29, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks January 29, 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 28, 2015
Federal Reserve Banks Jan 28, 2015 Jan 21, 2015 Jan 29, 2014

Reserve Bank credit 4,468,749 + 1,068 + 410,143 4,461,085
Securities held outright (1) 4,243,967 + 392 + 415,064 4,237,064
U.S. Treasury securities 2,460,856 - 131 + 223,239 2,460,804
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,712 0 + 215,075 2,346,712
Notes and bonds, inflation-indexed (2) 98,469 0 + 5,854 98,469
Inflation compensation (3) 15,675 - 131 + 2,311 15,624
Federal agency debt securities (2) 37,588 0 - 17,323 37,588
Mortgage-backed securities (4) 1,745,524 + 524 + 209,149 1,738,672
Unamortized premiums on securities held outright (5) 206,079 - 244 - 2,906 205,742
Unamortized discounts on securities held outright (5) -18,273 + 32 - 4,434 -18,258
Repurchase agreements (6) 0 0 0 0
Loans 39 - 62 - 92 30
Primary credit 31 - 60 + 14 22
Secondary credit 0 0 0 0
Seasonal credit 9 - 1 - 9 7
Term Asset-Backed Securities Loan Facility (7) 0 0 - 96 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,681 + 1 + 131 1,686
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 - 108 0
Float -367 + 46 + 139 -347
Central bank liquidity swaps (11) 2 - 8 - 259 1
Other Federal Reserve assets (12) 35,619 + 910 + 2,690 35,168
Foreign currency denominated assets (13) 20,272 - 260 - 3,667 20,302
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,411 + 14 + 821 46,411

Total factors supplying reserve funds 4,551,672 + 822 + 407,297 4,544,039

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 28, 2015
Federal Reserve Banks Jan 28, 2015 Jan 21, 2015 Jan 29, 2014

Currency in circulation (14) 1,328,975 - 1,821 + 104,136 1,330,079
Reverse repurchase agreements (15) 257,482 + 9,256 + 73,622 281,490
Foreign official and international accounts 115,965 + 4,186 + 14,518 117,937
Others 141,517 + 5,070 + 59,104 163,553
Treasury cash holdings 216 + 10 - 45 202
Deposits with F.R. Banks, other than reserve balances 237,455 + 52,095 + 84,736 207,630
Term deposits held by depository institutions 0 0 - 12,822 0
U.S. Treasury, General Account 201,192 + 31,040 + 111,855 194,311
Foreign official 5,230 + 9 - 2,820 5,211
Other (16) 31,033 + 21,046 - 11,477 8,108
Other liabilities and capital (17) 62,391 - 1,480 - 1,108 62,062

Total factors, other than reserve balances,
absorbing reserve funds 1,886,519 + 58,061 + 261,341 1,881,464

Reserve balances with Federal Reserve Banks 2,665,153 - 57,239 + 145,955 2,662,575

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 28, 2015
Jan 28, 2015 Jan 21, 2015 Jan 29, 2014

Securities held in custody for foreign official and
international accounts 3,270,871 - 13,630 - 63,657 3,258,661
Marketable U.S. Treasury securities (1) 2,942,149 - 12,211 - 40,736 2,929,747
Federal agency debt and mortgage-backed securities (2) 286,268 - 2,094 - 21,097 286,410
Other securities (3) 42,454 + 676 - 1,824 42,504
Securities lent to dealers 10,337 - 470 - 1,237 10,612
Overnight facility (4) 10,337 - 470 - 1,237 10,612
U.S. Treasury securities 9,864 - 442 - 593 10,160
Federal agency debt securities 472 - 29 - 645 452

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 28, 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 30 0 0 0 0 ... 30
U.S. Treasury securities (1)
Holdings 0 6 3,514 1,113,921 693,727 649,635 2,460,804
Weekly changes 0 0 0 - 21 - 28 - 93 - 140
Federal agency debt securities (2)
Holdings 711 982 4,577 28,971 0 2,347 37,588
Weekly changes + 711 - 711 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 14 6,736 1,731,922 1,738,672
Weekly changes 0 0 0 0 - 112 - 11,749 - 11,860
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 1 0 0 0 0 0 1

Reverse repurchase agreements (4) 281,490 0 ... ... ... ... 281,490
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 28, 2015

Mortgage-backed securities held outright (1) 1,738,672

Commitments to buy mortgage-backed securities (2) 24,115
Commitments to sell mortgage-backed securities (2) 377

Cash and cash equivalents (3) 48

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 28, 2015

Net portfolio holdings of Maiden Lane LLC (1) 1,686

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 28, 2015 Wednesday Wednesday
consolidation Jan 21, 2015 Jan 29, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,951 + 23 - 68
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,424,578 - 12,805 + 399,445
Securities held outright (1) 4,237,064 - 12,001 + 406,753
U.S. Treasury securities 2,460,804 - 140 + 217,628
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,712 0 + 209,497
Notes and bonds, inflation-indexed (2) 98,469 0 + 5,854
Inflation compensation (3) 15,624 - 140 + 2,278
Federal agency debt securities (2) 37,588 0 - 17,323
Mortgage-backed securities (4) 1,738,672 - 11,860 + 206,448
Unamortized premiums on securities held outright
(5) 205,742 - 716 - 3,040
Unamortized discounts on securities held outright
(5) -18,258 + 37 - 4,172
Repurchase agreements (6) 0 0 0
Loans 30 - 125 - 97
Net portfolio holdings of Maiden Lane LLC (7) 1,686 + 6 + 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 - 108
Items in process of collection (0) 138 - 105 - 6
Bank premises 2,262 0 - 24
Central bank liquidity swaps (10) 1 - 9 - 260
Foreign currency denominated assets (11) 20,302 - 255 - 3,659
Other assets (12) 32,912 + 276 + 2,586

Total assets (0) 4,500,064 - 12,872 + 397,926

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 28, 2015 Wednesday Wednesday
consolidation Jan 21, 2015 Jan 29, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,285,817 - 755 + 102,676
Reverse repurchase agreements (13) 281,490 + 1,176 + 86,062
Deposits (0) 2,870,211 - 11,942 + 209,907
Term deposits held by depository institutions 0 0 - 12,822
Other deposits held by depository institutions 2,662,580 - 9,124 + 136,805
U.S. Treasury, General Account 194,311 - 1,920 + 98,679
Foreign official 5,211 - 1 - 2,851
Other (14) (0) 8,108 - 898 - 9,905
Deferred availability cash items (0) 485 - 349 - 124
Other liabilities and accrued dividends (15) 4,915 - 1,002 - 2,708

Total liabilities (0) 4,442,917 - 12,872 + 395,811

Capital accounts
Capital paid in 28,573 - 1 + 1,057
Surplus 28,573 - 1 + 1,057
Other capital accounts 0 0 0

Total capital 57,147 0 + 2,114

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 28, 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 1,951 35 80 129 124 314 210 287 23 47 157 195 349
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,424,578 89,501 2,715,647 105,999 96,603 247,291 244,587 180,839 54,574 27,120 58,284 134,817 469,316
Securities held outright (1) 4,237,064 85,708 2,600,556 101,507 92,510 236,812 234,222 173,175 52,261 25,966 55,812 129,104 449,430
U.S. Treasury securities 2,460,804 49,778 1,510,352 58,953 53,728 137,536 136,032 100,577 30,352 15,081 32,415 74,981 261,020
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,460,804 49,778 1,510,352 58,953 53,728 137,536 136,032 100,577 30,352 15,081 32,415 74,981 261,020
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) 1,738,672 35,170 1,067,133 41,653 37,961 97,176 96,113 71,062 21,445 10,655 22,902 52,978 184,423
Unamortized premiums on securities held
outright (5) 205,742 4,162 126,277 4,929 4,492 11,499 11,373 8,409 2,538 1,261 2,710 6,269 21,823
Unamortized discounts on securities
held outright (5) -18,258 -369 -11,206 -437 -399 -1,020 -1,009 -746 -225 -112 -241 -556 -1,937
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 30 0 20 0 0 0 0 2 0 5 2 0 0
Net portfolio holdings of Maiden
Lane LLC (7) 1,686 0 1,686 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 138 0 0 0 0 0 137 0 0 0 0 0 0
Bank premises 2,262 126 437 75 110 219 212 201 122 96 241 223 201
Central bank liquidity swaps (10) 1 0 0 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 20,302 923 6,531 1,526 1,614 4,233 1,167 560 171 86 214 339 2,937
Other assets (12) 32,912 702 19,919 785 722 1,972 1,803 1,323 465 230 461 1,114 3,416
Interdistrict settlement account 0 + 25,664 - 84,743 - 3,141 + 16,936 - 1,933 - 4,994 - 12,253 - 4,701 + 3,500 + 2,359 + 11,791 + 51,515

Total assets 4,500,064 117,499 2,665,499 105,922 116,811 253,331 245,125 172,088 51,082 31,342 62,159 149,641 529,567

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 28, 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 1,480,713 48,153 474,991 47,954 70,804 104,187 212,517 102,129 42,899 25,029 40,159 121,347 190,544
Less: Notes held by F.R. Banks 194,896 5,628 65,176 5,927 10,364 12,889 24,639 12,268 5,428 3,154 5,148 15,983 28,290
Federal Reserve notes, net 1,285,817 42,525 409,815 42,027 60,440 91,297 187,878 89,861 37,471 21,875 35,011 105,364 162,254
Reverse repurchase agreements (13) 281,490 5,694 172,768 6,744 6,146 15,733 15,561 11,505 3,472 1,725 3,708 8,577 29,858
Deposits 2,870,211 66,539 2,062,342 53,771 45,580 132,693 37,664 68,882 9,475 7,270 22,704 34,660 328,631
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 2,662,580 66,536 1,854,965 53,744 45,577 132,510 37,655 68,869 9,475 7,270 22,702 34,656 328,621
U.S. Treasury, General Account 194,311 0 194,311 0 0 0 0 0 0 0 0 0 0
Foreign official 5,211 2 5,184 3 3 8 2 1 0 0 0 1 6
Other (14) 8,108 2 7,881 24 0 175 7 12 0 0 1 3 4
Deferred availability cash items 485 0 0 0 0 0 386 0 0 99 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,256 1 926 8 -1 11 74 53 9 4 3 45 123
Other liabilities and accrued
dividends (16) 3,659 149 1,233 179 186 483 311 251 121 129 133 173 310

Total liabilities 4,442,917 114,908 2,647,084 102,729 112,350 240,217 241,873 170,552 50,549 31,102 61,560 148,819 521,176

Capital
Capital paid in 28,573 1,296 9,208 1,597 2,230 6,557 1,626 768 267 120 300 411 4,195
Surplus 28,573 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 4,500,064 117,499 2,665,499 105,922 116,811 253,331 245,125 172,088 51,082 31,342 62,159 149,641 529,567

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 28, 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 28, 2015

Federal Reserve notes outstanding 1,480,713
Less: Notes held by F.R. Banks not subject to collateralization 194,896
Federal Reserve notes to be collateralized 1,285,817
Collateral held against Federal Reserve notes 1,285,817
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,269,580
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,237,064
Less: Face value of securities under reverse repurchase agreements 247,500
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,989,564

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