FRB: H.4.1 Release--Factors Affecting Reserve Balances--March 5, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks March 5, 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 4, 2015
Federal Reserve Banks Mar 4, 2015 Feb 25, 2015 Mar 5, 2014

Reserve Bank credit 4,448,700 - 10,678 + 325,317 4,448,934
Securities held outright (1) 4,237,182 - 10,036 + 331,440 4,237,130
U.S. Treasury securities 2,460,082 - 144 + 175,851 2,460,028
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,711 0 + 169,448 2,346,711
Notes and bonds, inflation-indexed (2) 98,469 0 + 4,864 98,469
Inflation compensation (3) 14,902 - 144 + 1,539 14,849
Federal agency debt securities (2) 36,877 0 - 14,534 36,877
Mortgage-backed securities (4) 1,740,223 - 9,892 + 170,123 1,740,225
Unamortized premiums on securities held outright (5) 204,410 - 656 - 4,831 204,251
Unamortized discounts on securities held outright (5) -18,104 + 34 - 2,355 -18,091
Repurchase agreements (6) 0 0 0 0
Loans 19 + 13 - 81 18
Primary credit 15 + 13 + 11 12
Secondary credit 0 0 0 0
Seasonal credit 4 0 + 2 6
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) 1,686 0 + 105 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 - 106 0
Float -430 + 22 + 219 -456
Central bank liquidity swaps (11) 0 - 3 - 458 0
Other Federal Reserve assets (12) 23,937 - 51 + 1,471 24,395
Foreign currency denominated assets (13) 20,017 - 236 - 4,116 19,876
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,427 + 14 + 750 46,427

Total factors supplying reserve funds 4,531,385 - 10,900 + 321,951 4,531,479

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 4, 2015
Federal Reserve Banks Mar 4, 2015 Feb 25, 2015 Mar 5, 2014

Currency in circulation (14) 1,352,226 + 2,884 + 98,425 1,354,771
Reverse repurchase agreements (15) 314,359 + 8,199 + 116,174 277,168
Foreign official and international accounts 132,964 + 4,308 + 32,902 132,068
Others 181,395 + 3,892 + 83,272 145,100
Treasury cash holdings 216 - 9 - 54 213
Deposits with F.R. Banks, other than reserve balances 277,933 - 214,649 + 213,188 280,422
Term deposits held by depository institutions 216,067 - 188,083 + 216,067 216,067
U.S. Treasury, General Account 49,803 - 18,311 + 4,409 52,446
Foreign official 5,222 - 22 - 2,752 5,212
Other (16) 6,840 - 8,234 - 4,538 6,697
Other liabilities and capital (17) 64,556 - 456 + 1,731 64,236

Total factors, other than reserve balances,
absorbing reserve funds 2,009,290 - 204,032 + 429,464 1,976,810

Reserve balances with Federal Reserve Banks 2,522,095 + 193,132 - 107,513 2,554,669

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 4, 2015
Mar 4, 2015 Feb 25, 2015 Mar 5, 2014

Securities held in custody for foreign official and
international accounts 3,255,573 - 10,867 - 65,735 3,252,989
Marketable U.S. Treasury securities (1) 2,927,990 - 11,774 - 40,605 2,924,788
Federal agency debt and mortgage-backed securities (2) 284,281 + 894 - 22,953 284,775
Other securities (3) 43,302 + 13 - 2,178 43,427
Securities lent to dealers 12,541 - 1,233 + 2,550 11,377
Overnight facility (4) 12,541 - 1,233 + 2,550 11,377
U.S. Treasury securities 12,079 - 1,249 + 3,351 10,886
Federal agency debt securities 462 + 17 - 801 491

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 4, 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 15 3 0 0 0 ... 18
U.S. Treasury securities (1)
Holdings 1 1,900 40,235 1,125,222 649,302 643,368 2,460,028
Weekly changes + 1 0 + 31,838 - 22,220 - 9,665 - 92 - 139
Federal agency debt securities (2)
Holdings 0 982 4,577 28,971 0 2,347 36,877
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 16 8,510 1,731,699 1,740,225
Weekly changes 0 0 0 + 1 + 723 - 706 + 17
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 0 0 0 0 0 0 0

Reverse repurchase agreements (4) 277,168 0 ... ... ... ... 277,168
Term deposits 216,067 0 0 ... ... ... 216,067

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 4, 2015

Mortgage-backed securities held outright (1) 1,740,225

Commitments to buy mortgage-backed securities (2) 28,725
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 42

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 4, 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 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 4, 2015 Wednesday Wednesday
consolidation Feb 25, 2015 Mar 5, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,870 - 28 - 119
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,423,308 - 452 + 320,061
Securities held outright (1) 4,237,130 - 121 + 327,148
U.S. Treasury securities 2,460,028 - 139 + 171,575
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,711 0 + 165,272
Notes and bonds, inflation-indexed (2) 98,469 0 + 4,861
Inflation compensation (3) 14,849 - 138 + 1,443
Federal agency debt securities (2) 36,877 0 - 14,534
Mortgage-backed securities (4) 1,740,225 + 17 + 170,106
Unamortized premiums on securities held outright
(5) 204,251 - 371 - 4,864
Unamortized discounts on securities held outright
(5) -18,091 + 31 - 2,140
Repurchase agreements (6) 0 0 0
Loans 18 + 10 - 83
Net portfolio holdings of Maiden Lane LLC (7) 1,686 0 + 105
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 - 106
Items in process of collection (0) 210 + 18 + 111
Bank premises 2,247 - 5 - 27
Central bank liquidity swaps (10) 0 - 3 - 458
Foreign currency denominated assets (11) 19,876 - 376 - 4,160
Other assets (12) 22,147 + 1,701 + 498

Total assets (0) 4,487,583 + 858 + 315,821

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 4, 2015 Wednesday Wednesday
consolidation Feb 25, 2015 Mar 5, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,310,423 + 3,575 + 95,349
Reverse repurchase agreements (13) 277,168 - 29,003 + 104,442
Deposits (0) 2,835,091 + 25,693 + 114,871
Term deposits held by depository institutions 216,067 - 188,083 + 216,067
Other deposits held by depository institutions 2,554,669 + 207,671 - 104,400
U.S. Treasury, General Account 52,446 + 5,732 + 6,702
Foreign official 5,212 - 1 - 2,760
Other (14) (0) 6,697 + 374 - 738
Deferred availability cash items (0) 666 - 101 - 247
Other liabilities and accrued dividends (15) 6,667 + 684 - 88

Total liabilities (0) 4,430,014 + 846 + 314,326

Capital accounts
Capital paid in 28,785 + 6 + 748
Surplus 28,785 + 6 + 748
Other capital accounts 0 0 0

Total capital 57,569 + 12 + 1,495

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 4, 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 1,870 38 75 132 119 304 191 282 21 46 153 178 330
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,423,308 89,478 2,714,855 105,969 96,576 247,221 244,517 180,786 54,558 27,110 58,266 134,780 469,194
Securities held outright (1) 4,237,130 85,710 2,600,596 101,509 92,511 236,816 234,226 173,177 52,262 25,967 55,813 129,106 449,437
U.S. Treasury securities 2,460,028 49,762 1,509,876 58,935 53,711 137,493 135,989 100,545 30,343 15,076 32,404 74,958 260,938
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,460,028 49,762 1,509,876 58,935 53,711 137,493 135,989 100,545 30,343 15,076 32,404 74,958 260,938
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) 1,740,225 35,202 1,068,087 41,690 37,995 97,262 96,199 71,125 21,464 10,665 22,923 53,025 184,587
Unamortized premiums on securities held
outright (5) 204,251 4,132 125,362 4,893 4,460 11,416 11,291 8,348 2,519 1,252 2,690 6,224 21,665
Unamortized discounts on securities
held outright (5) -18,091 -366 -11,104 -433 -395 -1,011 -1,000 -739 -223 -111 -238 -551 -1,919
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 18 3 0 0 0 0 0 0 0 2 1 1 11
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 210 0 0 0 0 0 209 0 0 0 0 0 0
Bank premises 2,247 124 432 74 110 218 210 201 121 95 240 222 200
Central bank liquidity swaps (10) 0 0 0 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 19,876 901 6,408 1,110 1,549 4,560 1,131 534 185 83 209 286 2,918
Other assets (12) 22,147 487 13,028 536 494 1,406 1,249 914 488 167 323 704 2,352
Interdistrict settlement account 0 + 27,481 - 245,283 + 20,767 + 37,479 + 24,181 + 7,699 - 6,521 + 466 + 7,193 + 9,329 + 27,417 + 89,792

Total assets 4,487,583 119,058 2,497,145 129,136 137,028 279,126 257,209 177,326 56,267 34,958 68,965 164,749 566,617

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 4, 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 1,493,104 50,309 473,771 48,937 72,313 105,068 211,711 104,539 44,747 26,554 41,889 121,886 191,380
Less: Notes held by F.R. Banks 182,681 5,368 65,259 5,778 9,841 12,382 22,324 11,722 4,429 3,151 5,386 13,119 23,921
Federal Reserve notes, net 1,310,423 44,941 408,512 43,159 62,472 92,686 189,387 92,816 40,318 23,403 36,502 108,767 167,458
Reverse repurchase agreements (13) 277,168 5,607 170,115 6,640 6,052 15,491 15,322 11,328 3,419 1,699 3,651 8,445 29,399
Deposits 2,835,091 65,765 1,896,181 75,910 63,834 157,300 48,233 71,309 11,833 9,383 28,074 46,467 360,803
Term deposits held by depository
institutions 216,067 45 116,464 40,430 100 1,554 803 11,020 30 0 1,620 1,951 42,050
Other deposits held by depository
institutions 2,554,669 65,715 1,715,572 35,452 63,731 155,613 47,418 60,274 11,802 9,383 26,452 44,514 318,743
U.S. Treasury, General Account 52,446 0 52,446 0 0 0 0 0 0 0 0 0 0
Foreign official 5,212 2 5,185 2 3 9 2 1 0 0 0 1 6
Other (14) 6,697 3 6,516 25 0 124 9 13 0 0 2 1 4
Deferred availability cash items 666 0 0 0 0 0 576 0 0 90 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 2,038 28 1,364 33 18 37 128 92 31 16 25 69 197
Other liabilities and accrued
dividends (16) 4,629 135 2,270 180 189 486 296 236 122 127 110 166 311

Total liabilities 4,430,014 116,476 2,478,444 125,922 132,565 266,000 253,942 175,781 55,723 34,717 68,362 163,914 558,169

Capital
Capital paid in 28,785 1,291 9,351 1,607 2,231 6,563 1,634 772 272 121 301 418 4,224
Surplus 28,785 1,291 9,351 1,607 2,231 6,563 1,634 772 272 121 301 418 4,224
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,487,583 119,058 2,497,145 129,136 137,028 279,126 257,209 177,326 56,267 34,958 68,965 164,749 566,617

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 4, 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 4, 2015

Federal Reserve notes outstanding 1,493,104
Less: Notes held by F.R. Banks not subject to collateralization 182,681
Federal Reserve notes to be collateralized 1,310,423
Collateral held against Federal Reserve notes 1,310,423
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,294,186
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,237,130
Less: Face value of securities under reverse repurchase agreements 252,113
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,985,017

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