FRB: H.4.1 Release--Factors Affecting Reserve Balances--May 28, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks May 28, 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 May 27, 2015
Federal Reserve Banks May 27, 2015 May 20, 2015 May 28, 2014

Reserve Bank credit 4,438,189 - 4,996 + 153,571 4,425,675
Securities held outright (1) 4,229,726 - 3,525 + 163,539 4,218,968
U.S. Treasury securities 2,460,592 + 162 + 92,076 2,460,639
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,643 0 + 89,356 2,346,643
Notes and bonds, inflation-indexed (2) 98,534 0 + 2,466 98,534
Inflation compensation (3) 15,415 + 161 + 254 15,462
Federal agency debt securities (2) 35,895 0 - 8,187 35,895
Mortgage-backed securities (4) 1,733,239 - 3,687 + 79,650 1,722,434
Unamortized premiums on securities held outright (5) 200,083 - 510 - 9,569 199,646
Unamortized discounts on securities held outright (5) -17,696 + 36 + 221 -17,681
Repurchase agreements (6) 0 - 120 0 0
Loans 97 + 4 - 51 96
Primary credit 2 - 2 - 13 5
Secondary credit 0 0 0 0
Seasonal credit 95 + 6 + 42 91
Term Asset-Backed Securities Loan Facility (7) 0 0 - 79 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,697 0 + 41 1,697
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 - 91 0
Float -416 + 8 + 112 -753
Central bank liquidity swaps (11) 2 + 2 - 172 2
Other Federal Reserve assets (12) 24,697 - 888 - 373 23,700
Foreign currency denominated assets (13) 19,671 - 479 - 4,306 19,434
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,783 + 14 + 905 46,783

Total factors supplying reserve funds 4,520,885 - 5,460 + 150,172 4,508,133

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 May 27, 2015
Federal Reserve Banks May 27, 2015 May 20, 2015 May 28, 2014

Currency in circulation (14) 1,368,341 + 4,213 + 87,874 1,369,717
Reverse repurchase agreements (15) 269,256 + 13,231 - 23,385 278,637
Foreign official and international accounts 154,225 - 99 + 46,553 149,809
Others 115,031 + 13,331 - 69,938 128,828
Treasury cash holdings 173 - 22 - 30 160
Deposits with F.R. Banks, other than reserve balances 306,384 + 101,891 + 202,634 257,604
Term deposits held by depository institutions 79,919 + 79,919 + 52,344 79,919
U.S. Treasury, General Account 175,577 - 6,064 + 142,004 163,581
Foreign official 5,256 + 17 - 2,530 5,232
Other (16) 45,633 + 28,019 + 10,817 8,872
Other liabilities and capital (17) 65,940 - 446 + 1,487 65,094

Total factors, other than reserve balances,
absorbing reserve funds 2,010,094 + 118,867 + 268,580 1,971,213

Reserve balances with Federal Reserve Banks 2,510,791 - 124,327 - 118,408 2,536,919

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 May 27, 2015
May 27, 2015 May 20, 2015 May 28, 2014

Securities held in custody for foreign official and
international accounts 3,326,742 + 2,114 + 47,852 3,338,678
Marketable U.S. Treasury securities (1) 2,993,796 + 4,023 + 50,459 3,007,099
Federal agency debt and mortgage-backed securities (2) 287,786 - 1,582 - 6,054 287,604
Other securities (3) 45,161 - 326 + 3,449 43,975
Securities lent to dealers 10,818 - 1,077 + 1,279 11,100
Overnight facility (4) 10,818 - 1,077 + 1,279 11,100
U.S. Treasury securities 10,542 - 1,086 + 2,045 10,833
Federal agency debt securities 275 + 9 - 767 267

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, May 27, 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 90 7 0 0 0 ... 96
U.S. Treasury securities (1)
Holdings 0 1,289 104,319 1,119,218 591,678 644,136 2,460,639
Weekly changes 0 0 + 1 + 22 + 30 + 101 + 153
Federal agency debt securities (2)
Holdings 0 802 9,997 22,749 0 2,347 35,895
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 24 9,514 1,712,896 1,722,434
Weekly changes 0 0 0 - 1 - 196 - 14,832 - 15,029
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 2 0 0 0 0 0 2

Reverse repurchase agreements (4) 278,637 0 ... ... ... ... 278,637
Term deposits 79,919 0 0 ... ... ... 79,919

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
May 27, 2015

Mortgage-backed securities held outright (1) 1,722,434

Commitments to buy mortgage-backed securities (2) 39,099
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 22

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
May 27, 2015

Net portfolio holdings of Maiden Lane LLC (1) 1,697

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 May 27, 2015 Wednesday Wednesday
consolidation May 20, 2015 May 28, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,790 - 26 - 74
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,401,029 - 16,275 + 146,649
Securities held outright (1) 4,218,968 - 14,876 + 156,180
U.S. Treasury securities 2,460,639 + 153 + 89,915
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,643 0 + 87,197
Notes and bonds, inflation-indexed (2) 98,534 0 + 2,466
Inflation compensation (3) 15,462 + 153 + 252
Federal agency debt securities (2) 35,895 0 - 8,187
Mortgage-backed securities (4) 1,722,434 - 15,029 + 74,452
Unamortized premiums on securities held outright
(5) 199,646 - 818 - 9,766
Unamortized discounts on securities held outright
(5) -17,681 + 38 + 277
Repurchase agreements (6) 0 - 620 0
Loans 96 + 1 - 41
Net portfolio holdings of Maiden Lane LLC (7) 1,697 0 + 41
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 - 91
Items in process of collection (0) 93 + 12 - 36
Bank premises 2,241 0 - 30
Central bank liquidity swaps (10) 2 + 2 - 172
Foreign currency denominated assets (11) 19,434 - 362 - 4,520
Other assets (12) 21,459 + 246 - 354

Total assets (0) 4,463,981 - 16,403 + 141,327

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 May 27, 2015 Wednesday Wednesday
consolidation May 20, 2015 May 28, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,324,879 + 3,443 + 86,901
Reverse repurchase agreements (13) 278,637 - 29,623 + 432
Deposits (0) 2,794,524 + 9,417 + 52,506
Term deposits held by depository institutions 79,919 + 79,919 + 52,344
Other deposits held by depository institutions 2,536,920 - 51,226 - 140,378
U.S. Treasury, General Account 163,581 - 10,168 + 140,631
Foreign official 5,232 + 1 - 2,556
Other (14) (0) 8,872 - 9,110 + 2,466
Deferred availability cash items (0) 846 + 349 - 105
Other liabilities and accrued dividends (15) 6,859 - 126 - 303

Total liabilities (0) 4,405,746 - 16,538 + 139,433

Capital accounts
Capital paid in 29,118 + 68 + 947
Surplus 29,118 + 68 + 947
Other capital accounts 0 0 0

Total capital 58,236 + 135 + 1,894

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, May 27, 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 1,790 32 63 126 118 291 184 266 22 44 145 186 311
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,401,029 111,566 2,641,933 109,458 105,809 239,030 247,841 163,528 45,899 26,808 57,179 141,772 510,205
Securities held outright (1) 4,218,968 106,949 2,532,697 104,933 101,434 229,147 237,579 156,753 43,997 25,658 54,807 135,907 489,107
U.S. Treasury securities 2,460,639 62,376 1,477,151 61,200 59,160 133,646 138,564 91,424 25,661 14,965 31,965 79,265 285,263
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,460,639 62,376 1,477,151 61,200 59,160 133,646 138,564 91,424 25,661 14,965 31,965 79,265 285,263
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) 1,722,434 43,663 1,033,998 42,840 41,411 93,552 96,994 63,996 17,962 10,475 22,375 55,485 199,683
Unamortized premiums on securities held
outright (5) 199,646 5,061 119,850 4,966 4,800 10,843 11,242 7,418 2,082 1,214 2,594 6,431 23,145
Unamortized discounts on securities
held outright (5) -17,681 -448 -10,614 -440 -425 -960 -996 -657 -184 -108 -230 -570 -2,050
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 96 4 0 0 0 0 16 14 4 44 8 4 3
Net portfolio holdings of Maiden
Lane LLC (7) 1,697 0 1,697 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 93 0 0 0 0 0 93 0 0 0 0 0 0
Bank premises 2,241 124 433 74 109 216 209 202 120 94 240 221 198
Central bank liquidity swaps (10) 2 0 1 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 19,434 881 6,265 1,086 1,515 4,459 1,106 522 181 82 204 280 2,853
Other assets (12) 21,459 575 12,292 539 521 1,318 1,216 809 434 158 309 810 2,478
Interdistrict settlement account 0 + 19,753 - 96,867 + 5,582 + 20,220 + 11,424 - 10,466 + 11,079 + 3,509 + 4,829 + 3,462 + 9,549 + 17,926

Total assets 4,463,981 133,475 2,571,344 117,415 129,034 257,934 242,437 177,564 50,613 32,277 61,980 153,991 535,916

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, May 27, 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 1,502,469 50,135 484,031 50,716 78,017 104,076 208,492 105,989 44,794 26,611 41,746 119,887 187,975
Less: Notes held by F.R. Banks 177,589 5,183 62,233 5,072 9,250 11,845 22,889 10,959 4,714 2,801 4,473 13,616 24,554
Federal Reserve notes, net 1,324,879 44,953 421,798 45,644 68,767 92,231 185,603 95,030 40,080 23,810 37,274 106,270 163,421
Reverse repurchase agreements (13) 278,637 7,063 167,269 6,930 6,699 15,134 15,691 10,353 2,906 1,695 3,620 8,976 32,303
Deposits 2,794,524 78,653 1,959,677 61,313 48,831 136,813 36,950 70,278 6,921 5,999 20,340 37,644 331,105
Term deposits held by depository
institutions 79,919 50 40,076 14,300 9,000 38 185 5,145 30 0 2,025 500 8,570
Other deposits held by depository
institutions 2,536,920 78,598 1,742,129 46,974 39,827 136,634 36,756 65,130 6,890 5,999 18,313 37,140 322,527
U.S. Treasury, General Account 163,581 0 163,581 0 0 0 0 0 0 0 0 0 0
Foreign official 5,232 2 5,204 2 3 9 2 1 0 0 0 1 6
Other (14) 8,872 3 8,686 36 0 132 7 2 0 0 1 3 2
Deferred availability cash items 846 0 0 0 0 0 475 0 0 371 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,371 29 981 -39 17 -19 83 57 14 11 19 56 162
Other liabilities and accrued
dividends 5,488 177 2,600 218 235 634 352 270 129 136 123 187 427

Total liabilities 4,405,746 130,874 2,552,326 114,066 124,548 244,793 239,155 175,986 50,050 32,022 61,375 153,133 527,418

Capital
Capital paid in 29,118 1,300 9,509 1,675 2,243 6,571 1,641 789 282 128 303 429 4,249
Surplus 29,118 1,300 9,509 1,675 2,243 6,571 1,641 789 282 128 303 429 4,249
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,463,981 133,475 2,571,344 117,415 129,034 257,934 242,437 177,564 50,613 32,277 61,980 153,991 535,916

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, May 27, 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
May 27, 2015

Federal Reserve notes outstanding 1,502,469
Less: Notes held by F.R. Banks not subject to collateralization 177,589
Federal Reserve notes to be collateralized 1,324,879
Collateral held against Federal Reserve notes 1,324,879
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,308,643
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,218,968
Less: Face value of securities under reverse repurchase agreements 256,067
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,962,901

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