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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
reserve balances of depository institutions at
Federal Reserve Banks

Averages of daily figures

Wednesday
May 27, 2015

Week ended
May 27, 2015

Change from week ended

May 20, 2015

May 28, 2014

Reserve Bank credit

4,438,189

-    4,996

+  153,571

4,425,675

Securities held outright1

4,229,726

-    3,525

+  163,539

4,218,968

U.S. Treasury securities

2,460,592

+      162

+   92,076

2,460,639

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,346,643

         0

+   89,356

2,346,643

Notes and bonds, inflation-indexed2

    98,534

         0

+    2,466

    98,534

Inflation compensation3

    15,415

+      161

+      254

    15,462

Federal agency debt securities2

    35,895

         0

-    8,187

    35,895

Mortgage-backed securities4

1,733,239

-    3,687

+   79,650

1,722,434

Unamortized premiums on securities held outright5

   200,083

-      510

-    9,569

   199,646

Unamortized discounts on securities held outright5

   -17,696

+       36

+      221

   -17,681

Repurchase agreements6

         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 Facility7

         0

         0

-       79

         0

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC8

     1,697

         0

+       41

     1,697

Net portfolio holdings of Maiden Lane II LLC9

         0

         0

-       63

         0

Net portfolio holdings of Maiden Lane III LLC9

         0

         0

-       22

         0

Net portfolio holdings of TALF LLC10

         0

         0

-       91

         0

Float

      -416

+        8

+      112

      -753

Central bank liquidity swaps11

         2

+        2

-      172

         2

Other Federal Reserve assets12

    24,697

-      888

-      373

    23,700

Foreign currency denominated assets13

    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 outstanding14

    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
reserve balances of depository institutions at
Federal Reserve Banks

Averages of daily figures

Wednesday
May 27, 2015

Week ended
May 27, 2015

Change from week ended

May 20, 2015

May 28, 2014

Currency in circulation14

1,368,341

+    4,213

+   87,874

1,369,717

Reverse repurchase agreements15

   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

Other16

    45,633

+   28,019

+   10,817

     8,872

Other liabilities and capital17

    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
May 27, 2015

Week ended
May 27, 2015

Change from week ended

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 securities1

2,993,796

+    4,023

+   50,459

3,007,099

Federal agency debt and mortgage-backed securities2

   287,786

-    1,582

-    6,054

   287,604

Other securities3

    45,161

-      326

+    3,449

    43,975

Securities lent to dealers

    10,818

-    1,077

+    1,279

    11,100

Overnight facility4

    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
days

16 days to
90 days

91 days to
1 year

Over 1 year
to 5 years

Over 5 year
to 10 years

Over 10
years

All

Loans

        90

         7

         0

         0

         0

...

        96

U.S. Treasury securities1

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 securities2

Holdings

         0

       802

     9,997

    22,749

         0

     2,347

    35,895

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities3

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 agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

         2

         0

         0

         0

         0

         0

         2

Reverse repurchase agreements4

   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 outright1

1,722,434

Commitments to buy mortgage-backed securities2

    39,099

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

        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 LLC1

     1,697

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2

         0

Accrued interest payable to the Federal Reserve Bank of New York2

         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 from consolidation

Wednesday
May 27, 2015

Change since

Wednesday

Wednesday

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 outright1

4,218,968

-   14,876

+  156,180

U.S. Treasury securities

2,460,639

+      153

+   89,915

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,346,643

         0

+   87,197

Notes and bonds, inflation-indexed2

    98,534

         0

+    2,466

Inflation compensation3

    15,462

+      153

+      252

Federal agency debt securities2

    35,895

         0

-    8,187

Mortgage-backed securities4

1,722,434

-   15,029

+   74,452

Unamortized premiums on securities held outright5

   199,646

-      818

-    9,766

Unamortized discounts on securities held outright5

   -17,681

+       38

+      277

Repurchase agreements6

         0

-      620

         0

Loans

        96

+        1

-       41

Net portfolio holdings of Maiden Lane LLC7

     1,697

         0

+       41

Net portfolio holdings of Maiden Lane II LLC8

         0

         0

-       63

Net portfolio holdings of Maiden Lane III LLC8

         0

         0

-       22

Net portfolio holdings of TALF LLC9

         0

         0

-       91

Items in process of collection

(0)

        93

+       12

-       36

Bank premises

     2,241

         0

-       30

Central bank liquidity swaps10

         2

+        2

-      172

Foreign currency denominated assets11

    19,434

-      362

-    4,520

Other assets12

    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 from consolidation

Wednesday
May 27, 2015

Change since

Wednesday

Wednesday

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 agreements13

   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

Other14

(0)

     8,872

-    9,110

+    2,466

Deferred availability cash items

(0)

       846

+      349

-      105

Other liabilities and accrued dividends15

     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 outright1

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

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

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 securities2

    35,895

       910

    21,548

       893

       863

     1,950

     2,021

     1,334

       374

       218

       466

     1,156

     4,161

Mortgage-backed securities4

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 outright5

   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 outright5

   -17,681

      -448

   -10,614

      -440

      -425

      -960

      -996

      -657

      -184

      -108

      -230

      -570

    -2,050

Repurchase agreements6

         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 LLC7

     1,697

         0

     1,697

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Maiden

Lane II LLC8

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of Maiden

Lane III LLC8

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Net portfolio holdings of TALF LLC9

         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 swaps10

         2

         0

         1

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign currency denominated

assets11

    19,434

       881

     6,265

     1,086

     1,515

     4,459

     1,106

       522

       181

        82

       204

       280

     2,853

Other assets12

    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 agreements13

   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

Other14

     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. Treasury15

     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 pledged1,2

1,308,643

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

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.


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