FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 3, 2016 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 Nov 2, 2016 Federal Reserve Banks Nov 2, 2016 Oct 26, 2016 Nov 4, 2015 Reserve Bank credit 4,412,757 - 17,278 - 38,984 4,413,155 Securities held outright (1) 4,217,899 - 13,785 - 22,119 4,217,925 U.S. Treasury securities 2,463,564 + 29 + 1,786 2,463,586 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,340,847 - 129 - 5,792 2,340,674 Notes and bonds, inflation-indexed (2) 105,353 + 129 + 6,819 105,526 Inflation compensation (3) 17,364 + 29 + 760 17,385 Federal agency debt securities (2) 18,493 0 - 15,653 18,493 Mortgage-backed securities (4) 1,735,843 - 13,813 - 8,252 1,735,847 Unamortized premiums on securities held outright (5) 175,836 - 767 - 16,386 175,708 Unamortized discounts on securities held outright (5) -15,315 + 42 + 1,538 -15,294 Repurchase agreements (6) 0 0 0 0 Loans 58 - 34 - 89 35 Primary credit 4 - 2 - 2 3 Secondary credit 0 0 0 0 Seasonal credit 53 - 33 - 88 32 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,706 - 2 - 7 1,708 Float -835 - 509 - 1,143 -429 Central bank liquidity swaps (8) 1,015 - 2,526 + 872 1,015 Other Federal Reserve assets (9) 32,393 + 303 - 1,649 32,487 Foreign currency denominated assets (10) 20,916 + 47 + 1,169 21,307 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 48,281 + 14 + 826 48,281 Total factors supplying reserve funds 4,498,195 - 17,217 - 36,988 4,498,984 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 Nov 2, 2016 Federal Reserve Banks Nov 2, 2016 Oct 26, 2016 Nov 4, 2015 Currency in circulation (11) 1,479,212 + 3,300 + 82,234 1,484,552 Reverse repurchase agreements (12) 395,131 - 6,178 + 22,946 414,938 Foreign official and international accounts 239,705 + 283 + 39,817 238,706 Others 155,426 - 6,461 - 16,871 176,232 Treasury cash holdings 182 + 5 - 56 184 Deposits with F.R. Banks, other than reserve balances 469,090 - 60,074 + 411,322 414,973 Term deposits held by depository institutions 0 - 48,601 0 0 U.S. Treasury, General Account 417,665 - 11,362 + 387,870 371,894 Foreign official 5,173 + 3 - 97 5,172 Other (13) 46,253 - 113 + 23,550 37,907 Other liabilities and capital (14) 46,593 - 674 - 18,854 47,128 Total factors, other than reserve balances, absorbing reserve funds 2,390,208 - 63,621 + 497,591 2,361,775 Reserve balances with Federal Reserve Banks 2,107,987 + 46,404 - 534,579 2,137,209 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. Refer to table 4 and the note on consolidation accompanying table 6. 8. 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. 9. 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. 10. Revalued daily at current foreign currency exchange rates. 11. Estimated. 12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 14. Includes the liability for earnings remittances due to the 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 Nov 2, 2016 Nov 2, 2016 Oct 26, 2016 Nov 4, 2015 Securities held in custody for foreign official and international accounts 3,120,341 - 4,891 - 163,422 3,109,033 Marketable U.S. Treasury securities (1) 2,800,637 - 5,613 - 161,771 2,788,407 Federal agency debt and mortgage-backed securities (2) 259,417 - 249 - 15,896 260,124 Other securities (3) 60,286 + 970 + 14,244 60,501 Securities lent to dealers 21,381 + 234 + 5,171 19,271 Overnight facility (4) 21,381 + 234 + 5,171 19,271 U.S. Treasury securities 21,356 + 234 + 5,197 19,247 Federal agency debt securities 25 + 1 - 26 24 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, November 2, 2016 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 9 26 0 0 0 ... 35 U.S. Treasury securities (1) Holdings 13,573 32,689 148,238 1,198,562 435,165 635,358 2,463,586 Weekly changes + 7,044 - 6,216 + 1,345 - 4,162 + 1,700 + 330 + 42 Federal agency debt securities (2) Holdings 0 2,313 9,423 4,410 0 2,347 18,493 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 1,582 10,908 1,723,357 1,735,847 Weekly changes 0 0 0 + 192 - 191 + 6 + 6 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 1,015 0 0 0 0 0 1,015 Reverse repurchase agreements (4) 414,938 0 ... ... ... ... 414,938 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 Nov 2, 2016 Mortgage-backed securities held outright (1) 1,735,847 Commitments to buy mortgage-backed securities (2) 45,910 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 0 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Account name Wednesday Nov 2, 2016 Net portfolio holdings of Maiden Lane LLC (1) 1,708 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, 2016. 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 Nov 2, 2016 Wednesday Wednesday consolidation Oct 26, 2016 Nov 4, 2015 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,884 - 11 - 2 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,378,375 - 293 - 36,989 Securities held outright (1) 4,217,925 + 47 - 22,083 U.S. Treasury securities 2,463,586 + 42 + 1,826 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,340,674 - 302 - 5,965 Notes and bonds, inflation-indexed (2) 105,526 + 302 + 6,992 Inflation compensation (3) 17,385 + 41 + 798 Federal agency debt securities (2) 18,493 0 - 15,653 Mortgage-backed securities (4) 1,735,847 + 6 - 8,255 Unamortized premiums on securities held outright (5) 175,708 - 348 - 16,356 Unamortized discounts on securities held outright (5) -15,294 + 49 + 1,545 Repurchase agreements (6) 0 0 0 Loans 35 - 41 - 97 Net portfolio holdings of Maiden Lane LLC (7) 1,708 + 3 - 5 Items in process of collection (0) 75 + 13 - 377 Bank premises 2,199 - 3 - 32 Central bank liquidity swaps (8) 1,015 - 2,526 + 872 Foreign currency denominated assets (9) 21,307 + 436 + 1,752 Other assets (10) 30,288 + 1,143 - 1,833 Total assets (0) 4,453,087 - 1,239 - 36,615 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 Nov 2, 2016 Wednesday Wednesday consolidation Oct 26, 2016 Nov 4, 2015 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,438,335 + 6,954 + 82,486 Reverse repurchase agreements (11) 414,938 + 30,129 + 106,654 Deposits (0) 2,552,182 - 39,688 - 207,961 Term deposits held by depository institutions 0 - 48,601 0 Other deposits held by depository institutions 2,137,209 + 72,189 - 552,642 U.S. Treasury, General Account 371,894 - 48,362 + 327,679 Foreign official 5,172 + 6 - 109 Other (12) (0) 37,907 - 14,919 + 17,111 Deferred availability cash items (0) 504 - 23 + 129 Other liabilities and accrued dividends (13) 6,939 + 1,383 + 516 Total liabilities (0) 4,412,898 - 1,245 - 18,177 Capital accounts Capital paid in 30,188 + 6 + 874 Surplus 10,000 0 - 19,314 Other capital accounts 0 0 0 Total capital 40,188 + 6 - 18,439 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. 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. 9. Revalued daily at current foreign currency exchange rates. 10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. 11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 13. Includes the liability for earnings remittances due to the U.S. Treasury. 6. Statement of Condition of Each Federal Reserve Bank, November 2, 2016 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 11,037 355 3,588 359 586 760 1,541 753 360 193 296 875 1,371 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,884 48 74 159 133 301 179 278 31 53 124 186 317 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,378,375 107,555 2,491,569 118,882 131,124 267,577 245,055 174,457 55,263 32,290 60,943 155,852 537,809 Securities held outright (1) 4,217,925 103,614 2,400,283 114,526 126,320 257,773 236,074 168,063 53,234 31,097 58,702 150,136 518,104 U.S. Treasury securities 2,463,586 60,519 1,401,945 66,892 73,780 150,559 137,885 98,161 31,092 18,163 34,287 87,691 302,612 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,463,586 60,519 1,401,945 66,892 73,780 150,559 137,885 98,161 31,092 18,163 34,287 87,691 302,612 Federal agency debt securities (2) 18,493 454 10,524 502 554 1,130 1,035 737 233 136 257 658 2,272 Mortgage-backed securities (4) 1,735,847 42,641 987,813 47,132 51,986 106,084 97,154 69,165 21,908 12,798 24,158 61,787 213,221 Unamortized premiums on securities held outright (5) 175,708 4,316 99,990 4,771 5,262 10,738 9,834 7,001 2,218 1,295 2,445 6,254 21,583 Unamortized discounts on securities held outright (5) -15,294 -376 -8,704 -415 -458 -935 -856 -609 -193 -113 -213 -544 -1,879 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 35 0 0 0 0 0 3 2 5 11 8 6 1 Net portfolio holdings of Maiden Lane LLC (7) 1,708 0 1,708 0 0 0 0 0 0 0 0 0 0 Items in process of collection 75 0 0 0 0 0 74 0 0 0 0 0 0 Bank premises 2,199 118 431 71 105 204 206 200 114 90 239 224 196 Central bank liquidity swaps (8) 1,015 45 335 56 77 226 56 27 10 4 10 13 154 Foreign currency denominated assets (9) 21,307 938 7,088 1,168 1,616 4,733 1,178 569 218 91 212 269 3,228 Other assets (10) 30,288 783 16,783 827 915 2,012 1,714 1,223 477 252 478 1,092 3,731 Interdistrict settlement account 0 - 19,243 - 19,000 - 9,198 - 3,157 - 8,481 + 11,339 + 3,528 + 4,181 + 2,837 + 1,047 + 23,508 + 12,640 Total assets 4,453,087 90,795 2,504,394 112,533 131,636 267,744 261,996 181,459 60,804 35,901 63,503 182,301 560,021 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, November 2, 2016 (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 1,616,099 49,892 523,852 51,530 80,497 113,908 223,310 109,108 49,767 28,206 43,113 133,840 209,076 Less: Notes held by F.R. Banks 177,764 6,452 45,422 6,536 9,407 14,117 27,225 11,887 5,545 3,164 5,813 15,503 26,693 Federal Reserve notes, net 1,438,335 43,441 478,430 44,994 71,091 99,790 196,085 97,221 44,222 25,042 37,300 118,336 182,383 Reverse repurchase agreements (11) 414,938 10,193 236,128 11,266 12,427 25,358 23,224 16,533 5,237 3,059 5,775 14,770 50,968 Deposits 2,552,182 35,195 1,773,495 53,838 44,654 133,099 39,915 65,873 10,738 7,068 19,881 48,398 320,028 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 2,137,209 35,188 1,367,970 53,836 44,650 132,813 39,906 56,758 10,724 7,067 19,880 48,397 320,020 U.S. Treasury, General Account 371,894 0 371,894 0 0 0 0 0 0 0 0 0 0 Foreign official 5,172 2 5,146 2 3 9 2 1 0 0 0 1 6 Other (12) 37,907 5 28,486 0 0 277 7 9,114 13 0 1 1 2 Deferred availability cash items 504 0 0 0 0 0 93 0 0 410 0 0 0 Earnings remittances due to the U.S. Treasury (13) 2,283 64 1,206 71 88 202 141 84 28 15 27 72 286 Other liabilities and accrued dividends 4,656 153 2,095 185 195 493 320 251 141 137 124 209 354 Total liabilities 4,412,898 89,045 2,491,354 110,354 128,454 258,943 259,778 179,962 60,366 35,731 63,107 181,785 554,019 Capital Capital paid in 30,188 1,307 9,741 1,629 2,420 6,571 1,663 1,229 336 127 296 388 4,480 Surplus 10,000 442 3,299 550 762 2,230 555 268 103 43 100 127 1,521 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,453,087 90,795 2,504,394 112,533 131,636 267,744 261,996 181,459 60,804 35,901 63,503 182,301 560,021 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, November 2, 2016 (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. 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. 9. Revalued daily at current foreign currency exchange rates. 10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. 11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States. 13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $10 billion surplus. Note on consolidation: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous page (and in table 1 and table 5), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, 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 Nov 2, 2016 Federal Reserve notes outstanding 1,616,099 Less: Notes held by F.R. Banks not subject to collateralization 177,764 Federal Reserve notes to be collateralized 1,438,335 Collateral held against Federal Reserve notes 1,438,335 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,422,098 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,217,925 Less: Face value of securities under reverse repurchase agreements 388,186 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,829,739 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.