FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 19, 2017 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jan 18, 2017 Federal Reserve Banks Jan 18, 2017 Jan 11, 2017 Jan 20, 2016 Reserve Bank credit 4,413,275 - 368 - 42,939 4,421,934 Securities held outright (1) 4,221,087 - 48 - 27,100 4,230,625 U.S. Treasury securities 2,463,517 - 47 + 2,105 2,463,504 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,339,990 + 887 - 6,649 2,342,206 Notes and bonds, inflation-indexed (2) 105,956 - 741 + 7,422 104,106 Inflation compensation (3) 17,571 - 193 + 1,331 17,192 Federal agency debt securities (2) 16,180 0 - 16,299 16,180 Mortgage-backed securities (4) 1,741,390 - 2 - 12,905 1,750,940 Unamortized premiums on securities held outright (5) 172,269 - 339 - 16,575 172,216 Unamortized discounts on securities held outright (5) -15,050 + 14 + 1,438 -15,102 Repurchase agreements (6) 0 0 0 0 Loans 12 + 7 - 73 48 Primary credit 11 + 8 - 59 46 Secondary credit 0 0 0 0 Seasonal credit 1 - 1 - 13 2 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,705 - 1 - 12 1,705 Float -465 - 97 - 336 -654 Central bank liquidity swaps (8) 615 - 2,116 + 490 615 Other Federal Reserve assets (9) 33,102 + 2,213 - 771 32,481 Foreign currency denominated assets (10) 19,800 + 232 - 133 19,907 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 48,576 + 14 + 983 48,576 Total factors supplying reserve funds 4,497,892 - 122 - 42,088 4,506,657 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 1. Factors Affecting Reserve Balances of Depository Institutions (continued) Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jan 18, 2017 Federal Reserve Banks Jan 18, 2017 Jan 11, 2017 Jan 20, 2016 Currency in circulation (11) 1,503,205 - 2,226 + 88,385 1,503,245 Reverse repurchase agreements (12) 356,772 - 98,080 + 48,146 382,877 Foreign official and international accounts 253,781 - 2,135 + 36,213 252,759 Others 102,991 - 95,945 + 11,933 130,118 Treasury cash holdings 184 + 7 - 96 202 Deposits with F.R. Banks, other than reserve balances 440,568 + 18,351 + 126,379 452,810 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 366,090 - 6,402 + 80,772 396,916 Foreign official 5,166 - 39 - 122 5,165 Other (13) 69,312 + 24,792 + 45,728 50,728 Other liabilities and capital (14) 48,970 + 1,810 + 1,674 48,705 Total factors, other than reserve balances, absorbing reserve funds 2,349,698 - 80,138 + 264,487 2,387,839 Reserve balances with Federal Reserve Banks 2,148,195 + 80,017 - 306,574 2,118,818 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 Jan 18, 2017 Jan 18, 2017 Jan 11, 2017 Jan 20, 2016 Securities held in custody for foreign official and international accounts 3,169,834 - 11,917 - 96,170 3,169,030 Marketable U.S. Treasury securities (1) 2,850,339 - 11,338 - 101,369 2,851,859 Federal agency debt and mortgage-backed securities (2) 260,156 - 564 - 6,848 257,572 Other securities (3) 59,339 - 15 + 12,047 59,599 Securities lent to dealers 19,106 + 2,027 + 6,760 17,888 Overnight facility (4) 19,106 + 2,027 + 6,760 17,888 U.S. Treasury securities 19,057 + 2,026 + 6,785 17,839 Federal agency debt securities 49 + 1 - 25 49 Note: Components may not sum to totals because of rounding. 1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6. 2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities. 3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value. 4. Face value. Fully collateralized by U.S. Treasury securities. 2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, January 18, 2017 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 48 0 0 0 0 ... 48 U.S. Treasury securities (1) Holdings 7,356 34,350 153,341 1,233,270 405,075 630,113 2,463,504 Weekly changes + 4,253 - 6,899 + 2,576 + 955 + 2,087 - 3,014 - 44 Federal agency debt securities (2) Holdings 0 4,351 7,438 2,044 0 2,347 16,180 Weekly changes 0 + 1,500 - 1,500 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 83 10,857 1,740,000 1,750,940 Weekly changes 0 0 0 - 1 - 38 + 9,582 + 9,542 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 615 0 0 0 0 0 615 Reverse repurchase agreements (4) 382,877 0 ... ... ... ... 382,877 Term deposits 0 0 0 ... ... ... 0 Note: Components may not sum to totals because of rounding. ...Not applicable. 1. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities. 2. Face value. 3. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 4. Cash value of agreements. 5. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Account name Wednesday Jan 18, 2017 Mortgage-backed securities held outright (1) 1,750,940 Commitments to buy mortgage-backed securities (2) 40,514 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 1 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Account name Wednesday Jan 18, 2017 Net portfolio holdings of Maiden Lane LLC (1) 1,705 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 Jan 18, 2017 Wednesday Wednesday consolidation Jan 11, 2017 Jan 20, 2016 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,911 + 21 - 39 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,387,787 + 9,191 - 27,289 Securities held outright (1) 4,230,625 + 9,500 - 12,364 U.S. Treasury securities 2,463,504 - 44 + 2,108 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,342,206 + 3,103 - 4,433 Notes and bonds, inflation-indexed (2) 104,106 - 2,591 + 5,572 Inflation compensation (3) 17,192 - 556 + 969 Federal agency debt securities (2) 16,180 0 - 15,138 Mortgage-backed securities (4) 1,750,940 + 9,542 + 665 Unamortized premiums on securities held outright (5) 172,216 - 304 - 16,329 Unamortized discounts on securities held outright (5) -15,102 - 48 + 1,375 Repurchase agreements (6) 0 0 0 Loans 48 + 43 + 28 Net portfolio holdings of Maiden Lane LLC (7) 1,705 + 1 - 12 Items in process of collection (0) 115 + 17 - 112 Bank premises 2,204 + 1 - 33 Central bank liquidity swaps (8) 615 - 2,011 + 490 Foreign currency denominated assets (9) 19,907 + 402 - 42 Other assets (10) 30,277 + 626 - 1,045 Total assets (0) 4,460,758 + 8,249 - 28,082 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Jan 18, 2017 Wednesday Wednesday consolidation Jan 11, 2017 Jan 20, 2016 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,456,778 - 823 + 87,727 Reverse repurchase agreements (11) 382,877 - 32,048 + 59,903 Deposits (0) 2,571,628 + 39,557 - 178,823 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,118,818 + 7,891 - 293,260 U.S. Treasury, General Account 396,916 + 27,906 + 78,167 Foreign official 5,165 - 1 - 66 Other (12) (0) 50,728 + 3,760 + 36,335 Deferred availability cash items (0) 769 + 83 + 346 Other liabilities and accrued dividends (13) 8,260 + 1,480 + 1,822 Total liabilities (0) 4,420,312 + 8,249 - 29,024 Capital accounts Capital paid in 30,446 - 1 + 942 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 40,446 - 1 + 942 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, January 18, 2017 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 1,911 53 74 161 135 310 193 285 31 53 114 193 308 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,387,787 107,786 2,496,918 119,137 131,405 268,151 245,584 174,869 55,377 32,350 61,067 156,180 538,963 Securities held outright (1) 4,230,625 103,926 2,407,509 114,871 126,700 258,549 236,785 168,569 53,394 31,191 58,879 150,588 519,664 U.S. Treasury securities 2,463,504 60,517 1,401,899 66,890 73,778 150,554 137,880 98,158 31,091 18,162 34,286 87,688 302,602 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,463,504 60,517 1,401,899 66,890 73,778 150,554 137,880 98,158 31,091 18,162 34,286 87,688 302,602 Federal agency debt securities (2) 16,180 397 9,208 439 485 989 906 645 204 119 225 576 1,987 Mortgage-backed securities (4) 1,750,940 43,012 996,402 47,542 52,438 107,006 97,999 69,766 22,098 12,909 24,369 62,324 215,075 Unamortized premiums on securities held outright (5) 172,216 4,231 98,002 4,676 5,158 10,525 9,639 6,862 2,174 1,270 2,397 6,130 21,154 Unamortized discounts on securities held outright (5) -15,102 -371 -8,594 -410 -452 -923 -845 -602 -191 -111 -210 -538 -1,855 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 48 0 0 0 0 0 6 40 0 1 1 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,705 0 1,705 0 0 0 0 0 0 0 0 0 0 Items in process of collection 115 0 0 0 0 0 115 0 0 0 0 0 0 Bank premises 2,204 118 437 72 107 203 206 201 113 89 239 223 196 Central bank liquidity swaps (8) 615 27 203 34 47 137 34 16 6 3 6 8 94 Foreign currency denominated assets (9) 19,907 880 6,570 1,095 1,516 4,439 1,105 533 204 85 199 252 3,028 Other assets (10) 30,277 786 16,758 827 914 2,025 1,708 1,211 464 243 479 1,138 3,724 Interdistrict settlement account 0 - 17,989 + 42,125 - 9,113 - 14,467 - 29,315 + 9,162 + 8,537 + 1,489 + 1,717 + 2,323 + 16,620 - 11,088 Total assets 4,460,758 92,211 2,570,194 112,782 120,481 247,122 260,302 186,830 58,195 34,823 64,875 175,772 537,170 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 6. Statement of Condition of Each Federal Reserve Bank, January 18, 2017 (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 1,641,314 53,600 534,552 51,715 80,781 118,319 224,699 108,727 49,268 28,199 45,435 136,275 209,744 Less: Notes held by F.R. Banks 184,536 6,024 47,444 6,655 9,481 14,636 26,900 12,491 5,558 3,244 6,025 17,504 28,572 Federal Reserve notes, net 1,456,778 47,575 487,108 45,061 71,300 103,683 197,798 96,236 43,710 24,955 39,410 118,771 181,172 Reverse repurchase agreements (11) 382,877 9,405 217,883 10,396 11,467 23,399 21,429 15,256 4,832 2,823 5,329 13,628 47,030 Deposits 2,571,628 33,236 1,847,753 54,869 34,182 110,525 38,026 73,430 9,049 6,197 19,584 42,547 302,232 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 2,118,818 33,229 1,411,005 54,866 34,178 110,402 38,017 57,546 9,027 6,196 19,583 42,545 302,224 U.S. Treasury, General Account 396,916 0 396,916 0 0 0 0 0 0 0 0 0 0 Foreign official 5,165 2 5,138 2 3 9 2 1 0 0 0 1 6 Other (12) 50,728 5 34,694 0 0 114 7 15,883 22 0 1 1 2 Deferred availability cash items 769 0 0 0 0 0 239 0 0 530 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,962 58 1,020 64 80 182 121 64 26 12 25 63 248 Other liabilities and accrued dividends 6,298 175 3,384 206 212 519 360 302 143 136 132 246 483 Total liabilities 4,420,312 90,449 2,557,148 110,595 117,240 238,307 257,973 185,288 57,760 34,652 64,479 175,256 531,165 Capital Capital paid in 30,446 1,320 9,748 1,637 2,479 6,585 1,774 1,274 333 129 296 389 4,483 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 4,460,758 92,211 2,570,194 112,782 120,481 247,122 260,302 186,830 58,195 34,823 64,875 175,772 537,170 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 6. Statement of Condition of Each Federal Reserve Bank, January 18, 2017 (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 Jan 18, 2017 Federal Reserve notes outstanding 1,641,314 Less: Notes held by F.R. Banks not subject to collateralization 184,536 Federal Reserve notes to be collateralized 1,456,778 Collateral held against Federal Reserve notes 1,456,778 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,440,541 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,230,625 Less: Face value of securities under reverse repurchase agreements 369,555 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,861,069 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.