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

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks February 5, 2015

1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Feb 4, 2015
Federal Reserve Banks Feb 4, 2015 Jan 28, 2015 Feb 5, 2014

Reserve Bank credit 4,461,489 - 7,260 + 398,695 4,461,184
Securities held outright (1) 4,236,986 - 6,981 + 403,321 4,236,920
U.S. Treasury securities 2,460,720 - 136 + 213,694 2,460,652
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,711 - 1 + 205,633 2,346,711
Notes and bonds, inflation-indexed (2) 98,469 0 + 5,854 98,469
Inflation compensation (3) 15,540 - 135 + 2,207 15,472
Federal agency debt securities (2) 37,588 0 - 16,823 37,588
Mortgage-backed securities (4) 1,738,678 - 6,846 + 206,450 1,738,680
Unamortized premiums on securities held outright (5) 205,530 - 549 - 3,204 205,371
Unamortized discounts on securities held outright (5) -18,240 + 33 - 4,062 -18,227
Repurchase agreements (6) 0 0 0 0
Loans 50 + 11 - 58 14
Primary credit 44 + 13 + 39 11
Secondary credit 0 0 0 0
Seasonal credit 5 - 4 - 3 3
Term Asset-Backed Securities Loan Facility (7) 0 0 - 96 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,686 + 5 + 107 1,686
Net portfolio holdings of Maiden Lane II LLC (9) 0 0 - 63 0
Net portfolio holdings of Maiden Lane III LLC (9) 0 0 - 22 0
Net portfolio holdings of TALF LLC (10) 0 0 - 108 0
Float -382 - 15 + 132 -466
Central bank liquidity swaps (11) 0 - 2 - 359 0
Other Federal Reserve assets (12) 35,859 + 240 + 3,012 35,887
Foreign currency denominated assets (13) 20,328 + 56 - 3,529 20,396
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,425 + 14 + 817 46,425

Total factors supplying reserve funds 4,544,483 - 7,189 + 395,984 4,544,246

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 Feb 4, 2015
Federal Reserve Banks Feb 4, 2015 Jan 28, 2015 Feb 5, 2014

Currency in circulation (14) 1,331,027 + 2,052 + 102,392 1,335,044
Reverse repurchase agreements (15) 285,328 + 27,846 + 88,963 265,650
Foreign official and international accounts 122,203 + 6,238 + 23,101 120,000
Others 163,126 + 21,609 + 65,863 145,650
Treasury cash holdings 202 - 14 - 59 202
Deposits with F.R. Banks, other than reserve balances 180,792 - 56,663 + 63,283 171,668
Term deposits held by depository institutions 0 0 - 12,822 0
U.S. Treasury, General Account 167,272 - 33,920 + 87,191 157,250
Foreign official 5,324 + 94 - 2,647 5,213
Other (16) 8,196 - 22,837 - 8,439 9,204
Other liabilities and capital (17) 62,870 + 479 - 584 62,872

Total factors, other than reserve balances,
absorbing reserve funds 1,860,220 - 26,299 + 253,996 1,835,435

Reserve balances with Federal Reserve Banks 2,684,263 + 19,110 + 141,987 2,708,811

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 Feb 4, 2015
Feb 4, 2015 Jan 28, 2015 Feb 5, 2014

Securities held in custody for foreign official and
international accounts 3,257,883 - 12,988 - 66,277 3,257,215
Marketable U.S. Treasury securities (1) 2,928,578 - 13,571 - 43,576 2,927,711
Federal agency debt and mortgage-backed securities (2) 286,786 + 518 - 20,349 286,871
Other securities (3) 42,520 + 66 - 2,351 42,633
Securities lent to dealers 8,899 - 1,438 - 1,623 10,311
Overnight facility (4) 8,899 - 1,438 - 1,623 10,311
U.S. Treasury securities 8,454 - 1,410 - 907 9,880
Federal agency debt securities 446 - 26 - 715 431

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, February 4, 2015

Millions of dollars
Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All
days 90 days 1 year to 5 years to 10 years years

Loans 11 3 0 0 0 ... 14
U.S. Treasury securities (1)
Holdings 2 453 4,976 1,118,003 687,683 649,534 2,460,652
Weekly changes + 2 + 447 + 1,462 + 4,082 - 6,044 - 101 - 152
Federal agency debt securities (2)
Holdings 711 982 4,577 28,971 0 2,347 37,588
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 15 7,875 1,730,790 1,738,680
Weekly changes 0 0 0 + 1 + 1,139 - 1,132 + 8
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 0 0 0 0 0 0 0

Reverse repurchase agreements (4) 265,650 0 ... ... ... ... 265,650
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
Feb 4, 2015

Mortgage-backed securities held outright (1) 1,738,680

Commitments to buy mortgage-backed securities (2) 31,265
Commitments to sell mortgage-backed securities (2) 377

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
Feb 4, 2015

Net portfolio holdings of Maiden Lane LLC (1) 1,686

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0
Accrued interest payable to the Federal Reserve Bank of New York (2) 0
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 0

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an
asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued
quarterly. This table reflects valuations as of September 30, 2014. Any assets purchased after this
valuation date are initially recorded at cost until their estimated fair value as of the purchase date
becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's
statement of condition consistent with consolidation under generally accepted accounting principles. Refer
to the note on consolidation accompanying table 6.
3. Book value. The fair value of these obligations is included in other liabilities and capital in
table 1 and in other liabilities and accrued dividends in table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC
under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to
acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit
extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior
loan from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were
repaid in full, with interest.

5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Feb 4, 2015 Wednesday Wednesday
consolidation Jan 28, 2015 Feb 5, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,955 + 4 - 82
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,424,078 - 500 + 393,116
Securities held outright (1) 4,236,920 - 144 + 400,305
U.S. Treasury securities 2,460,652 - 152 + 207,679
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,711 - 1 + 199,683
Notes and bonds, inflation-indexed (2) 98,469 0 + 5,854
Inflation compensation (3) 15,472 - 152 + 2,141
Federal agency debt securities (2) 37,588 0 - 13,823
Mortgage-backed securities (4) 1,738,680 + 8 + 206,449
Unamortized premiums on securities held outright
(5) 205,371 - 371 - 3,261
Unamortized discounts on securities held outright
(5) -18,227 + 31 - 3,838
Repurchase agreements (6) 0 0 0
Loans 14 - 16 - 89
Net portfolio holdings of Maiden Lane LLC (7) 1,686 0 + 107
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 - 108
Items in process of collection (0) 110 - 28 - 15
Bank premises 2,253 - 9 - 27
Central bank liquidity swaps (10) 0 - 1 - 359
Foreign currency denominated assets (11) 20,396 + 94 - 3,484
Other assets (12) 33,634 + 722 + 2,001

Total assets (0) 4,500,348 + 284 + 391,063

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 Feb 4, 2015 Wednesday Wednesday
consolidation Jan 28, 2015 Feb 5, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,290,772 + 4,955 + 103,621
Reverse repurchase agreements (13) 265,650 - 15,840 + 69,536
Deposits (0) 2,880,478 + 10,267 + 218,342
Term deposits held by depository institutions 0 0 - 12,822
Other deposits held by depository institutions 2,708,811 + 46,231 + 161,911
U.S. Treasury, General Account 157,250 - 37,061 + 79,827
Foreign official 5,213 + 2 - 2,758
Other (14) (0) 9,204 + 1,096 - 7,816
Deferred availability cash items (0) 576 + 91 - 196
Other liabilities and accrued dividends (15) 5,660 + 745 - 2,311

Total liabilities (0) 4,443,136 + 219 + 388,992

Capital accounts
Capital paid in 28,606 + 33 + 1,035
Surplus 28,606 + 33 + 1,035
Other capital accounts 0 0 0

Total capital 57,212 + 65 + 2,071

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, February 4, 2015
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Assets
Gold certificate account 11,037 352 4,125 338 464 824 1,349 706 278 173 291 880 1,257
Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574
Coin 1,955 33 80 130 127 313 210 286 24 47 158 194 351
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,424,078 89,491 2,715,339 105,987 96,593 247,264 244,560 180,819 54,568 27,112 58,277 134,802 469,265
Securities held outright (1) 4,236,920 85,705 2,600,467 101,504 92,507 236,804 234,214 173,169 52,259 25,965 55,810 129,100 449,414
U.S. Treasury securities 2,460,652 49,775 1,510,258 58,950 53,725 137,528 136,023 100,570 30,350 15,080 32,413 74,977 261,004
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,460,652 49,775 1,510,258 58,950 53,725 137,528 136,023 100,570 30,350 15,080 32,413 74,977 261,004
Federal agency debt securities (2) 37,588 760 23,070 900 821 2,101 2,078 1,536 464 230 495 1,145 3,987
Mortgage-backed securities (4) 1,738,680 35,170 1,067,138 41,653 37,961 97,176 96,113 71,062 21,445 10,655 22,902 52,978 184,424
Unamortized premiums on securities held
outright (5) 205,371 4,154 126,049 4,920 4,484 11,478 11,353 8,394 2,533 1,259 2,705 6,258 21,784
Unamortized discounts on securities
held outright (5) -18,227 -369 -11,187 -437 -398 -1,019 -1,008 -745 -225 -112 -240 -555 -1,933
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 14 0 10 0 0 0 0 2 1 0 2 0 0
Net portfolio holdings of Maiden
Lane LLC (7) 1,686 0 1,686 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane II LLC (8) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane III LLC (8) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF LLC (9) 0 0 0 0 0 0 0 0 0 0 0 0 0
Items in process of collection 110 0 0 0 0 0 109 0 0 0 0 0 0
Bank premises 2,253 124 435 75 110 219 211 200 121 95 241 222 200
Central bank liquidity swaps (10) 0 0 0 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 20,396 925 6,576 1,140 1,590 4,680 1,160 548 190 86 215 294 2,995
Other assets (12) 33,634 731 20,106 820 752 2,063 1,892 1,388 497 244 482 1,077 3,580
Interdistrict settlement account 0 + 28,769 - 159,350 + 2,526 + 23,506 + 10,087 - 2,011 - 5,922 - 2,618 + 5,567 + 6,294 + 19,410 + 73,740

Total assets 4,500,348 120,621 2,590,814 111,226 123,379 265,862 248,135 178,450 53,211 33,415 66,111 157,161 551,962

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, February 4, 2015 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Liabilities
Federal Reserve notes outstanding 1,485,780 48,801 475,564 48,664 71,333 104,630 212,142 102,847 43,226 25,579 40,814 121,529 190,652
Less: Notes held by F.R. Banks 195,008 5,804 67,423 6,050 10,320 12,931 24,074 12,225 5,148 3,131 5,438 15,302 27,162
Federal Reserve notes, net 1,290,772 42,996 408,141 42,614 61,013 91,700 188,068 90,622 38,077 22,447 35,376 106,227 163,491
Reverse repurchase agreements (13) 265,650 5,374 163,046 6,364 5,800 14,847 14,685 10,857 3,277 1,628 3,499 8,094 28,178
Deposits 2,880,478 69,486 1,998,657 58,834 51,883 145,613 41,249 75,112 11,170 8,846 26,482 41,792 351,355
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 2,708,811 69,479 1,827,244 58,807 51,879 145,431 41,240 75,099 11,170 8,846 26,480 41,789 351,345
U.S. Treasury, General Account 157,250 0 157,250 0 0 0 0 0 0 0 0 0 0
Foreign official 5,213 2 5,185 2 3 9 2 1 0 0 0 1 6
Other (14) 9,204 5 8,978 24 0 172 7 12 0 0 1 2 4
Deferred availability cash items 576 0 0 0 0 0 461 0 0 115 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 927 42 126 47 43 122 125 84 34 14 48 58 183
Other liabilities and accrued
dividends (16) 4,733 132 2,428 173 179 466 291 238 119 125 106 168 309

Total liabilities 4,443,136 118,030 2,572,399 108,032 118,917 252,747 244,878 176,914 52,677 33,175 65,511 156,339 543,515

Capital
Capital paid in 28,606 1,296 9,208 1,597 2,231 6,557 1,629 768 267 120 300 411 4,224
Surplus 28,606 1,296 9,208 1,597 2,231 6,557 1,629 768 267 120 300 411 4,224
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,500,348 120,621 2,590,814 111,226 123,379 265,862 248,135 178,450 53,211 33,415 66,111 157,161 551,962

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, February 4, 2015 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt
securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation below.
8. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Refer
to the note on consolidation below.
9. Refer to the note on consolidation below.
10. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals
the market exchange rate used when the foreign currency was acquired from the foreign central bank.
11. Revalued daily at current foreign currency exchange rates.
12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
15. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank's net earnings are not sufficient to equate surplus to
capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the
Federal Reserve Bank's earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy, which requires
the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends, and the amount
necessary to equate surplus with capital paid-in.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan
was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to Maiden Lane LLC
was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC was repaid in full, with
interest. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the
American International Group, Inc. had written credit default swap contracts. On June 14, 2012, the loan from FRBNY to Maiden Lane III was repaid in full, with interest. On December 12, 2008, a
loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American
International Group, Inc. On March 1, 2012, the loan from FRBNY to Maiden Lane II was repaid in full, with interest. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to
extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended
under the Term Asset-Backed Securities Loan Facility. On January 15, 2013 the FRBNY's commitment to extend credit to TALF LLC was eliminated.

The FRBNY was the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY was primarily responsible for directing the
financial activities of TALF LLC. The FRBNY was the primary beneficiary of the other LLCs cited above because it received a majority of any residual returns of the LLCs and absorbed a majority of any
residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs were consolidated with the assets and liabilities of the FRBNY
in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs were eliminated, the net
assets of the LLCs appeared as assets on the previous page (and in table 1 and table 5), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to
the portfolio holdings of the LLCs, were included in other liabilities in this table (and table 1 and table 5).

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Feb 4, 2015

Federal Reserve notes outstanding 1,485,780
Less: Notes held by F.R. Banks not subject to collateralization 195,008
Federal Reserve notes to be collateralized 1,290,772
Collateral held against Federal Reserve notes 1,290,772
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,274,535
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,236,920
Less: Face value of securities under reverse repurchase agreements 238,348
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,998,572

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