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Release Date: March 01, 2018
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FEDERAL RESERVE statistical release
For Release at
4:30 P.M. EST
March 1, 2018
Publication Note
The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks," has been modified to reflect the policies under which Federal
Reserve Banks make payments of their residual net earnings to the U.S. Treasury.? The "Bipartisan Budget Act of
2018" ("Budget Act"), which was enacted on February 9, 2018, requires that aggregate Federal Reserve Bank
capital surplus not exceed $7.5 billion.? Therefore, any amount of aggregate Federal Reserve Bank capital surplus
that exceeds this limit will be remitted to the U.S. Treasury. ?
The amounts of the line items "Other liabilities and capital" on table 1, and "Surplus" on tables 5 and 6
reflect the lump-sum payment of approximately $2.5 billion to the Treasury on February 22, 2018, which was
necessary to reduce aggregate Reserve Bank capital surplus to the $7.5 billion limitation in the Budget Act.
FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks March 1, 2018
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 28, 2018
Federal Reserve Banks Feb 28, 2018 Feb 21, 2018 Mar 1, 2017
Reserve Bank credit 4,366,093 - 3,060 - 60,562 4,352,250
Securities held outright (1) 4,200,714 - 2,999 - 45,242 4,188,604
U.S. Treasury securities 2,431,015 - 1,056 - 32,450 2,424,242
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,302,129 - 1,374 - 38,976 2,293,885
Notes and bonds, inflation-indexed (2) 109,743 + 330 + 4,535 111,220
Inflation compensation (3) 19,143 - 12 + 1,990 19,137
Federal agency debt securities (2) 4,391 0 - 8,938 4,391
Mortgage-backed securities (4) 1,765,308 - 1,942 - 3,853 1,759,972
Unamortized premiums on securities held outright (5) 156,309 - 396 - 14,411 156,044
Unamortized discounts on securities held outright (5) -14,093 + 21 + 934 -14,128
Repurchase agreements (6) 0 0 0 0
Loans 23 0 - 28 27
Primary credit 8 + 1 - 41 13
Secondary credit 0 0 0 0
Seasonal credit 14 - 2 + 12 14
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (7) 1,710 - 5 + 5 1,708
Float -371 - 232 + 244 -807
Central bank liquidity swaps (8) 72 + 5 - 1,032 72
Other Federal Reserve assets (9) 21,731 + 547 - 1,029 20,729
Foreign currency denominated assets (10) 22,136 - 173 + 2,262 22,089
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (11) 49,493 + 14 + 810 49,493
Total factors supplying reserve funds 4,453,964 - 3,218 - 57,489 4,440,074
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 28, 2018
Federal Reserve Banks Feb 28, 2018 Feb 21, 2018 Mar 1, 2017
Currency in circulation (11) 1,623,177 + 3,820 + 107,687 1,627,259
Reverse repurchase agreements (12) 255,334 - 3,168 - 164,952 277,458
Foreign official and international accounts 232,828 - 1,531 - 18,334 232,948
Others 22,506 - 1,638 - 146,618 44,510
Treasury cash holdings 295 + 14 + 42 304
Deposits with F.R. Banks, other than reserve balances 297,149 - 10,933 + 31,427 281,688
Term deposits held by depository institutions 0 0 - 16,625 0
U.S. Treasury, General Account 202,620 - 12,057 + 27,124 199,390
Foreign official 5,254 0 + 84 5,255
Other (13) 89,275 + 1,124 + 20,843 77,043
Other liabilities and capital (14) 45,062 - 2,518 - 3,018 45,057
Total factors, other than reserve balances,
absorbing reserve funds 2,221,017 - 12,785 - 28,813 2,231,766
Reserve balances with Federal Reserve Banks 2,232,947 + 9,567 - 28,676 2,208,308
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 securities, Federal agency debt
securities, and 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, designated financial market utilities, and deposits held by depository
institutions in joint accounts in connection with their participation in certain private-sector payment
arrangements. 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 Feb 28, 2018
Feb 28, 2018 Feb 21, 2018 Mar 1, 2017
Securities held in custody for foreign official and
international accounts 3,418,332 + 5,881 + 242,552 3,423,019
Marketable U.S. Treasury securities (1) 3,074,405 + 4,703 + 228,339 3,078,504
Federal agency debt and mortgage-backed securities (2) 263,472 + 1,366 - 3,199 264,291
Other securities (3) 80,455 - 188 + 17,412 80,223
Securities lent to dealers 26,485 - 405 + 7,227 25,925
Overnight facility (4) 26,485 - 405 + 7,227 25,925
U.S. Treasury securities 26,485 - 405 + 7,278 25,925
Federal agency debt securities 0 0 - 51 0
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 28, 2018
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 27 0 0 0 0 ... 27
U.S. Treasury securities (1)
Holdings 0 92,002 326,901 1,081,426 297,846 626,067 2,424,242
Weekly changes - 32,047 0 + 12,529 + 12,261 - 2,369 + 1,802 - 7,824
Federal agency debt securities (2)
Holdings 0 0 1,982 62 0 2,347 4,391
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 1 170 36,089 1,723,712 1,759,972
Weekly changes 0 0 0 - 6 - 627 - 8,693 - 9,326
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 72 0 0 0 0 0 72
Reverse repurchase agreements (4) 277,458 0 ... ... ... ... 277,458
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 28, 2018
Mortgage-backed securities held outright (1) 1,759,972
Commitments to buy mortgage-backed securities (2) 13,714
Commitments to sell mortgage-backed securities (2) 0
Cash and cash equivalents (3) 10
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 28, 2018
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. Assets are
revalued quarterly.
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 28, 2018 Wednesday Wednesday
consolidation Feb 21, 2018 Mar 1, 2017
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,919 - 15 - 23
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,330,547 - 17,741 - 64,839
Securities held outright (1) 4,188,604 - 17,151 - 51,399
U.S. Treasury securities 2,424,242 - 7,824 - 39,246
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,293,885 - 9,618 - 46,526
Notes and bonds, inflation-indexed (2) 111,220 + 1,807 + 5,319
Inflation compensation (3) 19,137 - 12 + 1,962
Federal agency debt securities (2) 4,391 0 - 8,938
Mortgage-backed securities (4) 1,759,972 - 9,326 - 3,214
Unamortized premiums on securities held outright
(5) 156,044 - 561 - 14,390
Unamortized discounts on securities held outright
(5) -14,128 - 23 + 924
Repurchase agreements (6) 0 0 0
Loans 27 - 6 + 25
Net portfolio holdings of Maiden Lane LLC (7) 1,708 - 2 + 3
Items in process of collection (0) 99 - 31 + 20
Bank premises 2,206 + 3 + 10
Central bank liquidity swaps (8) 72 + 5 - 1,060
Foreign currency denominated assets (9) 22,089 - 17 + 2,334
Other assets (10) 18,523 - 461 - 1,062
Total assets (0) 4,393,401 - 18,259 - 64,617
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 28, 2018 Wednesday Wednesday
consolidation Feb 21, 2018 Mar 1, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,579,985 + 5,589 + 104,873
Reverse repurchase agreements (11) 277,458 - 2,712 - 127,430
Deposits (0) 2,489,995 - 19,919 - 40,286
Term deposits held by depository institutions 0 0 - 16,625
Other deposits held by depository institutions 2,208,308 - 7,031 - 99,646
U.S. Treasury, General Account 199,390 - 9,427 + 51,005
Foreign official 5,255 0 + 91
Other (12) (0) 77,043 - 3,459 + 24,889
Deferred availability cash items (0) 906 + 597 + 453
Other liabilities and accrued dividends (13) 5,893 + 603 - 857
Total liabilities (0) 4,354,237 - 15,842 - 63,247
Capital accounts
Capital paid in 31,664 + 83 + 1,130
Surplus 7,500 - 2,500 - 2,500
Other capital accounts 0 0 0
Total capital 39,164 - 2,417 - 1,370
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 securities, Federal agency debt
securities, and 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, designated financial market utilities, and deposits held by depository
institutions in joint accounts in connection with their participation in certain private-sector payment
arrangements. 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, February 28, 2018
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 11,037 349 3,592 348 553 776 1,520 737 341 191 292 916 1,422
Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574
Coin 1,919 57 49 196 130 275 196 306 37 52 113 202 307
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,330,547 84,375 2,438,481 111,812 125,581 253,732 254,910 182,148 57,747 33,766 61,426 173,364 553,208
Securities held outright (1) 4,188,604 81,610 2,358,569 108,148 121,466 245,413 246,557 176,167 55,854 32,656 59,404 167,682 535,079
U.S. Treasury securities 2,424,242 47,233 1,365,071 62,593 70,301 142,038 142,700 101,960 32,327 18,901 34,381 97,050 309,688
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,424,242 47,233 1,365,071 62,593 70,301 142,038 142,700 101,960 32,327 18,901 34,381 97,050 309,688
Federal agency debt securities (2) 4,391 86 2,473 113 127 257 258 185 59 34 62 176 561
Mortgage-backed securities (4) 1,759,972 34,291 991,026 45,442 51,038 103,118 103,598 74,022 23,469 13,722 24,960 70,457 224,830
Unamortized premiums on securities held
outright (5) 156,044 3,040 87,867 4,029 4,525 9,143 9,185 6,563 2,081 1,217 2,213 6,247 19,934
Unamortized discounts on securities
held outright (5) -14,128 -275 -7,955 -365 -410 -828 -832 -594 -188 -110 -200 -566 -1,805
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 27 0 0 0 0 4 0 12 0 3 9 0 0
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 99 0 0 0 0 0 99 0 0 0 0 0 0
Bank premises 2,206 112 452 74 121 197 203 203 109 87 235 221 192
Central bank liquidity swaps (8) 72 3 23 4 6 16 4 3 1 0 1 1 11
Foreign currency denominated
assets (9) 22,089 957 7,085 1,187 1,798 4,770 1,288 924 241 93 214 282 3,250
Other assets (10) 18,523 392 9,874 472 543 1,279 1,105 777 538 157 324 737 2,326
Interdistrict settlement account 0 + 4,232 - 50,470 - 272 - 3,578 + 15,598 + 16,345 + 46,936 + 170 + 2,638 + 4,989 + 514 - 37,101
Total assets 4,393,401 90,673 2,412,612 114,031 125,390 277,054 276,323 232,457 59,333 37,075 67,747 176,519 524,188
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 28, 2018 (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 1,765,751 56,881 602,335 53,950 83,992 119,139 243,141 114,974 52,262 30,842 47,562 139,985 220,686
Less: Notes held by F.R. Banks 185,766 6,968 49,824 6,958 9,843 14,750 25,815 12,693 5,258 3,648 6,294 17,514 26,201
Federal Reserve notes, net 1,579,985 49,913 552,511 46,992 74,148 104,389 217,326 102,281 47,004 27,194 41,268 122,471 194,485
Reverse repurchase agreements (11) 277,458 5,406 156,234 7,164 8,046 16,256 16,332 11,670 3,700 2,163 3,935 11,107 35,444
Deposits 2,489,995 33,513 1,688,922 57,363 39,818 147,361 39,928 116,512 7,896 6,573 22,005 42,182 287,921
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 2,208,308 33,507 1,462,589 57,361 39,815 147,149 39,919 61,407 7,890 6,573 22,003 42,181 287,915
U.S. Treasury, General Account 199,390 0 199,390 0 0 0 0 0 0 0 0 0 0
Foreign official 5,255 2 5,228 2 3 9 2 2 0 0 0 1 6
Other (12) 77,043 5 21,715 0 0 204 7 55,104 6 0 2 0 1
Deferred availability cash items 906 0 0 0 0 0 87 0 0 819 0 0 0
Earnings remittances due to the U.S.
Treasury (13) 1,435 29 776 34 46 68 115 52 24 12 20 73 187
Other liabilities and accrued
dividends 4,458 157 1,824 190 192 502 293 292 131 134 133 209 401
Total liabilities 4,354,237 89,018 2,400,268 111,743 122,250 268,577 274,082 230,806 58,755 36,896 67,361 176,042 518,439
Capital
Capital paid in 31,664 1,336 9,980 1,861 2,535 6,856 1,808 1,332 470 145 312 384 4,645
Surplus 7,500 319 2,364 426 605 1,620 433 318 108 34 74 93 1,104
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and capital 4,393,401 90,673 2,412,612 114,031 125,390 277,054 276,323 232,457 59,333 37,075 67,747 176,519 524,188
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 28, 2018 (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 securities, Federal agency
debt securities, and 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, designated financial market utilities, and deposits held by
depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. 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 $7.5 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
Feb 28, 2018
Federal Reserve notes outstanding 1,765,751
Less: Notes held by F.R. Banks not subject to collateralization 185,766
Federal Reserve notes to be collateralized 1,579,985
Collateral held against Federal Reserve notes 1,579,985
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,563,748
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,188,604
Less: Face value of securities under reverse repurchase agreements 278,733
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,909,871
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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