FRB: H.4.1 Release--Factors Affecting Reserve Balances--May 21, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks May 21, 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 May 20, 2015
Federal Reserve Banks May 20, 2015 May 13, 2015 May 21, 2014

Reserve Bank credit 4,443,185 + 3,951 + 166,315 4,442,039
Securities held outright (1) 4,233,251 + 14,650 + 173,566 4,233,844
U.S. Treasury securities 2,460,430 + 152 + 97,246 2,460,486
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,643 0 + 94,518 2,346,643
Notes and bonds, inflation-indexed (2) 98,534 0 + 2,466 98,534
Inflation compensation (3) 15,254 + 153 + 264 15,309
Federal agency debt securities (2) 35,895 0 - 8,187 35,895
Mortgage-backed securities (4) 1,736,926 + 14,498 + 84,507 1,737,463
Unamortized premiums on securities held outright (5) 200,593 + 172 - 9,311 200,464
Unamortized discounts on securities held outright (5) -17,732 + 30 + 129 -17,719
Repurchase agreements (6) 120 + 120 + 120 620
Loans 93 + 21 - 45 95
Primary credit 4 0 - 10 4
Secondary credit 0 0 0 0
Seasonal credit 89 + 21 + 45 91
Term Asset-Backed Securities Loan Facility (7) 0 0 - 81 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,697 + 9 + 41 1,697
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 - 91 0
Float -424 + 51 + 187 -416
Central bank liquidity swaps (11) 0 0 - 300 0
Other Federal Reserve assets (12) 25,585 - 11,104 + 2,102 23,454
Foreign currency denominated assets (13) 20,150 + 66 - 3,951 19,796
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,769 + 14 + 907 46,769

Total factors supplying reserve funds 4,526,345 + 4,030 + 163,270 4,524,846

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 May 20, 2015
Federal Reserve Banks May 20, 2015 May 13, 2015 May 21, 2014

Currency in circulation (14) 1,364,128 + 472 + 88,681 1,366,219
Reverse repurchase agreements (15) 256,025 + 16,481 - 55,831 308,260
Foreign official and international accounts 154,324 + 4,750 + 47,931 153,915
Others 101,700 + 11,729 - 103,763 154,345
Treasury cash holdings 195 - 28 - 10 175
Deposits with F.R. Banks, other than reserve balances 204,493 - 28,137 + 150,960 196,962
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 181,641 - 34,570 + 143,896 173,749
Foreign official 5,239 + 3 - 2,556 5,231
Other (16) 17,614 + 6,431 + 9,622 17,982
Other liabilities and capital (17) 66,386 - 559 + 2,081 65,085

Total factors, other than reserve balances,
absorbing reserve funds 1,891,227 - 11,771 + 185,881 1,936,700

Reserve balances with Federal Reserve Banks 2,635,118 + 15,801 - 22,611 2,588,146

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 May 20, 2015
May 20, 2015 May 13, 2015 May 21, 2014

Securities held in custody for foreign official and
international accounts 3,324,628 + 8,031 + 52,405 3,321,464
Marketable U.S. Treasury securities (1) 2,989,773 + 3,485 + 52,363 2,987,685
Federal agency debt and mortgage-backed securities (2) 289,368 + 4,145 - 3,083 288,205
Other securities (3) 45,487 + 401 + 3,125 45,574
Securities lent to dealers 11,895 + 640 + 2,077 10,613
Overnight facility (4) 11,895 + 640 + 2,077 10,613
U.S. Treasury securities 11,628 + 653 + 2,756 10,348
Federal agency debt securities 266 - 14 - 680 265

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS.
Does not include securities pledged as collateral to foreign official and international account holders
against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.
2. Face value of federal agency securities and current face value of mortgage-backed securities, which
is the remaining principal balance of the securities.
3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed
securities, and commercial paper at face value.
4. Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, May 20, 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 90 5 0 0 0 ... 95
U.S. Treasury securities (1)
Holdings 0 1,289 104,318 1,119,196 591,648 644,035 2,460,486
Weekly changes - 1,448 + 1,287 + 12,735 + 28,470 - 41,355 + 463 + 152
Federal agency debt securities (2)
Holdings 0 802 9,997 22,749 0 2,347 35,895
Weekly changes 0 0 + 2,000 - 2,000 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 25 9,710 1,727,728 1,737,463
Weekly changes 0 0 0 0 + 196 - 6,572 - 6,377
Repurchase agreements (4) 620 0 ... ... ... ... 620
Central bank liquidity swaps (5) 0 0 0 0 0 0 0

Reverse repurchase agreements (4) 308,260 0 ... ... ... ... 308,260
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
May 20, 2015

Mortgage-backed securities held outright (1) 1,737,463

Commitments to buy mortgage-backed securities (2) 32,077
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
May 20, 2015

Net portfolio holdings of Maiden Lane LLC (1) 1,697

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 March 31, 2015. Any assets purchased after this
valuation date are initially recorded at cost until their estimated fair value as of the purchase date
becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's
statement of condition consistent with consolidation under generally accepted accounting principles. Refer
to the note on consolidation accompanying table 6.
3. Book value. The fair value of these obligations is included in other liabilities and capital in
table 1 and in other liabilities and accrued dividends in table 5 and table 6.

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

5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from May 20, 2015 Wednesday Wednesday
consolidation May 13, 2015 May 21, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,816 - 4 - 78
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,417,304 - 6,110 + 157,981
Securities held outright (1) 4,233,844 - 6,225 + 166,711
U.S. Treasury securities 2,460,486 + 152 + 93,250
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,643 0 + 90,524
Notes and bonds, inflation-indexed (2) 98,534 0 + 2,466
Inflation compensation (3) 15,309 + 152 + 260
Federal agency debt securities (2) 35,895 0 - 8,187
Mortgage-backed securities (4) 1,737,463 - 6,377 + 81,648
Unamortized premiums on securities held outright
(5) 200,464 - 547 - 9,471
Unamortized discounts on securities held outright
(5) -17,719 + 31 + 174
Repurchase agreements (6) 620 + 620 + 620
Loans 95 + 10 - 52
Net portfolio holdings of Maiden Lane LLC (7) 1,697 0 + 41
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 - 91
Items in process of collection (0) 81 + 18 - 8
Bank premises 2,241 + 2 - 28
Central bank liquidity swaps (10) 0 0 - 300
Foreign currency denominated assets (11) 19,796 - 461 - 4,254
Other assets (12) 21,213 - 14,248 - 353

Total assets (0) 4,480,384 - 20,804 + 152,824

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 May 20, 2015 Wednesday Wednesday
consolidation May 13, 2015 May 21, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,321,436 + 1,415 + 87,845
Reverse repurchase agreements (13) 308,260 + 64,491 - 16,441
Deposits (0) 2,785,107 - 83,286 + 79,870
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 2,588,146 - 55,699 - 69,987
U.S. Treasury, General Account 173,749 - 31,643 + 142,621
Foreign official 5,231 0 - 2,546
Other (14) (0) 17,982 + 4,057 + 9,784
Deferred availability cash items (0) 497 - 103 - 156
Other liabilities and accrued dividends (15) 6,985 - 3,343 - 51

Total liabilities (0) 4,422,284 - 20,827 + 151,067

Capital accounts
Capital paid in 29,050 + 11 + 878
Surplus 29,050 + 11 + 878
Other capital accounts 0 0 0

Total capital 58,101 + 24 + 1,758

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt
securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an
effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation accompanying table 6.
8. Fair value. Fair value reflects an estimate of the price that would be received upon selling an
asset if the transaction were to be conducted in an orderly market on the measurement date. Refer to the
note on consolidation accompanying table 6.
9. Refer to the note on consolidation accompanying table 6.
10. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
11. Revalued daily at current foreign currency exchange rates.
12. Includes accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
14. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, and designated financial market utilities.
15. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

6. Statement of Condition of Each Federal Reserve Bank, May 20, 2015
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Assets
Gold certificate account 11,037 347 3,709 340 505 783 1,600 734 299 171 288 891 1,370
Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574
Coin 1,816 34 65 128 122 295 188 269 23 46 146 186 314
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,417,304 111,976 2,651,704 109,863 106,200 239,914 248,756 164,136 46,069 26,906 57,391 142,296 512,092
Securities held outright (1) 4,233,844 107,326 2,541,627 105,303 101,792 229,955 238,417 157,306 44,153 25,749 55,000 136,386 490,832
U.S. Treasury securities 2,460,486 62,372 1,477,059 61,196 59,156 133,638 138,555 91,418 25,659 14,964 31,963 79,260 285,245
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,460,486 62,372 1,477,059 61,196 59,156 133,638 138,555 91,418 25,659 14,964 31,963 79,260 285,245
Federal agency debt securities (2) 35,895 910 21,548 893 863 1,950 2,021 1,334 374 218 466 1,156 4,161
Mortgage-backed securities (4) 1,737,463 44,044 1,043,020 43,214 41,773 94,368 97,840 64,554 18,119 10,567 22,571 55,969 201,425
Unamortized premiums on securities held
outright (5) 200,464 5,082 120,341 4,986 4,820 10,888 11,289 7,448 2,091 1,219 2,604 6,458 23,240
Unamortized discounts on securities
held outright (5) -17,719 -449 -10,637 -441 -426 -962 -998 -658 -185 -108 -230 -571 -2,054
Repurchase agreements (6) 620 16 372 15 15 34 35 23 6 4 8 20 72
Loans 95 2 0 0 0 0 14 17 4 42 9 3 3
Net portfolio holdings of Maiden
Lane LLC (7) 1,697 0 1,697 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 81 0 0 0 0 0 80 0 0 1 0 0 0
Bank premises 2,241 125 432 74 109 217 210 201 120 94 240 221 198
Central bank liquidity swaps (10) 0 0 0 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 19,796 897 6,383 1,106 1,543 4,542 1,126 532 184 83 208 285 2,906
Other assets (12) 21,213 581 12,197 542 525 1,327 1,210 796 322 163 317 775 2,459
Interdistrict settlement account 0 + 11,341 - 74,755 + 6,573 + 14,749 + 7,191 - 10,221 + 8,019 + 3,761 + 4,579 + 4,557 + 8,233 + 15,974

Total assets 4,480,384 125,497 2,603,250 118,837 123,989 254,681 243,603 175,111 50,928 32,132 63,300 153,169 535,887

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, May 20, 2015 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Liabilities
Federal Reserve notes outstanding 1,502,591 50,408 481,761 50,891 78,431 104,378 208,718 106,437 44,799 26,745 41,911 120,197 187,913
Less: Notes held by F.R. Banks 181,155 5,330 62,239 5,356 9,368 12,217 23,207 11,344 4,800 2,875 4,750 14,009 25,660
Federal Reserve notes, net 1,321,436 45,079 419,521 45,535 69,064 92,161 185,512 95,093 39,999 23,871 37,161 106,188 162,253
Reverse repurchase agreements (13) 308,260 7,814 185,052 7,667 7,411 16,743 17,359 11,453 3,215 1,875 4,004 9,930 35,737
Deposits 2,785,107 69,796 1,976,059 62,173 42,782 132,035 36,697 66,661 7,001 5,792 21,384 35,937 328,789
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 2,588,146 69,792 1,779,312 62,134 42,779 131,891 36,688 66,658 7,000 5,792 21,383 35,935 328,781
U.S. Treasury, General Account 173,749 0 173,749 0 0 0 0 0 0 0 0 0 0
Foreign official 5,231 2 5,204 2 3 9 2 1 0 0 0 1 6
Other (14) 17,982 3 17,795 37 0 135 7 2 0 0 1 1 2
Deferred availability cash items 497 0 0 0 0 0 303 0 0 194 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,225 19 891 12 0 -21 72 46 10 5 16 49 126
Other liabilities and accrued
dividends 5,759 189 2,713 227 247 623 380 281 141 140 129 206 484

Total liabilities 4,422,284 122,897 2,584,237 115,614 119,503 241,540 240,323 173,534 50,365 31,876 62,695 152,311 527,389

Capital
Capital paid in 29,050 1,300 9,507 1,612 2,243 6,571 1,640 788 281 128 303 429 4,249
Surplus 29,050 1,300 9,507 1,612 2,243 6,571 1,640 788 281 128 303 429 4,249
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,480,384 125,497 2,603,250 118,837 123,989 254,681 243,603 175,111 50,928 32,132 63,300 153,169 535,887

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, May 20, 2015 (continued)

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

Note on consolidation:

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

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

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
May 20, 2015

Federal Reserve notes outstanding 1,502,591
Less: Notes held by F.R. Banks not subject to collateralization 181,155
Federal Reserve notes to be collateralized 1,321,436
Collateral held against Federal Reserve notes 1,321,436
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,305,199
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,234,464
Less: Face value of securities under reverse repurchase agreements 286,286
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,948,178

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