FEDERAL RESERVE statistical release For Release at 4:30 P.M. EST November 13, 2014 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 removal of table 5 "Information on Principal Accounts of TALF LLC" and the line "Asset-backed securities held by TALF LLC" from table 2 "Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities." Both have been removed because the final Term Asset-Backed Securities Loan Facility loan was repaid on October 29, 2014, and the net portfolio holdings of TALF LLC were reduced to zero on November 6, 2014. In order to provide information on amounts from the previous year, amounts for the "Term Asset-Backed Securities Loan Facility" and the "Net portfolio holdings of TALF LLC" continue to be shown on table 1 "Factors Affecting Reserve Balances of Depository Institutions," and amounts for the net portfolio holdings of TALF LLC also continue to be shown on the renumbered table 5 "Consolidated Statement of Condition of All Federal Reserve Banks." FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 13, 2014 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Nov 12, 2014 Federal Reserve Banks Nov 12, 2014 Nov 5, 2014 Nov 13, 2013 Reserve Bank credit 4,447,564 + 2,448 + 625,434 4,447,931 Securities held outright (1) 4,219,190 + 22 + 628,850 4,219,197 U.S. Treasury securities 2,461,595 + 22 + 329,866 2,461,602 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,713 0 + 317,198 2,346,713 Notes and bonds, inflation-indexed (2) 98,469 0 + 9,880 98,469 Inflation compensation (3) 16,413 + 22 + 2,789 16,420 Federal agency debt securities (2) 39,700 0 - 19,380 39,700 Mortgage-backed securities (4) 1,717,896 + 2 + 318,365 1,717,896 Unamortized premiums on securities held outright (5) 208,545 - 407 + 2,754 208,425 Unamortized discounts on securities held outright (5) -18,643 + 35 - 9,724 -18,632 Repurchase agreements (6) 0 0 0 0 Loans 134 - 24 - 58 131 Primary credit 17 + 9 + 3 15 Secondary credit 0 0 0 0 Seasonal credit 118 - 32 + 40 116 Term Asset-Backed Securities Loan Facility (7) 0 0 - 100 0 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (8) 1,679 0 + 163 1,679 Net portfolio holdings of Maiden Lane II LLC (9) 0 0 - 64 0 Net portfolio holdings of Maiden Lane III LLC (9) 0 0 - 22 0 Net portfolio holdings of TALF LLC (10) 0 - 24 - 110 0 Float -625 - 26 + 16 -1,058 Central bank liquidity swaps (11) 0 - 1 - 272 0 Other Federal Reserve assets (12) 37,283 + 2,872 + 3,900 38,189 Foreign currency denominated assets (13) 21,671 - 328 - 2,256 21,664 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (14) 46,244 + 14 + 810 46,244 Total factors supplying reserve funds 4,531,720 + 2,133 + 623,988 4,532,080 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 1. Factors Affecting Reserve Balances of Depository Institutions (continued) Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Nov 12, 2014 Federal Reserve Banks Nov 12, 2014 Nov 5, 2014 Nov 13, 2013 Currency in circulation (14) 1,310,871 + 8,667 + 88,783 1,313,116 Reverse repurchase agreements (15) 206,374 - 53,065 + 102,898 211,570 Foreign official and international accounts 100,448 - 5,923 - 833 99,889 Others 105,926 - 47,142 + 103,731 111,681 Treasury cash holdings 197 - 5 - 12 194 Deposits with F.R. Banks, other than reserve balances 382,526 + 38,748 + 314,663 373,151 Term deposits held by depository institutions 262,102 + 42,958 + 262,102 262,102 U.S. Treasury, General Account 107,205 - 4,177 + 61,566 95,008 Foreign official 5,249 - 4 - 3,412 5,249 Other (16) 7,971 - 28 - 5,592 10,792 Other liabilities and capital (17) 63,654 + 752 - 1,328 63,353 Total factors, other than reserve balances, absorbing reserve funds 1,963,622 - 4,903 + 505,004 1,961,384 Reserve balances with Federal Reserve Banks 2,568,099 + 7,037 + 118,985 2,570,696 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 Nov 12, 2014 Nov 12, 2014 Nov 5, 2014 Nov 13, 2013 Securities held in custody for foreign official and international accounts 3,309,527 + 6,670 - 14,770 3,304,418 Marketable U.S. Treasury securities (1) 2,983,035 + 6,834 + 20,752 2,978,332 Federal agency debt and mortgage-backed securities (2) 284,804 - 88 - 34,879 284,360 Other securities (3) 41,689 - 76 - 642 41,726 Securities lent to dealers 9,125 - 428 - 965 8,814 Overnight facility (4) 9,125 - 428 - 965 8,814 U.S. Treasury securities 8,475 - 388 - 532 8,103 Federal agency debt securities 650 - 40 - 433 711 Note: Components may not sum to totals because of rounding. 1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6. 2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the securities. 3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value. 4. Face value. Fully collateralized by U.S. Treasury securities. 2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, November 12, 2014 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 36 95 0 0 0 ... 131 U.S. Treasury securities (1) Holdings 88 2 3,193 1,064,665 729,810 663,844 2,461,602 Weekly changes 0 0 0 + 3 + 3 + 15 + 21 Federal agency debt securities (2) Holdings 1,023 1,800 2,731 31,799 0 2,347 39,700 Weekly changes 0 + 711 - 711 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 10 5,321 1,712,564 1,717,896 Weekly changes 0 0 0 0 0 0 0 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 0 0 0 0 0 0 0 Reverse repurchase agreements (4) 211,570 0 ... ... ... ... 211,570 Term deposits 262,102 0 0 ... ... ... 262,102 Note: Components may not sum to totals because of rounding. ...Not applicable. 1. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities. 2. Face value. 3. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 4. Cash value of agreements. 5. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Account name Wednesday Nov 12, 2014 Mortgage-backed securities held outright (1) 1,717,896 Commitments to buy mortgage-backed securities (2) 55,115 Commitments to sell mortgage-backed securities (2) 125 Cash and cash equivalents (3) 2 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Account name Wednesday Nov 12, 2014 Net portfolio holdings of Maiden Lane LLC (1) 1,679 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 Nov 12, 2014 Wednesday Wednesday consolidation Nov 5, 2014 Nov 13, 2013 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,883 0 - 84 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,409,121 - 309 + 580,159 Securities held outright (1) 4,219,197 + 20 + 588,527 U.S. Treasury securities 2,461,602 + 21 + 324,565 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,713 0 + 311,898 Notes and bonds, inflation-indexed (2) 98,469 0 + 9,880 Inflation compensation (3) 16,420 + 20 + 2,787 Federal agency debt securities (2) 39,700 0 - 19,380 Mortgage-backed securities (4) 1,717,896 0 + 283,343 Unamortized premiums on securities held outright (5) 208,425 - 345 + 1,276 Unamortized discounts on securities held outright (5) -18,632 + 30 - 9,598 Repurchase agreements (6) 0 0 0 Loans 131 - 14 - 46 Net portfolio holdings of Maiden Lane LLC (7) 1,679 0 + 162 Net portfolio holdings of Maiden Lane II LLC (8) 0 0 - 64 Net portfolio holdings of Maiden Lane III LLC (8) 0 0 - 22 Net portfolio holdings of TALF LLC (9) 0 - 24 - 110 Items in process of collection (0) 123 + 48 - 2 Bank premises 2,261 + 1 - 25 Central bank liquidity swaps (10) 0 - 1 - 272 Foreign currency denominated assets (11) 21,664 - 91 - 2,319 Other assets (12) 35,928 + 2,686 + 4,047 Total assets (0) 4,488,895 + 2,310 + 581,471 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Nov 12, 2014 Wednesday Wednesday consolidation Nov 5, 2014 Nov 13, 2013 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,268,945 + 5,959 + 90,203 Reverse repurchase agreements (13) 211,570 - 13,025 + 105,300 Deposits (0) 2,943,847 + 7,986 + 389,572 Term deposits held by depository institutions 262,102 + 42,958 + 262,102 Other deposits held by depository institutions 2,570,696 - 29,522 + 81,679 U.S. Treasury, General Account 95,008 - 9,196 + 60,761 Foreign official 5,249 + 1 - 3,404 Other (14) (0) 10,792 + 3,745 - 11,566 Deferred availability cash items (0) 1,181 + 398 - 130 Other liabilities and accrued dividends (15) 6,854 + 974 - 5,128 Total liabilities (0) 4,432,396 + 2,292 + 579,815 Capital accounts Capital paid in 28,250 + 10 + 829 Surplus 28,250 + 10 + 829 Other capital accounts 0 0 0 Total capital 56,499 + 18 + 1,656 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, November 12, 2014 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 1,883 31 88 121 117 310 222 273 20 45 150 177 330 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,409,121 89,186 2,706,077 105,626 96,264 246,421 243,739 180,211 54,387 27,092 58,099 134,351 467,668 Securities held outright (1) 4,219,197 85,347 2,589,590 101,079 92,120 235,814 233,235 172,444 52,041 25,857 55,577 128,560 447,535 U.S. Treasury securities 2,461,602 49,794 1,510,841 58,972 53,745 137,581 136,076 100,609 30,362 15,086 32,425 75,006 261,105 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,602 49,794 1,510,841 58,972 53,745 137,581 136,076 100,609 30,362 15,086 32,425 75,006 261,105 Federal agency debt securities (2) 39,700 803 24,366 951 867 2,219 2,195 1,623 490 243 523 1,210 4,211 Mortgage-backed securities (4) 1,717,896 34,750 1,054,382 41,156 37,508 96,014 94,964 70,213 21,189 10,528 22,629 52,345 182,219 Unamortized premiums on securities held outright (5) 208,425 4,216 127,924 4,993 4,551 11,649 11,522 8,519 2,571 1,277 2,745 6,351 22,108 Unamortized discounts on securities held outright (5) -18,632 -377 -11,436 -446 -407 -1,041 -1,030 -762 -230 -114 -245 -568 -1,976 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 131 0 0 0 0 0 13 9 5 72 23 8 2 Net portfolio holdings of Maiden Lane LLC (7) 1,679 0 1,679 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 123 0 0 0 0 0 122 0 0 1 0 0 0 Bank premises 2,261 122 439 74 110 221 211 198 123 96 242 224 200 Central bank liquidity swaps (10) 0 0 0 0 0 0 0 0 0 0 0 0 0 Foreign currency denominated assets (11) 21,664 985 6,969 1,629 1,723 4,517 1,245 598 182 92 228 362 3,134 Other assets (12) 35,928 762 21,787 865 787 2,149 1,989 1,457 514 249 496 1,132 3,742 Interdistrict settlement account 0 + 21,711 - 54,365 - 815 + 14,451 - 4,572 + 2,322 - 18,827 - 7,800 + 297 - 1,958 + 8,183 + 41,373 Total assets 4,488,895 113,344 2,688,617 108,047 114,152 250,283 251,854 165,040 47,854 28,134 57,702 145,590 518,278 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 6. Statement of Condition of Each Federal Reserve Bank, November 12, 2014 (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 1,455,438 44,460 481,114 44,758 67,885 102,948 214,220 99,214 39,799 21,335 36,628 118,412 184,665 Less: Notes held by F.R. Banks 186,493 4,976 64,476 5,428 8,452 11,276 21,729 10,365 4,654 3,615 5,136 19,832 26,555 Federal Reserve notes, net 1,268,945 39,484 416,639 39,330 59,434 91,672 192,490 88,849 35,144 17,720 31,493 98,580 158,110 Reverse repurchase agreements (13) 211,570 4,280 129,854 5,069 4,619 11,825 11,695 8,647 2,610 1,297 2,787 6,447 22,441 Deposits 2,943,847 66,805 2,120,298 60,270 45,402 133,638 42,978 65,660 9,404 8,556 22,675 39,413 328,748 Term deposits held by depository institutions 262,102 35 191,220 27,320 2,508 26 575 14,200 20 105 1,548 2,600 21,945 Other deposits held by depository institutions 2,570,696 66,761 1,818,308 32,920 42,891 133,405 42,394 51,452 9,384 8,451 21,125 36,811 306,794 U.S. Treasury, General Account 95,008 0 95,008 0 0 0 0 0 0 0 0 0 0 Foreign official 5,249 2 5,222 3 3 8 2 1 0 0 0 1 6 Other (14) 10,792 7 10,541 28 0 198 7 7 0 0 1 1 3 Deferred availability cash items 1,181 0 0 0 0 0 988 0 0 192 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (15) 1,869 33 1,332 34 25 -60 100 86 23 11 24 134 127 Other liabilities and accrued dividends (16) 4,984 179 2,104 211 224 604 349 270 142 118 125 198 461 Total liabilities 4,432,396 110,780 2,670,226 104,914 109,704 237,678 248,602 163,512 47,324 27,894 57,104 144,771 509,887 Capital Capital paid in 28,250 1,282 9,195 1,567 2,224 6,302 1,626 764 265 120 299 409 4,196 Surplus 28,250 1,282 9,195 1,567 2,224 6,302 1,626 764 265 120 299 409 4,196 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,488,895 113,344 2,688,617 108,047 114,152 250,283 251,854 165,040 47,854 28,134 57,702 145,590 518,278 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 6. Statement of Condition of Each Federal Reserve Bank, November 12, 2014 (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 Nov 12, 2014 Federal Reserve notes outstanding 1,455,438 Less: Notes held by F.R. Banks not subject to collateralization 186,493 Federal Reserve notes to be collateralized 1,268,945 Collateral held against Federal Reserve notes 1,268,945 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,252,708 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,219,197 Less: Face value of securities under reverse repurchase agreements 199,635 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,019,562 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.