FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 20, 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 19, 2014 Federal Reserve Banks Nov 19, 2014 Nov 12, 2014 Nov 20, 2013 Reserve Bank credit 4,462,332 + 14,768 + 605,134 4,452,372 Securities held outright (1) 4,237,848 + 18,658 + 602,966 4,236,210 U.S. Treasury securities 2,461,614 + 19 + 318,071 2,461,622 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,713 0 + 306,851 2,346,713 Notes and bonds, inflation-indexed (2) 98,469 0 + 8,490 98,469 Inflation compensation (3) 16,433 + 20 + 2,730 16,440 Federal agency debt securities (2) 39,700 0 - 18,773 39,700 Mortgage-backed securities (4) 1,736,533 + 18,637 + 303,668 1,734,889 Unamortized premiums on securities held outright (5) 208,826 + 281 + 1,621 208,656 Unamortized discounts on securities held outright (5) -18,610 + 33 - 9,131 -18,597 Repurchase agreements (6) 0 0 0 0 Loans 129 - 5 - 40 131 Primary credit 15 - 2 + 13 14 Secondary credit 0 0 0 0 Seasonal credit 114 - 4 + 47 117 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 + 162 1,681 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 0 - 110 0 Float -612 + 13 + 76 -587 Central bank liquidity swaps (11) 0 0 - 273 0 Other Federal Reserve assets (12) 33,072 - 4,211 + 9,947 24,878 Foreign currency denominated assets (13) 21,630 - 41 - 2,314 21,609 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (14) 46,258 + 14 + 807 46,258 Total factors supplying reserve funds 4,546,462 + 14,742 + 603,628 4,536,481 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 19, 2014 Federal Reserve Banks Nov 19, 2014 Nov 12, 2014 Nov 20, 2013 Currency in circulation (14) 1,311,759 + 888 + 91,531 1,311,931 Reverse repurchase agreements (15) 222,710 + 16,336 + 117,976 267,000 Foreign official and international accounts 101,244 + 796 - 1,221 99,623 Others 121,466 + 15,540 + 119,196 167,377 Treasury cash holdings 193 - 4 - 15 184 Deposits with F.R. Banks, other than reserve balances 426,717 + 44,191 + 346,979 408,023 Term deposits held by depository institutions 307,723 + 45,621 + 307,723 307,723 U.S. Treasury, General Account 95,281 - 11,924 + 45,835 79,634 Foreign official 5,261 + 12 - 3,472 5,304 Other (16) 18,452 + 10,481 - 3,107 15,363 Other liabilities and capital (17) 64,911 + 1,257 + 536 63,032 Total factors, other than reserve balances, absorbing reserve funds 2,026,291 + 62,669 + 557,008 2,050,171 Reserve balances with Federal Reserve Banks 2,520,171 - 47,928 + 46,619 2,486,310 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 19, 2014 Nov 19, 2014 Nov 12, 2014 Nov 20, 2013 Securities held in custody for foreign official and international accounts 3,307,613 - 1,914 - 26,698 3,312,456 Marketable U.S. Treasury securities (1) 2,981,186 - 1,849 + 6,533 2,986,381 Federal agency debt and mortgage-backed securities (2) 284,614 - 190 - 32,219 284,255 Other securities (3) 41,813 + 124 - 1,013 41,821 Securities lent to dealers 9,533 + 408 - 1,440 10,028 Overnight facility (4) 9,533 + 408 - 1,440 10,028 U.S. Treasury securities 8,843 + 368 - 1,022 9,313 Federal agency debt securities 690 + 40 - 418 715 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 19, 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 131 0 0 0 0 ... 131 U.S. Treasury securities (1) Holdings 0 4 3,517 1,098,897 700,726 658,478 2,461,622 Weekly changes - 88 + 2 + 324 + 34,232 - 29,084 - 5,366 + 20 Federal agency debt securities (2) Holdings 1,023 1,800 3,933 30,597 0 2,347 39,700 Weekly changes 0 0 + 1,202 - 1,202 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 12 5,659 1,729,217 1,734,889 Weekly changes 0 0 0 + 2 + 338 + 16,653 + 16,993 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 0 0 0 0 0 0 0 Reverse repurchase agreements (4) 267,000 0 ... ... ... ... 267,000 Term deposits 307,723 0 0 ... ... ... 307,723 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 19, 2014 Mortgage-backed securities held outright (1) 1,734,889 Commitments to buy mortgage-backed securities (2) 37,144 Commitments to sell mortgage-backed securities (2) 300 Cash and cash equivalents (3) 48 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 19, 2014 Net portfolio holdings of Maiden Lane LLC (1) 1,681 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 19, 2014 Wednesday Wednesday consolidation Nov 12, 2014 Nov 20, 2013 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,859 - 24 - 102 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,426,401 + 17,280 + 585,375 Securities held outright (1) 4,236,210 + 17,013 + 592,995 U.S. Treasury securities 2,461,622 + 20 + 310,665 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,713 0 + 299,448 Notes and bonds, inflation-indexed (2) 98,469 0 + 8,490 Inflation compensation (3) 16,440 + 20 + 2,727 Federal agency debt securities (2) 39,700 0 - 18,672 Mortgage-backed securities (4) 1,734,889 + 16,993 + 301,003 Unamortized premiums on securities held outright (5) 208,656 + 231 + 1,244 Unamortized discounts on securities held outright (5) -18,597 + 35 - 8,831 Repurchase agreements (6) 0 0 0 Loans 131 0 - 35 Net portfolio holdings of Maiden Lane LLC (7) 1,681 + 2 + 164 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 - 110 Items in process of collection (0) 91 - 32 + 5 Bank premises 2,265 + 4 - 23 Central bank liquidity swaps (10) 0 0 - 273 Foreign currency denominated assets (11) 21,609 - 55 - 2,304 Other assets (12) 22,617 - 13,311 + 3,493 Total assets (0) 4,492,759 + 3,864 + 586,139 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 19, 2014 Wednesday Wednesday consolidation Nov 12, 2014 Nov 20, 2013 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,267,712 - 1,233 + 90,770 Reverse repurchase agreements (13) 267,000 + 55,430 + 160,527 Deposits (0) 2,894,338 - 49,509 + 335,082 Term deposits held by depository institutions 307,723 + 45,621 + 307,723 Other deposits held by depository institutions 2,486,314 - 84,382 + 16,134 U.S. Treasury, General Account 79,634 - 15,374 + 31,763 Foreign official 5,304 + 55 - 3,431 Other (14) (0) 15,363 + 4,571 - 17,107 Deferred availability cash items (0) 678 - 503 + 2 Other liabilities and accrued dividends (15) 6,466 - 388 - 1,909 Total liabilities (0) 4,436,193 + 3,797 + 584,472 Capital accounts Capital paid in 28,283 + 33 + 833 Surplus 28,283 + 33 + 833 Other capital accounts 0 0 0 Total capital 56,566 + 67 + 1,667 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 19, 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 1,859 31 82 123 118 307 205 276 19 44 149 177 327 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,426,401 89,536 2,716,684 106,040 96,641 247,387 244,696 180,915 54,596 27,200 58,326 134,877 469,504 Securities held outright (1) 4,236,210 85,691 2,600,032 101,487 92,491 236,765 234,175 173,140 52,251 25,961 55,801 129,078 449,339 U.S. Treasury securities 2,461,622 49,794 1,510,854 58,973 53,746 137,582 136,077 100,610 30,362 15,086 32,425 75,006 261,107 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,622 49,794 1,510,854 58,973 53,746 137,582 136,077 100,610 30,362 15,086 32,425 75,006 261,107 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) 1,734,889 35,094 1,064,811 41,563 37,879 96,964 95,904 70,907 21,399 10,632 22,853 52,863 184,021 Unamortized premiums on securities held outright (5) 208,656 4,221 128,066 4,999 4,556 11,662 11,534 8,528 2,574 1,279 2,748 6,358 22,132 Unamortized discounts on securities held outright (5) -18,597 -376 -11,414 -446 -406 -1,039 -1,028 -760 -229 -114 -245 -567 -1,973 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 131 0 1 0 0 0 15 7 1 74 21 7 5 Net portfolio holdings of Maiden Lane LLC (7) 1,681 0 1,681 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 91 0 0 0 0 0 91 0 0 0 0 0 0 Bank premises 2,265 122 440 74 110 221 212 198 123 96 242 224 201 Central bank liquidity swaps (10) 0 0 0 0 0 0 0 0 0 0 0 0 0 Foreign currency denominated assets (11) 21,609 983 6,951 1,624 1,718 4,505 1,242 597 182 91 227 361 3,126 Other assets (12) 22,617 485 13,569 664 488 1,398 1,229 906 314 164 317 757 2,327 Interdistrict settlement account 0 + 21,674 - 67,820 - 94 + 11,907 - 19,023 + 1,093 - 8,857 - 7,252 + 569 - 2,270 + 12,010 + 58,062 Total assets 4,492,759 113,379 2,677,530 108,980 111,684 236,032 250,771 175,164 48,409 28,428 57,435 149,568 535,378 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 19, 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 1,458,154 44,577 479,669 45,075 68,279 103,207 214,142 99,658 40,229 21,694 36,981 118,963 185,680 Less: Notes held by F.R. Banks 190,442 5,076 65,746 5,412 8,708 11,813 22,594 10,587 4,855 3,592 5,315 19,599 27,146 Federal Reserve notes, net 1,267,712 39,501 413,923 39,663 59,571 91,394 191,548 89,071 35,375 18,102 31,666 99,364 158,534 Reverse repurchase agreements (13) 267,000 5,401 163,875 6,396 5,830 14,923 14,760 10,913 3,293 1,636 3,517 8,136 28,321 Deposits 2,894,338 65,696 2,078,437 59,502 41,570 116,463 40,189 73,295 9,046 8,189 21,502 40,990 339,458 Term deposits held by depository institutions 307,723 75 229,031 27,300 3,308 26 590 16,365 320 114 3,698 2,605 24,291 Other deposits held by depository institutions 2,486,314 65,614 1,749,362 32,172 38,258 116,252 39,590 56,922 8,726 8,075 17,802 38,382 315,159 U.S. Treasury, General Account 79,634 0 79,634 0 0 0 0 0 0 0 0 0 0 Foreign official 5,304 2 5,277 3 3 8 2 1 0 0 0 1 6 Other (14) 15,363 6 15,134 28 0 176 7 7 0 0 1 2 2 Deferred availability cash items 678 0 0 0 0 0 548 0 0 130 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (15) 1,852 35 1,235 7 36 36 109 79 22 10 22 60 202 Other liabilities and accrued dividends (16) 4,614 183 1,665 217 231 612 365 277 142 122 127 201 473 Total liabilities 4,436,193 110,816 2,659,134 105,787 107,236 223,427 247,519 173,636 47,879 28,188 56,835 148,751 526,987 Capital Capital paid in 28,283 1,282 9,198 1,597 2,224 6,302 1,626 764 265 120 300 409 4,195 Surplus 28,283 1,282 9,198 1,597 2,224 6,302 1,626 764 265 120 300 409 4,195 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,492,759 113,379 2,677,530 108,980 111,684 236,032 250,771 175,164 48,409 28,428 57,435 149,568 535,378 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 19, 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 19, 2014 Federal Reserve notes outstanding 1,458,154 Less: Notes held by F.R. Banks not subject to collateralization 190,442 Federal Reserve notes to be collateralized 1,267,712 Collateral held against Federal Reserve notes 1,267,712 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,251,475 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,236,210 Less: Face value of securities under reverse repurchase agreements 250,600 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,985,610 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.