FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 29, 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 Dec 24, 2014 Federal Reserve Banks Dec 24, 2014 Dec 17, 2014 Dec 25, 2013 Reserve Bank credit 4,471,568 + 7,707 + 485,979 4,469,654 Securities held outright (1) 4,249,952 + 6,149 + 490,697 4,247,474 U.S. Treasury securities 2,461,452 - 67 + 256,522 2,461,420 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,712 - 1 + 246,760 2,346,712 Notes and bonds, inflation-indexed (2) 98,469 0 + 7,090 98,469 Inflation compensation (3) 16,271 - 66 + 2,672 16,239 Federal agency debt securities (2) 38,677 0 - 18,544 38,677 Mortgage-backed securities (4) 1,749,822 + 6,215 + 252,717 1,747,377 Unamortized premiums on securities held outright (5) 207,761 - 44 - 1,447 207,466 Unamortized discounts on securities held outright (5) -18,441 + 36 - 6,329 -18,425 Repurchase agreements (6) 0 0 0 0 Loans 112 + 17 - 81 119 Primary credit 32 + 24 + 5 32 Secondary credit 0 0 0 0 Seasonal credit 80 - 8 + 11 87 Term Asset-Backed Securities Loan Facility (7) 0 0 - 97 0 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (8) 1,678 - 3 + 153 1,678 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 - 109 0 Float -473 + 61 + 154 -533 Central bank liquidity swaps (11) 30 + 28 - 243 30 Other Federal Reserve assets (12) 30,950 + 1,465 + 3,271 31,845 Foreign currency denominated assets (13) 21,131 - 361 - 2,666 21,041 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (14) 46,339 + 14 + 849 46,339 Total factors supplying reserve funds 4,555,279 + 7,360 + 484,161 4,553,276 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 Dec 24, 2014 Federal Reserve Banks Dec 24, 2014 Dec 17, 2014 Dec 25, 2013 Currency in circulation (14) 1,332,901 + 10,099 + 97,043 1,338,522 Reverse repurchase agreements (15) 280,447 + 45,153 + 146,107 298,833 Foreign official and international accounts 98,274 + 1,007 - 6,321 96,096 Others 182,173 + 44,146 + 152,428 202,737 Treasury cash holdings 191 + 4 - 39 197 Deposits with F.R. Banks, other than reserve balances 195,545 + 58,131 + 33,066 242,812 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 175,093 + 60,317 + 75,971 177,911 Foreign official 5,213 + 6 - 2,776 5,209 Other (16) 15,239 - 2,192 - 40,129 59,692 Other liabilities and capital (17) 64,393 - 922 + 337 63,277 Total factors, other than reserve balances, absorbing reserve funds 1,873,478 + 112,466 + 276,515 1,943,641 Reserve balances with Federal Reserve Banks 2,681,801 - 105,106 + 207,646 2,609,634 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 Dec 24, 2014 Dec 24, 2014 Dec 17, 2014 Dec 25, 2013 Securities held in custody for foreign official and international accounts 3,308,131 - 20,027 - 66,114 3,298,867 Marketable U.S. Treasury securities (1) 2,972,932 - 13,728 - 44,992 2,965,047 Federal agency debt and mortgage-backed securities (2) 293,388 - 6,235 - 19,534 292,021 Other securities (3) 41,811 - 64 - 1,588 41,799 Securities lent to dealers 12,376 + 1,038 - 721 12,315 Overnight facility (4) 12,376 + 1,038 - 721 12,315 U.S. Treasury securities 11,718 + 1,029 - 343 11,639 Federal agency debt securities 658 + 9 - 379 676 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, December 24, 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 119 0 0 0 0 ... 119 U.S. Treasury securities (1) Holdings 1 4 3,516 1,105,853 693,716 658,330 2,461,420 Weekly changes 0 0 0 - 10 - 10 - 55 - 75 Federal agency debt securities (2) Holdings 0 1,800 3,933 30,597 0 2,347 38,677 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 13 6,563 1,740,801 1,747,377 Weekly changes 0 0 0 0 0 + 5,419 + 5,420 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 30 0 0 0 0 0 30 Reverse repurchase agreements (4) 298,833 0 ... ... ... ... 298,833 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 Dec 24, 2014 Mortgage-backed securities held outright (1) 1,747,377 Commitments to buy mortgage-backed securities (2) 27,500 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 46 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 Dec 24, 2014 Net portfolio holdings of Maiden Lane LLC (1) 1,678 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 Dec 24, 2014 Wednesday Wednesday consolidation Dec 17, 2014 Dec 25, 2013 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,871 - 5 - 92 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,436,634 + 5,245 + 476,720 Securities held outright (1) 4,247,474 + 5,345 + 484,481 U.S. Treasury securities 2,461,420 - 75 + 252,591 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,712 0 + 242,840 Notes and bonds, inflation-indexed (2) 98,469 0 + 7,090 Inflation compensation (3) 16,239 - 75 + 2,661 Federal agency debt securities (2) 38,677 0 - 18,544 Mortgage-backed securities (4) 1,747,377 + 5,420 + 250,434 Unamortized premiums on securities held outright (5) 207,466 - 166 - 1,636 Unamortized discounts on securities held outright (5) -18,425 + 38 - 6,053 Repurchase agreements (6) 0 0 0 Loans 119 + 29 - 73 Net portfolio holdings of Maiden Lane LLC (7) 1,678 0 + 137 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 - 109 Items in process of collection (0) 126 + 25 - 35 Bank premises 2,265 + 1 - 25 Central bank liquidity swaps (10) 30 + 28 - 243 Foreign currency denominated assets (11) 21,041 - 422 - 2,745 Other assets (12) 29,580 + 2,343 + 3,364 Total assets (0) 4,509,462 + 7,215 + 476,887 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 Dec 24, 2014 Wednesday Wednesday consolidation Dec 17, 2014 Dec 25, 2013 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,294,247 + 11,685 + 99,046 Reverse repurchase agreements (13) 298,833 + 68,817 + 147,576 Deposits (0) 2,852,447 - 73,029 + 232,110 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,609,635 - 129,475 + 158,902 U.S. Treasury, General Account 177,911 + 6,597 + 84,018 Foreign official 5,209 + 3 - 2,771 Other (14) (0) 59,692 + 49,846 - 8,039 Deferred availability cash items (0) 658 + 23 - 556 Other liabilities and accrued dividends (15) 6,142 - 301 - 3,407 Total liabilities (0) 4,452,327 + 7,196 + 474,770 Capital accounts Capital paid in 28,568 + 10 + 1,059 Surplus 28,568 + 10 + 1,059 Other capital accounts 0 0 0 Total capital 57,135 + 19 + 2,117 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, December 24, 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 1,871 30 77 122 119 308 208 279 22 44 152 187 323 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,436,634 89,744 2,722,973 106,285 96,865 247,960 245,260 181,337 54,725 27,233 58,481 135,186 470,586 Securities held outright (1) 4,247,474 85,919 2,606,945 101,757 92,737 237,394 234,798 173,600 52,390 26,030 55,949 129,422 450,534 U.S. Treasury securities 2,461,420 49,790 1,510,730 58,968 53,741 137,570 136,066 100,602 30,360 15,084 32,423 75,000 261,085 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,420 49,790 1,510,730 58,968 53,741 137,570 136,066 100,602 30,360 15,084 32,423 75,000 261,085 Federal agency debt securities (2) 38,677 782 23,739 927 844 2,162 2,138 1,581 477 237 509 1,178 4,103 Mortgage-backed securities (4) 1,747,377 35,346 1,072,476 41,862 38,151 97,662 96,594 71,418 21,553 10,709 23,017 53,243 185,346 Unamortized premiums on securities held outright (5) 207,466 4,197 127,335 4,970 4,530 11,595 11,469 8,479 2,559 1,271 2,733 6,322 22,006 Unamortized discounts on securities held outright (5) -18,425 -373 -11,309 -441 -402 -1,030 -1,019 -753 -227 -113 -243 -561 -1,954 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 119 1 2 0 0 0 12 10 4 44 41 4 0 Net portfolio holdings of Maiden Lane LLC (7) 1,678 0 1,678 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 126 0 0 0 0 0 95 0 0 30 0 0 0 Bank premises 2,265 124 438 75 110 219 213 200 122 96 242 224 201 Central bank liquidity swaps (10) 30 1 10 2 2 6 2 1 0 0 0 1 4 Foreign currency denominated assets (11) 21,041 957 6,769 1,582 1,673 4,387 1,210 581 177 89 221 352 3,044 Other assets (12) 29,580 627 17,778 827 642 1,776 1,617 1,189 411 208 410 1,043 3,053 Interdistrict settlement account 0 + 25,990 - 84,803 - 9,924 + 26,967 - 9,074 - 280 - 6,289 - 6,641 + 2,641 + 189 + 14,598 + 46,626 Total assets 4,509,462 118,021 2,670,863 99,517 127,080 246,818 250,327 178,427 49,245 30,605 60,138 152,752 525,668 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, December 24, 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 1,471,865 46,052 476,358 46,632 68,887 103,615 214,356 101,678 41,553 23,257 38,415 120,194 190,867 Less: Notes held by F.R. Banks 177,618 4,926 59,902 5,231 8,228 11,454 22,720 10,785 4,792 3,191 4,666 15,485 26,238 Federal Reserve notes, net 1,294,247 41,126 416,456 41,401 60,658 92,162 191,637 90,893 36,762 20,065 33,750 104,709 164,629 Reverse repurchase agreements (13) 298,833 6,045 183,413 7,159 6,525 16,702 16,519 12,214 3,686 1,831 3,936 9,106 31,698 Deposits 2,852,447 68,063 2,049,883 47,529 55,199 124,154 37,892 73,447 8,109 8,253 21,709 37,873 320,337 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 2,609,635 68,059 1,807,258 47,500 55,196 124,036 37,883 73,434 8,108 8,253 21,707 37,871 320,329 U.S. Treasury, General Account 177,911 0 177,911 0 0 0 0 0 0 0 0 0 0 Foreign official 5,209 2 5,182 3 3 8 2 1 0 0 0 1 6 Other (14) 59,692 2 59,532 26 0 109 6 12 0 0 1 2 2 Deferred availability cash items 658 0 0 0 0 0 574 0 0 84 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (15) 1,853 19 1,266 18 15 39 111 75 28 12 35 65 170 Other liabilities and accrued dividends (16) 4,289 180 1,430 217 227 648 342 267 129 119 108 179 444 Total liabilities 4,452,327 115,433 2,652,447 96,324 122,625 233,704 247,075 176,896 48,713 30,365 59,537 151,932 517,276 Capital Capital paid in 28,568 1,294 9,208 1,597 2,228 6,557 1,626 766 266 120 301 410 4,196 Surplus 28,568 1,294 9,208 1,597 2,228 6,557 1,626 766 266 120 301 410 4,196 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,509,462 118,021 2,670,863 99,517 127,080 246,818 250,327 178,427 49,245 30,605 60,138 152,752 525,668 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, December 24, 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 Dec 24, 2014 Federal Reserve notes outstanding 1,471,865 Less: Notes held by F.R. Banks not subject to collateralization 177,618 Federal Reserve notes to be collateralized 1,294,247 Collateral held against Federal Reserve notes 1,294,247 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,278,010 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,247,474 Less: Face value of securities under reverse repurchase agreements 277,086 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,970,388 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.