FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, January 08, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	January 8, 2015

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jan 7, 2015
	Week ended Jan 7, 2015	Change from week ended
	Week ended Jan 7, 2015	Dec 31, 2014	Jan 8, 2014
Reserve Bank credit	4,459,122	- 567	+ 476,437	4,459,910
Securities held outright¹	4,236,793	- 1,611	+ 480,316	4,236,740
U.S. Treasury securities	2,461,278	- 110	+ 251,741	2,461,224
Bills²	0	0	0	0
Notes and bonds, nominal²	2,346,712	0	+ 242,042	2,346,712
Notes and bonds, inflation-indexed²	98,469	0	+ 7,090	98,469
Inflation compensation³	16,098	- 109	+ 2,610	16,043
Federal agency debt securities²	38,677	0	- 18,097	38,677
Mortgage-backed securities⁴	1,736,838	- 1,501	+ 246,672	1,736,839
Unamortized premiums on securities held outright⁵	206,609	- 407	- 1,734	206,465
Unamortized discounts on securities held outright⁵	-18,375	+ 31	- 5,972	-18,363
Repurchase agreements⁶	0	0	0	0
Loans	59	- 76	- 71	23
Primary credit	41	- 9	+ 29	17
Secondary credit	0	0	0	0
Seasonal credit	17	- 68	- 4	6
Term Asset-Backed Securities Loan Facility⁷	0	0	- 97	0
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁸	1,678	0	+ 137	1,678
Net portfolio holdings of Maiden Lane II LLC⁹	0	0	- 63	0
Net portfolio holdings of Maiden Lane III LLC⁹	0	0	- 22	0
Net portfolio holdings of TALF LLC¹⁰	0	0	- 108	0
Float	-575	- 139	+ 79	-632
Central bank liquidity swaps¹¹	1,528	+ 856	+ 1,267	1,528
Other Federal Reserve assets¹²	31,405	+ 778	+ 2,609	32,471
Foreign currency denominated assets¹³	20,872	- 177	- 2,838	20,702
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹⁴	46,367	+ 14	+ 833	46,367

Total factors supplying reserve funds	4,542,602	- 730	+ 474,432	4,543,220

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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jan 7, 2015
	Week ended Jan 7, 2015	Change from week ended
	Week ended Jan 7, 2015	Dec 31, 2014	Jan 8, 2014
Currency in circulation¹⁴	1,341,157	- 415	+ 103,742	1,337,992
Reverse repurchase agreements¹⁵	344,153	- 2,298	+ 170,156	241,437
Foreign official and international accounts	107,320	+ 2,638	- 4,557	97,688
Others	236,833	- 4,936	+ 174,713	143,749
Treasury cash holdings	202	+ 5	- 35	204
Deposits with F.R. Banks, other than reserve balances	193,850	- 22,995	+ 52,209	190,740
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	176,817	- 15,246	+ 57,559	176,363
Foreign official	5,216	+ 2	- 2,847	5,211
Other¹⁶	11,817	- 7,750	- 2,503	9,166
Other liabilities and capital¹⁷	62,644	- 837	+ 803	62,574

Total factors, other than reserve balances, absorbing reserve funds	1,942,004	- 26,542	+ 326,873	1,832,947

Reserve balances with Federal Reserve Banks	2,600,598	+ 25,814	+ 147,559	2,710,273

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 Jan 7, 2015
	Week ended Jan 7, 2015	Change from week ended
	Week ended Jan 7, 2015	Dec 31, 2014	Jan 8, 2014
Securities held in custody for foreign official and international accounts	3,300,823	+ 7,671	- 51,722	3,297,796
Marketable U.S. Treasury securities¹	2,968,179	+ 8,194	- 29,023	2,965,405
Federal agency debt and mortgage-backed securities²	290,906	- 444	- 21,003	290,849
Other securities³	41,738	- 79	- 1,696	41,542
Securities lent to dealers	10,719	- 116	- 2,099	11,005
Overnight facility⁴	10,719	- 116	- 2,099	11,005
U.S. Treasury securities	10,099	- 63	- 1,621	10,411
Federal agency debt securities	619	- 54	- 479	594

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, January 7, 2015

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans	18	5	0	0	0	...	23
U.S. Treasury securities¹
Holdings	0	5	3,516	1,112,908	686,609	658,187	2,461,224
Weekly changes	0	0	0	- 19	- 18	- 102	- 140
Federal agency debt securities²
Holdings	1,089	711	3,933	30,597	0	2,347	38,677
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	0	14	6,531	1,730,294	1,736,839
Weekly changes	0	0	0	+ 2	+ 78	- 73	+ 7
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	1,528	0	0	0	0	0	1,528

Reverse repurchase agreements⁴	241,437	0	...	...	...	...	241,437
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
Account name	Jan 7, 2015
Mortgage-backed securities held outright¹	1,736,839

Commitments to buy mortgage-backed securities²	32,119
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	7

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
Account name	Jan 7, 2015
Net portfolio holdings of Maiden Lane LLC¹	1,678

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York²	0
Accrued interest payable to the Federal Reserve Bank of New York²	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 from consolidation	Wednesday Jan 7, 2015	Change since
			Wednesday	Wednesday
			Dec 31, 2014	Jan 8, 2014
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,876	+ 3	- 93
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,424,865	- 595	+ 470,389
Securities held outright¹		4,236,740	- 133	+ 477,992
U.S. Treasury securities		2,461,224	- 140	+ 248,300
Bills²		0	0	0
Notes and bonds, nominal²		2,346,712	0	+ 238,637
Notes and bonds, inflation-indexed²		98,469	0	+ 7,090
Inflation compensation³		16,043	- 140	+ 2,573
Federal agency debt securities²		38,677	0	- 16,980
Mortgage-backed securities⁴		1,736,839	+ 7	+ 246,672
Unamortized premiums on securities held outright⁵		206,465	- 370	- 1,784
Unamortized discounts on securities held outright⁵		-18,363	+ 31	- 5,721
Repurchase agreements⁶		0	0	0
Loans		23	- 122	- 98
Net portfolio holdings of Maiden Lane LLC⁷		1,678	0	+ 137
Net portfolio holdings of Maiden Lane II LLC⁸		0	0	- 63
Net portfolio holdings of Maiden Lane III LLC⁸		0	0	- 22
Net portfolio holdings of TALF LLC⁹		0	0	- 107
Items in process of collection	(0)	167	+ 81	+ 35
Bank premises		2,260	- 4	- 26
Central bank liquidity swaps¹⁰		1,528	0	+ 1,269
Foreign currency denominated assets¹¹		20,702	- 369	- 2,939
Other assets¹²		30,211	+ 2,748	+ 2,760

Total assets	(0)	4,499,524	+ 1,864	+ 471,339

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 from consolidation	Wednesday Jan 7, 2015	Change since
			Wednesday	Wednesday
			Dec 31, 2014	Jan 8, 2014
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,293,701	- 5,024	+ 102,941
Reverse repurchase agreements¹³		241,437	- 268,400	+ 90,711
Deposits	(0)	2,901,013	+ 274,004	+ 278,036
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,710,273	+ 332,277	+ 220,141
U.S. Treasury, General Account		176,363	- 47,089	+ 65,605
Foreign official		5,211	- 31	- 2,836
Other¹⁴	(0)	9,166	- 11,154	- 4,874
Deferred availability cash items	(0)	798	+ 157	+ 33
Other liabilities and accrued dividends¹⁵		5,426	+ 1,122	- 2,509

Total liabilities	(0)	4,442,376	+ 1,860	+ 469,213

Capital accounts
Capital paid in		28,574	+ 2	+ 1,063
Surplus		28,574	+ 2	+ 1,063
Other capital accounts		0	0	0

Total capital		57,148	+ 4	+ 2,126

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, January 7, 2015

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	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	1,876	30	79	121	120	306	207	280	23	45	153	189	322
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,424,865	89,507	2,715,808	106,006	96,610	247,307	244,603	180,864	54,577	27,122	58,287	134,826	469,348
Securities held outright¹	4,236,740	85,702	2,600,357	101,499	92,503	236,794	234,205	173,161	52,257	25,964	55,808	129,095	449,395
U.S. Treasury securities	2,461,224	49,786	1,510,610	58,963	53,737	137,559	136,055	100,594	30,357	15,083	32,420	74,994	261,065
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,461,224	49,786	1,510,610	58,963	53,737	137,559	136,055	100,594	30,357	15,083	32,420	74,994	261,065
Federal agency debt securities²	38,677	782	23,739	927	844	2,162	2,138	1,581	477	237	509	1,178	4,103
Mortgage-backed securities⁴	1,736,839	35,133	1,066,008	41,609	37,921	97,073	96,011	70,987	21,423	10,644	22,878	52,922	184,228
Unamortized premiums on securities held outright⁵	206,465	4,176	126,721	4,946	4,508	11,539	11,413	8,439	2,547	1,265	2,720	6,291	21,900
Unamortized discounts on securities held outright⁵	-18,363	-371	-11,271	-440	-401	-1,026	-1,015	-751	-226	-113	-242	-560	-1,948
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	23	1	1	0	0	0	0	14	0	5	2	0	0
Net portfolio holdings of Maiden
Lane LLC⁷	1,678	0	1,678	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Maiden
Lane II LLC⁸	0	0	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Maiden
Lane III LLC⁸	0	0	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF LLC⁹	0	0	0	0	0	0	0	0	0	0	0	0	0
Items in process of collection	167	0	0	1	0	0	165	0	0	0	0	0	0
Bank premises	2,260	125	436	75	110	219	212	199	122	96	241	223	201
Central bank liquidity swaps¹⁰	1,528	70	491	115	122	319	88	42	13	6	16	26	221
Foreign currency denominated
assets¹¹	20,702	941	6,660	1,556	1,646	4,316	1,190	572	174	88	218	346	2,995
Other assets¹²	30,211	642	18,305	722	663	1,828	1,671	1,224	429	216	424	940	3,146
Interdistrict settlement account	0	+ 20,214	- 82,017	- 8,170	+ 23,455	- 361	- 1,617	- 13,414	- 6,072	+ 2,645	+ 1,922	+ 12,839	+ 50,576

Total assets	4,499,524	112,078	2,667,383	100,975	123,427	255,170	248,522	170,897	49,695	30,481	61,706	150,550	528,640

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, January 7, 2015 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,470,343	46,310	474,838	46,726	69,137	103,744	213,676	101,512	41,827	23,403	38,495	120,247	190,426
Less: Notes held by F.R. Banks	176,641	4,854	57,761	5,442	8,394	11,700	23,114	10,825	4,942	3,133	4,715	15,410	26,353
Federal Reserve notes, net	1,293,701	41,456	417,078	41,285	60,743	92,044	190,562	90,688	36,885	20,270	33,780	104,838	164,073
Reverse repurchase agreements¹³	241,437	4,884	148,185	5,784	5,271	13,494	13,347	9,868	2,978	1,480	3,180	7,357	25,609
Deposits	2,901,013	62,989	2,080,960	50,535	52,778	136,070	40,385	68,503	9,159	8,182	24,026	37,312	330,114
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	2,710,273	62,985	1,890,383	50,508	52,774	135,979	40,376	68,490	9,158	8,182	24,024	37,309	330,104
U.S. Treasury, General Account	176,363	0	176,363	0	0	0	0	0	0	0	0	0	0
Foreign official	5,211	2	5,184	3	3	8	2	1	0	0	0	1	6
Other¹⁴	9,166	2	9,031	24	0	83	6	12	0	0	1	3	4
Deferred availability cash items	798	0	0	0	0	0	605	0	0	193	0	0	0
Interest on Federal Reserve notes due to U.S. Treasury¹⁵	1,769	27	1,185	27	18	48	101	75	22	10	22	59	173
Other liabilities and accrued dividends¹⁶	3,658	131	1,559	151	156	399	271	229	118	106	98	161	279

Total liabilities	4,442,376	109,487	2,648,968	97,782	118,966	242,056	245,270	169,363	49,162	30,241	61,106	149,727	520,249

Capital
Capital paid in	28,574	1,296	9,208	1,597	2,230	6,557	1,626	767	266	120	300	412	4,196
Surplus	28,574	1,296	9,208	1,597	2,230	6,557	1,626	767	266	120	300	412	4,196
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,499,524	112,078	2,667,383	100,975	123,427	255,170	248,522	170,897	49,695	30,481	61,706	150,550	528,640

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, January 7, 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
Federal Reserve notes and collateral	Jan 7, 2015
Federal Reserve notes outstanding	1,470,343
Less: Notes held by F.R. Banks not subject to collateralization	176,641
Federal Reserve notes to be collateralized	1,293,701
Collateral held against Federal Reserve notes	1,293,701
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,277,464
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,236,740
Less: Face value of securities under reverse repurchase agreements	218,016
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	4,018,724

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