FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 5, 2015 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Feb 4, 2015 Federal Reserve Banks Feb 4, 2015 Jan 28, 2015 Feb 5, 2014 Reserve Bank credit 4,461,489 - 7,260 + 398,695 4,461,184 Securities held outright (1) 4,236,986 - 6,981 + 403,321 4,236,920 U.S. Treasury securities 2,460,720 - 136 + 213,694 2,460,652 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,711 - 1 + 205,633 2,346,711 Notes and bonds, inflation-indexed (2) 98,469 0 + 5,854 98,469 Inflation compensation (3) 15,540 - 135 + 2,207 15,472 Federal agency debt securities (2) 37,588 0 - 16,823 37,588 Mortgage-backed securities (4) 1,738,678 - 6,846 + 206,450 1,738,680 Unamortized premiums on securities held outright (5) 205,530 - 549 - 3,204 205,371 Unamortized discounts on securities held outright (5) -18,240 + 33 - 4,062 -18,227 Repurchase agreements (6) 0 0 0 0 Loans 50 + 11 - 58 14 Primary credit 44 + 13 + 39 11 Secondary credit 0 0 0 0 Seasonal credit 5 - 4 - 3 3 Term Asset-Backed Securities Loan Facility (7) 0 0 - 96 0 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (8) 1,686 + 5 + 107 1,686 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 - 108 0 Float -382 - 15 + 132 -466 Central bank liquidity swaps (11) 0 - 2 - 359 0 Other Federal Reserve assets (12) 35,859 + 240 + 3,012 35,887 Foreign currency denominated assets (13) 20,328 + 56 - 3,529 20,396 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (14) 46,425 + 14 + 817 46,425 Total factors supplying reserve funds 4,544,483 - 7,189 + 395,984 4,544,246 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 Feb 4, 2015 Federal Reserve Banks Feb 4, 2015 Jan 28, 2015 Feb 5, 2014 Currency in circulation (14) 1,331,027 + 2,052 + 102,392 1,335,044 Reverse repurchase agreements (15) 285,328 + 27,846 + 88,963 265,650 Foreign official and international accounts 122,203 + 6,238 + 23,101 120,000 Others 163,126 + 21,609 + 65,863 145,650 Treasury cash holdings 202 - 14 - 59 202 Deposits with F.R. Banks, other than reserve balances 180,792 - 56,663 + 63,283 171,668 Term deposits held by depository institutions 0 0 - 12,822 0 U.S. Treasury, General Account 167,272 - 33,920 + 87,191 157,250 Foreign official 5,324 + 94 - 2,647 5,213 Other (16) 8,196 - 22,837 - 8,439 9,204 Other liabilities and capital (17) 62,870 + 479 - 584 62,872 Total factors, other than reserve balances, absorbing reserve funds 1,860,220 - 26,299 + 253,996 1,835,435 Reserve balances with Federal Reserve Banks 2,684,263 + 19,110 + 141,987 2,708,811 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 Feb 4, 2015 Feb 4, 2015 Jan 28, 2015 Feb 5, 2014 Securities held in custody for foreign official and international accounts 3,257,883 - 12,988 - 66,277 3,257,215 Marketable U.S. Treasury securities (1) 2,928,578 - 13,571 - 43,576 2,927,711 Federal agency debt and mortgage-backed securities (2) 286,786 + 518 - 20,349 286,871 Other securities (3) 42,520 + 66 - 2,351 42,633 Securities lent to dealers 8,899 - 1,438 - 1,623 10,311 Overnight facility (4) 8,899 - 1,438 - 1,623 10,311 U.S. Treasury securities 8,454 - 1,410 - 907 9,880 Federal agency debt securities 446 - 26 - 715 431 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, February 4, 2015 Millions of dollars Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All days 90 days 1 year to 5 years to 10 years years Loans 11 3 0 0 0 ... 14 U.S. Treasury securities (1) Holdings 2 453 4,976 1,118,003 687,683 649,534 2,460,652 Weekly changes + 2 + 447 + 1,462 + 4,082 - 6,044 - 101 - 152 Federal agency debt securities (2) Holdings 711 982 4,577 28,971 0 2,347 37,588 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 15 7,875 1,730,790 1,738,680 Weekly changes 0 0 0 + 1 + 1,139 - 1,132 + 8 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 0 0 0 0 0 0 0 Reverse repurchase agreements (4) 265,650 0 ... ... ... ... 265,650 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 Feb 4, 2015 Mortgage-backed securities held outright (1) 1,738,680 Commitments to buy mortgage-backed securities (2) 31,265 Commitments to sell mortgage-backed securities (2) 377 Cash and cash equivalents (3) 22 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 Feb 4, 2015 Net portfolio holdings of Maiden Lane LLC (1) 1,686 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 Feb 4, 2015 Wednesday Wednesday consolidation Jan 28, 2015 Feb 5, 2014 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,955 + 4 - 82 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,424,078 - 500 + 393,116 Securities held outright (1) 4,236,920 - 144 + 400,305 U.S. Treasury securities 2,460,652 - 152 + 207,679 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,711 - 1 + 199,683 Notes and bonds, inflation-indexed (2) 98,469 0 + 5,854 Inflation compensation (3) 15,472 - 152 + 2,141 Federal agency debt securities (2) 37,588 0 - 13,823 Mortgage-backed securities (4) 1,738,680 + 8 + 206,449 Unamortized premiums on securities held outright (5) 205,371 - 371 - 3,261 Unamortized discounts on securities held outright (5) -18,227 + 31 - 3,838 Repurchase agreements (6) 0 0 0 Loans 14 - 16 - 89 Net portfolio holdings of Maiden Lane LLC (7) 1,686 0 + 107 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 - 108 Items in process of collection (0) 110 - 28 - 15 Bank premises 2,253 - 9 - 27 Central bank liquidity swaps (10) 0 - 1 - 359 Foreign currency denominated assets (11) 20,396 + 94 - 3,484 Other assets (12) 33,634 + 722 + 2,001 Total assets (0) 4,500,348 + 284 + 391,063 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 Feb 4, 2015 Wednesday Wednesday consolidation Jan 28, 2015 Feb 5, 2014 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,290,772 + 4,955 + 103,621 Reverse repurchase agreements (13) 265,650 - 15,840 + 69,536 Deposits (0) 2,880,478 + 10,267 + 218,342 Term deposits held by depository institutions 0 0 - 12,822 Other deposits held by depository institutions 2,708,811 + 46,231 + 161,911 U.S. Treasury, General Account 157,250 - 37,061 + 79,827 Foreign official 5,213 + 2 - 2,758 Other (14) (0) 9,204 + 1,096 - 7,816 Deferred availability cash items (0) 576 + 91 - 196 Other liabilities and accrued dividends (15) 5,660 + 745 - 2,311 Total liabilities (0) 4,443,136 + 219 + 388,992 Capital accounts Capital paid in 28,606 + 33 + 1,035 Surplus 28,606 + 33 + 1,035 Other capital accounts 0 0 0 Total capital 57,212 + 65 + 2,071 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, February 4, 2015 Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Assets Gold certificate account 11,037 352 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 1,955 33 80 130 127 313 210 286 24 47 158 194 351 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,424,078 89,491 2,715,339 105,987 96,593 247,264 244,560 180,819 54,568 27,112 58,277 134,802 469,265 Securities held outright (1) 4,236,920 85,705 2,600,467 101,504 92,507 236,804 234,214 173,169 52,259 25,965 55,810 129,100 449,414 U.S. Treasury securities 2,460,652 49,775 1,510,258 58,950 53,725 137,528 136,023 100,570 30,350 15,080 32,413 74,977 261,004 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,460,652 49,775 1,510,258 58,950 53,725 137,528 136,023 100,570 30,350 15,080 32,413 74,977 261,004 Federal agency debt securities (2) 37,588 760 23,070 900 821 2,101 2,078 1,536 464 230 495 1,145 3,987 Mortgage-backed securities (4) 1,738,680 35,170 1,067,138 41,653 37,961 97,176 96,113 71,062 21,445 10,655 22,902 52,978 184,424 Unamortized premiums on securities held outright (5) 205,371 4,154 126,049 4,920 4,484 11,478 11,353 8,394 2,533 1,259 2,705 6,258 21,784 Unamortized discounts on securities held outright (5) -18,227 -369 -11,187 -437 -398 -1,019 -1,008 -745 -225 -112 -240 -555 -1,933 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 14 0 10 0 0 0 0 2 1 0 2 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,686 0 1,686 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 110 0 0 0 0 0 109 0 0 0 0 0 0 Bank premises 2,253 124 435 75 110 219 211 200 121 95 241 222 200 Central bank liquidity swaps (10) 0 0 0 0 0 0 0 0 0 0 0 0 0 Foreign currency denominated assets (11) 20,396 925 6,576 1,140 1,590 4,680 1,160 548 190 86 215 294 2,995 Other assets (12) 33,634 731 20,106 820 752 2,063 1,892 1,388 497 244 482 1,077 3,580 Interdistrict settlement account 0 + 28,769 - 159,350 + 2,526 + 23,506 + 10,087 - 2,011 - 5,922 - 2,618 + 5,567 + 6,294 + 19,410 + 73,740 Total assets 4,500,348 120,621 2,590,814 111,226 123,379 265,862 248,135 178,450 53,211 33,415 66,111 157,161 551,962 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, February 4, 2015 (continued) Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Liabilities Federal Reserve notes outstanding 1,485,780 48,801 475,564 48,664 71,333 104,630 212,142 102,847 43,226 25,579 40,814 121,529 190,652 Less: Notes held by F.R. Banks 195,008 5,804 67,423 6,050 10,320 12,931 24,074 12,225 5,148 3,131 5,438 15,302 27,162 Federal Reserve notes, net 1,290,772 42,996 408,141 42,614 61,013 91,700 188,068 90,622 38,077 22,447 35,376 106,227 163,491 Reverse repurchase agreements (13) 265,650 5,374 163,046 6,364 5,800 14,847 14,685 10,857 3,277 1,628 3,499 8,094 28,178 Deposits 2,880,478 69,486 1,998,657 58,834 51,883 145,613 41,249 75,112 11,170 8,846 26,482 41,792 351,355 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 2,708,811 69,479 1,827,244 58,807 51,879 145,431 41,240 75,099 11,170 8,846 26,480 41,789 351,345 U.S. Treasury, General Account 157,250 0 157,250 0 0 0 0 0 0 0 0 0 0 Foreign official 5,213 2 5,185 2 3 9 2 1 0 0 0 1 6 Other (14) 9,204 5 8,978 24 0 172 7 12 0 0 1 2 4 Deferred availability cash items 576 0 0 0 0 0 461 0 0 115 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (15) 927 42 126 47 43 122 125 84 34 14 48 58 183 Other liabilities and accrued dividends (16) 4,733 132 2,428 173 179 466 291 238 119 125 106 168 309 Total liabilities 4,443,136 118,030 2,572,399 108,032 118,917 252,747 244,878 176,914 52,677 33,175 65,511 156,339 543,515 Capital Capital paid in 28,606 1,296 9,208 1,597 2,231 6,557 1,629 768 267 120 300 411 4,224 Surplus 28,606 1,296 9,208 1,597 2,231 6,557 1,629 768 267 120 300 411 4,224 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,500,348 120,621 2,590,814 111,226 123,379 265,862 248,135 178,450 53,211 33,415 66,111 157,161 551,962 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, February 4, 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 Feb 4, 2015 Federal Reserve notes outstanding 1,485,780 Less: Notes held by F.R. Banks not subject to collateralization 195,008 Federal Reserve notes to be collateralized 1,290,772 Collateral held against Federal Reserve notes 1,290,772 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,274,535 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,236,920 Less: Face value of securities under reverse repurchase agreements 238,348 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,998,572 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.