FRB: H.4.1 Release--Factors Affecting Reserve Balances--February 12, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks February 12, 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 11, 2015
Federal Reserve Banks Feb 11, 2015 Feb 4, 2015 Feb 12, 2014

Reserve Bank credit 4,462,371 + 882 + 389,030 4,462,825
Securities held outright (1) 4,236,515 - 471 + 394,217 4,236,063
U.S. Treasury securities 2,460,549 - 171 + 201,901 2,460,490
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,711 0 + 194,994 2,346,711
Notes and bonds, inflation-indexed (2) 98,469 0 + 4,886 98,469
Inflation compensation (3) 15,369 - 171 + 2,022 15,310
Federal agency debt securities (2) 37,283 - 305 - 14,128 36,877
Mortgage-backed securities (4) 1,738,682 + 4 + 206,442 1,738,696
Unamortized premiums on securities held outright (5) 205,156 - 374 - 3,385 205,027
Unamortized discounts on securities held outright (5) -18,208 + 32 - 3,553 -18,196
Repurchase agreements (6) 0 0 0 0
Loans 13 - 37 - 89 17
Primary credit 8 - 36 + 4 12
Secondary credit 0 0 0 0
Seasonal credit 5 0 + 3 5
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 0 + 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 - 106 0
Float -420 - 38 + 203 -409
Central bank liquidity swaps (11) 0 0 - 360 0
Other Federal Reserve assets (12) 37,628 + 1,769 + 2,081 38,637
Foreign currency denominated assets (13) 20,211 - 117 - 3,697 20,084
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,414 + 14 + 782 46,414

Total factors supplying reserve funds 4,545,237 + 779 + 386,115 4,545,564

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 11, 2015
Federal Reserve Banks Feb 11, 2015 Feb 4, 2015 Feb 12, 2014

Currency in circulation (14) 1,337,799 + 6,796 + 106,043 1,342,364
Reverse repurchase agreements (15) 244,538 - 40,790 + 46,004 248,575
Foreign official and international accounts 121,876 - 327 + 24,822 121,823
Others 122,662 - 40,464 + 21,183 126,752
Treasury cash holdings 202 0 - 64 205
Deposits with F.R. Banks, other than reserve balances 362,366 + 181,574 + 287,312 332,659
Term deposits held by depository institutions 188,083 + 188,083 + 175,261 188,083
U.S. Treasury, General Account 158,907 - 8,365 + 122,497 130,765
Foreign official 5,217 - 107 - 2,778 5,213
Other (16) 10,159 + 1,963 - 7,667 8,598
Other liabilities and capital (17) 63,725 + 855 - 119 63,548

Total factors, other than reserve balances,
absorbing reserve funds 2,008,630 + 148,435 + 439,176 1,987,351

Reserve balances with Federal Reserve Banks 2,536,607 - 147,656 - 53,062 2,558,213

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 11, 2015
Feb 11, 2015 Feb 4, 2015 Feb 12, 2014

Securities held in custody for foreign official and
international accounts 3,260,263 + 2,380 - 53,160 3,261,610
Marketable U.S. Treasury securities (1) 2,931,246 + 2,668 - 29,669 2,932,656
Federal agency debt and mortgage-backed securities (2) 286,440 - 346 - 21,287 286,695
Other securities (3) 42,578 + 58 - 2,203 42,259
Securities lent to dealers 11,268 + 2,369 + 1,574 10,991
Overnight facility (4) 11,268 + 2,369 + 1,574 10,991
U.S. Treasury securities 10,833 + 2,379 + 2,272 10,561
Federal agency debt securities 435 - 11 - 698 430

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 11, 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 12 5 0 0 0 ... 17
U.S. Treasury securities (1)
Holdings 2 453 4,976 1,117,979 687,652 649,427 2,460,490
Weekly changes 0 0 0 - 24 - 31 - 107 - 162
Federal agency debt securities (2)
Holdings 0 982 4,577 28,971 0 2,347 36,877
Weekly changes - 711 0 0 0 0 0 - 711
Mortgage-backed securities (3)
Holdings 0 0 0 15 7,875 1,730,806 1,738,696
Weekly changes 0 0 0 0 0 + 16 + 16
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 0 0 0 0 0 0 0

Reverse repurchase agreements (4) 248,575 0 ... ... ... ... 248,575
Term deposits 188,083 0 0 ... ... ... 188,083

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 11, 2015

Mortgage-backed securities held outright (1) 1,738,696

Commitments to buy mortgage-backed securities (2) 37,626
Commitments to sell mortgage-backed securities (2) 456

Cash and cash equivalents (3) 16

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 11, 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 11, 2015 Wednesday Wednesday
consolidation Feb 4, 2015 Feb 12, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,957 + 2 - 94
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,422,911 - 1,167 + 384,293
Securities held outright (1) 4,236,063 - 857 + 391,311
U.S. Treasury securities 2,460,490 - 162 + 199,391
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,711 0 + 192,541
Notes and bonds, inflation-indexed (2) 98,469 0 + 4,886
Inflation compensation (3) 15,310 - 162 + 1,963
Federal agency debt securities (2) 36,877 - 711 - 14,534
Mortgage-backed securities (4) 1,738,696 + 16 + 206,454
Unamortized premiums on securities held outright
(5) 205,027 - 344 - 3,506
Unamortized discounts on securities held outright
(5) -18,196 + 31 - 3,428
Repurchase agreements (6) 0 0 0
Loans 17 + 3 - 84
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 - 106
Items in process of collection (0) 174 + 64 + 97
Bank premises 2,253 0 - 26
Central bank liquidity swaps (10) 0 0 - 360
Foreign currency denominated assets (11) 20,084 - 312 - 3,778
Other assets (12) 36,384 + 2,750 + 2,167

Total assets (0) 4,501,685 + 1,337 + 382,211

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 11, 2015 Wednesday Wednesday
consolidation Feb 4, 2015 Feb 12, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,298,107 + 7,335 + 106,414
Reverse repurchase agreements (13) 248,575 - 17,075 + 56,503
Deposits (0) 2,890,872 + 10,394 + 217,945
Term deposits held by depository institutions 188,083 + 188,083 + 175,261
Other deposits held by depository institutions 2,558,213 - 150,598 - 43,572
U.S. Treasury, General Account 130,765 - 26,485 + 98,201
Foreign official 5,213 0 - 2,758
Other (14) (0) 8,598 - 606 - 9,186
Deferred availability cash items (0) 583 + 7 - 182
Other liabilities and accrued dividends (15) 6,320 + 660 + 108

Total liabilities (0) 4,444,457 + 1,321 + 380,789

Capital accounts
Capital paid in 28,614 + 8 + 711
Surplus 28,614 + 8 + 711
Other capital accounts 0 0 0

Total capital 57,228 + 16 + 1,423

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 11, 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 1,957 34 80 131 126 314 210 289 25 48 157 196 347
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,422,911 89,467 2,714,616 105,959 96,567 247,199 244,495 180,774 54,553 27,105 58,261 134,772 469,143
Securities held outright (1) 4,236,063 85,688 2,599,941 101,483 92,488 236,756 234,167 173,134 52,249 25,960 55,799 129,074 449,324
U.S. Treasury securities 2,460,490 49,771 1,510,159 58,946 53,721 137,518 136,014 100,564 30,348 15,079 32,410 74,972 260,987
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,460,490 49,771 1,510,159 58,946 53,721 137,518 136,014 100,564 30,348 15,079 32,410 74,972 260,987
Federal agency debt securities (2) 36,877 746 22,634 883 805 2,061 2,039 1,507 455 226 486 1,124 3,912
Mortgage-backed securities (4) 1,738,696 35,171 1,067,148 41,654 37,962 97,177 96,114 71,063 21,446 10,655 22,903 52,979 184,425
Unamortized premiums on securities held
outright (5) 205,027 4,147 125,838 4,912 4,476 11,459 11,334 8,380 2,529 1,256 2,701 6,247 21,747
Unamortized discounts on securities
held outright (5) -18,196 -368 -11,168 -436 -397 -1,017 -1,006 -744 -224 -112 -240 -554 -1,930
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 17 0 5 0 0 0 0 4 0 0 1 5 2
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 174 0 0 0 0 0 173 0 0 0 0 0 0
Bank premises 2,253 124 434 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) 20,084 910 6,475 1,122 1,566 4,608 1,143 539 187 84 211 289 2,949
Other assets (12) 36,384 789 21,783 885 813 2,219 2,044 1,497 530 255 515 1,187 3,867
Interdistrict settlement account 0 + 22,629 - 170,307 + 12,984 + 22,507 + 11,955 + 75 - 9,862 - 1,748 + 5,942 + 8,217 + 18,408 + 79,200

Total assets 4,501,685 114,502 2,580,710 121,704 122,388 267,749 250,354 174,569 54,097 33,793 68,046 156,236 557,537

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 11, 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 1,490,485 49,471 475,550 48,860 71,620 104,884 212,427 104,056 43,758 25,940 41,468 121,743 190,706
Less: Notes held by F.R. Banks 192,378 5,684 66,977 6,060 9,860 13,122 23,260 12,411 4,803 3,213 5,477 14,954 26,558
Federal Reserve notes, net 1,298,107 43,787 408,573 42,800 61,761 91,762 189,167 91,645 38,955 22,728 35,991 106,790 164,149
Reverse repurchase agreements (13) 248,575 5,028 152,566 5,955 5,427 13,893 13,741 10,160 3,066 1,523 3,274 7,574 26,367
Deposits 2,890,872 62,936 1,997,668 69,552 50,541 148,472 43,322 70,919 11,402 9,071 28,053 40,823 358,114
Term deposits held by depository
institutions 188,083 235 109,659 27,310 16,750 2,021 455 3,475 74 70 1,771 405 25,858
Other deposits held by depository
institutions 2,558,213 62,695 1,743,670 42,216 33,788 146,285 42,858 67,431 11,328 9,001 26,280 40,416 332,246
U.S. Treasury, General Account 130,765 0 130,765 0 0 0 0 0 0 0 0 0 0
Foreign official 5,213 2 5,186 2 3 9 2 1 0 0 0 1 6
Other (14) 8,598 4 8,388 24 0 157 7 12 0 0 1 2 4
Deferred availability cash items 583 0 0 0 0 0 487 0 0 96 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,672 25 1,174 26 13 28 84 71 19 8 19 50 155
Other liabilities and accrued
dividends (16) 4,648 134 2,314 175 184 479 291 238 121 126 108 171 306

Total liabilities 4,444,457 111,911 2,562,295 118,509 117,926 254,634 247,092 173,033 53,562 33,553 67,445 155,407 549,091

Capital
Capital paid in 28,614 1,296 9,207 1,597 2,231 6,558 1,631 768 268 120 300 414 4,223
Surplus 28,614 1,296 9,207 1,597 2,231 6,558 1,631 768 268 120 300 414 4,223
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,501,685 114,502 2,580,710 121,704 122,388 267,749 250,354 174,569 54,097 33,793 68,046 156,236 557,537

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 11, 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 11, 2015

Federal Reserve notes outstanding 1,490,485
Less: Notes held by F.R. Banks not subject to collateralization 192,378
Federal Reserve notes to be collateralized 1,298,107
Collateral held against Federal Reserve notes 1,298,107
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,281,870
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,236,063
Less: Face value of securities under reverse repurchase agreements 226,014
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,010,049

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