FRB: H.4.1 Release--Factors Affecting Reserve Balances--February 26, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks February 26, 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 25, 2015
Federal Reserve Banks Feb 25, 2015 Feb 18, 2015 Feb 26, 2014

Reserve Bank credit 4,459,378 - 14,486 + 342,174 4,447,571
Securities held outright (1) 4,247,218 - 2,688 + 348,446 4,237,251
U.S. Treasury securities 2,460,226 - 152 + 187,181 2,460,167
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,711 0 + 180,592 2,346,711
Notes and bonds, inflation-indexed (2) 98,469 0 + 4,886 98,469
Inflation compensation (3) 15,046 - 152 + 1,703 14,987
Federal agency debt securities (2) 36,877 0 - 14,534 36,877
Mortgage-backed securities (4) 1,750,115 - 2,536 + 175,799 1,740,208
Unamortized premiums on securities held outright (5) 205,066 - 361 - 4,481 204,622
Unamortized discounts on securities held outright (5) -18,138 + 34 - 2,743 -18,122
Repurchase agreements (6) 0 0 0 0
Loans 6 - 11 - 94 8
Primary credit 2 - 8 0 3
Secondary credit 0 - 1 0 0
Seasonal credit 4 - 2 + 1 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 + 106 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 -452 - 36 + 140 -575
Central bank liquidity swaps (11) 3 + 3 - 357 3
Other Federal Reserve assets (12) 23,988 - 11,428 + 1,347 22,697
Foreign currency denominated assets (13) 20,253 - 39 - 3,746 20,252
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,413 + 14 + 751 46,413

Total factors supplying reserve funds 4,542,285 - 14,512 + 339,178 4,530,477

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 25, 2015
Federal Reserve Banks Feb 25, 2015 Feb 18, 2015 Feb 26, 2014

Currency in circulation (14) 1,349,342 + 2,882 + 100,944 1,351,152
Reverse repurchase agreements (15) 306,160 + 62,120 + 97,971 306,171
Foreign official and international accounts 128,656 + 2,074 + 24,235 126,421
Others 177,503 + 60,045 + 73,735 179,750
Treasury cash holdings 225 + 17 - 44 216
Deposits with F.R. Banks, other than reserve balances 492,582 + 49,350 + 408,903 462,400
Term deposits held by depository institutions 404,150 + 107,229 + 404,150 404,150
U.S. Treasury, General Account 68,114 - 50,722 + 21,410 46,714
Foreign official 5,244 + 25 - 2,728 5,213
Other (16) 15,074 - 7,182 - 13,929 6,323
Other liabilities and capital (17) 65,012 - 426 + 2,338 63,541

Total factors, other than reserve balances,
absorbing reserve funds 2,213,322 + 113,944 + 610,113 2,183,480

Reserve balances with Federal Reserve Banks 2,328,963 - 128,456 - 270,935 2,346,998

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 25, 2015
Feb 25, 2015 Feb 18, 2015 Feb 26, 2014

Securities held in custody for foreign official and
international accounts 3,266,440 + 3,657 - 58,927 3,265,567
Marketable U.S. Treasury securities (1) 2,939,764 + 6,746 - 30,598 2,939,331
Federal agency debt and mortgage-backed securities (2) 283,387 - 3,454 - 25,758 282,905
Other securities (3) 43,289 + 365 - 2,571 43,331
Securities lent to dealers 13,774 + 1,682 + 1,775 13,225
Overnight facility (4) 13,774 + 1,682 + 1,775 13,225
U.S. Treasury securities 13,328 + 1,667 + 2,522 12,727
Federal agency debt securities 445 + 14 - 748 498

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 25, 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 8 0 0 0 0 ... 8
U.S. Treasury securities (1)
Holdings 0 1,900 8,397 1,147,442 658,967 643,460 2,460,167
Weekly changes 0 0 0 - 24 - 32 - 107 - 161
Federal agency debt securities (2)
Holdings 0 982 4,577 28,971 0 2,347 36,877
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 15 7,787 1,732,405 1,740,208
Weekly changes 0 0 0 0 - 144 - 8,676 - 8,819
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 3 0 0 0 0 0 3

Reverse repurchase agreements (4) 306,171 0 ... ... ... ... 306,171
Term deposits 404,150 0 0 ... ... ... 404,150

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 25, 2015

Mortgage-backed securities held outright (1) 1,740,208

Commitments to buy mortgage-backed securities (2) 24,006
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 63

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 25, 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 25, 2015 Wednesday Wednesday
consolidation Feb 18, 2015 Feb 26, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,898 - 33 - 122
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,423,760 - 9,537 + 330,192
Securities held outright (1) 4,237,251 - 8,981 + 337,518
U.S. Treasury securities 2,460,167 - 161 + 181,911
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,711 0 + 175,380
Notes and bonds, inflation-indexed (2) 98,469 0 + 4,886
Inflation compensation (3) 14,987 - 161 + 1,645
Federal agency debt securities (2) 36,877 0 - 14,534
Mortgage-backed securities (4) 1,740,208 - 8,819 + 170,141
Unamortized premiums on securities held outright
(5) 204,622 - 596 - 4,690
Unamortized discounts on securities held outright
(5) -18,122 + 37 - 2,545
Repurchase agreements (6) 0 0 0
Loans 8 + 2 - 92
Net portfolio holdings of Maiden Lane LLC (7) 1,686 0 + 105
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) 192 + 8 + 84
Bank premises 2,252 - 2 - 31
Central bank liquidity swaps (10) 3 + 3 - 357
Foreign currency denominated assets (11) 20,252 + 45 - 3,707
Other assets (12) 20,446 - 610 + 781

Total assets (0) 4,486,725 - 10,126 + 326,753

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 25, 2015 Wednesday Wednesday
consolidation Feb 18, 2015 Feb 26, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,306,848 + 2,662 + 99,279
Reverse repurchase agreements (13) 306,171 + 9,117 + 73,497
Deposits (0) 2,809,398 - 21,436 + 151,693
Term deposits held by depository institutions 404,150 + 107,229 + 404,150
Other deposits held by depository institutions 2,346,998 - 98,903 - 263,542
U.S. Treasury, General Account 46,714 - 26,383 + 19,287
Foreign official 5,213 + 1 - 2,759
Other (14) (0) 6,323 - 3,380 - 5,443
Deferred availability cash items (0) 767 - 98 + 49
Other liabilities and accrued dividends (15) 5,983 - 686 + 554

Total liabilities (0) 4,429,168 - 10,440 + 325,073

Capital accounts
Capital paid in 28,779 + 157 + 840
Surplus 28,779 + 157 + 840
Other capital accounts 0 0 0

Total capital 57,557 + 314 + 1,680

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 25, 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 1,898 37 78 133 121 306 196 284 20 47 155 184 336
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,423,760 89,486 2,715,137 105,980 96,586 247,246 244,543 180,809 54,564 27,111 58,272 134,793 469,233
Securities held outright (1) 4,237,251 85,712 2,600,670 101,512 92,514 236,823 234,233 173,182 52,264 25,967 55,814 129,110 449,450
U.S. Treasury securities 2,460,167 49,765 1,509,961 58,938 53,714 137,500 135,997 100,550 30,344 15,077 32,406 74,962 260,952
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,460,167 49,765 1,509,961 58,938 53,714 137,500 135,997 100,550 30,344 15,077 32,406 74,962 260,952
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) 1,740,208 35,201 1,068,076 41,690 37,995 97,261 96,198 71,125 21,464 10,665 22,923 53,025 184,586
Unamortized premiums on securities held
outright (5) 204,622 4,139 125,590 4,902 4,468 11,436 11,311 8,363 2,524 1,254 2,695 6,235 21,704
Unamortized discounts on securities
held outright (5) -18,122 -367 -11,123 -434 -396 -1,013 -1,002 -741 -224 -111 -239 -552 -1,922
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 8 1 0 0 0 0 1 4 0 1 1 0 1
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 192 0 0 0 0 0 191 0 0 1 0 0 0
Bank premises 2,252 122 434 75 110 218 210 202 121 95 241 222 200
Central bank liquidity swaps (10) 3 0 1 0 0 1 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 20,252 918 6,529 1,131 1,579 4,647 1,152 544 189 85 213 292 2,973
Other assets (12) 20,446 455 11,946 497 455 1,300 1,139 841 450 151 297 754 2,161
Interdistrict settlement account 0 + 27,119 - 224,543 + 37,002 + 28,091 + 10,155 + 6,492 - 3,234 - 312 + 7,413 + 9,715 + 22,792 + 79,310

Total assets 4,486,725 118,685 2,517,211 145,366 127,642 265,110 255,927 180,575 55,459 35,166 69,337 160,200 556,045

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 25, 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 1,492,639 50,312 474,064 48,701 72,098 104,798 212,153 104,083 44,346 26,575 41,743 122,060 191,706
Less: Notes held by F.R. Banks 185,791 5,539 66,079 5,915 9,816 12,339 22,434 11,867 4,559 3,057 5,270 14,265 24,652
Federal Reserve notes, net 1,306,848 44,774 407,985 42,786 62,282 92,460 189,718 92,216 39,787 23,518 36,473 107,795 167,055
Reverse repurchase agreements (13) 306,171 6,193 187,917 7,335 6,685 17,112 16,925 12,514 3,776 1,876 4,033 9,329 32,476
Deposits 2,809,398 64,967 1,899,628 91,816 53,986 141,820 45,150 73,993 11,226 9,099 28,103 42,028 347,580
Term deposits held by depository
institutions 404,150 280 226,123 67,740 16,850 3,575 1,258 14,495 104 70 3,391 2,356 67,908
Other deposits held by depository
institutions 2,346,998 64,682 1,615,471 24,049 37,133 138,105 43,883 59,483 11,122 9,029 24,710 39,668 279,663
U.S. Treasury, General Account 46,714 0 46,714 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) 6,323 4 6,135 25 0 130 7 13 0 0 2 3 4
Deferred availability cash items 767 0 0 0 0 0 473 0 0 294 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,366 28 820 24 35 82 85 56 10 6 16 45 160
Other liabilities and accrued
dividends (16) 4,617 141 2,163 191 192 511 308 253 120 129 111 173 326

Total liabilities 4,429,168 116,103 2,498,512 142,152 123,180 251,984 252,659 179,031 54,920 34,923 68,736 159,370 547,597

Capital
Capital paid in 28,779 1,291 9,350 1,607 2,231 6,563 1,634 772 270 121 300 415 4,224
Surplus 28,779 1,291 9,350 1,607 2,231 6,563 1,634 772 270 121 300 415 4,224
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,486,725 118,685 2,517,211 145,366 127,642 265,110 255,927 180,575 55,459 35,166 69,337 160,200 556,045

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 25, 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 25, 2015

Federal Reserve notes outstanding 1,492,639
Less: Notes held by F.R. Banks not subject to collateralization 185,791
Federal Reserve notes to be collateralized 1,306,848
Collateral held against Federal Reserve notes 1,306,848
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,290,612
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,237,251
Less: Face value of securities under reverse repurchase agreements 274,226
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,963,025

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