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

FEDERAL RESERVE statistical release

H.4.1

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

Reserve Bank credit 4,450,384 + 1,684 + 315,841 4,451,160
Securities held outright (1) 4,237,058 - 124 + 322,549 4,237,037
U.S. Treasury securities 2,459,952 - 130 + 166,977 2,459,908
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,711 0 + 160,807 2,346,711
Notes and bonds, inflation-indexed (2) 98,469 0 + 4,861 98,469
Inflation compensation (3) 14,772 - 130 + 1,310 14,728
Federal agency debt securities (2) 36,877 0 - 14,534 36,877
Mortgage-backed securities (4) 1,740,229 + 6 + 170,106 1,740,252
Unamortized premiums on securities held outright (5) 204,046 - 364 - 4,866 203,921
Unamortized discounts on securities held outright (5) -18,072 + 32 - 1,959 -18,061
Repurchase agreements (6) 0 0 0 0
Loans 18 - 1 - 87 9
Primary credit 12 - 3 + 6 1
Secondary credit 0 0 0 0
Seasonal credit 6 + 2 + 1 8
Term Asset-Backed Securities Loan Facility (7) 0 0 - 95 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,687 + 1 + 105 1,692
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 - 105 0
Float -493 - 63 + 182 -594
Central bank liquidity swaps (11) 2 + 2 - 455 2
Other Federal Reserve assets (12) 26,139 + 2,202 + 563 27,153
Foreign currency denominated assets (13) 19,518 - 499 - 4,592 19,226
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,441 + 14 + 739 46,441

Total factors supplying reserve funds 4,532,585 + 1,200 + 311,989 4,533,068

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

Currency in circulation (14) 1,354,813 + 2,587 + 94,680 1,356,049
Reverse repurchase agreements (15) 263,957 - 50,402 + 104,374 265,299
Foreign official and international accounts 132,374 - 590 + 35,588 130,910
Others 131,583 - 49,812 + 68,786 134,389
Treasury cash holdings 212 - 4 - 60 210
Deposits with F.R. Banks, other than reserve balances 160,516 - 117,417 + 75,718 155,037
Term deposits held by depository institutions 107,229 - 108,838 + 93,687 107,229
U.S. Treasury, General Account 39,431 - 10,372 - 16,710 27,237
Foreign official 5,223 + 1 - 1,621 5,236
Other (16) 8,633 + 1,793 + 363 15,334
Other liabilities and capital (17) 64,830 + 274 + 1,040 63,780

Total factors, other than reserve balances,
absorbing reserve funds 1,844,328 - 164,962 + 275,753 1,840,375

Reserve balances with Federal Reserve Banks 2,688,257 + 166,162 + 36,236 2,692,693

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 Mar 11, 2015
Mar 11, 2015 Mar 4, 2015 Mar 12, 2014

Securities held in custody for foreign official and
international accounts 3,247,938 - 7,635 - 25,791 3,234,307
Marketable U.S. Treasury securities (1) 2,919,570 - 8,420 - 2,429 2,906,153
Federal agency debt and mortgage-backed securities (2) 284,803 + 522 - 21,770 284,553
Other securities (3) 43,564 + 262 - 1,592 43,602
Securities lent to dealers 12,135 - 406 + 463 11,451
Overnight facility (4) 12,135 - 406 + 463 11,451
U.S. Treasury securities 11,656 - 423 + 1,398 10,988
Federal agency debt securities 479 + 17 - 934 463

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, March 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 5 4 0 0 0 ... 9
U.S. Treasury securities (1)
Holdings 1 1,900 40,235 1,125,205 649,278 643,289 2,459,908
Weekly changes 0 0 0 - 17 - 24 - 79 - 120
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 16 8,510 1,731,726 1,740,252
Weekly changes 0 0 0 0 0 + 27 + 27
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 2 0 0 0 0 0 2

Reverse repurchase agreements (4) 265,299 0 ... ... ... ... 265,299
Term deposits 107,229 0 0 ... ... ... 107,229

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
Mar 11, 2015

Mortgage-backed securities held outright (1) 1,740,252

Commitments to buy mortgage-backed securities (2) 35,630
Commitments to sell mortgage-backed securities (2) 0

Cash and cash equivalents (3) 39

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
Mar 11, 2015

Net portfolio holdings of Maiden Lane LLC (1) 1,692

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 December 31, 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 Mar 11, 2015 Wednesday Wednesday
consolidation Mar 4, 2015 Mar 12, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,860 - 10 - 107
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,422,906 - 402 + 312,808
Securities held outright (1) 4,237,037 - 93 + 319,559
U.S. Treasury securities 2,459,908 - 120 + 163,970
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,711 0 + 157,876
Notes and bonds, inflation-indexed (2) 98,469 0 + 4,861
Inflation compensation (3) 14,728 - 121 + 1,233
Federal agency debt securities (2) 36,877 0 - 14,534
Mortgage-backed securities (4) 1,740,252 + 27 + 170,123
Unamortized premiums on securities held outright
(5) 203,921 - 330 - 4,876
Unamortized discounts on securities held outright
(5) -18,061 + 30 - 1,779
Repurchase agreements (6) 0 0 0
Loans 9 - 9 - 95
Net portfolio holdings of Maiden Lane LLC (7) 1,692 + 6 + 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 - 105
Items in process of collection (0) 202 - 8 + 111
Bank premises 2,248 + 1 - 27
Central bank liquidity swaps (10) 2 + 2 - 455
Foreign currency denominated assets (11) 19,226 - 650 - 4,960
Other assets (12) 24,905 + 2,758 + 630

Total assets (0) 4,489,279 + 1,696 + 307,918

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

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,311,673 + 1,250 + 93,104
Reverse repurchase agreements (13) 265,299 - 11,869 + 103,672
Deposits (0) 2,847,730 + 12,639 + 110,092
Term deposits held by depository institutions 107,229 - 108,838 + 93,687
Other deposits held by depository institutions 2,692,693 + 138,024 + 30,007
U.S. Treasury, General Account 27,237 - 25,209 - 15,560
Foreign official 5,236 + 24 - 1,334
Other (14) (0) 15,334 + 8,637 + 3,291
Deferred availability cash items (0) 796 + 130 - 26
Other liabilities and accrued dividends (15) 6,203 - 464 - 426

Total liabilities (0) 4,431,702 + 1,688 + 306,417

Capital accounts
Capital paid in 28,788 + 3 + 750
Surplus 28,788 + 3 + 750
Other capital accounts 0 0 0

Total capital 57,577 + 8 + 1,501

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, March 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 1,860 40 71 133 120 305 187 278 19 46 153 181 326
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,422,906 89,471 2,714,613 105,959 96,567 247,199 244,495 180,771 54,553 27,108 58,260 134,767 469,141
Securities held outright (1) 4,237,037 85,708 2,600,539 101,506 92,509 236,811 234,221 173,174 52,261 25,966 55,812 129,104 449,427
U.S. Treasury securities 2,459,908 49,760 1,509,802 58,932 53,708 137,486 135,982 100,540 30,341 15,075 32,403 74,954 260,925
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,459,908 49,760 1,509,802 58,932 53,708 137,486 135,982 100,540 30,341 15,075 32,403 74,954 260,925
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) 1,740,252 35,202 1,068,103 41,691 37,996 97,264 96,200 71,127 21,465 10,665 22,923 53,026 184,590
Unamortized premiums on securities held
outright (5) 203,921 4,125 125,159 4,885 4,452 11,397 11,273 8,335 2,515 1,250 2,686 6,214 21,630
Unamortized discounts on securities
held outright (5) -18,061 -365 -11,085 -433 -394 -1,009 -998 -738 -223 -111 -238 -550 -1,916
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 9 4 0 0 0 0 0 1 0 3 1 0 0
Net portfolio holdings of Maiden
Lane LLC (7) 1,692 0 1,692 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 202 0 0 0 0 0 201 1 0 0 0 0 0
Bank premises 2,248 124 432 75 110 219 210 201 121 95 240 222 200
Central bank liquidity swaps (10) 2 0 1 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 19,226 872 6,199 1,074 1,499 4,411 1,094 516 179 81 202 277 2,823
Other assets (12) 24,905 546 14,709 604 553 1,557 1,401 1,024 519 181 356 815 2,640
Interdistrict settlement account 0 + 25,302 - 228,466 + 13,267 + 36,265 + 14,746 + 6,637 - 5,726 - 39 + 6,691 + 9,608 + 26,994 + 94,721

Total assets 4,489,279 116,902 2,515,194 121,659 135,816 269,674 256,228 178,196 55,780 34,465 69,264 164,418 571,683

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, March 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 1,494,413 50,377 473,519 49,545 72,653 104,956 211,321 105,878 44,694 26,536 42,036 121,893 191,006
Less: Notes held by F.R. Banks 182,740 5,199 65,460 5,651 10,081 12,311 22,268 11,591 4,541 3,332 5,399 13,089 23,816
Federal Reserve notes, net 1,311,673 45,178 408,058 43,895 62,571 92,645 189,053 94,287 40,153 23,204 36,636 108,803 167,190
Reverse repurchase agreements (13) 265,299 5,367 162,831 6,356 5,792 14,828 14,666 10,843 3,272 1,626 3,495 8,084 28,141
Deposits 2,847,730 63,626 1,922,116 67,999 62,802 148,598 48,367 71,219 11,672 8,966 28,402 46,478 367,484
Term deposits held by depository
institutions 107,229 35 49,762 27,870 100 1,017 425 5,020 25 0 775 650 21,550
Other deposits held by depository
institutions 2,692,693 63,586 1,824,784 40,102 62,699 147,419 47,931 66,185 11,646 8,966 27,626 45,827 345,924
U.S. Treasury, General Account 27,237 0 27,237 0 0 0 0 0 0 0 0 0 0
Foreign official 5,236 2 5,209 2 3 9 2 1 0 0 0 1 6
Other (14) 15,334 3 15,124 25 0 153 9 13 0 0 1 1 4
Deferred availability cash items 796 0 0 0 0 0 506 0 0 289 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,426 10 1,095 11 -8 -20 68 65 17 9 16 49 111
Other liabilities and accrued
dividends (16) 4,778 139 2,390 184 193 495 299 237 122 129 112 168 310

Total liabilities 4,431,702 114,320 2,496,491 118,445 131,352 256,544 252,960 176,651 55,236 34,224 68,661 163,583 563,236

Capital
Capital paid in 28,788 1,291 9,352 1,607 2,232 6,565 1,634 772 272 121 301 418 4,224
Surplus 28,788 1,291 9,352 1,607 2,232 6,565 1,634 772 272 121 301 418 4,224
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,489,279 116,902 2,515,194 121,659 135,816 269,674 256,228 178,196 55,780 34,465 69,264 164,418 571,683

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, March 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
Mar 11, 2015

Federal Reserve notes outstanding 1,494,413
Less: Notes held by F.R. Banks not subject to collateralization 182,740
Federal Reserve notes to be collateralized 1,311,673
Collateral held against Federal Reserve notes 1,311,673
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,295,437
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,237,037
Less: Face value of securities under reverse repurchase agreements 243,740
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,993,296

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