FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 7, 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 May 6, 2015 Federal Reserve Banks May 6, 2015 Apr 29, 2015 May 7, 2014 Reserve Bank credit 4,432,961 - 11,256 + 176,792 4,433,819 Securities held outright (1) 4,214,880 - 10,367 + 185,976 4,214,936 U.S. Treasury securities 2,460,126 + 134 + 108,062 2,460,182 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,643 - 66 + 104,563 2,346,643 Notes and bonds, inflation-indexed (2) 98,534 + 66 + 3,145 98,534 Inflation compensation (3) 14,949 + 133 + 354 15,005 Federal agency debt securities (2) 35,895 0 - 9,070 35,895 Mortgage-backed securities (4) 1,718,860 - 10,500 + 86,985 1,718,860 Unamortized premiums on securities held outright (5) 200,628 - 684 - 8,917 200,492 Unamortized discounts on securities held outright (5) -17,792 + 35 - 38 -17,780 Repurchase agreements (6) 0 0 0 0 Loans 68 + 1 - 61 61 Primary credit 14 - 19 + 2 1 Secondary credit 0 0 0 0 Seasonal credit 55 + 20 + 19 60 Term Asset-Backed Securities Loan Facility (7) 0 0 - 81 0 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (8) 1,688 - 5 + 34 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 - 92 0 Float -481 - 11 + 180 -567 Central bank liquidity swaps (11) 0 0 - 300 0 Other Federal Reserve assets (12) 33,970 - 224 + 95 34,991 Foreign currency denominated assets (13) 20,051 + 281 - 4,187 20,205 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (14) 46,694 + 14 + 863 46,694 Total factors supplying reserve funds 4,515,948 - 10,961 + 173,469 4,516,960 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 May 6, 2015 Federal Reserve Banks May 6, 2015 Apr 29, 2015 May 7, 2014 Currency in circulation (14) 1,361,864 + 3,047 + 88,704 1,364,288 Reverse repurchase agreements (15) 250,561 + 7,735 - 50,884 234,933 Foreign official and international accounts 156,376 - 1,205 + 44,063 150,211 Others 94,185 + 8,940 - 94,948 84,722 Treasury cash holdings 229 + 6 + 1 227 Deposits with F.R. Banks, other than reserve balances 241,792 - 23,055 + 135,934 242,322 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 227,506 + 7,804 + 136,109 229,131 Foreign official 5,230 - 7 - 2,553 5,230 Other (16) 9,056 - 30,852 + 2,378 7,961 Other liabilities and capital (17) 66,100 - 318 + 1,932 65,133 Total factors, other than reserve balances, absorbing reserve funds 1,920,545 - 12,586 + 175,686 1,906,903 Reserve balances with Federal Reserve Banks 2,595,402 + 1,625 - 2,219 2,610,056 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 May 6, 2015 May 6, 2015 Apr 29, 2015 May 7, 2014 Securities held in custody for foreign official and international accounts 3,313,042 + 24,455 + 28,402 3,315,457 Marketable U.S. Treasury securities (1) 2,983,691 + 22,323 + 34,444 2,985,859 Federal agency debt and mortgage-backed securities (2) 284,605 + 795 - 8,633 284,686 Other securities (3) 44,747 + 1,338 + 2,592 44,913 Securities lent to dealers 11,306 + 2,522 + 195 12,469 Overnight facility (4) 11,306 + 2,522 + 195 12,469 U.S. Treasury securities 11,004 + 2,498 + 844 12,192 Federal agency debt securities 301 + 23 - 650 277 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, May 6, 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 49 0 0 0 ... 61 U.S. Treasury securities (1) Holdings 1,448 2 91,583 1,090,704 632,974 643,472 2,460,182 Weekly changes + 998 - 1,447 + 27,371 - 21,840 - 5,031 + 98 + 148 Federal agency debt securities (2) Holdings 0 802 7,997 24,749 0 2,347 35,895 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 25 9,514 1,709,320 1,718,860 Weekly changes 0 0 0 + 6 + 721 - 718 + 10 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 0 0 0 0 0 0 0 Reverse repurchase agreements (4) 234,933 0 ... ... ... ... 234,933 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 May 6, 2015 Mortgage-backed securities held outright (1) 1,718,860 Commitments to buy mortgage-backed securities (2) 50,193 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 21 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 May 6, 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 March 31, 2015. 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 May 6, 2015 Wednesday Wednesday consolidation Apr 29, 2015 May 7, 2014 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,811 + 10 - 90 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,397,709 - 180 + 174,088 Securities held outright (1) 4,214,936 + 157 + 183,180 U.S. Treasury securities 2,460,182 + 148 + 105,266 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,643 - 66 + 101,770 Notes and bonds, inflation-indexed (2) 98,534 + 66 + 3,145 Inflation compensation (3) 15,005 + 147 + 351 Federal agency debt securities (2) 35,895 0 - 9,070 Mortgage-backed securities (4) 1,718,860 + 10 + 86,985 Unamortized premiums on securities held outright (5) 200,492 - 368 - 9,000 Unamortized discounts on securities held outright (5) -17,780 + 31 + 5 Repurchase agreements (6) 0 0 0 Loans 61 0 - 97 Net portfolio holdings of Maiden Lane LLC (7) 1,686 - 3 + 32 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 - 91 Items in process of collection (0) 64 + 5 - 11 Bank premises 2,239 - 5 - 27 Central bank liquidity swaps (10) 0 0 - 300 Foreign currency denominated assets (11) 20,205 + 148 - 4,100 Other assets (12) 32,752 + 1,230 + 145 Total assets (0) 4,472,703 + 1,204 + 169,560 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 May 6, 2015 Wednesday Wednesday consolidation Apr 29, 2015 May 7, 2014 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,319,628 + 3,645 + 88,268 Reverse repurchase agreements (13) 234,933 - 14,954 - 65,262 Deposits (0) 2,852,378 + 12,660 + 145,091 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,610,056 + 28,989 + 13,007 U.S. Treasury, General Account 229,131 - 16,295 + 132,133 Foreign official 5,230 - 3 - 2,547 Other (14) (0) 7,961 - 31 + 2,498 Deferred availability cash items (0) 631 + 82 - 144 Other liabilities and accrued dividends (15) 7,399 - 262 + 90 Total liabilities (0) 4,414,969 + 1,172 + 168,044 Capital accounts Capital paid in 28,867 + 16 + 758 Surplus 28,867 + 16 + 758 Other capital accounts 0 0 0 Total capital 57,734 + 32 + 1,517 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, May 6, 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 11,037 347 3,709 340 505 783 1,600 734 299 171 288 891 1,370 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,811 37 69 123 121 293 191 269 24 45 148 177 313 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,397,709 111,478 2,639,961 109,377 105,730 238,852 247,650 163,401 45,861 26,778 57,135 141,665 509,822 Securities held outright (1) 4,214,936 106,847 2,530,277 104,832 101,337 228,928 237,352 156,604 43,955 25,634 54,754 135,777 488,640 U.S. Treasury securities 2,460,182 62,364 1,476,877 61,189 59,149 133,621 138,538 91,407 25,656 14,962 31,959 79,250 285,210 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,460,182 62,364 1,476,877 61,189 59,149 133,621 138,538 91,407 25,656 14,962 31,959 79,250 285,210 Federal agency debt securities (2) 35,895 910 21,548 893 863 1,950 2,021 1,334 374 218 466 1,156 4,161 Mortgage-backed securities (4) 1,718,860 43,572 1,031,852 42,751 41,325 93,357 96,793 63,863 17,925 10,453 22,329 55,370 199,268 Unamortized premiums on securities held outright (5) 200,492 5,082 120,358 4,987 4,820 10,889 11,290 7,449 2,091 1,219 2,604 6,458 23,243 Unamortized discounts on securities held outright (5) -17,780 -451 -10,674 -442 -427 -966 -1,001 -661 -185 -108 -231 -573 -2,061 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 61 0 0 0 0 0 9 9 0 33 7 2 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 64 0 0 0 0 0 63 0 0 0 0 0 0 Bank premises 2,239 124 431 74 109 217 210 202 120 94 240 221 198 Central bank liquidity swaps (10) 0 0 0 0 0 0 0 0 0 0 0 0 0 Foreign currency denominated assets (11) 20,205 916 6,515 1,129 1,575 4,636 1,149 543 188 85 213 291 2,966 Other assets (12) 32,752 871 19,147 827 801 1,957 1,874 1,235 439 238 465 1,093 3,803 Interdistrict settlement account 0 + 13,788 - 68,828 + 5,022 + 15,395 - 1,167 - 10,345 + 1,394 + 3,701 + 4,750 + 4,409 + 9,408 + 22,474 Total assets 4,472,703 127,757 2,604,508 117,102 124,472 245,983 243,046 168,202 50,783 32,251 63,050 154,028 541,520 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, May 6, 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 1,499,935 50,482 478,123 50,622 77,703 104,122 209,390 106,568 44,774 26,764 41,971 120,586 188,830 Less: Notes held by F.R. Banks 180,307 5,388 60,512 5,372 9,523 12,202 23,369 11,549 5,025 2,950 5,034 14,000 25,384 Federal Reserve notes, net 1,319,628 45,094 417,611 45,250 68,180 91,919 186,021 95,019 39,750 23,814 36,937 106,586 163,446 Reverse repurchase agreements (13) 234,933 5,955 141,033 5,843 5,648 12,760 13,230 8,729 2,450 1,429 3,052 7,568 27,236 Deposits 2,852,378 73,886 2,023,429 62,528 45,883 127,437 39,615 62,532 7,872 6,406 22,312 38,769 341,711 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 2,610,056 73,882 1,781,343 62,503 45,880 127,261 39,606 62,529 7,872 6,406 22,310 38,763 341,701 U.S. Treasury, General Account 229,131 0 229,131 0 0 0 0 0 0 0 0 0 0 Foreign official 5,230 2 5,203 2 3 9 2 1 0 0 0 1 6 Other (14) 7,961 2 7,751 22 0 166 7 2 0 0 1 5 4 Deferred availability cash items 631 0 0 0 0 0 430 0 0 200 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (15) 2,445 62 1,472 58 60 155 136 91 21 13 27 74 279 Other liabilities and accrued dividends 4,953 163 2,252 202 221 571 335 254 133 135 118 182 388 Total liabilities 4,414,969 125,160 2,585,797 113,881 119,993 232,842 239,767 166,625 50,226 31,996 62,445 153,178 533,059 Capital Capital paid in 28,867 1,299 9,356 1,610 2,240 6,570 1,640 789 278 128 302 425 4,231 Surplus 28,867 1,299 9,356 1,610 2,240 6,570 1,640 789 278 128 302 425 4,231 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,472,703 127,757 2,604,508 117,102 124,472 245,983 243,046 168,202 50,783 32,251 63,050 154,028 541,520 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, May 6, 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 May 6, 2015 Federal Reserve notes outstanding 1,499,935 Less: Notes held by F.R. Banks not subject to collateralization 180,307 Federal Reserve notes to be collateralized 1,319,628 Collateral held against Federal Reserve notes 1,319,628 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,303,391 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,214,936 Less: Face value of securities under reverse repurchase agreements 221,820 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,993,116 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.