FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks May 14, 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 13, 2015 Federal Reserve Banks May 13, 2015 May 6, 2015 May 14, 2014 Reserve Bank credit 4,439,234 + 6,273 + 165,105 4,462,275 Securities held outright (1) 4,218,601 + 3,721 + 174,598 4,240,069 U.S. Treasury securities 2,460,278 + 152 + 102,933 2,460,334 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,643 0 + 100,087 2,346,643 Notes and bonds, inflation-indexed (2) 98,534 0 + 2,563 98,534 Inflation compensation (3) 15,101 + 152 + 282 15,157 Federal agency debt securities (2) 35,895 0 - 9,070 35,895 Mortgage-backed securities (4) 1,722,428 + 3,568 + 80,735 1,743,840 Unamortized premiums on securities held outright (5) 200,421 - 207 - 9,260 201,011 Unamortized discounts on securities held outright (5) -17,762 + 30 + 24 -17,750 Repurchase agreements (6) 0 0 0 0 Loans 72 + 4 - 58 85 Primary credit 4 - 10 - 2 6 Secondary credit 0 0 0 0 Seasonal credit 68 + 13 + 25 79 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 0 + 33 1,697 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 - 91 0 Float -475 + 6 + 122 -537 Central bank liquidity swaps (11) 0 0 - 300 0 Other Federal Reserve assets (12) 36,689 + 2,719 + 122 37,700 Foreign currency denominated assets (13) 20,084 + 33 - 4,043 20,257 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (14) 46,755 + 14 + 908 46,755 Total factors supplying reserve funds 4,522,315 + 6,320 + 161,971 4,545,528 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 13, 2015 Federal Reserve Banks May 13, 2015 May 6, 2015 May 14, 2014 Currency in circulation (14) 1,363,656 + 1,744 + 88,937 1,364,762 Reverse repurchase agreements (15) 239,544 - 11,017 - 58,006 243,769 Foreign official and international accounts 149,574 - 6,802 + 41,793 151,640 Others 89,971 - 4,214 - 99,798 92,129 Treasury cash holdings 223 - 6 + 6 198 Deposits with F.R. Banks, other than reserve balances 232,630 - 9,162 + 140,712 224,548 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 216,211 - 11,295 + 144,961 205,392 Foreign official 5,236 + 6 - 2,543 5,231 Other (16) 11,183 + 2,127 - 1,706 13,925 Other liabilities and capital (17) 66,945 + 845 + 1,842 68,405 Total factors, other than reserve balances, absorbing reserve funds 1,902,998 - 17,595 + 173,491 1,901,683 Reserve balances with Federal Reserve Banks 2,619,317 + 23,915 - 11,519 2,643,845 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 13, 2015 May 13, 2015 May 6, 2015 May 14, 2014 Securities held in custody for foreign official and international accounts 3,316,597 + 3,555 + 32,347 3,321,250 Marketable U.S. Treasury securities (1) 2,986,288 + 2,597 + 36,688 2,986,307 Federal agency debt and mortgage-backed securities (2) 285,223 + 618 - 7,335 289,485 Other securities (3) 45,086 + 339 + 2,993 45,458 Securities lent to dealers 11,255 - 51 - 340 12,357 Overnight facility (4) 11,255 - 51 - 340 12,357 U.S. Treasury securities 10,975 - 29 + 383 12,084 Federal agency debt securities 280 - 21 - 723 273 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 13, 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 14 71 0 0 0 ... 85 U.S. Treasury securities (1) Holdings 1,448 2 91,583 1,090,726 633,003 643,572 2,460,334 Weekly changes 0 0 0 + 22 + 29 + 100 + 152 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 1,734,300 1,743,840 Weekly changes 0 0 0 0 0 + 24,980 + 24,980 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 0 0 0 0 0 0 0 Reverse repurchase agreements (4) 243,769 0 ... ... ... ... 243,769 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 13, 2015 Mortgage-backed securities held outright (1) 1,743,840 Commitments to buy mortgage-backed securities (2) 35,991 Commitments to sell mortgage-backed securities (2) 1,600 Cash and cash equivalents (3) 5 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 13, 2015 Net portfolio holdings of Maiden Lane LLC (1) 1,697 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 13, 2015 Wednesday Wednesday consolidation May 6, 2015 May 14, 2014 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,820 + 9 - 96 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,423,414 + 25,705 + 168,818 Securities held outright (1) 4,240,069 + 25,133 + 177,746 U.S. Treasury securities 2,460,334 + 152 + 99,006 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,643 0 + 96,271 Notes and bonds, inflation-indexed (2) 98,534 0 + 2,466 Inflation compensation (3) 15,157 + 152 + 269 Federal agency debt securities (2) 35,895 0 - 9,070 Mortgage-backed securities (4) 1,743,840 + 24,980 + 87,810 Unamortized premiums on securities held outright (5) 201,011 + 519 - 8,998 Unamortized discounts on securities held outright (5) -17,750 + 30 + 114 Repurchase agreements (6) 0 0 0 Loans 85 + 24 - 44 Net portfolio holdings of Maiden Lane LLC (7) 1,697 + 11 + 41 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) 63 - 1 - 18 Bank premises 2,239 0 - 28 Central bank liquidity swaps (10) 0 0 - 300 Foreign currency denominated assets (11) 20,257 + 52 - 3,830 Other assets (12) 35,461 + 2,709 + 129 Total assets (0) 4,501,188 + 28,485 + 164,539 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 13, 2015 Wednesday Wednesday consolidation May 6, 2015 May 14, 2014 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,320,021 + 393 + 87,964 Reverse repurchase agreements (13) 243,769 + 8,836 - 49,903 Deposits (0) 2,868,393 + 16,015 + 121,745 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,643,845 + 33,789 - 3,788 U.S. Treasury, General Account 205,392 - 23,739 + 142,438 Foreign official 5,231 + 1 - 2,546 Other (14) (0) 13,925 + 5,964 - 14,359 Deferred availability cash items (0) 600 - 31 - 147 Other liabilities and accrued dividends (15) 10,328 + 2,929 + 3,108 Total liabilities (0) 4,443,111 + 28,142 + 162,768 Capital accounts Capital paid in 29,039 + 172 + 886 Surplus 29,039 + 172 + 886 Other capital accounts 0 0 0 Total capital 58,077 + 343 + 1,772 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 13, 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 1,820 33 66 126 125 294 190 272 23 46 148 182 315 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,423,414 112,135 2,655,378 110,016 106,347 240,247 249,096 164,364 46,129 26,942 57,469 142,492 512,800 Securities held outright (1) 4,240,069 107,484 2,545,364 105,458 101,941 230,293 238,767 157,537 44,218 25,786 55,081 136,586 491,553 U.S. Treasury securities 2,460,334 62,368 1,476,968 61,193 59,152 133,630 138,547 91,412 25,658 14,963 31,961 79,255 285,228 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,460,334 62,368 1,476,968 61,193 59,152 133,630 138,547 91,412 25,658 14,963 31,961 79,255 285,228 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) 1,743,840 44,205 1,046,848 43,372 41,926 94,714 98,199 64,791 18,186 10,605 22,653 56,175 202,164 Unamortized premiums on securities held outright (5) 201,011 5,096 120,669 4,999 4,833 10,918 11,319 7,468 2,096 1,222 2,611 6,475 23,303 Unamortized discounts on securities held outright (5) -17,750 -450 -10,656 -441 -427 -964 -1,000 -659 -185 -108 -231 -572 -2,058 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 85 6 0 0 0 0 9 18 0 41 8 2 1 Net portfolio holdings of Maiden Lane LLC (7) 1,697 0 1,697 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 63 0 0 0 0 0 62 0 0 1 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) 20,257 918 6,531 1,132 1,579 4,648 1,152 544 189 85 213 292 2,974 Other assets (12) 35,461 942 20,755 897 867 2,098 2,029 1,334 469 249 502 1,208 4,112 Interdistrict settlement account 0 + 7,145 - 74,076 + 4,965 + 18,272 + 53 - 10,667 + 4,489 + 3,450 + 4,558 + 4,271 + 9,645 + 27,895 Total assets 4,501,188 121,840 2,616,309 117,758 128,040 248,752 244,327 172,363 50,827 32,237 63,284 155,212 550,238 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 13, 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 1,501,326 50,433 480,160 50,678 77,737 104,411 209,101 106,449 44,826 26,740 41,921 120,440 188,430 Less: Notes held by F.R. Banks 181,305 5,438 61,420 5,194 9,532 12,238 23,449 11,512 4,948 2,870 4,918 13,932 25,855 Federal Reserve notes, net 1,320,021 44,995 418,740 45,484 68,205 92,174 185,652 94,937 39,878 23,869 37,003 106,508 162,575 Reverse repurchase agreements (13) 243,769 6,179 146,338 6,063 5,861 13,240 13,727 9,057 2,542 1,483 3,167 7,853 28,260 Deposits 2,868,393 67,765 2,026,724 62,650 49,141 129,327 40,702 66,340 7,660 6,199 22,319 39,646 349,919 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 2,643,845 67,762 1,802,399 62,625 49,138 129,163 40,693 66,337 7,660 6,199 22,317 39,641 349,911 U.S. Treasury, General Account 205,392 0 205,392 0 0 0 0 0 0 0 0 0 0 Foreign official 5,231 2 5,204 2 3 9 2 1 0 0 0 1 6 Other (14) 13,925 2 13,729 22 0 155 7 2 0 0 1 5 2 Deferred availability cash items 600 0 0 0 0 0 337 0 0 263 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (15) 2,229 59 1,292 61 57 132 138 92 23 13 30 74 259 Other liabilities and accrued dividends 8,098 244 4,206 278 296 739 491 360 166 154 161 275 731 Total liabilities 4,443,111 119,242 2,597,300 114,536 123,560 235,612 241,047 170,786 50,270 31,981 62,679 154,355 541,743 Capital Capital paid in 29,039 1,299 9,505 1,611 2,240 6,570 1,640 788 279 128 303 428 4,247 Surplus 29,039 1,299 9,505 1,611 2,240 6,570 1,640 788 279 128 303 428 4,247 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,501,188 121,840 2,616,309 117,758 128,040 248,752 244,327 172,363 50,827 32,237 63,284 155,212 550,238 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 13, 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 13, 2015 Federal Reserve notes outstanding 1,501,326 Less: Notes held by F.R. Banks not subject to collateralization 181,305 Federal Reserve notes to be collateralized 1,320,021 Collateral held against Federal Reserve notes 1,320,021 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,303,784 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,240,069 Less: Face value of securities under reverse repurchase agreements 225,666 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,014,402 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.