FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, June 4, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	June 4, 2015

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jun 3, 2015
	Week ended Jun 3, 2015	Change from week ended
	Week ended Jun 3, 2015	May 27, 2015	Jun 4, 2014
Reserve Bank credit	4,426,944	- 11,245	+ 142,071	4,427,107
Securities held outright¹	4,219,053	- 10,673	+ 151,803	4,219,080
U.S. Treasury securities	2,460,723	+ 131	+ 85,538	2,460,749
Bills²	0	0	0	0
Notes and bonds, nominal²	2,346,643	0	+ 82,814	2,346,643
Notes and bonds, inflation-indexed²	98,534	0	+ 2,466	98,534
Inflation compensation³	15,546	+ 131	+ 258	15,572
Federal agency debt securities²	35,895	0	- 8,187	35,895
Mortgage-backed securities⁴	1,722,435	- 10,804	+ 74,452	1,722,436
Unamortized premiums on securities held outright⁵	199,412	- 671	- 9,890	199,276
Unamortized discounts on securities held outright⁵	-17,661	+ 35	+ 418	-17,650
Repurchase agreements⁶	0	0	0	0
Loans	107	+ 10	- 50	124
Primary credit	13	+ 11	- 3	19
Secondary credit	0	0	0	0
Seasonal credit	94	- 1	+ 33	105
Term Asset-Backed Securities Loan Facility⁷	0	0	- 79	0
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁸	1,699	+ 2	+ 44	1,700
Net portfolio holdings of Maiden Lane II LLC⁹	0	0	- 63	0
Net portfolio holdings of Maiden Lane III LLC⁹	0	0	- 22	0
Net portfolio holdings of TALF LLC¹⁰	0	0	- 91	0
Float	-325	+ 91	+ 288	-291
Central bank liquidity swaps¹¹	0	- 2	- 174	0
Other Federal Reserve assets¹²	24,659	- 38	- 192	24,868
Foreign currency denominated assets¹³	19,585	- 86	- 4,393	19,850
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹⁴	46,797	+ 14	+ 903	46,797

Total factors supplying reserve funds	4,509,567	- 11,318	+ 138,581	4,509,996

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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jun 3, 2015
	Week ended Jun 3, 2015	Change from week ended
	Week ended Jun 3, 2015	May 27, 2015	Jun 4, 2014
Currency in circulation¹⁴	1,368,223	- 118	+ 87,737	1,368,585
Reverse repurchase agreements¹⁵	285,397	+ 16,141	+ 28,995	242,586
Foreign official and international accounts	152,322	- 1,903	+ 44,196	147,197
Others	133,076	+ 18,045	- 15,201	95,389
Treasury cash holdings	167	- 6	- 20	204
Deposits with F.R. Banks, other than reserve balances	344,837	+ 38,453	+ 254,212	342,600
Term deposits held by depository institutions	145,702	+ 65,783	+ 102,798	145,702
U.S. Treasury, General Account	185,794	+ 10,217	+ 151,899	184,099
Foreign official	5,232	- 24	- 2,561	5,231
Other¹⁶	8,109	- 37,524	+ 2,076	7,569
Other liabilities and capital¹⁷	66,178	+ 238	+ 1,963	65,976

Total factors, other than reserve balances, absorbing reserve funds	2,064,802	+ 54,708	+ 372,888	2,019,951

Reserve balances with Federal Reserve Banks	2,444,765	- 66,026	- 234,306	2,490,044

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 Jun 3, 2015
	Week ended Jun 3, 2015	Change from week ended
	Week ended Jun 3, 2015	May 27, 2015	Jun 4, 2014
Securities held in custody for foreign official and international accounts	3,353,610	+ 26,868	+ 58,042	3,356,352
Marketable U.S. Treasury securities¹	3,022,143	+ 28,347	+ 62,235	3,025,124
Federal agency debt and mortgage-backed securities²	287,475	- 311	- 6,663	287,288
Other securities³	43,992	- 1,169	+ 2,470	43,940
Securities lent to dealers	10,934	+ 116	+ 365	10,974
Overnight facility⁴	10,934	+ 116	+ 365	10,974
U.S. Treasury securities	10,659	+ 117	+ 1,132	10,673
Federal agency debt securities	274	- 1	- 767	301

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, June 3, 2015

Millions of dollars

Remaining Maturity	Within 15 days	16 days to 90 days	91 days to 1 year	Over 1 year to 5 years	Over 5 year to 10 years	Over 10 years	All
Loans	48	76	0	0	0	...	124
U.S. Treasury securities¹
Holdings	0	1,289	129,567	1,098,741	586,944	644,209	2,460,749
Weekly changes	0	0	+ 25,248	- 20,477	- 4,734	+ 73	+ 110
Federal agency debt securities²
Holdings	0	802	9,997	22,749	0	2,347	35,895
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	0	36	9,502	1,712,897	1,722,436
Weekly changes	0	0	0	+ 12	- 12	+ 1	+ 2
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	0	0	0	0	0	0	0

Reverse repurchase agreements⁴	242,586	0	...	...	...	...	242,586
Term deposits	145,702	0	0	...	...	...	145,702

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
Account name	Jun 3, 2015
Mortgage-backed securities held outright¹	1,722,436

Commitments to buy mortgage-backed securities²	47,634
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	10

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
Account name	Jun 3, 2015
Net portfolio holdings of Maiden Lane LLC¹	1,700

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York²	0
Accrued interest payable to the Federal Reserve Bank of New York²	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 from consolidation	Wednesday Jun 3, 2015	Change since
			Wednesday	Wednesday
			May 27, 2015	Jun 4, 2014
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,795	+ 5	- 63
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,400,830	- 199	+ 139,220
Securities held outright¹		4,219,080	+ 112	+ 148,829
U.S. Treasury securities		2,460,749	+ 110	+ 82,563
Bills²		0	0	0
Notes and bonds, nominal²		2,346,643	0	+ 79,853
Notes and bonds, inflation-indexed²		98,534	0	+ 2,466
Inflation compensation³		15,572	+ 110	+ 244
Federal agency debt securities²		35,895	0	- 8,187
Mortgage-backed securities⁴		1,722,436	+ 2	+ 74,453
Unamortized premiums on securities held outright⁵		199,276	- 370	- 10,034
Unamortized discounts on securities held outright⁵		-17,650	+ 31	+ 464
Repurchase agreements⁶		0	0	0
Loans		124	+ 28	- 40
Net portfolio holdings of Maiden Lane LLC⁷		1,700	+ 3	+ 46
Net portfolio holdings of Maiden Lane II LLC⁸		0	0	- 63
Net portfolio holdings of Maiden Lane III LLC⁸		0	0	- 22
Net portfolio holdings of TALF LLC⁹		0	0	- 91
Items in process of collection	(0)	80	- 13	- 5
Bank premises		2,237	- 4	- 24
Central bank liquidity swaps¹⁰		0	- 2	- 174
Foreign currency denominated assets¹¹		19,850	+ 416	- 4,051
Other assets¹²		22,631	+ 1,172	- 330

Total assets	(0)	4,465,360	+ 1,379	+ 134,443

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 from consolidation	Wednesday Jun 3, 2015	Change since
			Wednesday	Wednesday
			May 27, 2015	Jun 4, 2014
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,323,783	- 1,096	+ 86,725
Reverse repurchase agreements¹³		242,586	- 36,051	+ 9,632
Deposits	(0)	2,832,644	+ 38,120	+ 35,820
Term deposits held by depository institutions		145,702	+ 65,783	+ 102,798
Other deposits held by depository institutions		2,490,044	- 46,876	- 218,020
U.S. Treasury, General Account		184,099	+ 20,518	+ 152,197
Foreign official		5,231	- 1	- 2,548
Other¹⁴	(0)	7,569	- 1,303	+ 1,394
Deferred availability cash items	(0)	371	- 475	- 443
Other liabilities and accrued dividends¹⁵		7,726	+ 867	+ 772

Total liabilities	(0)	4,407,110	+ 1,364	+ 132,506

Capital accounts
Capital paid in		29,125	+ 7	+ 969
Surplus		29,125	+ 7	+ 969
Other capital accounts		0	0	0

Total capital		58,250	+ 14	+ 1,937

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, June 3, 2015

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	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	1,795	31	60	126	122	291	185	266	25	45	145	189	313
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,400,830	111,556	2,641,797	109,453	105,803	239,018	247,832	163,534	45,900	26,819	57,176	141,765	510,179
Securities held outright¹	4,219,080	106,952	2,532,764	104,935	101,437	229,153	237,585	156,758	43,999	25,659	54,808	135,910	489,120
U.S. Treasury securities	2,460,749	62,379	1,477,217	61,203	59,162	133,652	138,570	91,428	25,662	14,965	31,966	79,269	285,276
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,460,749	62,379	1,477,217	61,203	59,162	133,652	138,570	91,428	25,662	14,965	31,966	79,269	285,276
Federal agency debt securities²	35,895	910	21,548	893	863	1,950	2,021	1,334	374	218	466	1,156	4,161
Mortgage-backed securities⁴	1,722,436	43,663	1,033,999	42,840	41,411	93,552	96,994	63,996	17,962	10,475	22,375	55,485	199,683
Unamortized premiums on securities held outright⁵	199,276	5,052	119,628	4,956	4,791	10,823	11,222	7,404	2,078	1,212	2,589	6,419	23,102
Unamortized discounts on securities held outright⁵	-17,650	-447	-10,595	-439	-424	-959	-994	-656	-184	-107	-229	-569	-2,046
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	124	0	0	0	0	0	19	28	7	55	8	4	3
Net portfolio holdings of Maiden
Lane LLC⁷	1,700	0	1,700	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Maiden
Lane II LLC⁸	0	0	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Maiden
Lane III LLC⁸	0	0	0	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF LLC⁹	0	0	0	0	0	0	0	0	0	0	0	0	0
Items in process of collection	80	0	0	0	0	0	80	0	0	1	0	0	0
Bank premises	2,237	125	433	73	108	216	209	202	119	94	239	220	197
Central bank liquidity swaps¹⁰	0	0	0	0	0	0	0	0	0	0	0	0	0
Foreign currency denominated
assets¹¹	19,850	900	6,400	1,109	1,547	4,554	1,129	533	185	83	209	286	2,914
Other assets¹²	22,631	605	13,024	568	551	1,390	1,297	857	462	170	328	755	2,624
Interdistrict settlement account	0	+ 16,613	- 111,681	+ 4,923	+ 27,050	+ 18,437	- 8,206	+ 6,070	+ 4,051	+ 4,924	+ 4,790	+ 13,837	+ 19,192

Total assets	4,465,360	130,372	2,557,259	116,801	135,924	265,101	244,779	172,621	51,190	32,397	63,327	158,225	537,363

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, June 3, 2015 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,502,686	50,067	484,987	50,838	78,335	104,043	208,289	105,862	44,811	26,584	41,784	119,744	187,342
Less: Notes held by F.R. Banks	178,904	5,336	62,734	5,108	9,190	11,989	22,918	11,214	4,799	2,843	4,812	13,420	24,540
Federal Reserve notes, net	1,323,783	44,731	422,253	45,731	69,145	92,054	185,371	94,648	40,012	23,741	36,971	106,324	162,802
Reverse repurchase agreements¹³	242,586	6,149	145,627	6,034	5,832	13,176	13,661	9,013	2,530	1,475	3,151	7,814	28,123
Deposits	2,832,644	76,651	1,966,548	61,439	56,146	145,929	41,689	67,026	7,919	6,674	22,446	42,964	337,213
Term deposits held by depository institutions	145,702	50	81,656	22,600	14,000	56	265	7,298	32	0	3,025	1,100	15,620
Other deposits held by depository institutions	2,490,044	76,597	1,688,186	38,837	42,143	145,750	41,415	59,726	7,851	6,673	19,420	41,862	321,585
U.S. Treasury, General Account	184,099	0	184,099	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
Other¹⁴	7,569	2	7,404	0	0	113	7	2	36	0	1	2	2
Deferred availability cash items	371	0	0	0	0	0	267	0	0	105	0	0	0
Interest on Federal Reserve notes due to U.S. Treasury¹⁵	2,522	68	1,446	33	78	191	163	92	27	14	30	75	304
Other liabilities and accrued dividends	5,204	170	2,364	216	237	606	347	262	138	133	122	188	422

Total liabilities	4,407,110	127,769	2,538,239	113,452	131,438	251,955	241,497	171,041	50,626	32,141	62,721	157,366	528,865

Capital
Capital paid in	29,125	1,302	9,510	1,675	2,243	6,573	1,641	790	282	128	303	430	4,249
Surplus	29,125	1,302	9,510	1,675	2,243	6,573	1,641	790	282	128	303	430	4,249
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,465,360	130,372	2,557,259	116,801	135,924	265,101	244,779	172,621	51,190	32,397	63,327	158,225	537,363

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, June 3, 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
Federal Reserve notes and collateral	Jun 3, 2015
Federal Reserve notes outstanding	1,502,686
Less: Notes held by F.R. Banks not subject to collateralization	178,904
Federal Reserve notes to be collateralized	1,323,783
Collateral held against Federal Reserve notes	1,323,783
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,307,546
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,219,080
Less: Face value of securities under reverse repurchase agreements	224,292
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,994,788

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