FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks July 2, 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 Jul 1, 2015 Federal Reserve Banks Jul 1, 2015 Jun 24, 2015 Jul 2, 2014 Reserve Bank credit 4,440,876 - 19,255 + 110,262 4,440,806 Securities held outright (1) 4,228,816 - 17,951 + 120,119 4,228,931 U.S. Treasury securities 2,460,947 + 56 + 59,809 2,460,975 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,642 0 + 58,045 2,346,641 Notes and bonds, inflation-indexed (2) 98,534 0 + 1,763 98,534 Inflation compensation (3) 15,770 + 55 0 15,800 Federal agency debt securities (2) 35,895 0 - 7,764 35,895 Mortgage-backed securities (4) 1,731,974 - 18,007 + 68,074 1,732,060 Unamortized premiums on securities held outright (5) 198,245 - 976 - 11,148 198,111 Unamortized discounts on securities held outright (5) -17,523 + 39 + 972 -17,512 Repurchase agreements (6) 0 0 0 0 Loans 172 - 4 - 27 170 Primary credit 9 - 14 - 1 6 Secondary credit 0 0 0 0 Seasonal credit 162 + 9 + 22 164 Term Asset-Backed Securities Loan Facility (7) 0 0 - 49 0 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (8) 1,696 0 + 42 1,696 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 - 90 0 Float -461 - 127 + 147 -350 Central bank liquidity swaps (11) 635 + 520 + 511 635 Other Federal Reserve assets (12) 29,297 - 754 - 178 29,125 Foreign currency denominated assets (13) 19,769 - 161 - 4,289 19,775 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (14) 46,853 + 14 + 890 46,853 Total factors supplying reserve funds 4,523,740 - 19,402 + 106,864 4,523,675 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 Jul 1, 2015 Federal Reserve Banks Jul 1, 2015 Jun 24, 2015 Jul 2, 2014 Currency in circulation (14) 1,366,466 + 2,182 + 84,085 1,370,050 Reverse repurchase agreements (15) 379,412 + 68,636 + 98,391 349,857 Foreign official and international accounts 157,182 + 5,956 + 47,353 156,446 Others 222,230 + 62,679 + 51,038 193,411 Treasury cash holdings 100 - 30 - 46 85 Deposits with F.R. Banks, other than reserve balances 254,517 - 16,226 + 44,081 234,695 Term deposits held by depository institutions 0 0 - 92,420 0 U.S. Treasury, General Account 227,457 - 12,041 + 127,372 212,135 Foreign official 5,244 + 2 - 697 5,243 Other (16) 21,817 - 4,186 + 9,827 17,317 Other liabilities and capital (17) 65,839 - 1,044 + 1,645 64,456 Total factors, other than reserve balances, absorbing reserve funds 2,066,334 + 53,517 + 228,155 2,019,143 Reserve balances with Federal Reserve Banks 2,457,406 - 72,918 - 121,291 2,504,532 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 Jul 1, 2015 Jul 1, 2015 Jun 24, 2015 Jul 2, 2014 Securities held in custody for foreign official and international accounts 3,378,862 + 10,788 + 75,095 3,376,811 Marketable U.S. Treasury securities (1) 3,035,038 + 13,395 + 64,884 3,032,996 Federal agency debt and mortgage-backed securities (2) 298,574 - 3,161 + 6,707 298,627 Other securities (3) 45,250 + 554 + 3,504 45,188 Securities lent to dealers 11,981 + 528 - 4,383 11,165 Overnight facility (4) 11,981 + 528 - 4,383 11,165 U.S. Treasury securities 11,828 + 517 - 3,298 10,954 Federal agency debt securities 153 + 11 - 1,085 211 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, July 1, 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 50 120 0 0 0 ... 170 U.S. Treasury securities (1) Holdings 0 1,288 143,134 1,098,074 574,120 644,359 2,460,975 Weekly changes - 1 0 + 13,567 - 690 - 12,855 + 43 + 64 Federal agency debt securities (2) Holdings 0 802 9,997 22,749 0 2,347 35,895 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 35 9,284 1,722,741 1,732,060 Weekly changes 0 0 0 - 1 - 200 - 14,132 - 14,333 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 635 0 0 0 0 0 635 Reverse repurchase agreements (4) 349,857 0 ... ... ... ... 349,857 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 Jul 1, 2015 Mortgage-backed securities held outright (1) 1,732,060 Commitments to buy mortgage-backed securities (2) 38,462 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 17 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 Jul 1, 2015 Net portfolio holdings of Maiden Lane LLC (1) 1,696 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 Jul 1, 2015 Wednesday Wednesday consolidation Jun 24, 2015 Jul 2, 2014 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,870 + 3 - 6 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,409,700 - 15,074 + 106,576 Securities held outright (1) 4,228,931 - 14,268 + 116,795 U.S. Treasury securities 2,460,975 + 64 + 56,398 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,641 - 1 + 54,637 Notes and bonds, inflation-indexed (2) 98,534 0 + 1,763 Inflation compensation (3) 15,800 + 65 - 2 Federal agency debt securities (2) 35,895 0 - 7,764 Mortgage-backed securities (4) 1,732,060 - 14,333 + 68,159 Unamortized premiums on securities held outright (5) 198,111 - 807 - 11,204 Unamortized discounts on securities held outright (5) -17,512 + 38 + 1,011 Repurchase agreements (6) 0 0 0 Loans 170 - 37 - 25 Net portfolio holdings of Maiden Lane LLC (7) 1,696 0 + 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 - 90 Items in process of collection (0) 91 + 19 - 4 Bank premises 2,236 - 7 - 25 Central bank liquidity swaps (10) 635 + 520 + 511 Foreign currency denominated assets (11) 19,775 + 52 - 4,332 Other assets (12) 26,889 - 1,439 - 490 Total assets (0) 4,479,130 - 15,925 + 102,099 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 Jul 1, 2015 Wednesday Wednesday consolidation Jun 24, 2015 Jul 2, 2014 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,325,147 + 4,672 + 81,480 Reverse repurchase agreements (13) 349,857 + 60,441 + 91,735 Deposits (0) 2,739,227 - 80,139 - 72,388 Term deposits held by depository institutions 0 0 - 92,420 Other deposits held by depository institutions 2,504,532 + 11,003 - 100,248 U.S. Treasury, General Account 212,135 - 28,627 + 111,050 Foreign official 5,243 0 - 698 Other (14) (0) 17,317 - 62,516 + 9,928 Deferred availability cash items (0) 442 + 17 - 345 Other liabilities and accrued dividends (15) 6,192 - 916 - 330 Total liabilities (0) 4,420,866 - 15,925 + 100,153 Capital accounts Capital paid in 29,132 0 + 973 Surplus 29,132 0 + 973 Other capital accounts 0 0 0 Total capital 58,264 0 + 1,946 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, July 1, 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 1,870 36 63 127 128 300 204 273 32 47 148 196 316 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,409,700 111,779 2,647,094 109,672 106,016 239,497 248,335 163,847 46,017 26,898 57,294 142,050 511,201 Securities held outright (1) 4,228,931 107,201 2,538,678 105,180 101,674 229,688 238,140 157,124 44,101 25,719 54,936 136,228 490,262 U.S. Treasury securities 2,460,975 62,384 1,477,353 61,209 59,168 133,664 138,583 91,436 25,664 14,967 31,969 79,276 285,302 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,460,975 62,384 1,477,353 61,209 59,168 133,664 138,583 91,436 25,664 14,967 31,969 79,276 285,302 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) 1,732,060 43,907 1,039,777 43,079 41,643 94,074 97,536 64,354 18,063 10,534 22,500 55,795 200,799 Unamortized premiums on securities held outright (5) 198,111 5,022 118,929 4,927 4,763 10,760 11,156 7,361 2,066 1,205 2,574 6,382 22,967 Unamortized discounts on securities held outright (5) -17,512 -444 -10,512 -436 -421 -951 -986 -651 -183 -106 -227 -564 -2,030 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 170 0 0 0 0 0 26 13 32 81 12 5 2 Net portfolio holdings of Maiden Lane LLC (7) 1,696 0 1,696 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 91 0 0 0 0 0 91 0 0 0 0 0 0 Bank premises 2,236 125 434 73 108 216 209 203 118 94 239 220 197 Central bank liquidity swaps (10) 635 29 205 35 50 146 36 17 6 3 7 9 93 Foreign currency denominated assets (11) 19,775 893 6,429 1,100 1,535 4,519 1,121 529 183 83 207 284 2,892 Other assets (12) 26,889 719 15,666 679 659 1,627 1,542 1,019 373 199 388 886 3,131 Interdistrict settlement account 0 + 24,811 - 132,381 + 15,087 + 35,642 + 24,722 - 3,885 + 14,481 + 6,597 + 5,131 + 4,691 + 12,950 - 7,845 Total assets 4,479,130 138,935 2,544,732 127,324 144,880 272,222 249,906 181,526 53,776 32,715 63,415 157,767 511,930 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, July 1, 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 1,507,312 49,626 488,813 50,648 79,709 104,454 207,674 106,349 47,180 26,655 41,719 118,960 185,526 Less: Notes held by F.R. Banks 182,165 5,822 64,454 5,530 9,694 12,423 22,804 11,020 4,838 2,789 4,580 13,736 24,476 Federal Reserve notes, net 1,325,147 43,805 424,359 45,118 70,015 92,031 184,870 95,329 42,342 23,866 37,139 105,224 161,050 Reverse repurchase agreements (13) 349,857 8,869 210,024 8,702 8,411 19,002 19,701 12,999 3,648 2,128 4,545 11,270 40,559 Deposits 2,739,227 83,485 1,888,065 69,950 61,757 147,534 41,366 71,317 7,073 6,167 20,990 40,185 301,338 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 2,504,532 83,479 1,653,520 69,947 61,754 147,457 41,357 71,312 7,036 6,167 20,989 40,184 301,329 U.S. Treasury, General Account 212,135 0 212,135 0 0 0 0 0 0 0 0 0 0 Foreign official 5,243 2 5,216 2 3 9 2 1 0 0 0 1 6 Other (14) 17,317 4 17,194 0 0 68 7 4 37 0 1 1 2 Deferred availability cash items 442 0 0 0 0 0 280 0 0 161 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (15) 1,857 47 1,113 43 36 107 118 72 22 11 15 61 212 Other liabilities and accrued dividends 4,335 126 2,131 163 176 403 290 230 126 128 111 168 283 Total liabilities 4,420,866 136,332 2,525,691 123,975 140,395 259,078 246,625 179,947 53,212 32,461 62,801 156,908 503,441 Capital Capital paid in 29,132 1,302 9,520 1,675 2,243 6,572 1,641 790 282 127 307 430 4,245 Surplus 29,132 1,302 9,520 1,675 2,243 6,572 1,641 790 282 127 307 430 4,245 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,479,130 138,935 2,544,732 127,324 144,880 272,222 249,906 181,526 53,776 32,715 63,415 157,767 511,930 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, July 1, 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 Jul 1, 2015 Federal Reserve notes outstanding 1,507,312 Less: Notes held by F.R. Banks not subject to collateralization 182,165 Federal Reserve notes to be collateralized 1,325,147 Collateral held against Federal Reserve notes 1,325,147 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,308,910 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,228,931 Less: Face value of securities under reverse repurchase agreements 329,869 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,899,062 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.