FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, July 2, 2015

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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jul 1, 2015
	Week ended Jul 1, 2015	Change from week ended
	Week ended Jul 1, 2015	Jun 24, 2015	Jul 2, 2014
Reserve Bank credit	4,440,876	- 19,255	+ 110,262	4,440,806
Securities held outright¹	4,228,816	- 17,951	+ 120,119	4,228,931
U.S. Treasury securities	2,460,947	+ 56	+ 59,809	2,460,975
Bills²	0	0	0	0
Notes and bonds, nominal²	2,346,642	0	+ 58,045	2,346,641
Notes and bonds, inflation-indexed²	98,534	0	+ 1,763	98,534
Inflation compensation³	15,770	+ 55	0	15,800
Federal agency debt securities²	35,895	0	- 7,764	35,895
Mortgage-backed securities⁴	1,731,974	- 18,007	+ 68,074	1,732,060
Unamortized premiums on securities held outright⁵	198,245	- 976	- 11,148	198,111
Unamortized discounts on securities held outright⁵	-17,523	+ 39	+ 972	-17,512
Repurchase agreements⁶	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 Facility⁷	0	0	- 49	0
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁸	1,696	0	+ 42	1,696
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	- 90	0
Float	-461	- 127	+ 147	-350
Central bank liquidity swaps¹¹	635	+ 520	+ 511	635
Other Federal Reserve assets¹²	29,297	- 754	- 178	29,125
Foreign currency denominated assets¹³	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 outstanding¹⁴	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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Jul 1, 2015
	Week ended Jul 1, 2015	Change from week ended
	Week ended Jul 1, 2015	Jun 24, 2015	Jul 2, 2014
Currency in circulation¹⁴	1,366,466	+ 2,182	+ 84,085	1,370,050
Reverse repurchase agreements¹⁵	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
Other¹⁶	21,817	- 4,186	+ 9,827	17,317
Other liabilities and capital¹⁷	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 Jul 1, 2015
	Week ended Jul 1, 2015	Change from week ended
	Week ended 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 securities¹	3,035,038	+ 13,395	+ 64,884	3,032,996
Federal agency debt and mortgage-backed securities²	298,574	- 3,161	+ 6,707	298,627
Other securities³	45,250	+ 554	+ 3,504	45,188
Securities lent to dealers	11,981	+ 528	- 4,383	11,165
Overnight facility⁴	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 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	50	120	0	0	0	...	170
U.S. Treasury securities¹
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 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	35	9,284	1,722,741	1,732,060
Weekly changes	0	0	0	- 1	- 200	- 14,132	- 14,333
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	635	0	0	0	0	0	635

Reverse repurchase agreements⁴	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
Account name	Jul 1, 2015
Mortgage-backed securities held outright¹	1,732,060

Commitments to buy mortgage-backed securities²	38,462
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	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
Account name	Jul 1, 2015
Net portfolio holdings of Maiden Lane LLC¹	1,696

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 Jul 1, 2015	Change since
			Wednesday	Wednesday
			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 outright¹		4,228,931	- 14,268	+ 116,795
U.S. Treasury securities		2,460,975	+ 64	+ 56,398
Bills²		0	0	0
Notes and bonds, nominal²		2,346,641	- 1	+ 54,637
Notes and bonds, inflation-indexed²		98,534	0	+ 1,763
Inflation compensation³		15,800	+ 65	- 2
Federal agency debt securities²		35,895	0	- 7,764
Mortgage-backed securities⁴		1,732,060	- 14,333	+ 68,159
Unamortized premiums on securities held outright⁵		198,111	- 807	- 11,204
Unamortized discounts on securities held outright⁵		-17,512	+ 38	+ 1,011
Repurchase agreements⁶		0	0	0
Loans		170	- 37	- 25
Net portfolio holdings of Maiden Lane LLC⁷		1,696	0	+ 41
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	- 90
Items in process of collection	(0)	91	+ 19	- 4
Bank premises		2,236	- 7	- 25
Central bank liquidity swaps¹⁰		635	+ 520	+ 511
Foreign currency denominated assets¹¹		19,775	+ 52	- 4,332
Other assets¹²		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 from consolidation	Wednesday Jul 1, 2015	Change since
			Wednesday	Wednesday
			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 agreements¹³		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
Other¹⁴	(0)	17,317	- 62,516	+ 9,928
Deferred availability cash items	(0)	442	+ 17	- 345
Other liabilities and accrued dividends¹⁵		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
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	1,870	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 outright¹	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
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	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 securities²	35,895	910	21,548	893	863	1,950	2,021	1,334	374	218	466	1,156	4,161
Mortgage-backed securities⁴	1,732,060	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 outright⁵	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 outright⁵	-17,512	-444	-10,512	-436	-421	-951	-986	-651	-183	-106	-227	-564	-2,030
Repurchase agreements⁶	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 LLC⁷	1,696	0	1,696	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	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 swaps¹⁰	635	29	205	35	50	146	36	17	6	3	7	9	93
Foreign currency denominated
assets¹¹	19,775	893	6,429	1,100	1,535	4,519	1,121	529	183	83	207	284	2,892
Other assets¹²	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
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,507,312	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 agreements¹³	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
Other¹⁴	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. Treasury¹⁵	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
Federal Reserve notes and collateral	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.

Statistical releases