FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, July 9, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	July 9, 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 8, 2015
	Week ended Jul 8, 2015	Change from week ended
	Week ended Jul 8, 2015	Jul 1, 2015	Jul 9, 2014
Reserve Bank credit	4,442,118	+ 1,242	+ 105,476	4,442,968
Securities held outright¹	4,229,014	+ 198	+ 115,871	4,229,062
U.S. Treasury securities	2,461,059	+ 112	+ 55,476	2,461,107
Bills²	0	0	0	0
Notes and bonds, nominal²	2,346,641	- 1	+ 53,692	2,346,641
Notes and bonds, inflation-indexed²	98,534	0	+ 1,763	98,534
Inflation compensation³	15,883	+ 113	+ 20	15,931
Federal agency debt securities²	35,895	0	- 7,764	35,895
Mortgage-backed securities⁴	1,732,060	+ 86	+ 68,159	1,732,060
Unamortized premiums on securities held outright⁵	197,882	- 363	- 11,223	197,786
Unamortized discounts on securities held outright⁵	-17,492	+ 31	+ 1,022	-17,482
Repurchase agreements⁶	0	0	0	0
Loans	183	+ 11	- 15	172
Primary credit	13	+ 4	+ 12	3
Secondary credit	0	0	0	0
Seasonal credit	170	+ 8	+ 23	169
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	+ 41	1,698
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	- 77	0
Float	-264	+ 197	+ 474	-295
Central bank liquidity swaps¹¹	155	- 480	+ 31	155
Other Federal Reserve assets¹²	30,944	+ 1,647	- 564	31,871
Foreign currency denominated assets¹³	19,722	- 47	- 4,243	19,840
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹⁴	46,867	+ 14	+ 887	46,867

Total factors supplying reserve funds	4,524,948	+ 1,208	+ 102,120	4,525,916

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 8, 2015
	Week ended Jul 8, 2015	Change from week ended
	Week ended Jul 8, 2015	Jul 1, 2015	Jul 9, 2014
Currency in circulation¹⁴	1,370,957	+ 4,491	+ 82,233	1,371,703
Reverse repurchase agreements¹⁵	325,742	- 53,670	+ 81,165	301,855
Foreign official and international accounts	157,282	+ 100	+ 51,060	156,385
Others	168,461	- 53,769	+ 30,106	145,470
Treasury cash holdings	84	- 16	- 64	78
Deposits with F.R. Banks, other than reserve balances	207,182	- 47,335	+ 4,626	201,410
Term deposits held by depository institutions	0	0	- 124,887	0
U.S. Treasury, General Account	182,596	- 44,861	+ 118,770	173,642
Foreign official	5,262	+ 18	- 606	5,244
Other¹⁶	19,324	- 2,493	+ 11,349	22,524
Other liabilities and capital¹⁷	65,884	+ 45	+ 1,893	65,528

Total factors, other than reserve balances, absorbing reserve funds	1,969,849	- 96,485	+ 169,853	1,940,572

Reserve balances with Federal Reserve Banks	2,555,100	+ 97,694	- 67,732	2,585,343

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 8, 2015
	Week ended Jul 8, 2015	Change from week ended
	Week ended Jul 8, 2015	Jul 1, 2015	Jul 9, 2014
Securities held in custody for foreign official and international accounts	3,367,400	- 11,462	+ 58,306	3,353,741
Marketable U.S. Treasury securities¹	3,023,539	- 11,499	+ 48,397	3,009,890
Federal agency debt and mortgage-backed securities²	298,664	+ 90	+ 6,785	298,627
Other securities³	45,197	- 53	+ 3,125	45,224
Securities lent to dealers	11,087	- 894	- 2,716	9,286
Overnight facility⁴	11,087	- 894	- 2,716	9,286
U.S. Treasury securities	10,959	- 869	- 1,714	9,162
Federal agency debt securities	128	- 25	- 1,002	124

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 8, 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	36	136	0	0	0	...	172
U.S. Treasury securities¹
Holdings	0	1,289	143,134	1,098,093	574,145	644,446	2,461,107
Weekly changes	0	+ 1	0	+ 19	+ 25	+ 87	+ 132
Federal agency debt securities²
Holdings	802	0	9,997	22,749	0	2,347	35,895
Weekly changes	+ 802	- 802	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	0	79	9,679	1,722,302	1,732,060
Weekly changes	0	0	0	+ 44	+ 395	- 439	0
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	155	0	0	0	0	0	155

Reverse repurchase agreements⁴	301,855	0	...	...	...	...	301,855
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 8, 2015
Mortgage-backed securities held outright¹	1,732,060

Commitments to buy mortgage-backed securities²	43,711
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	24

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 8, 2015
Net portfolio holdings of Maiden Lane LLC¹	1,698

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 8, 2015	Change since
			Wednesday	Wednesday
			Jul 1, 2015	Jul 9, 2014
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,882	+ 12	+ 4
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,409,539	- 161	+ 102,652
Securities held outright¹		4,229,062	+ 131	+ 112,996
U.S. Treasury securities		2,461,107	+ 132	+ 52,601
Bills²		0	0	0
Notes and bonds, nominal²		2,346,641	0	+ 50,796
Notes and bonds, inflation-indexed²		98,534	0	+ 1,763
Inflation compensation³		15,931	+ 131	+ 41
Federal agency debt securities²		35,895	0	- 7,764
Mortgage-backed securities⁴		1,732,060	0	+ 68,159
Unamortized premiums on securities held outright⁵		197,786	- 325	- 11,372
Unamortized discounts on securities held outright⁵		-17,482	+ 30	+ 1,062
Repurchase agreements⁶		0	0	0
Loans		172	+ 2	- 34
Net portfolio holdings of Maiden Lane LLC⁷		1,698	+ 2	+ 43
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	- 60
Items in process of collection	(0)	68	- 23	- 30
Bank premises		2,240	+ 4	- 21
Central bank liquidity swaps¹⁰		155	- 480	+ 31
Foreign currency denominated assets¹¹		19,840	+ 65	- 4,169
Other assets¹²		29,631	+ 2,742	- 477

Total assets	(0)	4,481,289	+ 2,159	+ 97,888

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 8, 2015	Change since
			Wednesday	Wednesday
			Jul 1, 2015	Jul 9, 2014
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,326,791	+ 1,644	+ 82,586
Reverse repurchase agreements¹³		301,855	- 48,002	+ 53,603
Deposits	(0)	2,786,753	+ 47,526	- 40,435
Term deposits held by depository institutions		0	0	- 124,887
Other deposits held by depository institutions		2,585,343	+ 80,811	- 47,710
U.S. Treasury, General Account		173,642	- 38,493	+ 117,139
Foreign official		5,244	+ 1	- 622
Other¹⁴	(0)	22,524	+ 5,207	+ 15,646
Deferred availability cash items	(0)	363	- 79	- 386
Other liabilities and accrued dividends¹⁵		7,235	+ 1,043	+ 546

Total liabilities	(0)	4,422,996	+ 2,130	+ 95,913

Capital accounts
Capital paid in		29,146	+ 14	+ 987
Surplus		29,146	+ 14	+ 987
Other capital accounts		0	0	0

Total capital		58,293	+ 29	+ 1,974

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 8, 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	1,882	37	63	128	129	301	206	274	32	46	149	195	321
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,409,539	111,775	2,646,996	109,668	106,012	239,488	248,326	163,845	46,013	26,900	57,289	142,045	511,182
Securities held outright¹	4,229,062	107,205	2,538,757	105,184	101,677	229,696	238,147	157,129	44,103	25,719	54,938	136,232	490,277
U.S. Treasury securities	2,461,107	62,388	1,477,432	61,212	59,171	133,672	138,590	91,441	25,666	14,967	31,971	79,280	285,317
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,461,107	62,388	1,477,432	61,212	59,171	133,672	138,590	91,441	25,666	14,967	31,971	79,280	285,317
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	197,786	5,014	118,733	4,919	4,755	10,742	11,138	7,349	2,063	1,203	2,569	6,371	22,929
Unamortized discounts on securities held outright⁵	-17,482	-443	-10,494	-435	-420	-949	-984	-650	-182	-106	-227	-563	-2,027
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	172	0	0	0	0	0	25	17	30	84	9	5	2
Net portfolio holdings of Maiden
Lane LLC⁷	1,698	0	1,698	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	68	0	0	0	0	0	67	0	0	0	0	0	0
Bank premises	2,240	125	436	73	108	216	209	204	119	94	239	220	197
Central bank liquidity swaps¹⁰	155	7	50	9	12	36	9	4	1	1	2	2	23
Foreign currency denominated
assets¹¹	19,840	899	6,397	1,108	1,546	4,552	1,129	533	185	83	209	286	2,913
Other assets¹²	29,631	788	17,296	747	725	1,776	1,696	1,120	398	215	424	1,001	3,445
Interdistrict settlement account	0	+ 14,075	- 106,737	+ 14,341	+ 34,978	+ 25,298	- 6,507	+ 4,292	+ 8,066	+ 4,453	+ 4,871	+ 9,932	- 7,061

Total assets	4,481,289	128,249	2,571,726	126,624	144,252	272,862	247,388	171,430	55,263	32,054	63,623	154,853	512,964

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 8, 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	1,508,678	49,561	488,915	50,639	80,455	104,529	207,522	106,254	48,634	26,660	41,841	118,804	184,863
Less: Notes held by F.R. Banks	181,887	5,950	63,887	5,441	9,522	12,532	22,257	11,030	4,815	2,880	4,731	14,266	24,575
Federal Reserve notes, net	1,326,791	43,611	425,029	45,198	70,934	91,997	185,265	95,224	43,819	23,780	37,110	104,537	160,288
Reverse repurchase agreements¹³	301,855	7,652	181,207	7,508	7,257	16,395	16,998	11,215	3,148	1,836	3,921	9,724	34,994
Deposits	2,786,753	74,190	1,942,452	70,338	61,331	150,757	41,157	63,088	7,580	5,933	21,834	39,488	308,605
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	2,585,343	74,186	1,741,184	70,335	61,328	150,686	41,148	63,083	7,543	5,933	21,833	39,487	308,597
U.S. Treasury, General Account	173,642	0	173,642	0	0	0	0	0	0	0	0	0	0
Foreign official	5,244	2	5,216	2	3	9	2	1	0	0	0	1	6
Other¹⁴	22,524	2	22,409	0	0	62	7	4	37	0	1	0	2
Deferred availability cash items	363	0	0	0	0	0	254	0	0	109	0	0	0
Interest on Federal Reserve notes due to U.S. Treasury¹⁵	2,332	51	1,428	57	61	121	129	81	16	12	28	71	278
Other liabilities and accrued dividends	4,903	143	2,543	175	184	447	304	243	134	131	115	174	309

Total liabilities	4,422,996	125,646	2,552,658	123,275	139,767	259,718	244,106	169,851	54,698	31,800	63,009	153,994	504,475

Capital
Capital paid in	29,146	1,302	9,534	1,675	2,243	6,572	1,641	790	283	127	307	430	4,245
Surplus	29,146	1,302	9,534	1,675	2,243	6,572	1,641	790	283	127	307	430	4,245
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,481,289	128,249	2,571,726	126,624	144,252	272,862	247,388	171,430	55,263	32,054	63,623	154,853	512,964

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 8, 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 8, 2015
Federal Reserve notes outstanding	1,508,678
Less: Notes held by F.R. Banks not subject to collateralization	181,887
Federal Reserve notes to be collateralized	1,326,791
Collateral held against Federal Reserve notes	1,326,791
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,310,554
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,229,062
Less: Face value of securities under reverse repurchase agreements	288,361
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,940,702

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