FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 19, 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 Nov 18, 2015 Federal Reserve Banks Nov 18, 2015 Nov 11, 2015 Nov 19, 2014 Reserve Bank credit 4,460,481 + 7,207 - 1,851 4,448,985 Securities held outright (1) 4,251,113 + 11,132 + 13,265 4,248,123 U.S. Treasury securities 2,461,691 - 41 + 77 2,461,676 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,639 0 - 74 2,346,639 Notes and bonds, inflation-indexed (2) 98,534 0 + 65 98,534 Inflation compensation (3) 16,518 - 41 + 85 16,503 Federal agency debt securities (2) 33,803 - 343 - 5,897 32,944 Mortgage-backed securities (4) 1,755,619 + 11,516 + 19,086 1,753,503 Unamortized premiums on securities held outright (5) 192,021 + 169 - 16,805 191,836 Unamortized discounts on securities held outright (5) -16,786 + 34 + 1,824 -16,772 Repurchase agreements (6) 0 0 0 0 Loans 105 - 16 - 24 104 Primary credit 4 + 3 - 11 5 Secondary credit 0 0 0 0 Seasonal credit 101 - 18 - 13 99 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,713 0 + 34 1,713 Float 209 + 63 + 821 31 Central bank liquidity swaps (8) 149 + 8 + 149 150 Other Federal Reserve assets (9) 31,957 - 4,182 - 1,115 23,800 Foreign currency denominated assets (10) 19,283 - 60 - 2,347 19,188 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 47,425 + 14 + 1,167 47,425 Total factors supplying reserve funds 4,543,430 + 7,161 - 3,031 4,531,840 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 Nov 18, 2015 Federal Reserve Banks Nov 18, 2015 Nov 11, 2015 Nov 19, 2014 Currency in circulation (11) 1,405,018 + 1,701 + 93,259 1,405,244 Reverse repurchase agreements (12) 269,292 - 3,678 + 46,582 313,730 Foreign official and international accounts 193,639 - 1,314 + 92,395 191,769 Others 75,653 - 2,365 - 45,813 121,961 Treasury cash holdings 253 + 12 + 60 244 Deposits with F.R. Banks, other than reserve balances 167,647 + 30,156 - 259,070 135,397 Term deposits held by depository institutions 0 0 - 307,723 0 U.S. Treasury, General Account 133,021 + 25,896 + 37,740 112,494 Foreign official 4,706 - 801 - 555 4,705 Other (13) 29,919 + 5,060 + 11,467 18,199 Other liabilities and capital (14) 67,085 + 811 + 2,174 65,258 Total factors, other than reserve balances, absorbing reserve funds 1,909,293 + 29,000 - 116,997 1,919,874 Reserve balances with Federal Reserve Banks 2,634,137 - 21,839 + 113,966 2,611,966 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. Refer to table 4 and the note on consolidation accompanying table 6. 8. 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. 9. 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. 10. Revalued daily at current foreign currency exchange rates. 11. Estimated. 12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities. 14. 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 Nov 18, 2015 Nov 18, 2015 Nov 11, 2015 Nov 19, 2014 Securities held in custody for foreign official and international accounts 3,307,904 + 4,572 + 291 3,313,067 Marketable U.S. Treasury securities (1) 2,987,340 + 4,965 + 6,154 2,993,071 Federal agency debt and mortgage-backed securities (2) 274,632 - 214 - 9,982 274,291 Other securities (3) 45,931 - 181 + 4,118 45,705 Securities lent to dealers 14,888 - 2,279 + 5,355 14,889 Overnight facility (4) 14,888 - 2,279 + 5,355 14,889 U.S. Treasury securities 14,831 - 2,289 + 5,988 14,828 Federal agency debt securities 57 + 10 - 633 61 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, November 18, 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 103 2 0 0 0 ... 104 U.S. Treasury securities (1) Holdings 0 6,780 187,101 1,129,310 500,542 637,943 2,461,676 Weekly changes - 326 + 4,868 + 8,704 - 923 - 12,418 + 54 - 42 Federal agency debt securities (2) Holdings 0 1,626 12,825 16,146 0 2,347 32,944 Weekly changes - 1,202 0 0 0 0 0 - 1,202 Mortgage-backed securities (3) Holdings 0 0 0 393 9,346 1,743,764 1,753,503 Weekly changes 0 0 0 - 1 + 69 + 9,332 + 9,400 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 150 0 0 0 0 0 150 Reverse repurchase agreements (4) 313,730 0 ... ... ... ... 313,730 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 Nov 18, 2015 Mortgage-backed securities held outright (1) 1,753,503 Commitments to buy mortgage-backed securities (2) 24,975 Commitments to sell mortgage-backed securities (2) 529 Cash and cash equivalents (3) 103 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 Nov 18, 2015 Net portfolio holdings of Maiden Lane LLC (1) 1,713 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 September 30, 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 Nov 18, 2015 Wednesday Wednesday consolidation Nov 11, 2015 Nov 19, 2014 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,889 + 4 + 30 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,423,291 + 8,287 - 3,110 Securities held outright (1) 4,248,123 + 8,156 + 11,913 U.S. Treasury securities 2,461,676 - 42 + 54 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,639 0 - 74 Notes and bonds, inflation-indexed (2) 98,534 0 + 65 Inflation compensation (3) 16,503 - 42 + 63 Federal agency debt securities (2) 32,944 - 1,202 - 6,756 Mortgage-backed securities (4) 1,753,503 + 9,400 + 18,614 Unamortized premiums on securities held outright (5) 191,836 + 103 - 16,820 Unamortized discounts on securities held outright (5) -16,772 + 37 + 1,825 Repurchase agreements (6) 0 0 0 Loans 104 - 8 - 27 Net portfolio holdings of Maiden Lane LLC (7) 1,713 0 + 32 Items in process of collection (0) 452 - 234 + 361 Bank premises 2,232 + 1 - 33 Central bank liquidity swaps (8) 150 + 9 + 150 Foreign currency denominated assets (9) 19,188 - 70 - 2,421 Other assets (10) 21,568 - 13,289 - 1,049 Total assets (0) 4,486,721 - 5,291 - 6,038 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 Nov 18, 2015 Wednesday Wednesday consolidation Nov 11, 2015 Nov 19, 2014 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,359,948 - 383 + 92,236 Reverse repurchase agreements (11) 313,730 + 36,731 + 46,730 Deposits (0) 2,747,364 - 39,641 - 146,974 Term deposits held by depository institutions 0 0 - 307,723 Other deposits held by depository institutions 2,611,966 - 47,372 + 125,652 U.S. Treasury, General Account 112,494 + 16,045 + 32,860 Foreign official 4,705 - 653 - 599 Other (12) (0) 18,199 - 7,660 + 2,836 Deferred availability cash items (0) 421 - 306 - 257 Other liabilities and accrued dividends (13) 6,600 - 1,697 + 134 Total liabilities (0) 4,428,063 - 5,297 - 8,130 Capital accounts Capital paid in 29,329 + 3 + 1,046 Surplus 29,329 + 3 + 1,046 Other capital accounts 0 0 0 Total capital 58,658 + 5 + 2,092 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. 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. 9. Revalued daily at current foreign currency exchange rates. 10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. 11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities. 13. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury. 6. Statement of Condition of Each Federal Reserve Bank, November 18, 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 1,889 46 76 129 129 301 192 274 31 43 151 192 325 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,423,291 112,126 2,655,293 110,012 106,344 240,239 249,100 164,349 46,131 26,958 57,466 142,490 512,783 Securities held outright (1) 4,248,123 107,688 2,550,199 105,658 102,135 230,731 239,221 157,837 44,302 25,835 55,185 136,846 492,487 U.S. Treasury securities 2,461,676 62,402 1,477,774 61,226 59,185 133,702 138,622 91,462 25,672 14,971 31,978 79,299 285,383 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,676 62,402 1,477,774 61,226 59,185 133,702 138,622 91,462 25,672 14,971 31,978 79,299 285,383 Federal agency debt securities (2) 32,944 835 19,777 819 792 1,789 1,855 1,224 344 200 428 1,061 3,819 Mortgage-backed securities (4) 1,753,503 44,450 1,052,649 43,613 42,158 95,239 98,743 65,150 18,286 10,664 22,779 56,486 203,284 Unamortized premiums on securities held outright (5) 191,836 4,863 115,161 4,771 4,612 10,419 10,803 7,128 2,001 1,167 2,492 6,180 22,240 Unamortized discounts on securities held outright (5) -16,772 -425 -10,068 -417 -403 -911 -944 -623 -175 -102 -218 -540 -1,944 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 104 0 1 0 0 0 22 8 4 58 6 5 1 Net portfolio holdings of Maiden Lane LLC (7) 1,713 0 1,713 0 0 0 0 0 0 0 0 0 0 Items in process of collection 452 0 0 0 0 0 452 0 0 0 0 0 0 Bank premises 2,232 125 437 74 106 213 208 204 118 92 238 220 197 Central bank liquidity swaps (8) 150 7 48 8 12 34 9 4 1 1 2 2 22 Foreign currency denominated assets (9) 19,188 870 6,187 1,072 1,496 4,402 1,092 515 179 81 202 276 2,817 Other assets (10) 21,568 588 12,439 548 530 1,333 1,218 809 312 162 328 791 2,510 Interdistrict settlement account 0 - 8,960 - 160,460 + 6,937 + 21,557 + 39,379 + 1,510 + 26,658 + 12,315 + 6,532 + 3,069 + 17,714 + 33,749 Total assets 4,486,721 105,345 2,521,261 119,331 130,916 287,097 256,034 193,971 59,536 34,130 61,895 162,860 554,347 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, November 18, 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 1,540,980 48,916 499,577 49,912 83,594 107,637 217,355 104,113 52,129 27,066 41,120 119,898 189,662 Less: Notes held by F.R. Banks 181,032 5,819 64,700 6,252 9,160 12,371 21,252 10,574 4,836 2,839 4,514 13,792 24,923 Federal Reserve notes, net 1,359,948 43,097 434,877 43,660 74,434 95,266 196,103 93,539 47,293 24,227 36,606 106,106 164,739 Reverse repurchase agreements (11) 313,730 7,953 188,336 7,803 7,543 17,040 17,667 11,656 3,272 1,908 4,076 10,106 36,371 Deposits 2,747,364 51,483 1,875,529 64,394 44,186 160,985 38,296 86,887 8,236 7,400 20,460 45,542 343,966 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 2,611,966 51,477 1,749,082 64,392 44,183 160,749 38,286 78,246 8,198 7,400 20,459 45,539 343,956 U.S. Treasury, General Account 112,494 0 112,494 0 0 0 0 0 0 0 0 0 0 Foreign official 4,705 2 4,678 2 3 9 2 1 0 0 0 1 6 Other (12) 18,199 4 9,276 0 0 227 7 8,640 38 0 1 2 5 Deferred availability cash items 421 0 0 0 0 0 226 0 0 195 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (13) 1,388 31 911 27 22 36 79 51 14 1 13 50 155 Other liabilities and accrued dividends 5,212 174 2,388 213 236 607 342 255 130 147 129 187 404 Total liabilities 4,428,063 102,737 2,502,041 116,097 126,420 273,934 252,713 192,389 58,945 33,878 61,283 161,991 545,635 Capital Capital paid in 29,329 1,304 9,610 1,617 2,248 6,581 1,660 791 295 126 306 434 4,356 Surplus 29,329 1,304 9,610 1,617 2,248 6,581 1,660 791 295 126 306 434 4,356 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,486,721 105,345 2,521,261 119,331 130,916 287,097 256,034 193,971 59,536 34,130 61,895 162,860 554,347 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, November 18, 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. 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. 9. Revalued daily at current foreign currency exchange rates. 10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. 11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities. 13. 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: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous page (and in table 1 and table 5), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, 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 Nov 18, 2015 Federal Reserve notes outstanding 1,540,980 Less: Notes held by F.R. Banks not subject to collateralization 181,032 Federal Reserve notes to be collateralized 1,359,948 Collateral held against Federal Reserve notes 1,359,948 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,343,711 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,248,123 Less: Face value of securities under reverse repurchase agreements 299,987 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,948,136 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.