FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, November 19, 2015

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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Nov 18, 2015
	Week ended Nov 18, 2015	Change from week ended
	Week ended Nov 18, 2015	Nov 11, 2015	Nov 19, 2014
Reserve Bank credit	4,460,481	+ 7,207	- 1,851	4,448,985
Securities held outright¹	4,251,113	+ 11,132	+ 13,265	4,248,123
U.S. Treasury securities	2,461,691	- 41	+ 77	2,461,676
Bills²	0	0	0	0
Notes and bonds, nominal²	2,346,639	0	- 74	2,346,639
Notes and bonds, inflation-indexed²	98,534	0	+ 65	98,534
Inflation compensation³	16,518	- 41	+ 85	16,503
Federal agency debt securities²	33,803	- 343	- 5,897	32,944
Mortgage-backed securities⁴	1,755,619	+ 11,516	+ 19,086	1,753,503
Unamortized premiums on securities held outright⁵	192,021	+ 169	- 16,805	191,836
Unamortized discounts on securities held outright⁵	-16,786	+ 34	+ 1,824	-16,772
Repurchase agreements⁶	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 LLC⁷	1,713	0	+ 34	1,713
Float	209	+ 63	+ 821	31
Central bank liquidity swaps⁸	149	+ 8	+ 149	150
Other Federal Reserve assets⁹	31,957	- 4,182	- 1,115	23,800
Foreign currency denominated assets¹⁰	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 outstanding¹¹	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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Nov 18, 2015
	Week ended Nov 18, 2015	Change from week ended
	Week ended Nov 18, 2015	Nov 11, 2015	Nov 19, 2014
Currency in circulation¹¹	1,405,018	+ 1,701	+ 93,259	1,405,244
Reverse repurchase agreements¹²	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
Other¹³	29,919	+ 5,060	+ 11,467	18,199
Other liabilities and capital¹⁴	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 Nov 18, 2015
	Week ended Nov 18, 2015	Change from week ended
	Week ended 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 securities¹	2,987,340	+ 4,965	+ 6,154	2,993,071
Federal agency debt and mortgage-backed securities²	274,632	- 214	- 9,982	274,291
Other securities³	45,931	- 181	+ 4,118	45,705
Securities lent to dealers	14,888	- 2,279	+ 5,355	14,889
Overnight facility⁴	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 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	103	2	0	0	0	...	104
U.S. Treasury securities¹
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 securities²
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 securities³
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 agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	150	0	0	0	0	0	150

Reverse repurchase agreements⁴	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
Account name	Nov 18, 2015
Mortgage-backed securities held outright¹	1,753,503

Commitments to buy mortgage-backed securities²	24,975
Commitments to sell mortgage-backed securities²	529

Cash and cash equivalents³	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
Account name	Nov 18, 2015
Net portfolio holdings of Maiden Lane LLC¹	1,713

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 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 from consolidation	Wednesday Nov 18, 2015	Change since
			Wednesday	Wednesday
			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 outright¹		4,248,123	+ 8,156	+ 11,913
U.S. Treasury securities		2,461,676	- 42	+ 54
Bills²		0	0	0
Notes and bonds, nominal²		2,346,639	0	- 74
Notes and bonds, inflation-indexed²		98,534	0	+ 65
Inflation compensation³		16,503	- 42	+ 63
Federal agency debt securities²		32,944	- 1,202	- 6,756
Mortgage-backed securities⁴		1,753,503	+ 9,400	+ 18,614
Unamortized premiums on securities held outright⁵		191,836	+ 103	- 16,820
Unamortized discounts on securities held outright⁵		-16,772	+ 37	+ 1,825
Repurchase agreements⁶		0	0	0
Loans		104	- 8	- 27
Net portfolio holdings of Maiden Lane LLC⁷		1,713	0	+ 32
Items in process of collection	(0)	452	- 234	+ 361
Bank premises		2,232	+ 1	- 33
Central bank liquidity swaps⁸		150	+ 9	+ 150
Foreign currency denominated assets⁹		19,188	- 70	- 2,421
Other assets¹⁰		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 from consolidation	Wednesday Nov 18, 2015	Change since
			Wednesday	Wednesday
			Nov 11, 2015	Nov 19, 2014
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,359,948	- 383	+ 92,236
Reverse repurchase agreements¹¹		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
Other¹²	(0)	18,199	- 7,660	+ 2,836
Deferred availability cash items	(0)	421	- 306	- 257
Other liabilities and accrued dividends¹³		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
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	1,889	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 outright¹	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
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	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 securities²	32,944	835	19,777	819	792	1,789	1,855	1,224	344	200	428	1,061	3,819
Mortgage-backed securities⁴	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 outright⁵	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 outright⁵	-16,772	-425	-10,068	-417	-403	-911	-944	-623	-175	-102	-218	-540	-1,944
Repurchase agreements⁶	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 LLC⁷	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 swaps⁸	150	7	48	8	12	34	9	4	1	1	2	2	22
Foreign currency denominated
assets⁹	19,188	870	6,187	1,072	1,496	4,402	1,092	515	179	81	202	276	2,817
Other assets¹⁰	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
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,540,980	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 agreements¹¹	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
Other¹²	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. Treasury¹³	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
Federal Reserve notes and collateral	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.

Statistical releases