FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks November 27, 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 25, 2015 Federal Reserve Banks Nov 25, 2015 Nov 18, 2015 Nov 26, 2014 Reserve Bank credit 4,451,504 - 8,977 - 2,076 4,439,346 Securities held outright (1) 4,249,931 - 1,182 + 12,758 4,239,362 U.S. Treasury securities 2,461,649 - 42 + 14 2,461,628 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) 16,476 - 42 + 23 16,455 Federal agency debt securities (2) 32,944 - 859 - 5,733 32,944 Mortgage-backed securities (4) 1,755,338 - 281 + 18,477 1,744,789 Unamortized premiums on securities held outright (5) 191,677 - 344 - 16,846 191,166 Unamortized discounts on securities held outright (5) -16,751 + 35 + 1,823 -16,732 Repurchase agreements (6) 0 0 0 0 Loans 120 + 15 - 1 94 Primary credit 29 + 25 + 19 3 Secondary credit 0 0 0 0 Seasonal credit 91 - 10 - 20 91 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,713 0 + 32 1,715 Float 256 + 47 + 823 114 Central bank liquidity swaps (8) 145 - 4 + 144 145 Other Federal Reserve assets (9) 24,411 - 7,546 - 812 23,483 Foreign currency denominated assets (10) 19,267 - 16 - 2,216 19,214 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 47,439 + 14 + 1,173 47,439 Total factors supplying reserve funds 4,534,451 - 8,979 - 3,119 4,522,241 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 25, 2015 Federal Reserve Banks Nov 25, 2015 Nov 18, 2015 Nov 26, 2014 Currency in circulation (11) 1,406,429 + 1,411 + 93,312 1,410,657 Reverse repurchase agreements (12) 311,646 + 42,354 + 56,823 291,792 Foreign official and international accounts 192,580 - 1,059 + 91,895 191,640 Others 119,066 + 43,413 - 35,072 100,152 Treasury cash holdings 243 - 10 + 58 237 Deposits with F.R. Banks, other than reserve balances 196,177 + 28,530 - 222,673 178,926 Term deposits held by depository institutions 0 0 - 318,691 0 U.S. Treasury, General Account 163,491 + 30,470 + 83,722 154,215 Foreign official 4,864 + 158 - 390 5,220 Other (13) 27,822 - 2,097 + 12,686 19,491 Other liabilities and capital (14) 66,348 - 737 + 2,327 65,668 Total factors, other than reserve balances, absorbing reserve funds 1,980,843 + 71,550 - 70,153 1,947,280 Reserve balances with Federal Reserve Banks 2,553,608 - 80,529 + 67,034 2,574,961 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 25, 2015 Nov 25, 2015 Nov 18, 2015 Nov 26, 2014 Securities held in custody for foreign official and international accounts 3,322,392 + 14,488 + 8,449 3,319,199 Marketable U.S. Treasury securities (1) 3,003,293 + 15,953 + 31,012 3,000,573 Federal agency debt and mortgage-backed securities (2) 273,330 - 1,302 - 26,296 272,470 Other securities (3) 45,769 - 162 + 3,733 46,156 Securities lent to dealers 14,994 + 106 + 5,349 15,159 Overnight facility (4) 14,994 + 106 + 5,349 15,159 U.S. Treasury securities 14,915 + 84 + 5,990 15,062 Federal agency debt securities 79 + 22 - 641 97 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 25, 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 89 5 0 0 0 ... 94 U.S. Treasury securities (1) Holdings 0 6,780 187,099 1,129,302 500,535 637,912 2,461,628 Weekly changes 0 0 - 2 - 8 - 7 - 31 - 48 Federal agency debt securities (2) Holdings 0 1,626 12,825 16,146 0 2,347 32,944 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 381 9,164 1,735,244 1,744,789 Weekly changes 0 0 0 - 12 - 182 - 8,520 - 8,714 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 145 0 0 0 0 0 145 Reverse repurchase agreements (4) 291,792 0 ... ... ... ... 291,792 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 25, 2015 Mortgage-backed securities held outright (1) 1,744,789 Commitments to buy mortgage-backed securities (2) 22,631 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 55 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 25, 2015 Net portfolio holdings of Maiden Lane LLC (1) 1,715 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 25, 2015 Wednesday Wednesday consolidation Nov 18, 2015 Nov 26, 2014 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,857 - 32 + 16 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,413,889 - 9,402 - 5,912 Securities held outright (1) 4,239,362 - 8,761 + 9,250 U.S. Treasury securities 2,461,628 - 48 - 17 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) 16,455 - 48 - 8 Federal agency debt securities (2) 32,944 0 - 5,733 Mortgage-backed securities (4) 1,744,789 - 8,714 + 14,999 Unamortized premiums on securities held outright (5) 191,166 - 670 - 16,967 Unamortized discounts on securities held outright (5) -16,732 + 40 + 1,823 Repurchase agreements (6) 0 0 0 Loans 94 - 10 - 17 Net portfolio holdings of Maiden Lane LLC (7) 1,715 + 2 + 34 Items in process of collection (0) 548 + 96 + 460 Bank premises 2,233 + 1 - 32 Central bank liquidity swaps (8) 145 - 5 + 144 Foreign currency denominated assets (9) 19,214 + 26 - 2,354 Other assets (10) 21,250 - 318 - 1,199 Total assets (0) 4,477,088 - 9,633 - 8,843 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 25, 2015 Wednesday Wednesday consolidation Nov 18, 2015 Nov 26, 2014 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,365,308 + 5,360 + 92,114 Reverse repurchase agreements (11) 291,792 - 21,938 + 40,319 Deposits (0) 2,753,887 + 6,523 - 143,497 Term deposits held by depository institutions 0 0 - 334,714 Other deposits held by depository institutions 2,574,961 - 37,005 + 95,666 U.S. Treasury, General Account 154,215 + 41,721 + 82,314 Foreign official 5,220 + 515 - 30 Other (12) (0) 19,491 + 1,292 + 13,267 Deferred availability cash items (0) 433 + 12 - 302 Other liabilities and accrued dividends (13) 6,984 + 384 + 423 Total liabilities (0) 4,418,404 - 9,659 - 10,942 Capital accounts Capital paid in 29,342 + 13 + 1,050 Surplus 29,342 + 13 + 1,050 Other capital accounts 0 0 0 Total capital 58,684 + 26 + 2,099 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 25, 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 1,857 46 73 126 127 297 184 272 30 42 150 193 316 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,413,889 111,888 2,649,654 109,778 106,118 239,729 248,569 164,000 46,034 26,896 57,343 142,187 511,693 Securities held outright (1) 4,239,362 107,466 2,544,940 105,440 101,924 230,255 238,727 157,511 44,210 25,782 55,072 136,564 491,471 U.S. Treasury securities 2,461,628 62,401 1,477,745 61,225 59,183 133,700 138,619 91,460 25,671 14,971 31,978 79,297 285,378 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,628 62,401 1,477,745 61,225 59,183 133,700 138,619 91,460 25,671 14,971 31,978 79,297 285,378 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) 1,744,789 44,230 1,047,418 43,396 41,949 94,766 98,253 64,827 18,196 10,611 22,666 56,205 202,274 Unamortized premiums on securities held outright (5) 191,166 4,846 114,759 4,755 4,596 10,383 10,765 7,103 1,994 1,163 2,483 6,158 22,162 Unamortized discounts on securities held outright (5) -16,732 -424 -10,045 -416 -402 -909 -942 -622 -174 -102 -217 -539 -1,940 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 94 0 0 0 0 0 19 8 5 53 5 4 0 Net portfolio holdings of Maiden Lane LLC (7) 1,715 0 1,715 0 0 0 0 0 0 0 0 0 0 Items in process of collection 548 0 0 0 0 0 545 0 0 2 0 0 0 Bank premises 2,233 125 438 75 106 212 207 204 119 92 238 220 197 Central bank liquidity swaps (8) 145 7 47 8 11 33 8 4 1 1 2 2 21 Foreign currency denominated assets (9) 19,214 871 6,195 1,073 1,498 4,409 1,093 516 179 81 202 277 2,821 Other assets (10) 21,250 569 12,183 532 513 1,293 1,195 801 425 151 312 813 2,463 Interdistrict settlement account 0 - 14,737 - 153,631 + 7,397 + 25,308 + 40,062 + 3,101 + 23,163 + 12,117 + 6,682 + 3,539 + 14,885 + 32,114 Total assets 4,477,088 99,312 2,522,201 119,539 134,424 287,230 257,158 190,118 59,354 34,207 62,226 159,749 551,570 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 25, 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 1,543,165 48,826 499,502 49,723 83,444 107,420 217,670 103,881 52,065 26,972 41,032 120,851 191,778 Less: Notes held by F.R. Banks 177,857 5,597 65,400 5,989 8,859 12,006 20,534 10,132 4,732 2,708 4,306 13,376 24,216 Federal Reserve notes, net 1,365,308 43,229 434,101 43,734 74,585 95,414 197,136 93,748 47,333 24,264 36,727 107,474 167,562 Reverse repurchase agreements (11) 291,792 7,397 175,166 7,257 7,015 15,848 16,431 10,841 3,043 1,775 3,791 9,400 33,828 Deposits 2,753,887 45,857 1,890,251 65,048 48,048 162,075 39,607 83,622 8,247 7,569 20,948 41,764 340,851 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 2,574,961 45,849 1,719,920 65,046 48,045 161,846 39,569 75,344 8,224 7,569 20,946 41,761 340,840 U.S. Treasury, General Account 154,215 0 154,215 0 0 0 0 0 0 0 0 0 0 Foreign official 5,220 2 5,193 2 3 9 2 1 0 0 0 1 6 Other (12) 19,491 6 10,922 0 0 220 35 8,277 23 0 1 2 5 Deferred availability cash items 433 0 0 0 0 0 240 0 0 193 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (13) 1,887 48 1,131 39 44 99 132 62 18 10 23 61 220 Other liabilities and accrued dividends 5,097 173 2,277 212 236 630 337 262 122 144 126 181 397 Total liabilities 4,418,404 96,704 2,502,926 116,290 129,929 274,066 253,883 188,536 58,763 33,955 61,614 158,880 542,857 Capital Capital paid in 29,342 1,304 9,637 1,624 2,248 6,582 1,638 791 295 126 306 434 4,356 Surplus 29,342 1,304 9,637 1,624 2,248 6,582 1,638 791 295 126 306 434 4,356 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,477,088 99,312 2,522,201 119,539 134,424 287,230 257,158 190,118 59,354 34,207 62,226 159,749 551,570 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 25, 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 25, 2015 Federal Reserve notes outstanding 1,543,165 Less: Notes held by F.R. Banks not subject to collateralization 177,857 Federal Reserve notes to be collateralized 1,365,308 Collateral held against Federal Reserve notes 1,365,308 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,349,071 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,239,362 Less: Face value of securities under reverse repurchase agreements 276,288 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,963,074 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.