FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 24, 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 Dec 23, 2015 Federal Reserve Banks Dec 23, 2015 Dec 16, 2015 Dec 24, 2014 Reserve Bank credit 4,460,788 + 6,308 - 10,780 4,458,298 Securities held outright (1) 4,254,758 + 4,558 + 4,806 4,252,267 U.S. Treasury securities 2,461,570 - 12 + 118 2,461,566 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,346,639 0 - 73 2,346,639 Notes and bonds, inflation-indexed (2) 98,534 0 + 65 98,534 Inflation compensation (3) 16,397 - 12 + 126 16,393 Federal agency debt securities (2) 32,944 0 - 5,733 32,944 Mortgage-backed securities (4) 1,760,243 + 4,569 + 10,421 1,757,757 Unamortized premiums on securities held outright (5) 190,471 - 162 - 17,290 190,224 Unamortized discounts on securities held outright (5) -16,621 + 34 + 1,820 -16,609 Repurchase agreements (6) 0 0 0 0 Loans 99 + 28 - 13 73 Primary credit 31 + 25 - 1 2 Secondary credit 0 0 0 0 Seasonal credit 68 + 3 - 12 71 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,716 + 1 + 38 1,715 Float -64 - 21 + 409 -288 Central bank liquidity swaps (8) 926 + 788 + 896 926 Other Federal Reserve assets (9) 29,504 + 1,083 - 1,446 29,990 Foreign currency denominated assets (10) 19,584 - 118 - 1,547 19,609 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 47,553 + 14 + 1,258 47,553 Total factors supplying reserve funds 4,544,166 + 6,205 - 11,068 4,541,701 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 Dec 23, 2015 Federal Reserve Banks Dec 23, 2015 Dec 16, 2015 Dec 24, 2014 Currency in circulation (11) 1,416,675 + 4,054 + 83,818 1,421,758 Reverse repurchase agreements (12) 358,904 + 63,802 + 78,457 389,586 Foreign official and international accounts 207,598 + 3,704 + 109,324 211,254 Others 151,307 + 60,099 - 30,866 178,332 Treasury cash holdings 251 + 5 + 60 254 Deposits with F.R. Banks, other than reserve balances 292,703 + 66,150 + 97,158 293,235 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 267,608 + 71,265 + 92,515 266,131 Foreign official 5,231 - 90 + 18 5,230 Other (13) 19,863 - 5,026 + 4,624 21,874 Other liabilities and capital (14) 67,060 - 817 + 2,667 65,789 Total factors, other than reserve balances, absorbing reserve funds 2,135,593 + 133,194 + 262,159 2,170,623 Reserve balances with Federal Reserve Banks 2,408,573 - 126,989 - 273,228 2,371,078 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 Dec 23, 2015 Dec 23, 2015 Dec 16, 2015 Dec 24, 2014 Securities held in custody for foreign official and international accounts 3,309,666 - 579 + 1,535 3,320,574 Marketable U.S. Treasury securities (1) 2,992,259 + 775 + 19,327 3,004,947 Federal agency debt and mortgage-backed securities (2) 270,824 - 1,589 - 22,564 268,953 Other securities (3) 46,584 + 236 + 4,773 46,674 Securities lent to dealers 14,929 + 851 + 2,553 15,301 Overnight facility (4) 14,929 + 851 + 2,553 15,301 U.S. Treasury securities 14,807 + 866 + 3,089 15,180 Federal agency debt securities 123 - 14 - 535 121 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, December 23, 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 73 0 0 0 0 ... 73 U.S. Treasury securities (1) Holdings 0 38,619 165,795 1,124,293 494,988 637,871 2,461,566 Weekly changes 0 0 0 - 2 - 2 - 7 - 12 Federal agency debt securities (2) Holdings 0 3,687 13,077 13,833 0 2,347 32,944 Weekly changes 0 0 + 1,269 - 1,269 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 481 9,186 1,748,091 1,757,757 Weekly changes 0 0 0 0 - 1 + 4,602 + 4,600 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 926 0 0 0 0 0 926 Reverse repurchase agreements (4) 389,586 0 ... ... ... ... 389,586 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 Dec 23, 2015 Mortgage-backed securities held outright (1) 1,757,757 Commitments to buy mortgage-backed securities (2) 21,455 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 42 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 Dec 23, 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 Dec 23, 2015 Wednesday Wednesday consolidation Dec 16, 2015 Dec 24, 2014 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,897 - 3 + 26 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,425,955 + 4,426 - 10,679 Securities held outright (1) 4,252,267 + 4,589 + 4,793 U.S. Treasury securities 2,461,566 - 12 + 146 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,346,639 0 - 73 Notes and bonds, inflation-indexed (2) 98,534 0 + 65 Inflation compensation (3) 16,393 - 12 + 154 Federal agency debt securities (2) 32,944 0 - 5,733 Mortgage-backed securities (4) 1,757,757 + 4,600 + 10,380 Unamortized premiums on securities held outright (5) 190,224 - 194 - 17,242 Unamortized discounts on securities held outright (5) -16,609 + 32 + 1,816 Repurchase agreements (6) 0 0 0 Loans 73 - 1 - 46 Net portfolio holdings of Maiden Lane LLC (7) 1,715 - 1 + 37 Items in process of collection (0) 193 - 106 + 67 Bank premises 2,234 + 2 - 31 Central bank liquidity swaps (8) 926 + 788 + 896 Foreign currency denominated assets (9) 19,609 - 8 - 1,432 Other assets (10) 27,757 + 1,832 - 1,823 Total assets (0) 4,496,523 + 6,930 - 12,939 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 Dec 23, 2015 Wednesday Wednesday consolidation Dec 16, 2015 Dec 24, 2014 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,376,353 + 7,368 + 82,106 Reverse repurchase agreements (11) 389,586 + 82,868 + 90,753 Deposits (0) 2,664,314 - 83,177 - 188,133 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,371,079 - 88,974 - 238,556 U.S. Treasury, General Account 266,131 - 56 + 88,220 Foreign official 5,230 - 1 + 21 Other (12) (0) 21,874 + 5,854 - 37,818 Deferred availability cash items (0) 482 + 149 - 176 Other liabilities and accrued dividends (13) 7,069 - 277 + 927 Total liabilities (0) 4,437,804 + 6,930 - 14,523 Capital accounts Capital paid in 29,360 + 1 + 792 Surplus 29,360 + 1 + 792 Other capital accounts 0 0 0 Total capital 58,720 + 1 + 1,585 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, December 23, 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 1,897 46 71 131 136 301 188 281 31 48 150 196 317 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,425,955 112,194 2,656,910 110,079 106,409 240,387 249,231 164,445 46,164 26,969 57,502 142,572 513,095 Securities held outright (1) 4,252,267 107,793 2,552,687 105,761 102,235 230,956 239,454 157,991 44,345 25,861 55,239 136,979 492,967 U.S. Treasury securities 2,461,566 62,399 1,477,708 61,223 59,182 133,696 138,616 91,458 25,670 14,970 31,977 79,295 285,371 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,461,566 62,399 1,477,708 61,223 59,182 133,696 138,616 91,458 25,670 14,970 31,977 79,295 285,371 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) 1,757,757 44,558 1,055,203 43,718 42,261 95,470 98,983 65,309 18,331 10,690 22,834 56,623 203,778 Unamortized premiums on securities held outright (5) 190,224 4,822 114,194 4,731 4,573 10,332 10,712 7,068 1,984 1,157 2,471 6,128 22,053 Unamortized discounts on securities held outright (5) -16,609 -421 -9,971 -413 -399 -902 -935 -617 -173 -101 -216 -535 -1,925 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 73 0 0 0 0 1 0 3 9 52 7 0 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 193 0 0 0 0 0 191 0 0 2 0 0 0 Bank premises 2,234 126 438 75 106 213 207 204 118 92 239 220 197 Central bank liquidity swaps (8) 926 42 298 52 72 213 53 25 9 4 10 13 136 Foreign currency denominated assets (9) 19,609 889 6,322 1,096 1,528 4,499 1,116 527 183 82 206 282 2,879 Other assets (10) 27,757 739 16,113 697 674 1,688 1,570 1,049 351 194 402 1,052 3,227 Interdistrict settlement account 0 - 9,590 - 149,174 + 5,922 + 26,422 + 18,310 + 5,758 + 22,200 + 11,887 + 6,717 + 3,799 + 17,852 + 39,896 Total assets 4,496,523 104,988 2,538,221 118,602 136,090 266,805 260,567 189,889 59,192 34,369 62,749 163,361 561,690 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, December 23, 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 1,552,032 49,614 499,259 49,491 83,012 106,966 219,150 103,315 51,794 26,886 40,843 125,825 195,876 Less: Notes held by F.R. Banks 175,679 5,110 66,152 5,673 8,492 11,504 21,116 9,765 4,452 2,519 4,456 13,227 23,214 Federal Reserve notes, net 1,376,353 44,504 433,108 43,818 74,520 95,462 198,034 93,550 47,342 24,367 36,388 112,598 172,662 Reverse repurchase agreements (11) 389,586 9,876 233,873 9,690 9,367 21,160 21,938 14,475 4,063 2,369 5,061 12,550 45,165 Deposits 2,664,314 47,781 1,848,568 61,579 47,421 136,216 36,677 79,946 7,043 6,944 20,542 37,094 334,503 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 2,371,079 47,777 1,562,880 61,577 47,418 136,060 36,668 72,597 7,034 6,944 20,540 37,091 334,492 U.S. Treasury, General Account 266,131 0 266,131 0 0 0 0 0 0 0 0 0 0 Foreign official 5,230 2 5,203 2 3 9 2 1 0 0 0 1 6 Other (12) 21,874 2 14,354 0 0 147 7 7,348 8 0 1 2 5 Deferred availability cash items 482 0 0 0 0 0 188 0 0 294 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (13) 1,781 42 1,099 41 41 87 106 62 5 8 23 60 205 Other liabilities and accrued dividends 5,288 177 2,285 227 245 717 347 274 133 134 125 186 438 Total liabilities 4,437,804 102,380 2,518,933 115,355 131,594 253,642 257,290 188,307 58,586 34,117 62,139 162,488 552,973 Capital Capital paid in 29,360 1,304 9,644 1,624 2,248 6,582 1,639 791 303 126 305 436 4,359 Surplus 29,360 1,304 9,644 1,624 2,248 6,582 1,639 791 303 126 305 436 4,359 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,496,523 104,988 2,538,221 118,602 136,090 266,805 260,567 189,889 59,192 34,369 62,749 163,361 561,690 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, December 23, 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 Dec 23, 2015 Federal Reserve notes outstanding 1,552,032 Less: Notes held by F.R. Banks not subject to collateralization 175,679 Federal Reserve notes to be collateralized 1,376,353 Collateral held against Federal Reserve notes 1,376,353 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,360,116 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,252,267 Less: Face value of securities under reverse repurchase agreements 367,501 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,884,766 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.