FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, May 26, 2016

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	May 26, 2016

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 May 25, 2016
	Week ended May 25, 2016	Change from week ended
	Week ended May 25, 2016	May 18, 2016	May 27, 2015
Reserve Bank credit	4,431,286	- 15,740	- 6,903	4,422,096
Securities held outright¹	4,238,016	- 7,648	+ 8,290	4,229,807
U.S. Treasury securities	2,461,765	+ 87	+ 1,173	2,461,637
Bills²	0	0	0	0
Notes and bonds, nominal²	2,342,263	- 29	- 4,380	2,342,092
Notes and bonds, inflation-indexed²	103,134	0	+ 4,600	103,134
Inflation compensation³	16,368	+ 115	+ 953	16,411
Federal agency debt securities²	25,096	- 1,714	- 10,799	25,096
Mortgage-backed securities⁴	1,751,154	- 6,022	+ 17,915	1,743,074
Unamortized premiums on securities held outright⁵	182,728	- 554	- 17,355	182,397
Unamortized discounts on securities held outright⁵	-16,111	- 30	+ 1,585	-16,089
Repurchase agreements⁶	87	+ 87	+ 87	610
Loans	84	+ 7	- 13	120
Primary credit	7	0	+ 5	37
Secondary credit	0	0	0	0
Seasonal credit	77	+ 8	- 18	83
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,713	0	+ 16	1,713
Float	-145	+ 35	+ 271	-130
Central bank liquidity swaps⁸	1,006	0	+ 1,004	1,006
Other Federal Reserve assets⁹	23,908	- 7,637	- 789	22,663
Foreign currency denominated assets¹⁰	20,711	- 219	+ 1,040	20,667
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	47,819	+ 14	+ 960	47,819

Total factors supplying reserve funds	4,516,057	- 15,945	- 4,904	4,506,823

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 May 25, 2016
	Week ended May 25, 2016	Change from week ended
	Week ended May 25, 2016	May 18, 2016	May 27, 2015
Currency in circulation¹¹	1,452,124	+ 674	+ 83,707	1,454,362
Reverse repurchase agreements¹²	309,852	+ 32,934	+ 40,596	311,723
Foreign official and international accounts	246,152	- 3,442	+ 91,927	245,926
Others	63,700	+ 36,376	- 51,331	65,797
Treasury cash holdings	104	- 3	- 69	112
Deposits with F.R. Banks, other than reserve balances	374,047	+ 34,532	+ 67,663	354,450
Term deposits held by depository institutions	66,820	+ 66,820	- 13,099	66,820
U.S. Treasury, General Account	268,619	- 26,720	+ 93,042	257,092
Foreign official	5,179	- 9	- 77	5,179
Other¹³	33,429	- 5,559	- 12,204	25,359
Other liabilities and capital¹⁴	47,393	- 405	- 18,547	46,189

Total factors, other than reserve balances, absorbing reserve funds	2,183,520	+ 67,732	+ 173,350	2,166,836

Reserve balances with Federal Reserve Banks	2,332,537	- 83,677	- 178,254	2,339,987

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. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
14.	Includes the liability for earnings remittances due to the 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 May 25, 2016
	Week ended May 25, 2016	Change from week ended
	Week ended May 25, 2016	May 18, 2016	May 27, 2015
Securities held in custody for foreign official and international accounts	3,218,126	- 1,746	- 108,616	3,220,721
Marketable U.S. Treasury securities¹	2,903,709	- 524	- 90,087	2,906,360
Federal agency debt and mortgage-backed securities²	265,704	- 983	- 22,082	264,823
Other securities³	48,712	- 241	+ 3,551	49,539
Securities lent to dealers	21,404	+ 4,772	+ 10,586	24,622
Overnight facility⁴	21,404	+ 4,772	+ 10,586	24,622
U.S. Treasury securities	21,389	+ 4,773	+ 10,847	24,604
Federal agency debt securities	15	0	- 260	18

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, May 25, 2016

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	105	15	0	0	0	...	120
U.S. Treasury securities¹
Holdings	25,248	30,731	135,441	1,192,946	441,232	636,039	2,461,637
Weekly changes	0	+ 4	+ 3	- 182	+ 18	+ 72	- 84
Federal agency debt securities²
Holdings	0	2,604	13,658	6,487	0	2,347	25,096
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	0	885	9,189	1,733,000	1,743,074
Weekly changes	0	0	0	- 21	- 169	- 11,468	- 11,659
Repurchase agreements⁴	610	0	...	...	...	...	610
Central bank liquidity swaps⁵	1,006	0	0	0	0	0	1,006

Reverse repurchase agreements⁴	311,723	0	...	...	...	...	311,723
Term deposits	66,820	0	0	...	...	...	66,820

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	May 25, 2016
Mortgage-backed securities held outright¹	1,743,074

Commitments to buy mortgage-backed securities²	28,940
Commitments to sell mortgage-backed securities²	99

Cash and cash equivalents³	46

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	May 25, 2016
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 March 31, 2016. 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 May 25, 2016	Change since
			Wednesday	Wednesday
			May 18, 2016	May 27, 2015
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,837	- 21	+ 47
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,396,845	- 11,735	- 4,184
Securities held outright¹		4,229,807	- 11,743	+ 10,839
U.S. Treasury securities		2,461,637	- 84	+ 998
Bills²		0	0	0
Notes and bonds, nominal²		2,342,092	- 200	- 4,551
Notes and bonds, inflation-indexed²		103,134	0	+ 4,600
Inflation compensation³		16,411	+ 116	+ 949
Federal agency debt securities²		25,096	0	- 10,799
Mortgage-backed securities⁴		1,743,074	- 11,659	+ 20,640
Unamortized premiums on securities held outright⁵		182,397	- 694	- 17,249
Unamortized discounts on securities held outright⁵		-16,089	+ 46	+ 1,592
Repurchase agreements⁶		610	+ 610	+ 610
Loans		120	+ 46	+ 24
Net portfolio holdings of Maiden Lane LLC⁷		1,713	0	+ 16
Items in process of collection	(0)	144	- 35	+ 51
Bank premises		2,220	0	- 21
Central bank liquidity swaps⁸		1,006	0	+ 1,004
Foreign currency denominated assets⁹		20,667	- 177	+ 1,233
Other assets¹⁰		20,442	- 662	- 1,017

Total assets	(0)	4,461,111	- 12,630	- 2,870

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 May 25, 2016	Change since
			Wednesday	Wednesday
			May 18, 2016	May 27, 2015
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,408,488	+ 1,905	+ 83,609
Reverse repurchase agreements¹¹		311,723	- 1,148	+ 33,086
Deposits	(0)	2,694,437	- 12,791	- 100,087
Term deposits held by depository institutions		66,820	+ 66,820	- 13,099
Other deposits held by depository institutions		2,339,987	- 59,642	- 196,933
U.S. Treasury, General Account		257,092	- 20,197	+ 93,511
Foreign official		5,179	- 24	- 53
Other¹²	(0)	25,359	+ 252	+ 16,487
Deferred availability cash items	(0)	275	- 116	- 571
Other liabilities and accrued dividends¹³		6,095	- 506	- 764

Total liabilities	(0)	4,421,018	- 12,655	+ 15,272

Capital accounts
Capital paid in		30,094	+ 26	+ 976
Surplus		10,000	0	- 19,118
Other capital accounts		0	0	0

Total capital		40,094	+ 26	- 18,142

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. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
13.	Includes the liability for earnings remittances due to the U.S. Treasury.

6. Statement of Condition of Each Federal Reserve Bank, May 25, 2016

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	355	3,588	359	586	760	1,541	753	360	193	296	875	1,371
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	1,837	52	64	130	134	295	175	272	23	54	146	183	309
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,396,845	108,008	2,502,032	119,381	131,675	268,700	246,084	175,197	55,531	32,433	61,238	156,500	540,067
Securities held outright¹	4,229,807	103,906	2,407,044	114,849	126,676	258,499	236,739	168,536	53,384	31,185	58,868	150,559	519,564
U.S. Treasury securities	2,461,637	60,471	1,400,836	66,839	73,722	150,440	137,776	98,084	31,068	18,149	34,260	87,621	302,372
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,461,637	60,471	1,400,836	66,839	73,722	150,440	137,776	98,084	31,068	18,149	34,260	87,621	302,372
Federal agency debt securities²	25,096	616	14,281	681	752	1,534	1,405	1,000	317	185	349	893	3,083
Mortgage-backed securities⁴	1,743,074	42,819	991,926	47,328	52,202	106,526	97,558	69,453	21,999	12,851	24,259	62,044	214,109
Unamortized premiums on securities held outright⁵	182,397	4,481	103,796	4,952	5,462	11,147	10,209	7,268	2,302	1,345	2,538	6,492	22,405
Unamortized discounts on securities held outright⁵	-16,089	-395	-9,156	-437	-482	-983	-900	-641	-203	-119	-224	-573	-1,976
Repurchase agreements⁶	610	15	347	17	18	37	34	24	8	4	8	22	75
Loans	120	1	1	0	0	0	3	10	40	17	47	0	0
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	144	0	0	0	0	0	144	0	0	1	0	0	0
Bank premises	2,220	121	431	74	105	208	207	203	116	90	241	225	198
Central bank liquidity swaps⁸	1,006	44	332	55	77	224	56	27	10	4	10	13	153
Foreign currency denominated
assets⁹	20,667	913	6,820	1,137	1,574	4,609	1,147	554	212	88	206	262	3,144
Other assets¹⁰	20,442	532	11,081	555	608	1,402	1,150	822	456	172	325	826	2,513
Interdistrict settlement account	0	- 21,895	+ 40,125	- 1,351	- 11,553	- 27,350	+ 6,831	+ 14,581	+ 259	- 1,156	- 2,089	+ 8,215	- 4,616

Total assets	4,461,111	88,327	2,568,004	120,550	123,444	249,260	257,989	192,832	57,117	31,969	60,527	167,382	543,713

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, May 25, 2016 (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	1,578,891	49,269	503,914	49,453	81,759	108,994	222,835	106,442	50,834	27,224	40,038	131,453	206,677
Less: Notes held by F.R. Banks	170,403	5,190	55,494	5,868	9,101	11,710	24,721	9,828	4,971	2,678	4,934	13,084	22,822
Federal Reserve notes, net	1,408,488	44,078	448,420	43,585	72,658	97,284	198,114	96,614	45,863	24,546	35,104	118,369	183,855
Reverse repurchase agreements¹¹	311,723	7,658	177,391	8,464	9,336	19,051	17,447	12,421	3,934	2,298	4,338	11,096	38,290
Deposits	2,694,437	34,658	1,926,098	66,113	38,183	123,564	39,744	81,996	6,754	4,602	20,545	37,153	315,027
Term deposits held by depository institutions	66,820	25	30,896	19,000	75	8	0	5,810	0	0	3,000	5	8,001
Other deposits held by depository institutions	2,339,987	34,621	1,615,234	47,111	38,105	123,344	39,735	68,784	6,746	4,601	17,544	37,147	307,014
U.S. Treasury, General Account	257,092	0	257,092	0	0	0	0	0	0	0	0	0	0
Foreign official	5,179	2	5,152	2	3	9	2	1	0	0	0	1	6
Other¹²	25,359	9	17,725	0	0	203	7	7,400	7	0	1	1	5
Deferred availability cash items	275	0	0	0	0	0	64	0	0	210	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,233	26	742	26	28	41	78	48	17	12	17	52	145
Other liabilities and accrued dividends	4,862	160	2,217	200	202	516	324	265	131	131	126	202	389

Total liabilities	4,421,018	86,580	2,554,868	118,388	120,406	240,456	255,771	191,343	56,699	31,798	60,130	166,872	537,705

Capital
Capital paid in	30,094	1,305	9,837	1,612	2,276	6,573	1,663	1,220	315	128	296	383	4,486
Surplus	10,000	442	3,299	550	762	2,230	555	268	103	43	100	127	1,521
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,461,111	88,327	2,568,004	120,550	123,444	249,260	257,989	192,832	57,117	31,969	60,527	167,382	543,713

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, May 25, 2016 (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. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.
13.	Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $10 billion surplus.

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	May 25, 2016
Federal Reserve notes outstanding	1,578,891
Less: Notes held by F.R. Banks not subject to collateralization	170,403
Federal Reserve notes to be collateralized	1,408,488
Collateral held against Federal Reserve notes	1,408,488
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,392,252
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,230,417
Less: Face value of securities under reverse repurchase agreements	287,911
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,942,506

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