FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 1, 2016 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 30, 2016 Federal Reserve Banks Nov 30, 2016 Nov 23, 2016 Dec 2, 2015 Reserve Bank credit 4,410,932 - 11,219 - 29,166 4,407,066 Securities held outright (1) 4,225,621 - 11,247 - 13,722 4,223,028 U.S. Treasury securities 2,463,833 + 66 + 2,223 2,463,861 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,340,507 - 167 - 6,132 2,339,503 Notes and bonds, inflation-indexed (2) 105,693 + 167 + 7,159 106,697 Inflation compensation (3) 17,632 + 65 + 1,195 17,661 Federal agency debt securities (2) 18,493 0 - 14,451 18,493 Mortgage-backed securities (4) 1,743,295 - 11,312 - 1,494 1,740,674 Unamortized premiums on securities held outright (5) 174,987 - 591 - 15,998 174,779 Unamortized discounts on securities held outright (5) -15,205 + 31 + 1,512 -15,229 Repurchase agreements (6) 0 0 - 84 0 Loans 38 + 9 - 49 40 Primary credit 8 + 4 + 4 10 Secondary credit 0 0 0 0 Seasonal credit 30 + 5 - 54 29 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,701 - 6 - 14 1,707 Float -607 - 229 - 843 -1,379 Central bank liquidity swaps (8) 1,177 + 976 + 1,041 1,340 Other Federal Reserve assets (9) 23,221 - 160 - 1,006 22,780 Foreign currency denominated assets (10) 19,831 - 182 + 639 19,738 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 48,337 + 14 + 793 48,337 Total factors supplying reserve funds 4,495,341 - 11,387 - 27,734 4,491,381 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 30, 2016 Federal Reserve Banks Nov 30, 2016 Nov 23, 2016 Dec 2, 2015 Currency in circulation (11) 1,494,652 + 3,550 + 83,273 1,494,981 Reverse repurchase agreements (12) 389,349 + 24,118 + 100,168 462,691 Foreign official and international accounts 249,822 + 2,255 + 54,680 254,167 Others 139,528 + 21,864 + 45,490 208,524 Treasury cash holdings 166 - 13 - 73 162 Deposits with F.R. Banks, other than reserve balances 468,188 - 4,410 + 231,054 472,657 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 409,360 + 9,695 + 196,604 422,034 Foreign official 5,175 - 6 - 238 5,169 Other (13) 53,653 - 14,099 + 34,687 45,454 Other liabilities and capital (14) 46,302 - 413 - 19,939 45,579 Total factors, other than reserve balances, absorbing reserve funds 2,398,657 + 22,831 + 394,483 2,476,069 Reserve balances with Federal Reserve Banks 2,096,684 - 34,217 - 422,217 2,015,312 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 Week ended Change from week ended Nov 30, 2016 Nov 30, 2016 Nov 23, 2016 Dec 2, 2015 Securities held in custody for foreign official and international accounts 3,126,798 + 6,369 - 197,477 3,129,747 Marketable U.S. Treasury securities (1) 2,802,652 + 4,458 - 203,381 2,804,920 Federal agency debt and mortgage-backed securities (2) 264,425 + 2,362 - 7,688 264,971 Other securities (3) 59,721 - 451 + 13,592 59,856 Securities lent to dealers 22,214 + 510 + 8,078 23,316 Overnight facility (4) 22,214 + 510 + 8,078 23,316 U.S. Treasury securities 22,199 + 520 + 8,153 23,288 Federal agency debt securities 15 - 10 - 75 28 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 30, 2016 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 32 8 0 0 0 ... 40 U.S. Treasury securities (1) Holdings 0 42,493 146,820 1,241,826 399,648 633,074 2,463,861 Weekly changes - 10,537 + 13,177 - 5,306 - 1,473 + 4,163 + 36 + 60 Federal agency debt securities (2) Holdings 1,044 4,120 8,938 2,044 0 2,347 18,493 Weekly changes + 1,044 - 1,044 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 71 10,683 1,729,920 1,740,674 Weekly changes 0 0 0 - 1,508 + 1,131 - 17,986 - 18,362 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 1,340 0 0 0 0 0 1,340 Reverse repurchase agreements (4) 462,691 0 ... ... ... ... 462,691 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 30, 2016 Mortgage-backed securities held outright (1) 1,740,674 Commitments to buy mortgage-backed securities (2) 36,677 Commitments to sell mortgage-backed securities (2) 58 Cash and cash equivalents (3) 7 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 30, 2016 Net portfolio holdings of Maiden Lane LLC (1) 1,707 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, 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 Wednesday Change since from Nov 30, 2016 Wednesday Wednesday consolidation Nov 23, 2016 Dec 2, 2015 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,829 - 1 - 25 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,382,618 - 19,170 - 31,522 Securities held outright (1) 4,223,028 - 18,302 - 16,306 U.S. Treasury securities 2,463,861 + 60 + 2,260 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,339,503 - 1,171 - 7,136 Notes and bonds, inflation-indexed (2) 106,697 + 1,171 + 8,163 Inflation compensation (3) 17,661 + 60 + 1,233 Federal agency debt securities (2) 18,493 0 - 14,451 Mortgage-backed securities (4) 1,740,674 - 18,362 - 4,115 Unamortized premiums on securities held outright (5) 174,779 - 851 - 16,070 Unamortized discounts on securities held outright (5) -15,229 - 11 + 1,477 Repurchase agreements (6) 0 0 - 590 Loans 40 - 7 - 32 Net portfolio holdings of Maiden Lane LLC (7) 1,707 + 7 - 9 Items in process of collection (0) 57 - 6 - 316 Bank premises 2,210 + 6 - 17 Central bank liquidity swaps (8) 1,340 + 1,139 + 1,205 Foreign currency denominated assets (9) 19,738 - 96 + 541 Other assets (10) 20,571 - 1,353 - 1,619 Total assets (0) 4,446,307 - 19,475 - 31,762 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 30, 2016 Wednesday Wednesday consolidation Nov 23, 2016 Dec 2, 2015 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,448,631 + 275 + 82,029 Reverse repurchase agreements (11) 462,691 + 88,332 + 192,342 Deposits (0) 2,487,970 - 108,282 - 287,420 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,015,313 - 87,871 - 516,877 U.S. Treasury, General Account 422,034 + 35,351 + 204,767 Foreign official 5,169 + 3 - 52 Other (12) (0) 45,454 - 55,765 + 24,742 Deferred availability cash items (0) 1,437 + 915 + 1,138 Other liabilities and accrued dividends (13) 5,200 - 724 - 1,545 Total liabilities (0) 4,405,928 - 19,485 - 13,456 Capital accounts Capital paid in 30,379 + 9 + 1,036 Surplus 10,000 0 - 19,343 Other capital accounts 0 0 0 Total capital 40,379 + 9 - 18,306 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, November 30, 2016 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 11,037 355 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 1,829 46 66 161 129 301 172 276 27 50 113 184 304 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,382,618 107,659 2,493,982 118,997 131,252 267,836 245,297 174,630 55,314 32,322 61,000 156,001 538,329 Securities held outright (1) 4,223,028 103,740 2,403,186 114,664 126,473 258,085 236,359 168,266 53,298 31,135 58,774 150,318 518,731 U.S. Treasury securities 2,463,861 60,525 1,402,102 66,899 73,789 150,576 137,900 98,172 31,096 18,165 34,291 87,701 302,646 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,463,861 60,525 1,402,102 66,899 73,789 150,576 137,900 98,172 31,096 18,165 34,291 87,701 302,646 Federal agency debt securities (2) 18,493 454 10,524 502 554 1,130 1,035 737 233 136 257 658 2,272 Mortgage-backed securities (4) 1,740,674 42,760 990,560 47,263 52,130 106,379 97,424 69,357 21,969 12,833 24,226 61,959 213,814 Unamortized premiums on securities held outright (5) 174,779 4,293 99,461 4,746 5,234 10,681 9,782 6,964 2,206 1,289 2,432 6,221 21,469 Unamortized discounts on securities held outright (5) -15,229 -374 -8,667 -414 -456 -931 -852 -607 -192 -112 -212 -542 -1,871 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 40 0 1 0 1 0 8 6 2 11 6 5 0 Net portfolio holdings of Maiden Lane LLC (7) 1,707 0 1,707 0 0 0 0 0 0 0 0 0 0 Items in process of collection 57 0 0 0 0 0 57 0 0 0 0 0 0 Bank premises 2,210 117 441 72 106 204 206 201 114 90 239 224 196 Central bank liquidity swaps (8) 1,340 59 442 74 102 299 74 36 14 6 13 17 204 Foreign currency denominated assets (9) 19,738 872 6,523 1,085 1,502 4,399 1,095 529 202 84 197 250 3,000 Other assets (10) 20,571 536 11,218 560 617 1,409 1,167 825 468 174 332 736 2,530 Interdistrict settlement account 0 - 21,628 - 9,954 - 10,298 - 8,757 - 14,045 + 16,367 + 8,080 + 3,907 + 4,144 + 882 + 18,872 + 12,429 Total assets 4,446,307 88,212 2,509,830 111,220 125,775 261,574 266,631 185,753 60,555 37,154 63,225 177,441 558,937 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 30, 2016 (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 1,630,918 50,594 533,950 51,972 80,594 113,349 223,338 109,393 49,760 28,398 43,966 135,531 210,073 Less: Notes held by F.R. Banks 182,286 5,951 50,909 6,605 9,211 13,804 26,740 11,665 5,510 3,107 5,819 16,318 26,647 Federal Reserve notes, net 1,448,631 44,644 483,042 45,366 71,382 99,545 196,598 97,728 44,250 25,290 38,147 119,213 183,425 Reverse repurchase agreements (11) 462,691 11,366 263,302 12,563 13,857 28,277 25,896 18,436 5,840 3,411 6,439 16,469 56,834 Deposits 2,487,970 30,284 1,748,114 50,897 37,072 124,413 41,373 67,806 9,878 6,777 18,110 41,009 312,238 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 2,015,313 30,278 1,288,998 50,895 37,069 124,174 41,363 54,562 9,859 6,777 18,108 41,006 312,224 U.S. Treasury, General Account 422,034 0 422,034 0 0 0 0 0 0 0 0 0 0 Foreign official 5,169 2 5,142 2 3 9 2 1 0 0 0 1 6 Other (12) 45,454 5 31,940 0 0 229 7 13,243 18 0 1 2 8 Deferred availability cash items 1,437 0 0 0 0 0 73 0 0 1,364 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,156 33 673 28 35 61 73 46 14 7 12 39 133 Other liabilities and accrued dividends 4,045 135 1,659 178 188 474 287 235 138 133 120 195 302 Total liabilities 4,405,928 86,462 2,496,790 109,033 122,533 252,769 264,300 184,251 60,120 36,983 62,829 176,926 552,933 Capital Capital paid in 30,379 1,308 9,742 1,637 2,480 6,574 1,775 1,234 333 128 296 389 4,483 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 4,446,307 88,212 2,509,830 111,220 125,775 261,574 266,631 185,753 60,555 37,154 63,225 177,441 558,937 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 30, 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 Nov 30, 2016 Federal Reserve notes outstanding 1,630,918 Less: Notes held by F.R. Banks not subject to collateralization 182,286 Federal Reserve notes to be collateralized 1,448,631 Collateral held against Federal Reserve notes 1,448,631 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,432,394 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,223,028 Less: Face value of securities under reverse repurchase agreements 443,483 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,779,546 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.