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FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

December 8, 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
Dec 7, 2016

Week ended
Dec 7, 2016

Change from week ended

Nov 30, 2016

Dec 9, 2015

Reserve Bank credit

4,409,458

-    1,474

-   32,167

4,410,086

Securities held outright1

4,222,996

-    2,625

-   16,333

4,222,666

U.S. Treasury securities

2,463,826

-        7

+    2,232

2,463,496

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,339,446

-    1,061

-    7,193

2,339,103

Notes and bonds, inflation-indexed2

   106,697

+    1,004

+    8,163

   106,697

Inflation compensation3

    17,683

+       51

+    1,262

    17,696

Federal agency debt securities2

    18,493

         0

-   14,451

    18,493

Mortgage-backed securities4

1,740,677

-    2,618

-    4,114

1,740,677

Unamortized premiums on securities held outright5

   174,566

-      421

-   16,061

   174,450

Unamortized discounts on securities held outright5

   -15,209

-        4

+    1,477

   -15,197

Repurchase agreements6

         8

+        8

+        8

        59

Loans

        37

-        1

-       39

        79

Primary credit

        14

+        6

+       12

        55

Secondary credit

         0

         0

         0

         0

Seasonal credit

        22

-        8

-       52

        24

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

     1,707

+        6

-        9

     1,707

Float

      -396

+      211

-      680

      -388

Central bank liquidity swaps8

     1,329

+      152

+    1,193

     1,329

Other Federal Reserve assets9

    24,419

+    1,198

-    1,725

    25,380

Foreign currency denominated assets10

    19,892

+       61

+      388

    19,982

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    48,436

+       14

+      887

    48,436

Total factors supplying reserve funds

4,494,027

-    1,399

-   30,892

4,494,745

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
Dec 7, 2016

Week ended
Dec 7, 2016

Change from week ended

Nov 30, 2016

Dec 9, 2015

Currency in circulation11

1,494,520

-      217

+   83,730

1,497,338

Reverse repurchase agreements12

   415,682

+   26,333

+  150,782

   423,548

Foreign official and international accounts

   243,884

-    5,938

+   53,874

   237,736

Others

   171,798

+   32,270

+   96,908

   185,812

Treasury cash holdings

       162

-        4

-       89

       160

Deposits with F.R. Banks, other than reserve balances

   392,670

-   75,518

+  134,813

   392,957

Term deposits held by depository institutions

         0

         0

-   43,832

         0

U.S. Treasury, General Account

   343,355

-   66,005

+  156,731

   344,032

Foreign official

     5,167

-        8

-       90

     5,167

Other13

    44,148

-    9,505

+   22,003

    43,758

Other liabilities and capital14

    47,014

+      712

-   20,237

    47,140

Total factors, other than reserve balances,
absorbing reserve funds

2,350,048

-   48,694

+  349,000

2,361,144

Reserve balances with Federal Reserve Banks

2,143,979

+   47,295

-  379,891

2,133,602

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
Dec 7, 2016

Week ended
Dec 7, 2016

Change from week ended

Nov 30, 2016

Dec 9, 2015

Securities held in custody for foreign official and international accounts

3,138,938

+   12,140

-  178,995

3,140,986

Marketable U.S. Treasury securities1

2,813,433

+   10,781

-  186,347

2,815,607

Federal agency debt and mortgage-backed securities2

   265,528

+    1,103

-    6,486

   265,419

Other securities3

    59,976

+      255

+   13,837

    59,960

Securities lent to dealers

    26,073

+    3,859

+   13,097

    24,230

Overnight facility4

    26,073

+    3,859

+   13,097

    24,230

U.S. Treasury securities

    26,047

+    3,848

+   13,201

    24,205

Federal agency debt securities

        27

+       12

-      104

        25

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 7, 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

        60

        19

         0

         0

         0

...

        79

U.S. Treasury securities1

Holdings

         0

    42,494

   146,820

1,241,832

   399,255

   633,096

2,463,496

Weekly changes

         0

+        1

         0

+        6

-      393

+       22

-      365

Federal agency debt securities2

Holdings

     2,313

     2,851

     8,938

     2,044

         0

     2,347

    18,493

Weekly changes

+    1,269

-    1,269

         0

         0

         0

         0

         0

Mortgage-backed securities3

Holdings

         0

         0

         0

        76

    10,862

1,729,740

1,740,677

Weekly changes

         0

         0

         0

+        5

+      179

-      180

+        3

Repurchase agreements4

        59

         0

...

...

...

...

        59

Central bank liquidity swaps5

     1,329

         0

         0

         0

         0

         0

     1,329

Reverse repurchase agreements4

   423,548

         0

...

...

...

...

   423,548

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 7, 2016

Mortgage-backed securities held outright1

1,740,677

Commitments to buy mortgage-backed securities2

    47,109

Commitments to sell mortgage-backed securities2

        77

Cash and cash equivalents3

         1

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 7, 2016

Net portfolio holdings of Maiden Lane LLC1

     1,707

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2

         0

Accrued interest payable to the Federal Reserve Bank of New York2

         0

Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3

         0

1.

Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of September 30, 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
Dec 7, 2016

Change since

Wednesday

Wednesday

Nov 30, 2016

Dec 9, 2015

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,849

+       20

-       38

Securities, unamortized premiums and discounts, repurchase agreements, and loans

4,382,058

-      560

-   31,195

Securities held outright1

4,222,666

-      362

-   16,664

U.S. Treasury securities

2,463,496

-      365

+    1,907

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,339,103

-      400

-    7,536

Notes and bonds, inflation-indexed2

   106,697

         0

+    8,163

Inflation compensation3

    17,696

+       35

+    1,280

Federal agency debt securities2

    18,493

         0

-   14,451

Mortgage-backed securities4

1,740,677

+        3

-    4,119

Unamortized premiums on securities held outright5

   174,450

-      329

-   16,068

Unamortized discounts on securities held outright5

   -15,197

+       32

+    1,478

Repurchase agreements6

        59

+       59

+       59

Loans

        79

+       39

-        2

Net portfolio holdings of Maiden Lane LLC7

     1,707

         0

-        8

Items in process of collection

(0)

        77

+       20

-      289

Bank premises

     2,199

-       11

-       30

Central bank liquidity swaps8

     1,329

-       11

+    1,193

Foreign currency denominated assets9

    19,982

+      244

+      313

Other assets10

    23,181

+    2,610

-    1,761

Total assets

(0)

4,448,618

+    2,311

-   31,818

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
Dec 7, 2016

Change since

Wednesday

Wednesday

Nov 30, 2016

Dec 9, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

1,450,907

+    2,276

+   83,565

Reverse repurchase agreements11

   423,548

-   39,143

+  139,718

Deposits

(0)

2,526,559

+   38,589

-  235,671

Term deposits held by depository institutions

         0

         0

-   43,832

Other deposits held by depository institutions

2,133,602

+  118,289

-  376,413

U.S. Treasury, General Account

   344,032

-   78,002

+  168,286

Foreign official

     5,167

-        2

-      262

Other12

(0)

    43,758

-    1,696

+   16,550

Deferred availability cash items

(0)

       464

-      973

+      141

Other liabilities and accrued dividends13

     6,741

+    1,541

-    1,271

Total liabilities

(0)

4,408,219

+    2,291

-   13,518

Capital accounts

Capital paid in

    30,399

+       20

+    1,049

Surplus

    10,000

         0

-   19,350

Other capital accounts

         0

         0

         0

Total capital

    40,399

+       20

-   18,301

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, December 7, 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

     1,849

        46

        66

       160

       134

       304

       178

       275

        29

        50

       113

       187

       308

Securities, unamortized premiums and discounts, repurchase agreements,
and loans

4,382,058

   107,644

2,493,640

   118,980

   131,234

   267,799

   245,256

   174,605

    55,309

    32,313

    60,992

   155,978

   538,306

Securities held outright1

4,222,666

   103,731

2,402,980

   114,655

   126,462

   258,063

   236,339

   168,252

    53,293

    31,132

    58,768

   150,305

   518,686

U.S. Treasury securities

2,463,496

    60,516

1,401,895

    66,889

    73,778

   150,553

   137,880

    98,158

    31,091

    18,162

    34,285

    87,688

   302,601

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,463,496

    60,516

1,401,895

    66,889

    73,778

   150,553

   137,880

    98,158

    31,091

    18,162

    34,285

    87,688

   302,601

Federal agency debt securities2

    18,493

       454

    10,524

       502

       554

     1,130

     1,035

       737

       233

       136

       257

       658

     2,272

Mortgage-backed securities4

1,740,677

    42,760

   990,562

    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 outright5

   174,450

     4,285

    99,274

     4,737

     5,224

    10,661

     9,764

     6,951

     2,202

     1,286

     2,428

     6,210

    21,428

Unamortized discounts on securities held outright5

   -15,197

      -373

    -8,648

      -413

      -455

      -929

      -851

      -606

      -192

      -112

      -211

      -541

    -1,867

Repurchase agreements6

        59

         1

        34

         2

         2

         4

         3

         2

         1

         0

         1

         2

         7

Loans

        79

         0

         0

         0

         1

         0

         0

         6

         5

         7

         7

         3

        51

Net portfolio holdings of Maiden

Lane LLC7

     1,707

         0

     1,707

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Items in process of collection

        77

         0

         0

         0

         0

         0

        76

         0

         0

         1

         0

         0

         0

Bank premises

     2,199

       117

       432

        72

       105

       204

       206

       200

       114

        90

       239

       223

       195

Central bank liquidity swaps8

     1,329

        59

       438

        73

       101

       296

        74

        36

        14

         6

        13

        17

       202

Foreign currency denominated

assets9

    19,982

       883

     6,595

     1,099

     1,522

     4,456

     1,109

       536

       205

        85

       199

       253

     3,039

Other assets10

    23,181

       600

    12,687

       630

       694

     1,565

     1,317

       930

       500

       192

       368

       853

     2,846

Interdistrict settlement account

         0

-   22,931

-   30,789

-   10,148

-    8,346

-   13,402

+   15,928

+   19,566

+    3,853

+    3,313

+    1,620

+   22,326

+   19,011

Total assets

4,448,618

    86,969

2,490,183

   111,436

   126,266

   262,394

   266,339

   197,325

    60,532

    36,333

    63,993

   180,995

   565,853

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 7, 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

1,634,216

    51,019

   534,589

    51,986

    80,522

   116,057

   222,916

   109,328

    49,797

    28,372

    44,317

   135,607

   209,705

Less: Notes held by F.R. Banks

   183,309

     5,898

    52,380

     6,446

     9,107

    13,693

    26,736

    11,605

     5,447

     3,046

     5,871

    16,110

    26,970

Federal Reserve notes, net

1,450,907

    45,121

   482,209

    45,541

    71,415

   102,364

   196,180

    97,722

    44,350

    25,325

    38,446

   119,497

   182,735

Reverse repurchase agreements11

   423,548

    10,405

   241,027

    11,500

    12,685

    25,885

    23,706

    16,876

     5,346

     3,123

     5,895

    15,076

    52,026

Deposits

2,526,559

    29,478

1,750,704

    51,954

    38,651

   124,671

    43,593

    80,888

    10,232

     7,191

    19,103

    45,627

   324,466

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

2,133,602

    29,473

1,371,804

    51,952

    38,648

   124,442

    43,584

    67,116

    10,213

     7,191

    19,102

    45,626

   324,451

U.S. Treasury, General Account

   344,032

         0

   344,032

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,167

         2

     5,141

         2

         3

         9

         2

         1

         0

         0

         0

         1

         6

Other12

    43,758

         3

    29,727

         0

         0

       220

         7

    13,770

        19

         0

         1

         1

         8

Deferred availability cash items

       464

         0

         0

         0

         0

         0

        93

         0

         0

       371

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

     2,263

        60

     1,238

        67

        80

       172

       133

        86

        27

        15

        29

        77

       279

Other liabilities and accrued
dividends

     4,479

       144

     1,959

       187

       194

       497

       303

       249

       141

       136

       124

       201

       343

Total liabilities

4,408,219

    85,207

2,477,137

   109,249

   123,024

   253,588

   264,008

   195,822

    60,097

    36,162

    63,597

   180,479

   559,849

Capital

Capital paid in

    30,399

     1,320

     9,747

     1,637

     2,480

     6,575

     1,776

     1,235

       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

4,448,618

    86,969

2,490,183

   111,436

   126,266

   262,394

   266,339

   197,325

    60,532

    36,333

    63,993

   180,995

   565,853

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 7, 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

Dec 7, 2016

Federal Reserve notes outstanding

1,634,216

Less: Notes held by F.R. Banks not subject to collateralization

   183,309

Federal Reserve notes to be collateralized

1,450,907

Collateral held against Federal Reserve notes

1,450,907

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

1,434,670

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

4,222,725

Less: Face value of securities under reverse repurchase agreements

   408,162

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

3,814,563

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.


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