FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 22, 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 Dec 21, 2016 Federal Reserve Banks Dec 21, 2016 Dec 14, 2016 Dec 23, 2015 Reserve Bank credit 4,423,566 + 6,195 - 37,222 4,431,175 Securities held outright (1) 4,230,898 + 2,580 - 23,860 4,238,227 U.S. Treasury securities 2,463,553 + 35 + 1,983 2,463,566 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,339,103 0 - 7,536 2,339,103 Notes and bonds, inflation-indexed (2) 106,697 0 + 8,163 106,697 Inflation compensation (3) 17,753 + 35 + 1,356 17,766 Federal agency debt securities (2) 16,361 - 2,132 - 16,583 16,180 Mortgage-backed securities (4) 1,750,983 + 4,676 - 9,260 1,758,481 Unamortized premiums on securities held outright (5) 173,945 - 409 - 16,526 173,967 Unamortized discounts on securities held outright (5) -15,140 + 36 + 1,481 -15,127 Repurchase agreements (6) 0 0 0 0 Loans 35 + 5 - 64 42 Primary credit 7 + 1 - 24 13 Secondary credit 0 0 0 0 Seasonal credit 28 + 4 - 40 28 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,707 0 - 9 1,707 Float -392 - 31 - 328 -410 Central bank liquidity swaps (8) 4,743 + 3,267 + 3,817 4,743 Other Federal Reserve assets (9) 27,770 + 747 - 1,734 28,027 Foreign currency denominated assets (10) 19,329 - 361 - 255 19,318 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 48,503 + 14 + 945 48,503 Total factors supplying reserve funds 4,507,639 + 5,848 - 36,533 4,515,237 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 21, 2016 Federal Reserve Banks Dec 21, 2016 Dec 14, 2016 Dec 23, 2015 Currency in circulation (11) 1,499,298 + 1,834 + 82,618 1,502,971 Reverse repurchase agreements (12) 492,772 + 57,401 + 133,868 560,172 Foreign official and international accounts 255,182 + 11,391 + 47,584 252,695 Others 237,590 + 46,010 + 86,283 307,477 Treasury cash holdings 159 - 1 - 92 164 Deposits with F.R. Banks, other than reserve balances 445,707 + 63,020 + 153,004 442,839 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 388,497 + 63,972 + 120,889 387,014 Foreign official 5,199 - 14 - 32 5,181 Other (13) 52,012 - 937 + 32,149 50,643 Other liabilities and capital (14) 46,694 - 1,119 - 20,366 46,335 Total factors, other than reserve balances, absorbing reserve funds 2,484,630 + 121,135 + 349,031 2,552,481 Reserve balances with Federal Reserve Banks 2,023,009 - 115,287 - 385,564 1,962,755 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 Dec 21, 2016 Dec 21, 2016 Dec 14, 2016 Dec 23, 2015 Securities held in custody for foreign official and international accounts 3,171,854 + 19,069 - 137,812 3,173,299 Marketable U.S. Treasury securities (1) 2,849,686 + 22,258 - 142,573 2,852,468 Federal agency debt and mortgage-backed securities (2) 262,770 - 2,676 - 8,054 261,458 Other securities (3) 59,398 - 513 + 12,814 59,374 Securities lent to dealers 21,672 - 2,371 + 6,743 18,828 Overnight facility (4) 21,672 - 2,371 + 6,743 18,828 U.S. Treasury securities 21,650 - 2,369 + 6,843 18,817 Federal agency debt securities 22 - 3 - 101 11 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 21, 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 42 0 0 0 0 ... 42 U.S. Treasury securities (1) Holdings 11,702 30,794 146,821 1,241,843 399,268 633,138 2,463,566 Weekly changes + 11,702 - 11,701 0 + 6 + 7 + 21 + 35 Federal agency debt securities (2) Holdings 0 2,851 8,938 2,044 0 2,347 16,180 Weekly changes - 2,313 0 0 0 0 0 - 2,313 Mortgage-backed securities (3) Holdings 0 0 0 78 10,845 1,747,559 1,758,481 Weekly changes 0 0 0 + 2 - 17 - 1,919 - 1,934 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 4,743 0 0 0 0 0 4,743 Reverse repurchase agreements (4) 560,172 0 ... ... ... ... 560,172 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 21, 2016 Mortgage-backed securities held outright (1) 1,758,481 Commitments to buy mortgage-backed securities (2) 32,037 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 0 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 21, 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 Dec 21, 2016 Wednesday Wednesday consolidation Dec 14, 2016 Dec 23, 2015 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,872 + 2 - 25 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,397,108 - 4,694 - 28,847 Securities held outright (1) 4,238,227 - 4,213 - 14,040 U.S. Treasury securities 2,463,566 + 35 + 2,000 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,339,103 0 - 7,536 Notes and bonds, inflation-indexed (2) 106,697 0 + 8,163 Inflation compensation (3) 17,766 + 35 + 1,373 Federal agency debt securities (2) 16,180 - 2,313 - 16,764 Mortgage-backed securities (4) 1,758,481 - 1,934 + 724 Unamortized premiums on securities held outright (5) 173,967 - 511 - 16,257 Unamortized discounts on securities held outright (5) -15,127 + 38 + 1,482 Repurchase agreements (6) 0 0 0 Loans 42 - 8 - 31 Net portfolio holdings of Maiden Lane LLC (7) 1,707 - 1 - 8 Items in process of collection (0) 66 - 8 - 127 Bank premises 2,204 + 4 - 30 Central bank liquidity swaps (8) 4,743 + 3,267 + 3,817 Foreign currency denominated assets (9) 19,318 - 441 - 291 Other assets (10) 25,834 - 14 - 1,923 Total assets (0) 4,469,089 - 1,884 - 27,434 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 21, 2016 Wednesday Wednesday consolidation Dec 14, 2016 Dec 23, 2015 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,456,501 + 4,401 + 80,148 Reverse repurchase agreements (11) 560,172 + 131,291 + 170,586 Deposits (0) 2,405,606 - 136,999 - 258,708 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,962,767 - 160,788 - 408,312 U.S. Treasury, General Account 387,014 + 61,743 + 120,883 Foreign official 5,181 + 2 - 49 Other (12) (0) 50,643 - 37,956 + 28,769 Deferred availability cash items (0) 475 - 151 - 7 Other liabilities and accrued dividends (13) 5,893 - 450 - 1,176 Total liabilities (0) 4,428,647 - 1,908 - 9,157 Capital accounts Capital paid in 30,442 + 24 + 1,082 Surplus 10,000 0 - 19,360 Other capital accounts 0 0 0 Total capital 40,442 + 24 - 18,278 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 21, 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 1,872 45 67 161 137 306 188 277 28 51 113 188 311 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,397,108 108,015 2,502,226 119,392 131,685 268,721 246,100 175,219 55,497 32,426 61,205 156,512 540,110 Securities held outright (1) 4,238,227 104,113 2,411,836 115,077 126,928 259,014 237,210 168,872 53,490 31,247 58,985 150,859 520,598 U.S. Treasury securities 2,463,566 60,518 1,401,935 66,891 73,780 150,558 137,884 98,161 31,092 18,163 34,286 87,690 302,609 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,463,566 60,518 1,401,935 66,891 73,780 150,558 137,884 98,161 31,092 18,163 34,286 87,690 302,609 Federal agency debt securities (2) 16,180 397 9,208 439 485 989 906 645 204 119 225 576 1,987 Mortgage-backed securities (4) 1,758,481 43,198 1,000,694 47,747 52,664 107,467 98,421 70,066 22,193 12,965 24,473 62,593 216,001 Unamortized premiums on securities held outright (5) 173,967 4,274 98,999 4,724 5,210 10,632 9,737 6,932 2,196 1,283 2,421 6,192 21,369 Unamortized discounts on securities held outright (5) -15,127 -372 -8,609 -411 -453 -924 -847 -603 -191 -112 -211 -538 -1,858 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 42 0 0 2 0 0 0 18 2 8 9 0 1 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 66 0 0 0 0 0 65 0 0 0 0 0 0 Bank premises 2,204 118 434 72 106 204 207 201 114 90 239 223 196 Central bank liquidity swaps (8) 4,743 210 1,565 261 361 1,058 263 127 49 20 47 60 722 Foreign currency denominated assets (9) 19,318 854 6,375 1,063 1,471 4,308 1,072 518 198 83 193 245 2,939 Other assets (10) 25,834 667 14,136 703 770 1,731 1,466 1,028 525 210 405 1,030 3,163 Interdistrict settlement account 0 - 24,554 - 42,360 - 6,571 - 2,591 - 10,435 + 21,678 + 16,371 + 3,463 + 3,514 + 3,953 + 20,143 + 17,389 Total assets 4,469,089 85,905 2,489,556 115,651 132,763 267,065 273,236 194,917 60,382 36,677 66,604 179,559 566,773 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 21, 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 1,640,466 52,778 535,560 51,994 80,374 117,541 224,934 109,081 49,585 28,349 44,431 135,968 209,871 Less: Notes held by F.R. Banks 183,966 5,914 52,428 6,702 9,031 13,519 25,931 11,508 5,451 3,112 5,865 16,911 27,596 Federal Reserve notes, net 1,456,501 46,864 483,133 45,292 71,343 104,022 199,004 97,574 44,134 25,237 38,566 119,057 182,275 Reverse repurchase agreements (11) 560,172 13,761 318,776 15,210 16,776 34,234 31,352 22,320 7,070 4,130 7,796 19,939 68,808 Deposits 2,405,606 23,341 1,671,782 52,743 41,177 119,419 40,088 73,183 8,592 6,590 19,703 39,790 309,200 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 1,962,767 23,335 1,244,888 52,741 41,173 119,230 40,079 57,482 8,572 6,590 19,701 39,788 309,187 U.S. Treasury, General Account 387,014 0 387,014 0 0 0 0 0 0 0 0 0 0 Foreign official 5,181 2 5,154 2 3 9 2 1 0 0 0 1 6 Other (12) 50,643 3 34,725 0 0 180 7 15,700 19 0 1 1 7 Deferred availability cash items 475 0 0 0 0 0 70 0 0 405 0 0 0 Earnings remittances due to the U.S. Treasury (13) 864 19 562 11 14 24 55 32 14 8 15 43 67 Other liabilities and accrued dividends 5,029 159 2,257 208 211 557 335 267 137 135 128 215 419 Total liabilities 4,428,647 84,143 2,476,509 113,464 129,522 258,256 270,905 193,376 59,947 36,506 66,208 179,043 560,769 Capital Capital paid in 30,442 1,320 9,748 1,637 2,480 6,579 1,776 1,273 333 129 296 389 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 4,469,089 85,905 2,489,556 115,651 132,763 267,065 273,236 194,917 60,382 36,677 66,604 179,559 566,773 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 21, 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 21, 2016 Federal Reserve notes outstanding 1,640,466 Less: Notes held by F.R. Banks not subject to collateralization 183,966 Federal Reserve notes to be collateralized 1,456,501 Collateral held against Federal Reserve notes 1,456,501 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,440,264 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,238,227 Less: Face value of securities under reverse repurchase agreements 539,752 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,698,475 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.