FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, December 22, 2016

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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Dec 21, 2016
	Week ended Dec 21, 2016	Change from week ended
	Week ended Dec 21, 2016	Dec 14, 2016	Dec 23, 2015
Reserve Bank credit	4,423,566	+ 6,195	- 37,222	4,431,175
Securities held outright¹	4,230,898	+ 2,580	- 23,860	4,238,227
U.S. Treasury securities	2,463,553	+ 35	+ 1,983	2,463,566
Bills²	0	0	0	0
Notes and bonds, nominal²	2,339,103	0	- 7,536	2,339,103
Notes and bonds, inflation-indexed²	106,697	0	+ 8,163	106,697
Inflation compensation³	17,753	+ 35	+ 1,356	17,766
Federal agency debt securities²	16,361	- 2,132	- 16,583	16,180
Mortgage-backed securities⁴	1,750,983	+ 4,676	- 9,260	1,758,481
Unamortized premiums on securities held outright⁵	173,945	- 409	- 16,526	173,967
Unamortized discounts on securities held outright⁵	-15,140	+ 36	+ 1,481	-15,127
Repurchase agreements⁶	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 LLC⁷	1,707	0	- 9	1,707
Float	-392	- 31	- 328	-410
Central bank liquidity swaps⁸	4,743	+ 3,267	+ 3,817	4,743
Other Federal Reserve assets⁹	27,770	+ 747	- 1,734	28,027
Foreign currency denominated assets¹⁰	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 outstanding¹¹	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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Dec 21, 2016
	Week ended Dec 21, 2016	Change from week ended
	Week ended Dec 21, 2016	Dec 14, 2016	Dec 23, 2015
Currency in circulation¹¹	1,499,298	+ 1,834	+ 82,618	1,502,971
Reverse repurchase agreements¹²	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
Other¹³	52,012	- 937	+ 32,149	50,643
Other liabilities and capital¹⁴	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 Dec 21, 2016
	Week ended Dec 21, 2016	Change from week ended
	Week ended 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 securities¹	2,849,686	+ 22,258	- 142,573	2,852,468
Federal agency debt and mortgage-backed securities²	262,770	- 2,676	- 8,054	261,458
Other securities³	59,398	- 513	+ 12,814	59,374
Securities lent to dealers	21,672	- 2,371	+ 6,743	18,828
Overnight facility⁴	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 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	42	0	0	0	0	...	42
U.S. Treasury securities¹
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 securities²
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 securities³
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 agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	4,743	0	0	0	0	0	4,743

Reverse repurchase agreements⁴	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
Account name	Dec 21, 2016
Mortgage-backed securities held outright¹	1,758,481

Commitments to buy mortgage-backed securities²	32,037
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	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
Account name	Dec 21, 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 21, 2016	Change since
			Wednesday	Wednesday
			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 outright¹		4,238,227	- 4,213	- 14,040
U.S. Treasury securities		2,463,566	+ 35	+ 2,000
Bills²		0	0	0
Notes and bonds, nominal²		2,339,103	0	- 7,536
Notes and bonds, inflation-indexed²		106,697	0	+ 8,163
Inflation compensation³		17,766	+ 35	+ 1,373
Federal agency debt securities²		16,180	- 2,313	- 16,764
Mortgage-backed securities⁴		1,758,481	- 1,934	+ 724
Unamortized premiums on securities held outright⁵		173,967	- 511	- 16,257
Unamortized discounts on securities held outright⁵		-15,127	+ 38	+ 1,482
Repurchase agreements⁶		0	0	0
Loans		42	- 8	- 31
Net portfolio holdings of Maiden Lane LLC⁷		1,707	- 1	- 8
Items in process of collection	(0)	66	- 8	- 127
Bank premises		2,204	+ 4	- 30
Central bank liquidity swaps⁸		4,743	+ 3,267	+ 3,817
Foreign currency denominated assets⁹		19,318	- 441	- 291
Other assets¹⁰		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 from consolidation	Wednesday Dec 21, 2016	Change since
			Wednesday	Wednesday
			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 agreements¹¹		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
Other¹²	(0)	50,643	- 37,956	+ 28,769
Deferred availability cash items	(0)	475	- 151	- 7
Other liabilities and accrued dividends¹³		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
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	1,872	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 outright¹	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
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	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 securities²	16,180	397	9,208	439	485	989	906	645	204	119	225	576	1,987
Mortgage-backed securities⁴	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 outright⁵	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 outright⁵	-15,127	-372	-8,609	-411	-453	-924	-847	-603	-191	-112	-211	-538	-1,858
Repurchase agreements⁶	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 LLC⁷	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 swaps⁸	4,743	210	1,565	261	361	1,058	263	127	49	20	47	60	722
Foreign currency denominated
assets⁹	19,318	854	6,375	1,063	1,471	4,308	1,072	518	198	83	193	245	2,939
Other assets¹⁰	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
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,640,466	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 agreements¹¹	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
Other¹²	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. Treasury¹³	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
Federal Reserve notes and collateral	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.

Statistical releases