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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

March 2, 2017

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
Mar 1, 2017

Week ended
Mar 1, 2017

Change from week ended

Feb 22, 2017

Mar 2, 2016

Reserve Bank credit

4,426,655

+    2,977

-   12,553

4,419,630

Securities held outright1

4,245,956

+    1,954

+    1,653

4,240,003

U.S. Treasury securities

2,463,465

+       12

+    2,307

2,463,488

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,341,105

-      277

-    4,754

2,340,411

Notes and bonds, inflation-indexed2

   105,208

+      278

+    5,668

   105,901

Inflation compensation3

    17,153

+       13

+    1,393

    17,175

Federal agency debt securities2

    13,329

         0

-   17,989

    13,329

Mortgage-backed securities4

1,769,161

+    1,941

+   17,334

1,763,186

Unamortized premiums on securities held outright5

   170,720

-      210

-   16,157

   170,434

Unamortized discounts on securities held outright5

   -15,027

+       14

+    1,343

   -15,052

Repurchase agreements6

         0

         0

         0

         0

Loans

        51

+       46

+       17

         2

Primary credit

        49

+       48

+       25

         1

Secondary credit

         0

         0

         0

         0

Seasonal credit

         2

-        2

-        8

         1

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

     1,705

         0

-       17

     1,705

Float

      -615

-      320

+      101

      -374

Central bank liquidity swaps8

     1,104

+      961

+    1,016

     1,132

Other Federal Reserve assets9

    22,760

+      530

-      510

    21,781

Foreign currency denominated assets10

    19,874

+       34

-      295

    19,755

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    48,648

+       14

+      997

    48,648

Total factors supplying reserve funds

4,511,418

+    3,025

-   11,851

4,504,274

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
Mar 1, 2017

Week ended
Mar 1, 2017

Change from week ended

Feb 22, 2017

Mar 2, 2016

Currency in circulation11

1,515,454

+    4,320

+   84,704

1,521,561

Reverse repurchase agreements12

   420,286

+   25,616

+  118,250

   404,888

Foreign official and international accounts

   251,162

+    4,355

+    5,127

   248,878

Others

   169,124

+   21,261

+  113,123

   156,010

Treasury cash holdings

       253

+       12

+       13

       260

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

   265,722

-   49,709

+    3,381

   222,328

Term deposits held by depository institutions

    16,625

+   16,625

+   16,625

    16,625

U.S. Treasury, General Account

   175,496

-   82,796

-   61,711

   148,385

Foreign official

     5,170

+        4

-       69

     5,164

Other13

    68,432

+   16,459

+   48,537

    52,154

Other liabilities and capital14

    48,080

+      184

+    1,687

    47,283

Total factors, other than reserve balances,
absorbing reserve funds

2,249,795

-   19,576

+  208,034

2,196,320

Reserve balances with Federal Reserve Banks

2,261,623

+   22,601

-  219,885

2,307,954

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
Mar 1, 2017

Week ended
Mar 1, 2017

Change from week ended

Feb 22, 2017

Mar 2, 2016

Securities held in custody for foreign official and international accounts

3,175,780

-    5,660

-   75,257

3,174,221

Marketable U.S. Treasury securities1

2,846,066

-    4,087

-   89,802

2,844,566

Federal agency debt and mortgage-backed securities2

   266,671

-    1,626

+      166

   266,538

Other securities3

    63,043

+       53

+   14,379

    63,117

Securities lent to dealers

    19,258

-      841

+    3,548

    23,234

Overnight facility4

    19,258

-      841

+    3,548

    23,234

U.S. Treasury securities

    19,207

-      843

+    3,558

    23,182

Federal agency debt securities

        51

+        2

-       10

        52

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, March 1, 2017

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

         1

         1

         0

         0

         0

...

         2

U.S. Treasury securities1

Holdings

         0

    48,558

   195,256

1,216,789

   376,104

   626,781

2,463,488

Weekly changes

-   13,175

         0

+   32,048

-   23,720

+    3,889

+      990

+       32

Federal agency debt securities2

Holdings

         0

     4,495

     4,443

     2,044

         0

     2,347

    13,329

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities3

Holdings

         0

         0

         0

       167

    11,093

1,751,926

1,763,186

Weekly changes

         0

         0

         0

-       35

-      230

-   10,170

-   10,435

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

     1,132

         0

         0

         0

         0

         0

     1,132

Reverse repurchase agreements4

   404,888

         0

...

...

...

...

   404,888

Term deposits

    16,625

         0

         0

...

...

...

    16,625

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

Mar 1, 2017

Mortgage-backed securities held outright1

1,763,186

Commitments to buy mortgage-backed securities2

    26,088

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

        12

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

Mar 1, 2017

Net portfolio holdings of Maiden Lane LLC1

     1,705

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 December 31, 2016. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

2.

Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.

3.

Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.


5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital

Eliminations from consolidation

Wednesday
Mar 1, 2017

Change since

Wednesday

Wednesday

Feb 22, 2017

Mar 2, 2016

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,942

-       25

+        4

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

4,395,386

-   11,038

-   19,229

Securities held outright1

4,240,003

-   10,403

-    4,296

U.S. Treasury securities

2,463,488

+       32

+    2,336

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,340,411

-      971

-    4,107

Notes and bonds, inflation-indexed2

   105,901

+      971

+    5,021

Inflation compensation3

    17,175

+       31

+    1,422

Federal agency debt securities2

    13,329

         0

-   17,989

Mortgage-backed securities4

1,763,186

-   10,435

+   11,357

Unamortized premiums on securities held outright5

   170,434

-      612

-   16,309

Unamortized discounts on securities held outright5

   -15,052

-       21

+    1,385

Repurchase agreements6

         0

         0

         0

Loans

         2

-        1

-        9

Net portfolio holdings of Maiden Lane LLC7

     1,705

         0

-       17

Items in process of collection

(0)

        79

-       48

-      105

Bank premises

     2,196

-        6

-       29

Central bank liquidity swaps8

     1,132

+      989

+    1,044

Foreign currency denominated assets9

    19,755

-        6

-      388

Other assets10

    19,585

-      552

-    1,750

Total assets

(0)

4,458,018

-   10,684

-   20,467

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
Mar 1, 2017

Change since

Wednesday

Wednesday

Feb 22, 2017

Mar 2, 2016

Liabilities

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

1,475,112

+    9,023

+   87,140

Reverse repurchase agreements11

   404,888

-   20,641

+  113,463

Deposits

(0)

2,530,281

+    1,160

-  222,729

Term deposits held by depository institutions

    16,625

+   16,625

+   16,625

Other deposits held by depository institutions

2,307,954

+   64,798

-  188,628

U.S. Treasury, General Account

   148,385

-   79,786

-   81,003

Foreign official

     5,164

-        1

-       76

Other12

(0)

    52,154

-      474

+   30,354

Deferred availability cash items

(0)

       453

-      296

+       10

Other liabilities and accrued dividends13

     6,750

+       66

+      640

Total liabilities

(0)

4,417,484

-   10,687

-   21,476

Capital accounts

Capital paid in

    30,534

+        3

+    1,008

Surplus

    10,000

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    40,534

+        3

+    1,008

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, March 1, 2017

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

     1,942

        56

        74

       163

       137

       306

       191

       287

        30

        53

       123

       201

       320

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

4,395,386

   107,974

2,501,268

   119,344

   131,635

   268,618

   246,006

   175,135

    55,473

    32,405

    61,172

   156,453

   539,903

Securities held outright1

4,240,003

   104,157

2,412,846

   115,125

   126,981

   259,122

   237,309

   168,942

    53,512

    31,260

    59,010

   150,922

   520,816

U.S. Treasury securities

2,463,488

    60,516

1,401,890

    66,889

    73,777

   150,553

   137,879

    98,157

    31,091

    18,162

    34,285

    87,687

   302,600

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,463,488

    60,516

1,401,890

    66,889

    73,777

   150,553

   137,879

    98,157

    31,091

    18,162

    34,285

    87,687

   302,600

Federal agency debt securities2

    13,329

       327

     7,585

       362

       399

       815

       746

       531

       168

        98

       186

       474

     1,637

Mortgage-backed securities4

1,763,186

    43,313

1,003,371

    47,874

    52,804

   107,755

    98,684

    70,254

    22,253

    12,999

    24,539

    62,760

   216,579

Unamortized premiums on securities  held outright5

   170,434

     4,187

    96,988

     4,628

     5,104

    10,416

     9,539

     6,791

     2,151

     1,257

     2,372

     6,067

    20,935

Unamortized discounts on securities  held outright5

   -15,052

      -370

    -8,566

      -409

      -451

      -920

      -842

      -600

      -190

      -111

      -209

      -536

    -1,849

Repurchase agreements6

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Loans

         2

         0

         0

         0

         0

         0

         0

         1

         0

         0

         0

         0

         1

Net portfolio holdings of Maiden

Lane LLC7

     1,705

         0

     1,705

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Items in process of collection

        79

         0

         0

         0

         0

         0

        79

         0

         0

         1

         0

         0

         0

Bank premises

     2,196

       118

       437

        71

       108

       202

       205

       200

       112

        89

       237

       222

       195

Central bank liquidity swaps8

     1,132

        50

       373

        62

        86

       252

        63

        30

        12

         5

        11

        14

       172

Foreign currency denominated

assets9

    19,755

       873

     6,519

     1,087

     1,505

     4,406

     1,097

       529

       203

        84

       197

       250

     3,005

Other assets10

    19,585

       512

    10,565

       537

       587

     1,375

     1,114

       784

       536

       161

       319

       699

     2,394

Interdistrict settlement account

         0

-   11,630

-  131,526

+    3,475

-    1,287

+      655

+   21,029

+   30,716

+    6,295

+    3,993

+    7,544

+   30,900

+   39,836

Total assets

4,458,018

    98,504

2,394,823

   125,309

   133,594

   276,986

   271,978

   208,858

    63,171

    37,074

    70,054

   189,895

   587,770

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, March 1, 2017 (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

1,653,896

    55,059

   532,030

    53,477

    81,954

   119,191

   225,326

   112,897

    49,053

    29,416

    46,676

   137,777

   211,038

Less: Notes held by F.R. Banks

   178,784

     6,176

    51,182

     6,539

     9,731

    13,003

    24,036

    11,664

     4,514

     3,581

     5,691

    15,181

    27,484

Federal Reserve notes, net

1,475,112

    48,882

   480,848

    46,938

    72,224

   106,188

   201,290

   101,233

    44,540

    25,835

    40,985

   122,596

   183,554

Reverse repurchase agreements11

   404,888

     9,946

   230,408

    10,994

    12,126

    24,744

    22,661

    16,133

     5,110

     2,985

     5,635

    14,412

    49,734

Deposits

2,530,281

    37,721

1,667,093

    64,963

    45,704

   136,723

    45,184

    89,471

    12,914

     7,567

    22,897

    52,099

   347,946

Term deposits held by depository institutions

    16,625

        50

     4,585

     4,000

       305

         0

       100

     2,235

         0

         0

     2,100

       500

     2,750

Other deposits held by depository institutions

2,307,954

    37,659

1,481,570

    60,961

    45,396

   136,530

    45,075

    62,718

    12,898

     7,566

    20,795

    51,599

   345,187

U.S. Treasury, General Account

   148,385

         0

   148,385

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,164

         2

     5,137

         2

         3

         9

         2

         1

         0

         0

         0

         1

         6

Other12

    52,154

        11

    27,416

         0

         0

       184

         7

    24,517

        15

         0

         2

         0

         2

Deferred availability cash items

       453

         0

         0

         0

         0

         0

        72

         0

         0

       381

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

     1,974

        55

     1,106

        54

        58

       133

       123

        77

        29

        11

        24

        74

       230

Other liabilities and accrued
dividends

     4,775

       146

     2,365

       179

       183

       442

       292

       250

       128

       125

       118

       194

       355

Total liabilities

4,417,484

    96,751

2,381,821

   123,127

   130,295

   268,230

   269,622

   207,164

    62,720

    36,903

    69,659

   189,374

   581,818

Capital

Capital paid in

    30,534

     1,319

     9,800

     1,645

     2,485

     6,595

     1,773

     1,275

       342

       129

       298

       393

     4,479

Surplus

    10,000

       434

     3,202

       538

       815

     2,161

       583

       419

       109

        42

        97

       128

     1,473

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

4,458,018

    98,504

2,394,823

   125,309

   133,594

   276,986

   271,978

   208,858

    63,171

    37,074

    70,054

   189,895

   587,770

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, March 1, 2017 (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

Mar 1, 2017

Federal Reserve notes outstanding

1,653,896

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

   178,784

Federal Reserve notes to be collateralized

1,475,112

Collateral held against Federal Reserve notes

1,475,112

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

1,458,875

Other assets pledged

         0

Memo:

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

4,240,003

Less: Face value of securities under reverse repurchase agreements

   393,316

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

3,846,686

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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