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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 16, 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 15, 2017

Week ended
Mar 15, 2017

Change from week ended

Mar 8, 2017

Mar 16, 2016

Reserve Bank credit

4,428,478

+    7,833

-   17,762

4,431,219

Securities held outright1

4,245,285

+    5,176

-    2,064

4,248,325

U.S. Treasury securities

2,463,752

+      162

+    2,529

2,463,812

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,340,411

         0

-    4,107

2,340,411

Notes and bonds, inflation-indexed2

   105,901

         0

+    5,021

   105,901

Inflation compensation3

    17,440

+      162

+    1,615

    17,499

Federal agency debt securities2

    13,329

         0

-   17,400

    13,329

Mortgage-backed securities4

1,768,204

+    5,015

+   12,808

1,771,184

Unamortized premiums on securities held outright5

   170,138

-      119

-   16,207

   170,126

Unamortized discounts on securities held outright5

   -15,011

+       24

+    1,373

   -15,004

Repurchase agreements6

         0

         0

         0

         0

Loans

         7

-        1

-        8

        15

Primary credit

         3

-        3

-        1

        10

Secondary credit

         0

         0

         0

         0

Seasonal credit

         3

+        1

-        8

         5

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

     1,705

         0

-       17

     1,707

Float

      -416

-       84

-       39

      -376

Central bank liquidity swaps8

       917

+      426

+      841

       917

Other Federal Reserve assets9

    25,854

+    2,411

-    1,640

    25,509

Foreign currency denominated assets10

    19,764

+       59

-      648

    19,756

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    48,698

+       14

+    1,014

    48,698

Total factors supplying reserve funds

4,513,181

+    7,906

-   17,397

4,515,913

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 15, 2017

Week ended
Mar 15, 2017

Change from week ended

Mar 8, 2017

Mar 16, 2016

Currency in circulation11

1,529,090

+    4,079

+   91,378

1,531,006

Reverse repurchase agreements12

   470,115

+   29,423

+  189,776

   477,012

Foreign official and international accounts

   244,795

+      397

+    4,716

   250,502

Others

   225,320

+   29,026

+  185,059

   226,510

Treasury cash holdings

       253

-        6

+       15

       262

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

   105,074

-   42,564

-  159,988

    92,227

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

    38,579

-   49,641

-  197,055

    23,416

Foreign official

     5,167

+        2

-        5

     5,169

Other13

    61,328

+    7,075

+   37,071

    63,642

Other liabilities and capital14

    48,433

+      665

+      719

    47,286

Total factors, other than reserve balances,
absorbing reserve funds

2,152,965

-    8,404

+  121,899

2,147,793

Reserve balances with Federal Reserve Banks

2,360,216

+   16,310

-  139,296

2,368,120

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 15, 2017

Week ended
Mar 15, 2017

Change from week ended

Mar 8, 2017

Mar 16, 2016

Securities held in custody for foreign official and international accounts

3,197,814

+   15,084

-   54,052

3,203,834

Marketable U.S. Treasury securities1

2,869,412

+   16,383

-   67,144

2,878,940

Federal agency debt and mortgage-backed securities2

   265,309

-    1,196

-      969

   263,460

Other securities3

    63,093

-      102

+   14,061

    61,434

Securities lent to dealers

    22,292

-      832

+    2,463

    23,823

Overnight facility4

    22,292

-      832

+    2,463

    23,823

U.S. Treasury securities

    22,206

-      858

+    2,435

    23,741

Federal agency debt securities

        86

+       26

+       28

        82

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 15, 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

        10

         5

         0

         0

         0

...

        15

U.S. Treasury securities1

Holdings

         0

    60,469

   183,357

1,216,841

   376,170

   626,975

2,463,812

Weekly changes

         0

+        1

+        6

+       26

+       33

+       97

+      162

Federal agency debt securities2

Holdings

         0

     5,232

     3,706

     2,044

         0

     2,347

    13,329

Weekly changes

         0

+      737

-      737

         0

         0

         0

         0

Mortgage-backed securities3

Holdings

         0

         0

         0

       172

    11,415

1,759,597

1,771,184

Weekly changes

         0

         0

         0

-        2

-       31

+    8,026

+    7,993

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

       917

         0

         0

         0

         0

         0

       917

Reverse repurchase agreements4

   477,012

         0

...

...

...

...

   477,012

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

Mar 15, 2017

Mortgage-backed securities held outright1

1,771,184

Commitments to buy mortgage-backed securities2

    24,459

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

        52

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 15, 2017

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 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 15, 2017

Change since

Wednesday

Wednesday

Mar 8, 2017

Mar 16, 2016

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,929

-        5

+       12

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

4,403,462

+    8,131

-   15,157

Securities held outright1

4,248,325

+    8,156

-      254

U.S. Treasury securities

2,463,812

+      162

+    2,573

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,340,411

         0

-    4,107

Notes and bonds, inflation-indexed2

   105,901

         0

+    5,021

Inflation compensation3

    17,499

+      162

+    1,658

Federal agency debt securities2

    13,329

         0

-   15,928

Mortgage-backed securities4

1,771,184

+    7,993

+   13,102

Unamortized premiums on securities held outright5

   170,126

-       45

-   16,245

Unamortized discounts on securities held outright5

   -15,004

+       21

+    1,363

Repurchase agreements6

         0

         0

         0

Loans

        15

         0

-       22

Net portfolio holdings of Maiden Lane LLC7

     1,707

+        3

-       15

Items in process of collection

(0)

        62

-        4

-       88

Bank premises

     2,197

         0

-       30

Central bank liquidity swaps8

       917

+      426

+      841

Foreign currency denominated assets9

    19,756

+       86

-      567

Other assets10

    23,312

+    1,103

-    1,752

Total assets

(0)

4,469,577

+    9,737

-   16,756

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 15, 2017

Change since

Wednesday

Wednesday

Mar 8, 2017

Mar 16, 2016

Liabilities

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

1,484,495

+    2,003

+   90,540

Reverse repurchase agreements11

   477,012

+   23,761

+  187,124

Deposits

(0)

2,460,347

-   16,110

-  295,646

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

2,368,120

+   16,989

-   87,402

U.S. Treasury, General Account

    23,416

-   42,747

-  255,665

Foreign official

     5,169

+        4

-        6

Other12

(0)

    63,642

+    9,644

+   47,427

Deferred availability cash items

(0)

       438

-      193

+       93

Other liabilities and accrued dividends13

     6,739

+      275

+      133

Total liabilities

(0)

4,429,030

+    9,734

-   17,757

Capital accounts

Capital paid in

    30,548

+        4

+    1,002

Surplus

    10,000

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    40,548

+        4

+    1,002

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 15, 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

     1,929

        55

        71

       168

       135

       306

       188

       288

        25

        53

       125

       197

       318

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

4,403,462

   108,172

2,505,857

   119,563

   131,876

   269,111

   246,457

   175,459

    55,575

    32,465

    61,285

   156,740

   540,902

Securities held outright1

4,248,325

   104,361

2,417,582

   115,351

   127,230

   259,631

   237,775

   169,274

    53,617

    31,321

    59,126

   151,218

   521,838

U.S. Treasury securities

2,463,812

    60,524

1,402,074

    66,898

    73,787

   150,573

   137,898

    98,170

    31,095

    18,165

    34,290

    87,699

   302,640

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,463,812

    60,524

1,402,074

    66,898

    73,787

   150,573

   137,898

    98,170

    31,095

    18,165

    34,290

    87,699

   302,640

Federal agency debt securities2

    13,329

       327

     7,585

       362

       399

       815

       746

       531

       168

        98

       186

       474

     1,637

Mortgage-backed securities4

1,771,184

    43,510

1,007,923

    48,092

    53,044

   108,244

    99,132

    70,573

    22,354

    13,058

    24,650

    63,045

   217,561

Unamortized premiums on securities  held outright5

   170,126

     4,179

    96,813

     4,619

     5,095

    10,397

     9,522

     6,779

     2,147

     1,254

     2,368

     6,056

    20,897

Unamortized discounts on securities  held outright5

   -15,004

      -369

    -8,538

      -407

      -449

      -917

      -840

      -598

      -189

      -111

      -209

      -534

    -1,843

Repurchase agreements6

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Loans

        15

         0

         0

         0

         0

         0

         0

         5

         0

         0

         0

         0

        10

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

        62

         0

         0

         0

         0

         0

        61

         0

         0

         1

         0

         0

         0

Bank premises

     2,197

       118

       437

        71

       108

       202

       205

       200

       113

        89

       238

       222

       195

Central bank liquidity swaps8

       917

        41

       303

        50

        70

       205

        51

        25

         9

         4

         9

        12

       140

Foreign currency denominated

assets9

    19,756

       873

     6,519

     1,087

     1,505

     4,406

     1,097

       529

       203

        84

       197

       250

     3,005

Other assets10

    23,312

       605

    12,663

       639

       697

     1,605

     1,310

       926

       572

       190

       373

       883

     2,848

Interdistrict settlement account

         0

-   11,494

-  187,372

+    6,125

+   12,989

+    8,324

+   28,562

+   40,307

+    8,859

+    4,691

+    8,471

+   33,871

+   46,666

Total assets

4,469,577

    98,921

2,345,590

   128,273

   148,203

   285,330

   280,126

   218,912

    65,866

    37,860

    71,146

   193,331

   596,019

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 15, 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

1,656,833

    55,030

   531,061

    53,633

    81,969

   119,015

   225,729

   113,743

    50,111

    29,385

    46,600

   138,529

   212,030

Less: Notes held by F.R. Banks

   172,339

     5,601

    48,233

     5,741

     9,541

    12,362

    24,669

    11,702

     4,681

     3,372

     5,416

    15,374

    25,647

Federal Reserve notes, net

1,484,495

    49,429

   482,828

    47,892

    72,428

   106,653

   201,060

   102,040

    45,431

    26,012

    41,184

   123,155

   186,383

Reverse repurchase agreements11

   477,012

    11,718

   271,452

    12,952

    14,286

    29,152

    26,698

    19,006

     6,020

     3,517

     6,639

    16,979

    58,593

Deposits

2,460,347

    35,805

1,574,971

    65,003

    57,936

   140,171

    49,535

    95,829

    13,811

     7,632

    22,780

    52,404

   344,470

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

2,368,120

    35,797

1,516,084

    65,001

    57,933

   140,004

    49,526

    62,703

    13,796

     7,632

    22,778

    52,403

   344,462

U.S. Treasury, General Account

    23,416

         0

    23,416

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,169

         2

     5,142

         2

         3

         9

         2

         1

         0

         0

         0

         1

         6

Other12

    63,642

         6

    30,328

         0

         0

       158

         7

    33,124

        15

         0

         1

         1

         2

Deferred availability cash items

       438

         0

         0

         0

         0

         0

        53

         0

         0

       384

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

     1,879

        47

     1,073

        51

        62

       122

       108

        68

        19

        17

        19

        66

       229

Other liabilities and accrued
dividends

     4,860

       169

     2,255

       193

       192

       473

       316

       274

       135

       127

       129

       205

       392

Total liabilities

4,429,030

    97,167

2,332,578

   126,091

   144,903

   276,571

   277,770

   217,217

    65,415

    37,689

    70,751

   192,810

   590,067

Capital

Capital paid in

    30,548

     1,321

     9,810

     1,645

     2,485

     6,598

     1,773

     1,276

       341

       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

4,469,577

    98,921

2,345,590

   128,273

   148,203

   285,330

   280,126

   218,912

    65,866

    37,860

    71,146

   193,331

   596,019

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 15, 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 15, 2017

Federal Reserve notes outstanding

1,656,833

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

   172,339

Federal Reserve notes to be collateralized

1,484,495

Collateral held against Federal Reserve notes

1,484,495

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

1,468,258

Other assets pledged

         0

Memo:

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

4,248,325

Less: Face value of securities under reverse repurchase agreements

   456,762

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

3,791,563

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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