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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

April 6, 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
Apr 5, 2017

Week ended
Apr 5, 2017

Change from week ended

Mar 29, 2017

Apr 6, 2016

Reserve Bank credit

4,434,772

-    1,599

-    8,823

4,435,771

Securities held outright1

4,246,858

-    4,745

+    3,178

4,246,906

U.S. Treasury securities

2,464,407

+      131

+    3,071

2,464,454

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,339,470

-    1,141

-    2,428

2,339,280

Notes and bonds, inflation-indexed2

   107,043

+    1,142

+    3,542

   107,233

Inflation compensation3

    17,895

+      132

+    1,958

    17,942

Federal agency debt securities2

    13,329

         0

-   15,928

    13,329

Mortgage-backed securities4

1,769,122

-    4,876

+   16,035

1,769,122

Unamortized premiums on securities held outright5

   169,357

-      395

-   16,048

   169,214

Unamortized discounts on securities held outright5

   -14,974

-       14

+    1,387

   -14,966

Repurchase agreements6

         0

         0

         0

         0

Loans

        56

+       45

+       22

        13

Primary credit

        44

+       41

+       37

         0

Secondary credit

         0

         0

         0

         0

Seasonal credit

        11

+        3

-       16

        12

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

     1,709

+        2

-       13

     1,718

Float

      -629

-      278

-      353

      -604

Central bank liquidity swaps8

     5,075

+    4,068

+    4,929

     5,075

Other Federal Reserve assets9

    27,321

-      281

-    1,924

    28,415

Foreign currency denominated assets10

    20,107

-      125

-      745

    20,042

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    48,740

+       14

+    1,014

    48,740

Total factors supplying reserve funds

4,519,860

-    1,710

-    8,554

4,520,794

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
Apr 5, 2017

Week ended
Apr 5, 2017

Change from week ended

Mar 29, 2017

Apr 6, 2016

Currency in circulation11

1,537,153

+    3,051

+   93,220

1,540,054

Reverse repurchase agreements12

   520,839

+   51,916

+  178,624

   425,190

Foreign official and international accounts

   252,177

+    2,180

+   11,208

   250,546

Others

   268,661

+   49,735

+  167,415

   174,644

Treasury cash holdings

       266

         0

+       55

       259

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

   180,578

+   19,957

-  122,073

   170,573

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

    89,210

+   24,023

-  175,113

    82,953

Foreign official

     5,179

+       11

+        5

     5,177

Other13

    86,190

-    4,076

+   53,036

    82,443

Other liabilities and capital14

    47,166

-    1,560

-      262

    46,942

Total factors, other than reserve balances,
absorbing reserve funds

2,286,002

+   73,363

+  149,564

2,183,018

Reserve balances with Federal Reserve Banks

2,233,858

-   75,074

-  158,119

2,337,776

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
Apr 5, 2017

Week ended
Apr 5, 2017

Change from week ended

Mar 29, 2017

Apr 6, 2016

Securities held in custody for foreign official and international accounts

3,214,191

+    7,180

-   43,375

3,205,807

Marketable U.S. Treasury securities1

2,891,595

+    7,857

-   51,238

2,883,278

Federal agency debt and mortgage-backed securities2

   260,654

-      412

-    5,912

   260,587

Other securities3

    61,943

-      265

+   13,776

    61,942

Securities lent to dealers

    24,328

-      440

+    1,433

    19,856

Overnight facility4

    24,328

-      440

+    1,433

    19,856

U.S. Treasury securities

    24,280

-      416

+    1,438

    19,803

Federal agency debt securities

        48

-       25

-        5

        53

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, April 5, 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

         0

        12

         0

         0

         0

...

        13

U.S. Treasury securities1

Holdings

       460

    59,336

   201,689

1,194,547

   380,988

   627,435

2,464,454

Weekly changes

-   13,099

+   12,425

+   18,321

-   22,346

+    4,752

+       67

+      119

Federal agency debt securities2

Holdings

     1,500

     3,732

     3,706

     2,044

         0

     2,347

    13,329

Weekly changes

+    1,500

-    1,500

         0

         0

         0

         0

         0

Mortgage-backed securities3

Holdings

         0

         0

         0

        59

    11,306

1,757,757

1,769,122

Weekly changes

         0

         0

         0

+        2

+      268

-      266

+        4

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

     5,075

         0

         0

         0

         0

         0

     5,075

Reverse repurchase agreements4

   425,190

         0

...

...

...

...

   425,190

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

Apr 5, 2017

Mortgage-backed securities held outright1

1,769,122

Commitments to buy mortgage-backed securities2

    25,709

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         4

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

Apr 5, 2017

Net portfolio holdings of Maiden Lane LLC1

     1,718

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
Apr 5, 2017

Change since

Wednesday

Wednesday

Mar 29, 2017

Apr 6, 2016

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,908

-        4

+       35

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

4,401,166

-      182

-   11,482

Securities held outright1

4,246,906

+      123

+    3,217

U.S. Treasury securities

2,464,454

+      119

+    3,109

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,339,280

-    1,331

-    2,618

Notes and bonds, inflation-indexed2

   107,233

+    1,332

+    3,732

Inflation compensation3

    17,942

+      119

+    1,996

Federal agency debt securities2

    13,329

         0

-   15,928

Mortgage-backed securities4

1,769,122

+        4

+   16,035

Unamortized premiums on securities held outright5

   169,214

-      289

-   16,057

Unamortized discounts on securities held outright5

   -14,966

-       18

+    1,383

Repurchase agreements6

         0

         0

         0

Loans

        13

+        2

-       24

Net portfolio holdings of Maiden Lane LLC7

     1,718

+       11

-        4

Items in process of collection

(0)

        72

+        7

-       96

Bank premises

     2,199

-        1

-       21

Central bank liquidity swaps8

     5,075

+    4,068

+    4,929

Foreign currency denominated assets9

    20,042

-      116

-      973

Other assets10

    26,216

+    1,232

-    1,825

Total assets

(0)

4,474,634

+    5,016

-    9,435

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
Apr 5, 2017

Change since

Wednesday

Wednesday

Mar 29, 2017

Apr 6, 2016

Liabilities

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

1,493,478

+    3,695

+   93,437

Reverse repurchase agreements11

   425,190

-   85,707

+  156,683

Deposits

(0)

2,508,349

+   87,640

-  259,753

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

2,337,776

+   67,791

-  129,315

U.S. Treasury, General Account

    82,953

+   19,852

-  180,584

Foreign official

     5,177

+       13

+        4

Other12

(0)

    82,443

-       17

+   50,142

Deferred availability cash items

(0)

       676

-      107

+      129

Other liabilities and accrued dividends13

     6,352

-      498

-      461

Total liabilities

(0)

4,434,045

+    5,022

-    9,965

Capital accounts

Capital paid in

    30,589

-        6

+      530

Surplus

    10,000

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    40,589

-        6

+      530

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, April 5, 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

     1,908

        51

        65

       172

       132

       295

       197

       289

        25

        54

       121

       193

       315

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

4,401,166

   108,115

2,504,552

   119,501

   131,807

   268,971

   246,329

   175,372

    55,546

    32,450

    61,255

   156,658

   540,611

Securities held outright1

4,246,906

   104,326

2,416,774

   115,313

   127,188

   259,544

   237,696

   169,218

    53,599

    31,311

    59,106

   151,167

   521,664

U.S. Treasury securities

2,464,454

    60,540

1,402,440

    66,915

    73,806

   150,612

   137,933

    98,196

    31,103

    18,169

    34,299

    87,722

   302,718

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,464,454

    60,540

1,402,440

    66,915

    73,806

   150,612

   137,933

    98,196

    31,103

    18,169

    34,299

    87,722

   302,718

Federal agency debt securities2

    13,329

       327

     7,585

       362

       399

       815

       746

       531

       168

        98

       186

       474

     1,637

Mortgage-backed securities4

1,769,122

    43,459

1,006,749

    48,036

    52,982

   108,118

    99,016

    70,490

    22,328

    13,043

    24,622

    62,971

   217,308

Unamortized premiums on securities  held outright5

   169,214

     4,157

    96,294

     4,595

     5,068

    10,341

     9,471

     6,742

     2,136

     1,248

     2,355

     6,023

    20,785

Unamortized discounts on securities  held outright5

   -14,966

      -368

    -8,517

      -406

      -448

      -915

      -838

      -596

      -189

      -110

      -208

      -533

    -1,838

Repurchase agreements6

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Loans

        13

         0

         0

         0

         0

         0

         0

         9

         0

         2

         2

         0

         0

Net portfolio holdings of Maiden

Lane LLC7

     1,718

         0

     1,718

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Items in process of collection

        72

         0

         0

         0

         0

         0

        71

         0

         0

         0

         0

         0

         0

Bank premises

     2,199

       119

       440

        71

       111

       202

       204

       200

       112

        89

       237

       221

       194

Central bank liquidity swaps8

     5,075

       220

     1,625

       273

       413

     1,097

       296

       212

        56

        21

        49

        65

       747

Foreign currency denominated

assets9

    20,042

       869

     6,420

     1,077

     1,632

     4,331

     1,169

       839

       219

        85

       195

       256

     2,951

Other assets10

    26,216

       683

    14,431

       712

       793

     1,796

     1,497

     1,054

       415

       220

       429

       959

     3,228

Interdistrict settlement account

         0

-   14,232

-  177,171

+    1,413

-    1,409

+    2,321

+   20,381

+   58,304

+    7,745

+    4,269

+    8,146

+   34,935

+   55,299

Total assets

4,474,634

    96,375

2,357,485

   123,788

   134,303

   280,183

   272,340

   237,446

    64,628

    37,471

    70,880

   194,444

   605,289

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, April 5, 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

1,665,180

    54,938

   530,453

    53,599

    82,532

   118,820

   225,289

   114,274

    52,290

    29,246

    46,521

   141,444

   215,775

Less: Notes held by F.R. Banks

   171,702

     5,908

    43,864

     7,197

     9,535

    13,073

    24,574

    11,660

     5,381

     3,154

     5,696

    16,284

    25,375

Federal Reserve notes, net

1,493,478

    49,030

   486,588

    46,403

    72,997

   105,747

   200,714

   102,613

    46,908

    26,092

    40,824

   125,160

   190,401

Reverse repurchase agreements11

   425,190

    10,445

   241,961

    11,545

    12,734

    25,985

    23,798

    16,942

     5,366

     3,135

     5,918

    15,135

    52,228

Deposits

2,508,349

    34,953

1,612,651

    63,448

    45,055

   139,171

    44,995

   115,848

    11,738

     7,319

    23,597

    53,377

   356,198

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

2,337,776

    34,945

1,498,295

    63,445

    45,052

   138,875

    44,986

    59,977

    11,720

     7,319

    23,595

    53,377

   356,191

U.S. Treasury, General Account

    82,953

         0

    82,953

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,177

         2

     5,150

         2

         3

         9

         2

         2

         0

         0

         0

         1

         6

Other12

    82,443

         6

    26,253

         0

         0

       288

         7

    55,869

        18

         0

         1

         0

         1

Deferred availability cash items

       676

         0

         0

         0

         0

         0

        67

         0

         0

       608

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

     1,454

        34

       875

        26

        29

        32

       111

        54

        30

        16

        25

        64

       157

Other liabilities and accrued
dividends

     4,898

       159

     2,393

       184

       192

       487

       300

       262

       135

       130

       120

       194

       343

Total liabilities

4,434,045

    94,621

2,344,469

   121,605

   131,007

   271,422

   269,986

   235,718

    64,178

    37,300

    70,484

   193,930

   599,326

Capital

Capital paid in

    30,589

     1,321

     9,815

     1,646

     2,481

     6,601

     1,771

     1,309

       341

       129

       300

       387

     4,490

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

4,474,634

    96,375

2,357,485

   123,788

   134,303

   280,183

   272,340

   237,446

    64,628

    37,471

    70,880

   194,444

   605,289

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, April 5, 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

Apr 5, 2017

Federal Reserve notes outstanding

1,665,180

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

   171,702

Federal Reserve notes to be collateralized

1,493,478

Collateral held against Federal Reserve notes

1,493,478

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

1,477,241

Other assets pledged

         0

Memo:

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

4,246,906

Less: Face value of securities under reverse repurchase agreements

   407,756

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

3,839,149

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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