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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

May 18, 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
May 17, 2017

Week ended
May 17, 2017

Change from week ended

May 10, 2017

May 18, 2016

Reserve Bank credit

4,439,125

+    5,137

-    7,901

4,428,020

Securities held outright1

4,254,590

+    8,939

+    8,926

4,251,580

U.S. Treasury securities

2,464,658

-      148

+    2,980

2,464,638

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,339,568

-      172

-    2,724

2,339,540

Notes and bonds, inflation-indexed2

   106,803

         0

+    3,669

   106,803

Inflation compensation3

    18,286

+       23

+    2,033

    18,295

Federal agency debt securities2

    10,120

-    1,709

-   16,690

     8,834

Mortgage-backed securities4

1,779,813

+   10,797

+   22,637

1,778,109

Unamortized premiums on securities held outright5

   167,990

+      162

-   15,292

   167,838

Unamortized discounts on securities held outright5

   -14,845

-        4

+    1,236

   -14,879

Repurchase agreements6

         9

         0

+        9

         0

Loans

        66

+       25

-       11

        67

Primary credit

        22

+       21

+       15

        23

Secondary credit

         0

         0

         0

         0

Seasonal credit

        43

+        2

-       26

        44

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

     1,709

         0

-        4

     1,709

Float

      -358

-       56

-      178

      -419

Central bank liquidity swaps8

        36

+        1

-      970

        36

Other Federal Reserve assets9

    29,929

-    3,929

-    1,616

    22,087

Foreign currency denominated assets10

    20,242

+       29

-      688

    20,538

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    48,824

+       14

+      955

    48,824

Total factors supplying reserve funds

4,524,432

+    5,180

-    7,634

4,513,622

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
May 17, 2017

Week ended
May 17, 2017

Change from week ended

May 10, 2017

May 18, 2016

Currency in circulation11

1,547,389

+      845

+   95,875

1,548,437

Reverse repurchase agreements12

   397,037

-    7,485

+  120,119

   407,581

Foreign official and international accounts

   234,982

-    6,638

-   14,612

   240,311

Others

   162,055

-      847

+  134,731

   167,270

Treasury cash holdings

       248

-        6

+      141

       247

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

   291,119

+    3,792

-   48,396

   261,993

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   186,080

-   12,933

-  109,259

   172,891

Foreign official

     5,166

-        5

-       22

     5,164

Other13

    99,873

+   16,730

+   60,885

    83,937

Other liabilities and capital14

    48,310

-      105

+      512

    47,691

Total factors, other than reserve balances,
absorbing reserve funds

2,284,104

-    2,957

+  168,252

2,265,949

Reserve balances with Federal Reserve Banks

2,240,327

+    8,136

-  175,887

2,247,673

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 securities, Federal agency debt securities, and 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
May 17, 2017

Week ended
May 17, 2017

Change from week ended

May 10, 2017

May 18, 2016

Securities held in custody for foreign official and international accounts

3,234,198

+   12,363

+   14,326

3,233,820

Marketable U.S. Treasury securities1

2,921,912

+   16,568

+   17,679

2,922,061

Federal agency debt and mortgage-backed securities2

   250,786

-    4,527

-   15,901

   250,340

Other securities3

    61,500

+      322

+   12,547

    61,419

Securities lent to dealers

    24,602

+    2,816

+    7,970

    22,730

Overnight facility4

    24,602

+    2,816

+    7,970

    22,730

U.S. Treasury securities

    24,576

+    2,819

+    7,960

    22,704

Federal agency debt securities

        26

-        3

+       11

        26

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, May 17, 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

        66

         0

         0

         0

         0

...

        67

U.S. Treasury securities1

Holdings

    11,910

    44,608

   230,777

1,195,573

   349,054

   632,716

2,464,638

Weekly changes

-    8,573

+    6,746

+    7,573

+   24,999

-   35,890

+    4,969

-      177

Federal agency debt securities2

Holdings

         0

       737

     3,706

     2,044

         0

     2,347

     8,834

Weekly changes

-    2,995

         0

         0

         0

         0

         0

-    2,995

Mortgage-backed securities3

Holdings

         0

         0

         0

       564

    11,404

1,766,142

1,778,109

Weekly changes

         0

         0

         0

+      364

+       86

+    8,643

+    9,093

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

        36

         0

         0

         0

         0

         0

        36

Reverse repurchase agreements4

   407,581

         0

...

...

...

...

   407,581

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

May 17, 2017

Mortgage-backed securities held outright1

1,778,109

Commitments to buy mortgage-backed securities2

    22,007

Commitments to sell mortgage-backed securities2

       109

Cash and cash equivalents3

        15

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

May 17, 2017

Net portfolio holdings of Maiden Lane LLC1

     1,709

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 March 31, 2017. 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
May 17, 2017

Change since

Wednesday

Wednesday

May 10, 2017

May 18, 2016

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,835

-       25

-       23

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

4,404,606

+    5,939

-    3,974

Securities held outright1

4,251,580

+    5,920

+   10,030

U.S. Treasury securities

2,464,638

-      177

+    2,917

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,339,540

-      200

-    2,752

Notes and bonds, inflation-indexed2

   106,803

         0

+    3,669

Inflation compensation3

    18,295

+       23

+    2,000

Federal agency debt securities2

     8,834

-    2,995

-   16,262

Mortgage-backed securities4

1,778,109

+    9,093

+   23,376

Unamortized premiums on securities held outright5

   167,838

+      107

-   15,253

Unamortized discounts on securities held outright5

   -14,879

-       49

+    1,256

Repurchase agreements6

         0

-       62

         0

Loans

        67

+       22

-        7

Net portfolio holdings of Maiden Lane LLC7

     1,709

         0

-        4

Items in process of collection

(0)

        59

-        3

-      120

Bank premises

     2,198

+        2

-       22

Central bank liquidity swaps8

        36

+        1

-      970

Foreign currency denominated assets9

    20,538

+      474

-      306

Other assets10

    19,890

-   12,740

-    1,214

Total assets

(0)

4,467,108

-    6,351

-    6,633

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
May 17, 2017

Change since

Wednesday

Wednesday

May 10, 2017

May 18, 2016

Liabilities

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

1,501,692

+       20

+   95,109

Reverse repurchase agreements11

   407,581

-   17,512

+   94,710

Deposits

(0)

2,509,667

+   10,960

-  197,561

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

2,247,674

+   27,756

-  151,955

U.S. Treasury, General Account

   172,891

-   15,365

-  104,398

Foreign official

     5,164

-        1

-       39

Other12

(0)

    83,937

-    1,430

+   58,830

Deferred availability cash items

(0)

       477

+       64

+       86

Other liabilities and accrued dividends13

     6,913

+       53

+      312

Total liabilities

(0)

4,426,330

-    6,414

-    7,343

Capital accounts

Capital paid in

    30,778

+       62

+      710

Surplus

    10,000

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    40,778

+       62

+      710

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 securities, Federal agency debt securities, and 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, May 17, 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

       349

     3,592

       348

       553

       776

     1,520

       737

       341

       191

       292

       916

     1,422

Special drawing rights certificate acct.

     5,200

       196

     1,818

       210

       237

       412

       654

       424

       150

        90

       153

       282

       574

Coin

     1,835

        49

        54

       172

       128

       276

       187

       287

        25

        53

       118

       184

       302

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

4,404,606

    85,817

2,480,180

   113,723

   127,728

   258,064

   259,267

   185,265

    58,748

    34,349

    62,471

   176,327

   562,666

Securities held outright1

4,251,580

    82,837

2,394,030

   109,774

   123,292

   249,102

   250,264

   178,816

    56,694

    33,147

    60,297

   170,203

   543,123

U.S. Treasury securities

2,464,638

    48,020

1,387,817

    63,636

    71,472

   144,404

   145,078

   103,659

    32,865

    19,216

    34,954

    98,667

   314,848

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,464,638

    48,020

1,387,817

    63,636

    71,472

   144,404

   145,078

   103,659

    32,865

    19,216

    34,954

    98,667

   314,848

Federal agency debt securities2

     8,834

       172

     4,974

       228

       256

       518

       520

       372

       118

        69

       125

       354

     1,129

Mortgage-backed securities4

1,778,109

    34,644

1,001,239

    45,910

    51,564

   104,180

   104,666

    74,785

    23,711

    13,863

    25,218

    71,183

   227,147

Unamortized premiums on securities held outright5

   167,838

     3,270

    94,508

     4,333

     4,867

     9,834

     9,880

     7,059

     2,238

     1,309

     2,380

     6,719

    21,441

Unamortized discounts on securities held outright5

   -14,879

      -290

    -8,378

      -384

      -431

      -872

      -876

      -626

      -198

      -116

      -211

      -596

    -1,901

Repurchase agreements6

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Loans

        67

         0

        20

         0

         0

         0

         0

        16

        14

         9

         5

         0

         3

Net portfolio holdings of Maiden

Lane LLC7

     1,709

         0

     1,709

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Items in process of collection

        59

         0

         0

         0

         0

         0

        58

         0

         0

         0

         0

         0

         0

Bank premises

     2,198

       119

       442

        72

       109

       202

       204

       200

       112

        88

       236

       221

       194

Central bank liquidity swaps8

        36

         2

        12

         2

         3

         8

         2

         2

         0

         0

         0

         0

         5

Foreign currency denominated

assets9

    20,538

       890

     6,578

     1,104

     1,673

     4,438

     1,198

       860

       225

        87

       199

       263

     3,024

Other assets10

    19,890

       438

    10,682

       515

       585

     1,357

     1,182

       837

       367

       179

       353

       867

     2,527

Interdistrict settlement account

         0

-    1,423

-   28,264

-    1,328

-   10,321

-   11,889

-    4,392

+   43,746

+      606

+    1,550

+    6,430

+    7,257

-    1,974

Total assets

4,467,108

    86,437

2,476,802

   114,818

   120,695

   253,644

   259,881

   232,357

    60,574

    36,588

    70,253

   186,317

   568,740

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, May 17, 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

1,678,333

    56,626

   527,416

    55,159

    85,619

   122,476

   223,547

   115,817

    52,424

    30,773

    48,314

   142,605

   217,558

Less: Notes held by F.R. Banks

   176,642

     5,877

    44,921

     8,106

    10,512

    12,799

    26,467

    11,604

     5,556

     2,894

     5,769

    16,617

    25,521

Federal Reserve notes, net

1,501,692

    50,749

   482,496

    47,053

    75,107

   109,678

   197,079

   104,213

    46,868

    27,879

    42,546

   125,988

   192,038

Reverse repurchase agreements11

   407,581

     7,941

   229,506

    10,524

    11,819

    23,880

    23,992

    17,142

     5,435

     3,178

     5,780

    16,317

    52,067

Deposits

2,509,667

    25,777

1,748,449

    54,804

    30,137

   110,559

    35,957

   108,893

     7,655

     4,792

    21,380

    43,225

   318,040

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

2,247,674

    25,770

1,541,660

    54,802

    30,133

   110,339

    35,948

    53,949

     7,646

     4,792

    21,378

    43,225

   318,033

U.S. Treasury, General Account

   172,891

         0

   172,891

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,164

         2

     5,137

         2

         3

         9

         2

         2

         0

         0

         0

         1

         6

Other12

    83,937

         5

    28,761

         0

         0

       211

         7

    54,942

         9

         0

         1

         0

         1

Deferred availability cash items

       477

         0

         0

         0

         0

         0

        53

         0

         0

       424

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

     2,074

        54

     1,035

        65

        88

       192

       138

        82

        30

        16

        22

        79

       272

Other liabilities and accrued
dividends

     4,839

       163

     2,297

       186

       194

       480

       308

       273

       132

       128

       125

       196

       357

Total liabilities

4,426,330

    84,683

2,463,783

   112,632

   117,345

   244,789

   257,527

   230,603

    60,120

    36,416

    69,853

   185,805

   562,773

Capital

Capital paid in

    30,778

     1,321

     9,817

     1,648

     2,535

     6,694

     1,771

     1,335

       345

       129

       303

       385

     4,494

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

4,467,108

    86,437

2,476,802

   114,818

   120,695

   253,644

   259,881

   232,357

    60,574

    36,588

    70,253

   186,317

   568,740

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, May 17, 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 securities, Federal
agency debt securities, and 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

May 17, 2017

Federal Reserve notes outstanding

1,678,333

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

   176,642

Federal Reserve notes to be collateralized

1,501,692

Collateral held against Federal Reserve notes

1,501,692

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

1,485,455

Other assets pledged

         0

Memo:

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

4,251,580

Less: Face value of securities under reverse repurchase agreements

   396,627

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

3,854,953

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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