FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks June 15, 2017 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jun 14, 2017 Federal Reserve Banks Jun 14, 2017 Jun 7, 2017 Jun 15, 2016 Reserve Bank credit 4,427,812 + 5,538 - 3,872 4,436,606 Securities held outright (1) 4,247,594 + 3,051 + 11,168 4,255,569 U.S. Treasury securities 2,464,839 + 88 + 2,856 2,464,871 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,338,216 0 - 1,070 2,338,216 Notes and bonds, inflation-indexed (2) 108,126 0 + 2,187 108,126 Inflation compensation (3) 18,496 + 88 + 1,739 18,528 Federal agency debt securities (2) 8,518 - 316 - 16,578 8,097 Mortgage-backed securities (4) 1,774,237 + 3,279 + 24,889 1,782,601 Unamortized premiums on securities held outright (5) 166,780 - 127 - 14,993 166,981 Unamortized discounts on securities held outright (5) -14,809 + 29 + 1,198 -14,798 Repurchase agreements (6) 0 0 0 0 Loans 72 + 7 - 32 77 Primary credit 7 + 4 - 2 10 Secondary credit 0 0 0 0 Seasonal credit 65 + 3 - 30 67 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,709 0 - 4 1,709 Float -324 + 8 - 120 -679 Central bank liquidity swaps (8) 36 - 4 + 30 36 Other Federal Reserve assets (9) 26,754 + 2,576 - 1,119 27,709 Foreign currency denominated assets (10) 20,719 - 48 - 370 20,869 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 48,921 + 14 + 950 48,921 Total factors supplying reserve funds 4,513,693 + 5,504 - 3,292 4,522,637 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 Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jun 14, 2017 Federal Reserve Banks Jun 14, 2017 Jun 7, 2017 Jun 15, 2016 Currency in circulation (11) 1,554,588 - 984 + 97,841 1,555,470 Reverse repurchase agreements (12) 395,722 - 3,936 + 114,044 406,070 Foreign official and international accounts 237,745 + 4,592 - 5,047 243,014 Others 157,977 - 8,528 + 119,091 163,056 Treasury cash holdings 221 - 9 + 128 202 Deposits with F.R. Banks, other than reserve balances 239,657 + 7,699 - 40,998 281,241 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 153,646 + 1,202 - 77,611 163,941 Foreign official 5,213 - 13 - 4 5,252 Other (13) 80,798 + 6,510 + 36,617 112,047 Other liabilities and capital (14) 48,788 + 325 + 130 48,449 Total factors, other than reserve balances, absorbing reserve funds 2,238,977 + 3,096 + 171,146 2,291,433 Reserve balances with Federal Reserve Banks 2,274,716 + 2,408 - 174,437 2,231,204 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 Week ended Change from week ended Jun 14, 2017 Jun 14, 2017 Jun 7, 2017 Jun 15, 2016 Securities held in custody for foreign official and international accounts 3,270,329 + 11,826 + 31,975 3,279,938 Marketable U.S. Treasury securities (1) 2,945,967 + 11,701 + 23,158 2,954,765 Federal agency debt and mortgage-backed securities (2) 262,821 - 72 - 2,293 263,477 Other securities (3) 61,541 + 197 + 11,111 61,696 Securities lent to dealers 25,703 + 491 + 4,622 26,956 Overnight facility (4) 25,703 + 491 + 4,622 26,956 U.S. Treasury securities 25,702 + 500 + 4,628 26,956 Federal agency debt securities 1 - 8 - 6 0 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, June 14, 2017 Millions of dollars Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All days 90 days 1 year to 5 years to 10 years years Loans 25 52 0 0 0 ... 77 U.S. Treasury securities (1) Holdings 0 47,807 256,065 1,174,347 353,806 632,846 2,464,871 Weekly changes 0 + 1 + 3 + 14 + 19 + 52 + 88 Federal agency debt securities (2) Holdings 0 1,340 4,348 62 0 2,347 8,097 Weekly changes - 737 0 + 1,982 - 1,982 0 0 - 737 Mortgage-backed securities (3) Holdings 0 0 0 581 11,228 1,770,792 1,782,601 Weekly changes 0 0 0 0 0 + 11,644 + 11,643 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 36 0 0 0 0 0 36 Reverse repurchase agreements (4) 406,070 0 ... ... ... ... 406,070 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 Jun 14, 2017 Mortgage-backed securities held outright (1) 1,782,601 Commitments to buy mortgage-backed securities (2) 22,799 Commitments to sell mortgage-backed securities (2) 10 Cash and cash equivalents (3) 0 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6. 4. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Account name Wednesday Jun 14, 2017 Net portfolio holdings of Maiden Lane LLC (1) 1,709 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0 Accrued interest payable to the Federal Reserve Bank of New York (2) 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 Wednesday Change since from Jun 14, 2017 Wednesday Wednesday consolidation Jun 7, 2017 Jun 15, 2016 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,814 + 5 - 30 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,407,830 + 11,192 + 3,508 Securities held outright (1) 4,255,569 + 10,994 + 17,116 U.S. Treasury securities 2,464,871 + 88 + 2,839 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,338,216 0 - 1,070 Notes and bonds, inflation-indexed (2) 108,126 0 + 2,187 Inflation compensation (3) 18,528 + 88 + 1,721 Federal agency debt securities (2) 8,097 - 737 - 16,999 Mortgage-backed securities (4) 1,782,601 + 11,643 + 31,277 Unamortized premiums on securities held outright (5) 166,981 + 159 - 14,758 Unamortized discounts on securities held outright (5) -14,798 + 29 + 1,193 Repurchase agreements (6) 0 0 0 Loans 77 + 8 - 44 Net portfolio holdings of Maiden Lane LLC (7) 1,709 0 - 4 Items in process of collection (0) 65 - 19 - 99 Bank premises 2,197 + 2 - 20 Central bank liquidity swaps (8) 36 - 4 + 30 Foreign currency denominated assets (9) 20,869 + 75 - 238 Other assets (10) 25,512 + 2,577 + 304 Total assets (0) 4,476,269 + 13,826 + 3,452 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 Wednesday Change since from Jun 14, 2017 Wednesday Wednesday consolidation Jun 7, 2017 Jun 15, 2016 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,508,561 - 894 + 97,277 Reverse repurchase agreements (11) 406,070 + 6,341 + 134,701 Deposits (0) 2,512,445 + 7,976 - 230,610 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,231,204 - 39,642 - 173,697 U.S. Treasury, General Account 163,941 + 9,181 - 141,582 Foreign official 5,252 - 109 + 55 Other (12) (0) 112,047 + 38,544 + 84,613 Deferred availability cash items (0) 744 + 147 + 342 Other liabilities and accrued dividends (13) 7,609 + 224 + 1,012 Total liabilities (0) 4,435,430 + 13,795 + 2,724 Capital accounts Capital paid in 30,840 + 32 + 729 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 40,840 + 32 + 729 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, June 14, 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 1,814 44 49 169 131 275 191 280 25 53 115 185 296 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,407,830 85,879 2,481,978 113,806 127,821 258,253 259,461 185,412 58,789 34,387 62,514 176,456 563,074 Securities held outright (1) 4,255,569 82,914 2,396,276 109,877 123,408 249,336 250,498 178,984 56,747 33,179 60,354 170,363 543,633 U.S. Treasury securities 2,464,871 48,025 1,387,949 63,642 71,479 144,418 145,091 103,669 32,868 19,217 34,958 98,676 314,878 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,464,871 48,025 1,387,949 63,642 71,479 144,418 145,091 103,669 32,868 19,217 34,958 98,676 314,878 Federal agency debt securities (2) 8,097 158 4,559 209 235 474 477 341 108 63 115 324 1,034 Mortgage-backed securities (4) 1,782,601 34,732 1,003,768 46,026 51,694 104,444 104,930 74,974 23,771 13,898 25,281 71,363 227,721 Unamortized premiums on securities held outright (5) 166,981 3,253 94,026 4,311 4,842 9,784 9,829 7,023 2,227 1,302 2,368 6,685 21,331 Unamortized discounts on securities held outright (5) -14,798 -288 -8,332 -382 -429 -867 -871 -622 -197 -115 -210 -592 -1,890 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 77 0 8 0 0 0 4 27 13 22 2 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,709 0 1,709 0 0 0 0 0 0 0 0 0 0 Items in process of collection 65 0 0 0 0 0 65 0 0 0 0 0 0 Bank premises 2,197 119 442 71 112 201 203 199 111 88 236 221 193 Central bank liquidity swaps (8) 36 2 12 2 3 8 2 2 0 0 0 0 5 Foreign currency denominated assets (9) 20,869 905 6,684 1,122 1,700 4,509 1,217 873 228 88 203 267 3,073 Other assets (10) 25,512 537 13,802 653 740 1,700 1,524 1,074 553 215 422 1,063 3,229 Interdistrict settlement account 0 - 1,851 - 69,333 - 6,381 + 2,182 + 24,744 - 4,801 + 39,382 + 590 + 2,848 + 6,690 + 4,745 + 1,184 Total assets 4,476,269 86,180 2,440,753 110,001 133,478 290,878 260,036 228,384 60,788 37,962 70,626 184,134 573,050 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, June 14, 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 1,678,529 56,882 524,538 55,785 85,791 122,290 223,191 115,867 52,651 31,446 48,668 142,997 218,421 Less: Notes held by F.R. Banks 169,968 5,842 42,019 7,542 9,972 12,314 26,900 10,813 5,356 2,662 5,617 16,265 24,666 Federal Reserve notes, net 1,508,561 51,040 482,519 48,244 75,819 109,976 196,291 105,053 47,296 28,785 43,051 126,732 193,755 Reverse repurchase agreements (11) 406,070 7,912 228,655 10,485 11,776 23,792 23,903 17,079 5,415 3,166 5,759 16,256 51,874 Deposits 2,512,445 25,256 1,712,695 48,803 42,252 147,592 36,939 104,117 7,448 5,006 21,246 40,327 320,765 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 2,231,204 25,251 1,488,371 48,801 42,248 147,424 36,930 47,405 7,440 5,005 21,245 40,326 320,757 U.S. Treasury, General Account 163,941 0 163,941 0 0 0 0 0 0 0 0 0 0 Foreign official 5,252 2 5,225 2 3 9 2 2 0 0 0 1 6 Other (12) 112,047 4 55,158 0 0 159 6 56,710 7 0 1 0 1 Deferred availability cash items 744 0 0 0 0 0 63 0 0 681 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,875 37 1,030 50 61 114 127 74 26 14 24 80 238 Other liabilities and accrued dividends 5,735 180 2,804 209 222 549 357 303 149 139 145 227 451 Total liabilities 4,435,430 84,426 2,427,703 107,791 130,129 282,023 257,679 226,627 60,333 37,790 70,225 183,622 567,083 Capital Capital paid in 30,840 1,321 9,848 1,672 2,535 6,694 1,773 1,338 345 129 304 385 4,495 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 4,476,269 86,180 2,440,753 110,001 133,478 290,878 260,036 228,384 60,788 37,962 70,626 184,134 573,050 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, June 14, 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 Jun 14, 2017 Federal Reserve notes outstanding 1,678,529 Less: Notes held by F.R. Banks not subject to collateralization 169,968 Federal Reserve notes to be collateralized 1,508,561 Collateral held against Federal Reserve notes 1,508,561 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,492,324 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,255,569 Less: Face value of securities under reverse repurchase agreements 394,784 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,860,785 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.