FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Friday, November 24, 2017

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	November 24, 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 Nov 22, 2017
	Week ended Nov 22, 2017	Change from week ended
	Week ended Nov 22, 2017	Nov 15, 2017	Nov 23, 2016
Reserve Bank credit	4,409,994	- 12,738	- 12,157	4,410,770
Securities held outright¹	4,239,490	- 1,844	+ 2,622	4,239,896
U.S. Treasury securities	2,456,745	- 2,840	- 7,022	2,456,822
Bills²	0	0	0	0
Notes and bonds, nominal²	2,327,698	- 3,003	- 12,976	2,327,698
Notes and bonds, inflation-indexed²	109,537	0	+ 4,011	109,537
Inflation compensation³	19,510	+ 162	+ 1,943	19,588
Federal agency debt securities²	4,729	- 2,028	- 13,764	4,391
Mortgage-backed securities⁴	1,778,016	+ 3,025	+ 23,409	1,778,683
Unamortized premiums on securities held outright⁵	160,884	- 168	- 14,694	160,744
Unamortized discounts on securities held outright⁵	-14,265	+ 2	+ 971	-14,251
Repurchase agreements⁶	9	- 28	+ 9	0
Loans	67	- 1	+ 38	56
Primary credit	17	- 2	+ 13	10
Secondary credit	0	0	0	0
Seasonal credit	50	+ 1	+ 25	46
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,710	- 2	+ 3	1,710
Float	-322	- 90	+ 56	-475
Central bank liquidity swaps⁸	35	0	- 166	35
Other Federal Reserve assets⁹	22,386	- 10,607	- 995	23,054
Foreign currency denominated assets¹⁰	21,174	+ 187	+ 1,161	21,231
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,273	+ 14	+ 806	49,273

Total factors supplying reserve funds	4,496,682	- 12,537	- 10,190	4,497,515

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 Nov 22, 2017
	Week ended Nov 22, 2017	Change from week ended
	Week ended Nov 22, 2017	Nov 15, 2017	Nov 23, 2016
Currency in circulation¹¹	1,594,545	+ 3,299	+ 103,299	1,598,883
Reverse repurchase agreements¹²	266,421	+ 3,994	- 98,810	283,250
Foreign official and international accounts	228,371	+ 4,245	- 19,196	231,616
Others	38,051	- 250	- 79,613	51,634
Treasury cash holdings	205	- 16	+ 26	204
Deposits with F.R. Banks, other than reserve balances	246,552	- 23,696	- 226,046	236,937
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	163,579	- 11,052	- 236,086	151,783
Foreign official	5,166	- 92	- 15	5,165
Other¹³	77,806	- 12,554	+ 10,054	79,989
Other liabilities and capital¹⁴	49,053	+ 231	+ 2,338	48,407

Total factors, other than reserve balances, absorbing reserve funds	2,156,775	- 16,189	- 219,195	2,167,681

Reserve balances with Federal Reserve Banks	2,339,907	+ 3,652	+ 209,006	2,329,834

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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. 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 Nov 22, 2017
	Week ended Nov 22, 2017	Change from week ended
	Week ended Nov 22, 2017	Nov 15, 2017	Nov 23, 2016
Securities held in custody for foreign official and international accounts	3,372,270	+ 3,162	+ 251,841	3,384,366
Marketable U.S. Treasury securities¹	3,042,804	+ 2,358	+ 244,610	3,049,514
Federal agency debt and mortgage-backed securities²	261,994	- 261	- 69	263,345
Other securities³	67,472	+ 1,065	+ 7,300	71,507
Securities lent to dealers	20,956	- 241	- 748	21,806
Overnight facility⁴	20,956	- 241	- 748	21,806
U.S. Treasury securities	20,956	- 241	- 723	21,806
Federal agency debt securities	0	0	- 25	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, November 22, 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	56	0	0	0	0	...	56
U.S. Treasury securities¹
Holdings	7,869	65,010	335,542	1,117,078	308,286	623,038	2,456,822
Weekly changes	0	+ 16,568	- 16,561	+ 28	+ 15,446	- 15,298	+ 181
Federal agency debt securities²
Holdings	0	0	1,982	62	0	2,347	4,391
Weekly changes	- 2,366	0	0	0	0	0	- 2,366
Mortgage-backed securities³
Holdings	0	0	1	160	20,646	1,757,877	1,778,683
Weekly changes	0	0	0	+ 27	+ 31	+ 2,772	+ 2,829
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	35	0	0	0	0	0	35

Reverse repurchase agreements⁴	283,250	0	...	...	...	...	283,250
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
Account name	Nov 22, 2017
Mortgage-backed securities held outright¹	1,778,683

Commitments to buy mortgage-backed securities²	17,136
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	30

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
Account name	Nov 22, 2017
Net portfolio holdings of Maiden Lane LLC¹	1,710

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. Assets are revalued quarterly.
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 Nov 22, 2017	Change since
			Wednesday	Wednesday
			Nov 15, 2017	Nov 23, 2016
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,835	- 20	+ 5
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,386,446	+ 394	- 15,342
Securities held outright¹		4,239,896	+ 644	- 1,434
U.S. Treasury securities		2,456,822	+ 181	- 6,979
Bills²		0	0	0
Notes and bonds, nominal²		2,327,698	0	- 12,976
Notes and bonds, inflation-indexed²		109,537	0	+ 4,011
Inflation compensation³		19,588	+ 182	+ 1,987
Federal agency debt securities²		4,391	- 2,366	- 14,102
Mortgage-backed securities⁴		1,778,683	+ 2,829	+ 19,647
Unamortized premiums on securities held outright⁵		160,744	- 288	- 14,886
Unamortized discounts on securities held outright⁵		-14,251	+ 33	+ 967
Repurchase agreements⁶		0	0	0
Loans		56	+ 5	+ 9
Net portfolio holdings of Maiden Lane LLC⁷		1,710	0	+ 10
Items in process of collection	(0)	68	- 3	+ 5
Bank premises		2,209	+ 5	+ 5
Central bank liquidity swaps⁸		35	0	- 166
Foreign currency denominated assets⁹		21,231	+ 109	+ 1,397
Other assets¹⁰		20,845	+ 1,842	- 1,079

Total assets	(0)	4,450,615	+ 2,326	- 15,167

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 Nov 22, 2017	Change since
			Wednesday	Wednesday
			Nov 15, 2017	Nov 23, 2016
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,551,645	+ 5,805	+ 103,289
Reverse repurchase agreements¹¹		283,250	+ 19,801	- 91,109
Deposits	(0)	2,566,771	- 24,118	- 29,481
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,329,834	- 27,972	+ 226,650
U.S. Treasury, General Account		151,783	+ 3,618	- 234,900
Foreign official		5,165	- 203	- 1
Other¹²	(0)	79,989	+ 440	- 21,230
Deferred availability cash items	(0)	542	+ 155	+ 20
Other liabilities and accrued dividends¹³		7,164	+ 678	+ 1,240

Total liabilities	(0)	4,409,372	+ 2,321	- 16,041

Capital accounts
Capital paid in		31,243	+ 5	+ 873
Surplus		10,000	0	0
Other capital accounts		0	0	0

Total capital		41,243	+ 5	+ 873

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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. 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, November 22, 2017

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	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	47	45	183	141	271	192	288	33	51	104	187	295
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,386,446	85,463	2,469,940	113,255	127,201	257,001	258,199	184,504	58,494	34,215	62,224	175,604	560,345
Securities held outright¹	4,239,896	82,609	2,387,451	109,472	122,953	248,418	249,576	178,325	56,538	33,056	60,132	169,736	541,631
U.S. Treasury securities	2,456,822	47,868	1,383,417	63,434	71,246	143,947	144,618	103,331	32,761	19,155	34,843	98,354	313,850
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,456,822	47,868	1,383,417	63,434	71,246	143,947	144,618	103,331	32,761	19,155	34,843	98,354	313,850
Federal agency debt securities²	4,391	86	2,473	113	127	257	258	185	59	34	62	176	561
Mortgage-backed securities⁴	1,778,683	34,655	1,001,562	45,925	51,580	104,214	104,700	74,809	23,718	13,868	25,226	71,206	227,220
Unamortized premiums on securities held outright⁵	160,744	3,132	90,514	4,150	4,661	9,418	9,462	6,761	2,143	1,253	2,280	6,435	20,534
Unamortized discounts on securities held outright⁵	-14,251	-278	-8,025	-368	-413	-835	-839	-599	-190	-111	-202	-571	-1,821
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	56	0	0	0	0	0	0	18	3	17	15	4	0
Net portfolio holdings of Maiden
Lane LLC⁷	1,710	0	1,710	0	0	0	0	0	0	0	0	0	0
Items in process of collection	68	0	0	0	0	0	67	0	0	0	0	0	0
Bank premises	2,209	116	444	72	125	197	204	205	110	88	236	219	192
Central bank liquidity swaps⁸	35	2	11	2	3	8	2	1	0	0	0	0	5
Foreign currency denominated
assets⁹	21,231	920	6,800	1,141	1,729	4,588	1,238	889	232	90	206	271	3,126
Other assets¹⁰	20,845	444	11,221	529	604	1,383	1,233	876	471	175	353	930	2,627
Interdistrict settlement account	0	- 2,792	- 24,898	+ 1,858	- 3,575	+ 4,052	+ 2,257	+ 49,499	- 1,466	+ 2,986	+ 7,029	+ 3,242	- 38,193

Total assets	4,450,615	84,745	2,470,683	117,598	127,019	268,687	265,566	237,423	58,364	37,887	70,597	181,652	530,392

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, November 22, 2017 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,737,209	56,601	573,616	54,549	84,335	120,190	238,321	116,654	52,322	31,183	48,115	141,548	219,776
Less: Notes held by F.R. Banks	185,564	6,460	51,683	6,724	9,338	13,941	27,520	11,590	5,379	3,072	5,347	17,157	27,352
Federal Reserve notes, net	1,551,645	50,140	521,933	47,825	74,997	106,248	210,801	105,063	46,943	28,112	42,768	124,391	192,425
Reverse repurchase agreements¹¹	283,250	5,519	159,496	7,313	8,214	16,596	16,673	11,913	3,777	2,208	4,017	11,339	36,184
Deposits	2,566,771	27,097	1,772,850	59,873	40,174	136,279	35,143	118,311	6,982	6,756	23,227	45,100	294,980
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	2,329,834	27,090	1,595,655	59,871	40,170	135,996	35,134	58,888	6,976	6,756	23,226	45,098	294,973
U.S. Treasury, General Account	151,783	0	151,783	0	0	0	0	0	0	0	0	0	0
Foreign official	5,165	2	5,138	2	3	9	2	2	0	0	0	1	6
Other¹²	79,989	5	20,274	0	0	275	7	59,421	6	0	1	1	1
Deferred availability cash items	542	0	0	0	0	0	74	0	0	468	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,938	48	1,033	55	63	116	140	74	22	15	32	89	252
Other liabilities and accrued dividends	5,225	172	2,283	211	221	581	338	313	145	142	144	216	459

Total liabilities	4,409,372	82,976	2,457,594	115,278	123,669	259,820	263,169	235,674	57,868	37,701	70,189	181,135	524,300

Capital
Capital paid in	31,243	1,336	9,888	1,783	2,535	6,706	1,814	1,331	387	143	311	390	4,620
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	4,450,615	84,745	2,470,683	117,598	127,019	268,687	265,566	237,423	58,364	37,887	70,597	181,652	530,392

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, November 22, 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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. 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
Federal Reserve notes and collateral	Nov 22, 2017
Federal Reserve notes outstanding	1,737,209
Less: Notes held by F.R. Banks not subject to collateralization	185,564
Federal Reserve notes to be collateralized	1,551,645
Collateral held against Federal Reserve notes	1,551,645
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,535,408
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,239,896
Less: Face value of securities under reverse repurchase agreements	277,876
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,962,021

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.

Statistical releases