FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, December 21, 2017

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	December 21, 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 Dec 20, 2017
	Week ended Dec 20, 2017	Change from week ended
	Week ended Dec 20, 2017	Dec 13, 2017	Dec 21, 2016
Reserve Bank credit	4,408,292	+ 7,530	- 15,274	4,407,899
Securities held outright¹	4,234,009	+ 6,369	+ 3,111	4,234,079
U.S. Treasury securities	2,454,244	- 18	- 9,309	2,454,237
Bills²	0	0	0	0
Notes and bonds, nominal²	2,324,404	0	- 14,699	2,324,404
Notes and bonds, inflation-indexed²	110,134	0	+ 3,437	110,134
Inflation compensation³	19,706	- 18	+ 1,953	19,699
Federal agency debt securities²	4,391	0	- 11,970	4,391
Mortgage-backed securities⁴	1,775,374	+ 6,388	+ 24,391	1,775,451
Unamortized premiums on securities held outright⁵	159,695	- 94	- 14,250	159,519
Unamortized discounts on securities held outright⁵	-14,166	+ 32	+ 974	-14,153
Repurchase agreements⁶	0	0	0	0
Loans	110	+ 66	+ 75	112
Primary credit	77	+ 69	+ 70	77
Secondary credit	0	0	0	0
Seasonal credit	33	- 3	+ 5	35
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,712	+ 1	+ 5	1,712
Float	-215	+ 45	+ 177	-159
Central bank liquidity swaps⁸	57	+ 15	- 4,686	57
Other Federal Reserve assets⁹	27,089	+ 1,095	- 681	26,732
Foreign currency denominated assets¹⁰	21,160	+ 85	+ 1,831	21,206
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,329	+ 14	+ 817	49,329

Total factors supplying reserve funds	4,495,021	+ 7,628	- 12,628	4,494,674

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 Dec 20, 2017
	Week ended Dec 20, 2017	Change from week ended
	Week ended Dec 20, 2017	Dec 13, 2017	Dec 21, 2016
Currency in circulation¹¹	1,603,997	+ 1,557	+ 104,689	1,607,915
Reverse repurchase agreements¹²	328,627	+ 6,216	- 164,145	349,802
Foreign official and international accounts	227,801	+ 2,769	- 27,381	222,220
Others	100,826	+ 3,448	- 136,764	127,582
Treasury cash holdings	204	+ 4	+ 45	191
Deposits with F.R. Banks, other than reserve balances	244,274	+ 82,891	- 201,433	251,378
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	155,612	+ 79,404	- 232,885	170,817
Foreign official	5,297	+ 56	+ 98	5,253
Other¹³	83,365	+ 3,432	+ 31,353	75,308
Other liabilities and capital¹⁴	48,756	+ 359	+ 2,062	48,248

Total factors, other than reserve balances, absorbing reserve funds	2,225,858	+ 91,027	- 258,782	2,257,534

Reserve balances with Federal Reserve Banks	2,269,164	- 83,398	+ 246,155	2,237,141

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 Dec 20, 2017
	Week ended Dec 20, 2017	Change from week ended
	Week ended Dec 20, 2017	Dec 13, 2017	Dec 21, 2016
Securities held in custody for foreign official and international accounts	3,372,657	- 11,996	+ 200,803	3,365,606
Marketable U.S. Treasury securities¹	3,030,979	- 11,094	+ 181,293	3,024,798
Federal agency debt and mortgage-backed securities²	263,606	- 546	+ 836	262,740
Other securities³	78,072	- 357	+ 18,674	78,068
Securities lent to dealers	21,635	+ 772	- 37	24,410
Overnight facility⁴	21,635	+ 772	- 37	24,410
U.S. Treasury securities	21,635	+ 772	- 15	24,410
Federal agency debt securities	0	0	- 22	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, December 20, 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	112	0	0	0	0	...	112
U.S. Treasury securities¹
Holdings	17,504	79,556	328,412	1,095,449	310,416	622,901	2,454,237
Weekly changes	+ 17,504	- 17,504	0	- 2	- 4	- 11	- 19
Federal agency debt securities²
Holdings	0	0	1,982	62	0	2,347	4,391
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	1	178	20,367	1,754,906	1,775,451
Weekly changes	0	0	0	+ 19	- 64	- 4,739	- 4,786
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	57	0	0	0	0	0	57

Reverse repurchase agreements⁴	349,802	0	...	...	...	...	349,802
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	Dec 20, 2017
Mortgage-backed securities held outright¹	1,775,451

Commitments to buy mortgage-backed securities²	17,147
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	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
Account name	Dec 20, 2017
Net portfolio holdings of Maiden Lane LLC¹	1,712

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 Dec 20, 2017	Change since
			Wednesday	Wednesday
			Dec 13, 2017	Dec 21, 2016
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,892	+ 9	+ 20
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,379,557	- 5,210	- 17,551
Securities held outright¹		4,234,079	- 4,804	- 4,148
U.S. Treasury securities		2,454,237	- 19	- 9,329
Bills²		0	0	0
Notes and bonds, nominal²		2,324,404	0	- 14,699
Notes and bonds, inflation-indexed²		110,134	0	+ 3,437
Inflation compensation³		19,699	- 18	+ 1,933
Federal agency debt securities²		4,391	0	- 11,789
Mortgage-backed securities⁴		1,775,451	- 4,786	+ 16,970
Unamortized premiums on securities held outright⁵		159,519	- 517	- 14,448
Unamortized discounts on securities held outright⁵		-14,153	+ 34	+ 974
Repurchase agreements⁶		0	0	0
Loans		112	+ 77	+ 70
Net portfolio holdings of Maiden Lane LLC⁷		1,712	0	+ 5
Items in process of collection	(0)	77	+ 7	+ 11
Bank premises		2,214	+ 2	+ 10
Central bank liquidity swaps⁸		57	+ 15	- 4,686
Foreign currency denominated assets⁹		21,206	+ 124	+ 1,888
Other assets¹⁰		24,519	- 203	- 1,315

Total assets	(0)	4,447,470	- 5,256	- 21,619

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 Dec 20, 2017	Change since
			Wednesday	Wednesday
			Dec 13, 2017	Dec 21, 2016
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,560,665	+ 3,888	+ 104,164
Reverse repurchase agreements¹¹		349,802	- 22,327	- 210,370
Deposits	(0)	2,488,520	+ 14,069	+ 82,914
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,237,142	- 85,620	+ 274,375
U.S. Treasury, General Account		170,817	+ 106,083	- 216,197
Foreign official		5,253	+ 1	+ 72
Other¹²	(0)	75,308	- 6,395	+ 24,665
Deferred availability cash items	(0)	236	- 86	- 239
Other liabilities and accrued dividends¹³		6,925	- 801	+ 1,032

Total liabilities	(0)	4,406,148	- 5,257	- 22,499

Capital accounts
Capital paid in		31,322	+ 1	+ 880
Surplus		10,000	0	0
Other capital accounts		0	0	0

Total capital		41,322	+ 1	+ 880

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, December 20, 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	1,892	49	48	188	144	269	197	299	37	52	108	194	307
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,379,557	85,328	2,466,067	113,076	127,000	256,594	257,790	184,205	58,399	34,158	62,122	175,328	559,490
Securities held outright¹	4,234,079	82,496	2,384,175	109,322	122,784	248,077	249,233	178,080	56,460	33,011	60,049	169,503	540,888
U.S. Treasury securities	2,454,237	47,818	1,381,961	63,367	71,171	143,795	144,465	103,222	32,727	19,134	34,807	98,250	313,520
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,454,237	47,818	1,381,961	63,367	71,171	143,795	144,465	103,222	32,727	19,134	34,807	98,250	313,520
Federal agency debt securities²	4,391	86	2,473	113	127	257	258	185	59	34	62	176	561
Mortgage-backed securities⁴	1,775,451	34,592	999,742	45,841	51,486	104,025	104,510	74,673	23,675	13,842	25,180	71,077	226,807
Unamortized premiums on securities held outright⁵	159,519	3,108	89,824	4,119	4,626	9,346	9,390	6,709	2,127	1,244	2,262	6,386	20,378
Unamortized discounts on securities held outright⁵	-14,153	-276	-7,970	-365	-410	-829	-833	-595	-189	-110	-201	-567	-1,808
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	112	0	37	0	0	0	0	11	0	13	11	6	32
Net portfolio holdings of Maiden
Lane LLC⁷	1,712	0	1,712	0	0	0	0	0	0	0	0	0	0
Items in process of collection	77	0	0	0	0	0	76	0	0	1	0	0	0
Bank premises	2,214	115	444	72	131	198	204	204	110	88	236	219	192
Central bank liquidity swaps⁸	57	2	18	3	5	12	3	2	1	0	1	1	8
Foreign currency denominated
assets⁹	21,206	919	6,792	1,140	1,727	4,582	1,237	888	232	90	206	271	3,122
Other assets¹⁰	24,519	523	13,335	628	716	1,620	1,458	1,028	385	207	412	1,101	3,107
Interdistrict settlement account	0	+ 4,627	- 62,321	- 3,664	- 437	+ 16,278	+ 14,738	+ 45,015	- 724	+ 2,569	+ 6,896	+ 1,680	- 24,656

Total assets	4,447,470	92,109	2,431,505	112,000	130,075	280,741	277,876	232,803	58,931	37,444	70,426	179,993	543,567

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, December 20, 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	1,748,115	57,272	578,652	54,312	83,869	119,604	244,505	116,153	52,122	31,108	47,996	140,963	221,559
Less: Notes held by F.R. Banks	187,450	6,491	52,104	6,883	9,552	14,160	26,009	11,859	5,529	3,162	6,065	17,311	28,326
Federal Reserve notes, net	1,560,665	50,781	526,548	47,429	74,317	105,444	218,496	104,294	46,593	27,946	41,932	123,653	193,233
Reverse repurchase agreements¹¹	349,802	6,815	196,971	9,032	10,144	20,495	20,591	14,712	4,665	2,727	4,961	14,004	44,686
Deposits	2,488,520	32,533	1,691,646	52,968	41,985	145,189	35,857	111,676	7,010	6,264	22,956	41,533	298,903
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	2,237,142	32,524	1,495,734	52,966	41,982	144,976	35,848	56,459	7,007	6,264	22,954	41,532	298,896
U.S. Treasury, General Account	170,817	0	170,817	0	0	0	0	0	0	0	0	0	0
Foreign official	5,253	2	5,226	2	3	9	2	2	0	0	0	1	6
Other¹²	75,308	7	19,870	0	0	205	7	55,215	3	0	1	0	1
Deferred availability cash items	236	0	0	0	0	0	73	0	0	162	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,090	31	559	34	35	45	95	40	22	11	30	55	133
Other liabilities and accrued dividends	5,836	180	2,685	217	246	626	368	331	145	146	140	232	520

Total liabilities	4,406,148	90,340	2,418,409	109,680	126,728	271,799	275,479	231,053	58,434	37,258	70,018	179,477	537,474

Capital
Capital paid in	31,322	1,336	9,894	1,783	2,533	6,781	1,814	1,331	387	144	311	389	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	4,447,470	92,109	2,431,505	112,000	130,075	280,741	277,876	232,803	58,931	37,444	70,426	179,993	543,567

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, December 20, 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	Dec 20, 2017
Federal Reserve notes outstanding	1,748,115
Less: Notes held by F.R. Banks not subject to collateralization	187,450
Federal Reserve notes to be collateralized	1,560,665
Collateral held against Federal Reserve notes	1,560,665
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,544,428
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,234,079
Less: Face value of securities under reverse repurchase agreements	338,459
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,895,620

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