FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks January 4, 2018 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 Jan 3, 2018 Federal Reserve Banks Jan 3, 2018 Dec 27, 2017 Jan 4, 2017 Reserve Bank credit 4,407,634 - 10,082 - 6,756 4,403,821 Securities held outright (1) 4,221,814 - 9,304 + 635 4,217,528 U.S. Treasury securities 2,452,495 - 1,729 - 11,114 2,448,208 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,322,690 - 1,714 - 16,413 2,318,404 Notes and bonds, inflation-indexed (2) 110,134 0 + 3,437 110,134 Inflation compensation (3) 19,671 - 15 + 1,863 19,670 Federal agency debt securities (2) 4,391 0 - 11,789 4,391 Mortgage-backed securities (4) 1,764,929 - 7,574 + 23,538 1,764,929 Unamortized premiums on securities held outright (5) 158,749 - 487 - 14,185 158,640 Unamortized discounts on securities held outright (5) -14,118 + 14 + 963 -14,146 Repurchase agreements (6) 0 0 0 0 Loans 117 + 55 + 63 44 Primary credit 97 + 67 + 62 38 Secondary credit 0 0 - 1 0 Seasonal credit 21 - 12 + 3 6 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,713 + 1 + 12 1,713 Float -734 - 555 + 112 -155 Central bank liquidity swaps (8) 12,059 + 51 + 6,601 12,067 Other Federal Reserve assets (9) 28,034 + 144 - 957 28,130 Foreign currency denominated assets (10) 21,423 + 244 + 1,899 21,440 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,374 + 14 + 838 49,374 Total factors supplying reserve funds 4,494,671 - 9,824 - 4,020 4,490,876 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 Jan 3, 2018 Federal Reserve Banks Jan 3, 2018 Dec 27, 2017 Jan 4, 2017 Currency in circulation (11) 1,618,004 + 5,892 + 108,658 1,618,531 Reverse repurchase agreements (12) 490,006 + 134,988 - 162,819 383,990 Foreign official and international accounts 246,371 + 11,295 - 10,226 252,368 Others 243,635 + 123,693 - 152,593 131,622 Treasury cash holdings 216 + 22 + 49 225 Deposits with F.R. Banks, other than reserve balances 292,706 + 4,818 - 151,303 246,611 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 211,566 + 21,283 - 176,423 169,957 Foreign official 5,255 + 2 + 90 5,253 Other (13) 75,884 - 16,468 + 25,029 71,402 Other liabilities and capital (14) 47,809 - 50 + 861 46,868 Total factors, other than reserve balances, absorbing reserve funds 2,448,741 + 145,671 - 204,554 2,296,225 Reserve balances with Federal Reserve Banks 2,045,930 - 155,495 + 200,534 2,194,651 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 Week ended Change from week ended Jan 3, 2018 Jan 3, 2018 Dec 27, 2017 Jan 4, 2017 Securities held in custody for foreign official and international accounts 3,355,758 - 6,241 + 173,794 3,354,631 Marketable U.S. Treasury securities (1) 3,015,192 - 6,097 + 154,035 3,014,079 Federal agency debt and mortgage-backed securities (2) 262,742 - 24 + 1,341 262,740 Other securities (3) 77,824 - 120 + 18,418 77,812 Securities lent to dealers 25,192 + 1,685 + 1,706 25,339 Overnight facility (4) 25,192 + 1,685 + 1,706 25,339 U.S. Treasury securities 25,192 + 1,685 + 1,750 25,339 Federal agency debt securities 0 0 - 45 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, January 3, 2018 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 38 6 0 0 0 ... 44 U.S. Treasury securities (1) Holdings 3,098 107,658 315,420 1,085,113 314,035 622,884 2,448,208 Weekly changes - 14,406 + 28,103 - 12,992 - 10,333 + 3,623 - 6 - 6,011 Federal agency debt securities (2) Holdings 0 0 1,982 62 0 2,347 4,391 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 1 177 27,007 1,737,744 1,764,929 Weekly changes 0 0 0 + 4 + 6,994 - 6,995 + 3 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 12,067 0 0 0 0 0 12,067 Reverse repurchase agreements (4) 383,990 0 ... ... ... ... 383,990 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 Jan 3, 2018 Mortgage-backed securities held outright (1) 1,764,929 Commitments to buy mortgage-backed securities (2) 21,378 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 7 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 Jan 3, 2018 Net portfolio holdings of Maiden Lane LLC (1) 1,713 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. 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 Wednesday Change since from Jan 3, 2018 Wednesday Wednesday consolidation Dec 27, 2017 Jan 4, 2017 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,895 + 10 + 20 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,362,066 - 6,410 - 16,842 Securities held outright (1) 4,217,528 - 6,007 - 3,634 U.S. Treasury securities 2,448,208 - 6,011 - 15,383 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,318,404 - 6,000 - 20,699 Notes and bonds, inflation-indexed (2) 110,134 0 + 3,437 Inflation compensation (3) 19,670 - 10 + 1,879 Federal agency debt securities (2) 4,391 0 - 11,789 Mortgage-backed securities (4) 1,764,929 + 3 + 23,538 Unamortized premiums on securities held outright (5) 158,640 - 281 - 14,149 Unamortized discounts on securities held outright (5) -14,146 - 25 + 937 Repurchase agreements (6) 0 0 0 Loans 44 - 97 + 4 Net portfolio holdings of Maiden Lane LLC (7) 1,713 + 1 + 6 Items in process of collection (0) 169 + 81 + 1 Bank premises 2,203 - 15 + 1 Central bank liquidity swaps (8) 12,067 + 59 + 6,504 Foreign currency denominated assets (9) 21,440 + 211 + 2,039 Other assets (10) 25,927 + 1,102 - 1,114 Total assets (0) 4,443,718 - 4,962 - 9,383 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 Jan 3, 2018 Wednesday Wednesday consolidation Dec 27, 2017 Jan 4, 2017 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,571,272 + 2,214 + 108,709 Reverse repurchase agreements (11) 383,990 - 2,801 - 139,223 Deposits (0) 2,441,263 - 3,826 + 20,939 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,194,651 + 18,199 + 196,485 U.S. Treasury, General Account 169,957 - 16,529 - 201,876 Foreign official 5,253 - 1 + 89 Other (12) (0) 71,402 - 5,495 + 26,241 Deferred availability cash items (0) 325 - 98 - 641 Other liabilities and accrued dividends (13) 5,481 - 450 - 113 Total liabilities (0) 4,402,330 - 4,961 - 10,329 Capital accounts Capital paid in 31,387 - 1 + 945 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 41,387 - 1 + 945 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, January 3, 2018 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 1,895 47 47 187 145 271 199 300 37 52 107 197 306 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,362,066 84,988 2,456,220 112,625 126,495 255,573 256,765 183,498 58,167 34,011 61,868 174,625 557,232 Securities held outright (1) 4,217,528 82,173 2,374,856 108,895 122,304 247,107 248,259 177,384 56,240 32,882 59,814 168,840 538,773 U.S. Treasury securities 2,448,208 47,700 1,378,566 63,212 70,996 143,442 144,111 102,968 32,646 19,087 34,721 98,009 312,749 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,448,208 47,700 1,378,566 63,212 70,996 143,442 144,111 102,968 32,646 19,087 34,721 98,009 312,749 Federal agency debt securities (2) 4,391 86 2,473 113 127 257 258 185 59 34 62 176 561 Mortgage-backed securities (4) 1,764,929 34,387 993,817 45,570 51,181 103,408 103,890 74,231 23,535 13,760 25,031 70,655 225,463 Unamortized premiums on securities held outright (5) 158,640 3,091 89,329 4,096 4,600 9,295 9,338 6,672 2,115 1,237 2,250 6,351 20,266 Unamortized discounts on securities held outright (5) -14,146 -276 -7,965 -365 -410 -829 -833 -595 -189 -110 -201 -566 -1,807 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 44 0 1 0 0 0 0 37 0 2 4 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,713 0 1,713 0 0 0 0 0 0 0 0 0 0 Items in process of collection 169 0 0 0 0 0 168 0 0 1 0 0 0 Bank premises 2,203 114 445 71 122 197 203 203 110 88 236 219 194 Central bank liquidity swaps (8) 12,067 523 3,864 649 983 2,608 704 505 132 51 117 154 1,777 Foreign currency denominated assets (9) 21,440 929 6,868 1,153 1,746 4,633 1,250 897 234 91 208 274 3,157 Other assets (10) 25,927 546 14,164 663 766 1,709 1,556 1,093 432 219 437 1,050 3,292 Interdistrict settlement account 0 + 6,419 - 101,124 + 350 + 1,547 + 26,827 + 19,458 + 47,168 + 665 + 3,269 + 9,776 + 5,887 - 20,242 Total assets 4,443,718 94,111 2,387,607 116,257 132,595 293,007 282,477 234,826 60,267 38,062 73,194 183,604 547,712 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, January 3, 2018 (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 1,746,331 57,380 578,415 54,232 83,747 119,426 243,986 115,939 52,079 31,153 47,929 140,798 221,248 Less: Notes held by F.R. Banks 175,059 6,209 48,252 6,370 8,887 13,531 23,761 11,004 5,119 3,024 5,723 16,548 26,633 Federal Reserve notes, net 1,571,272 51,171 530,164 47,862 74,860 105,895 220,226 104,935 46,961 28,129 42,207 124,249 194,615 Reverse repurchase agreements (11) 383,990 7,482 216,222 9,914 11,135 22,498 22,603 16,150 5,120 2,994 5,446 15,372 49,053 Deposits 2,441,263 33,524 1,625,558 55,956 43,038 155,145 36,769 111,666 7,481 6,434 24,999 43,229 297,465 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 2,194,651 33,519 1,434,253 55,953 43,035 154,953 36,760 56,585 7,476 6,434 24,997 43,228 297,458 U.S. Treasury, General Account 169,957 0 169,957 0 0 0 0 0 0 0 0 0 0 Foreign official 5,253 2 5,225 2 3 9 2 2 0 0 0 1 6 Other (12) 71,402 4 16,123 0 0 183 7 55,079 4 0 1 0 1 Deferred availability cash items 325 0 0 0 0 0 142 0 0 183 0 0 0 Earnings remittances due to the U.S. Treasury (13) 681 14 362 18 23 41 54 25 10 6 10 31 86 Other liabilities and accrued dividends 4,800 152 2,199 186 191 486 293 301 133 130 124 206 400 Total liabilities 4,402,330 92,343 2,374,504 113,936 129,247 284,064 280,087 233,077 59,705 37,875 72,785 183,088 541,619 Capital Capital paid in 31,387 1,335 9,901 1,783 2,534 6,781 1,807 1,331 453 144 311 387 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 4,443,718 94,111 2,387,607 116,257 132,595 293,007 282,477 234,826 60,267 38,062 73,194 183,604 547,712 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, January 3, 2018 (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 Jan 3, 2018 Federal Reserve notes outstanding 1,746,331 Less: Notes held by F.R. Banks not subject to collateralization 175,059 Federal Reserve notes to be collateralized 1,571,272 Collateral held against Federal Reserve notes 1,571,272 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,555,035 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,217,528 Less: Face value of securities under reverse repurchase agreements 377,613 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,839,916 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.