FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 1, 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 31, 2018 Federal Reserve Banks Jan 31, 2018 Jan 24, 2018 Feb 1, 2017 Reserve Bank credit 4,388,002 - 12,214 - 27,087 4,377,804 Securities held outright (1) 4,210,602 - 11,453 - 13,635 4,201,346 U.S. Treasury securities 2,445,467 - 1,542 - 17,969 2,436,211 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,318,485 - 1,816 - 23,486 2,307,591 Notes and bonds, inflation-indexed (2) 107,776 + 273 + 3,434 109,413 Inflation compensation (3) 19,206 + 1 + 2,083 19,206 Federal agency debt securities (2) 4,391 0 - 11,789 4,391 Mortgage-backed securities (4) 1,760,744 - 9,911 + 16,123 1,760,743 Unamortized premiums on securities held outright (5) 157,438 - 617 - 13,876 157,337 Unamortized discounts on securities held outright (5) -14,067 + 26 + 993 -14,094 Repurchase agreements (6) 0 0 0 0 Loans 71 + 6 + 54 54 Primary credit 63 + 2 + 49 46 Secondary credit 0 0 0 0 Seasonal credit 8 + 4 + 5 8 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,714 - 1 + 7 1,715 Float -384 - 214 + 237 -1,038 Central bank liquidity swaps (8) 673 + 601 + 281 673 Other Federal Reserve assets (9) 31,955 - 562 - 1,149 31,811 Foreign currency denominated assets (10) 22,136 + 304 + 2,261 22,110 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,438 + 14 + 824 49,438 Total factors supplying reserve funds 4,475,817 - 11,896 - 24,002 4,465,593 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 31, 2018 Federal Reserve Banks Jan 31, 2018 Jan 24, 2018 Feb 1, 2017 Currency in circulation (11) 1,605,764 - 1,927 + 107,363 1,607,532 Reverse repurchase agreements (12) 266,656 - 167 - 105,061 310,476 Foreign official and international accounts 237,268 - 2,947 - 14,964 244,679 Others 29,388 + 2,779 - 90,097 65,797 Treasury cash holdings 259 + 10 + 40 267 Deposits with F.R. Banks, other than reserve balances 351,409 - 2,706 - 76,114 357,789 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 270,244 + 1,126 - 104,597 275,794 Foreign official 5,254 + 1 + 65 5,255 Other (13) 75,912 - 3,832 + 28,420 76,740 Other liabilities and capital (14) 48,099 + 208 + 1,264 47,153 Total factors, other than reserve balances, absorbing reserve funds 2,272,187 - 4,582 - 72,506 2,323,217 Reserve balances with Federal Reserve Banks 2,203,630 - 7,314 + 48,504 2,142,376 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 31, 2018 Jan 31, 2018 Jan 24, 2018 Feb 1, 2017 Securities held in custody for foreign official and international accounts 3,366,298 + 14,420 + 200,991 3,374,135 Marketable U.S. Treasury securities (1) 3,025,996 + 14,460 + 178,525 3,032,653 Federal agency debt and mortgage-backed securities (2) 261,216 - 121 + 5,181 262,406 Other securities (3) 79,086 + 81 + 17,285 79,076 Securities lent to dealers 23,421 + 1,365 + 8,118 26,909 Overnight facility (4) 23,421 + 1,365 + 8,118 26,909 U.S. Treasury securities 23,421 + 1,365 + 8,173 26,909 Federal agency debt securities 0 0 - 55 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 31, 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 54 0 0 0 0 ... 54 U.S. Treasury securities (1) Holdings 16,563 97,821 297,078 1,081,309 322,166 621,274 2,436,211 Weekly changes - 11,284 + 17,783 - 20,155 - 2,592 + 5,450 + 1 - 10,798 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 1 174 26,435 1,734,134 1,760,743 Weekly changes 0 0 0 - 5 - 467 - 9,839 - 10,311 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 673 0 0 0 0 0 673 Reverse repurchase agreements (4) 310,476 0 ... ... ... ... 310,476 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 31, 2018 Mortgage-backed securities held outright (1) 1,760,743 Commitments to buy mortgage-backed securities (2) 19,955 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 5 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 31, 2018 Net portfolio holdings of Maiden Lane LLC (1) 1,715 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 31, 2018 Wednesday Wednesday consolidation Jan 24, 2018 Feb 1, 2017 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,945 + 22 - 6 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,344,643 - 21,708 - 35,742 Securities held outright (1) 4,201,346 - 21,108 - 22,896 U.S. Treasury securities 2,436,211 - 10,798 - 27,215 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,307,591 - 12,710 - 33,791 Notes and bonds, inflation-indexed (2) 109,413 + 1,910 + 4,483 Inflation compensation (3) 19,206 + 1 + 2,092 Federal agency debt securities (2) 4,391 0 - 11,789 Mortgage-backed securities (4) 1,760,743 - 10,311 + 16,107 Unamortized premiums on securities held outright (5) 157,337 - 588 - 13,866 Unamortized discounts on securities held outright (5) -14,094 - 12 + 976 Repurchase agreements (6) 0 0 0 Loans 54 0 + 44 Net portfolio holdings of Maiden Lane LLC (7) 1,715 + 1 + 10 Items in process of collection (0) 91 + 10 + 9 Bank premises 2,210 + 3 + 13 Central bank liquidity swaps (8) 673 + 601 + 281 Foreign currency denominated assets (9) 22,110 + 39 + 2,114 Other assets (10) 29,601 - 1,060 - 1,334 Total assets (0) 4,419,225 - 22,092 - 34,656 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 31, 2018 Wednesday Wednesday consolidation Jan 24, 2018 Feb 1, 2017 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,560,302 + 877 + 106,580 Reverse repurchase agreements (11) 310,476 + 35,773 - 81,303 Deposits (0) 2,500,165 - 59,480 - 61,140 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,142,376 - 39,844 - 29,717 U.S. Treasury, General Account 275,794 - 169 - 63,435 Foreign official 5,255 + 1 - 80 Other (12) (0) 76,740 - 19,468 + 32,092 Deferred availability cash items (0) 1,129 + 830 + 736 Other liabilities and accrued dividends (13) 5,666 - 170 - 560 Total liabilities (0) 4,377,738 - 22,169 - 35,688 Capital accounts Capital paid in 31,487 + 77 + 1,032 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 41,487 + 77 + 1,032 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 31, 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 1,945 54 50 195 147 274 201 309 38 51 113 205 310 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,344,643 84,649 2,446,402 112,175 125,989 254,552 255,738 182,754 57,940 33,884 61,627 173,927 555,005 Securities held outright (1) 4,201,346 81,858 2,365,743 108,477 121,835 246,159 247,307 176,703 56,024 32,756 59,585 168,192 536,706 U.S. Treasury securities 2,436,211 47,466 1,371,811 62,902 70,648 142,739 143,404 102,464 32,486 18,994 34,551 97,529 311,217 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,436,211 47,466 1,371,811 62,902 70,648 142,739 143,404 102,464 32,486 18,994 34,551 97,529 311,217 Federal agency debt securities (2) 4,391 86 2,473 113 127 257 258 185 59 34 62 176 561 Mortgage-backed securities (4) 1,760,743 34,306 991,460 45,462 51,060 103,163 103,644 74,055 23,479 13,728 24,971 70,488 224,928 Unamortized premiums on securities held outright (5) 157,337 3,066 88,595 4,062 4,563 9,218 9,261 6,617 2,098 1,227 2,231 6,299 20,099 Unamortized discounts on securities held outright (5) -14,094 -275 -7,936 -364 -409 -826 -830 -593 -188 -110 -200 -564 -1,800 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 54 0 0 0 0 0 0 26 6 11 11 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,715 0 1,715 0 0 0 0 0 0 0 0 0 0 Items in process of collection 91 0 0 0 0 0 91 0 0 0 0 0 0 Bank premises 2,210 113 453 73 121 197 203 203 109 87 236 221 192 Central bank liquidity swaps (8) 673 29 215 36 55 145 39 28 7 3 7 9 99 Foreign currency denominated assets (9) 22,110 958 7,091 1,188 1,800 4,775 1,289 925 242 93 215 282 3,254 Other assets (10) 29,601 622 16,197 761 875 1,944 1,766 1,246 506 250 498 1,187 3,749 Interdistrict settlement account 0 - 77 + 12,993 - 7,382 - 9,989 + 1,360 + 9,359 + 49,337 - 1,855 + 1,982 + 3,168 - 8,562 - 50,335 Total assets 4,419,225 86,893 2,490,526 107,605 119,788 264,436 270,860 235,963 57,478 36,631 66,309 168,467 514,270 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 31, 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 1,753,925 57,204 587,494 53,995 83,593 119,007 243,997 115,470 52,396 31,005 47,765 140,549 221,451 Less: Notes held by F.R. Banks 193,623 7,180 45,336 7,373 10,804 16,328 27,136 13,586 6,279 3,788 6,298 19,774 29,739 Federal Reserve notes, net 1,560,302 50,024 542,157 46,621 72,789 102,679 216,861 101,884 46,118 27,216 41,466 120,775 191,712 Reverse repurchase agreements (11) 310,476 6,049 174,827 8,016 9,004 18,191 18,276 13,058 4,140 2,421 4,403 12,429 39,662 Deposits 2,500,165 28,890 1,757,811 50,416 34,441 134,024 32,896 118,943 6,479 5,613 19,871 34,490 276,291 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 2,142,376 28,883 1,457,471 50,414 34,438 133,759 32,887 61,800 6,469 5,612 19,869 34,489 276,284 U.S. Treasury, General Account 275,794 0 275,794 0 0 0 0 0 0 0 0 0 0 Foreign official 5,255 2 5,228 2 3 9 2 2 0 0 0 1 6 Other (12) 76,740 5 19,318 0 0 256 7 57,141 10 0 1 1 1 Deferred availability cash items 1,129 0 0 0 0 0 76 0 0 1,053 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,264 12 845 16 25 39 81 30 15 7 28 53 112 Other liabilities and accrued dividends 4,402 157 1,833 184 188 487 286 292 127 131 130 207 379 Total liabilities 4,377,738 85,132 2,477,473 105,253 116,447 255,420 268,475 234,207 56,879 36,441 65,898 167,955 508,156 Capital Capital paid in 31,487 1,335 9,901 1,783 2,534 6,856 1,807 1,332 455 144 311 388 4,642 Surplus 10,000 426 3,152 568 807 2,160 578 424 144 46 99 124 1,472 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,419,225 86,893 2,490,526 107,605 119,788 264,436 270,860 235,963 57,478 36,631 66,309 168,467 514,270 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 31, 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 31, 2018 Federal Reserve notes outstanding 1,753,925 Less: Notes held by F.R. Banks not subject to collateralization 193,623 Federal Reserve notes to be collateralized 1,560,302 Collateral held against Federal Reserve notes 1,560,302 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,544,065 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,201,346 Less: Face value of securities under reverse repurchase agreements 309,813 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,891,533 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.