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FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

February 15, 2018

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
Feb 14, 2018

Week ended
Feb 14, 2018

Change from week ended

Feb 7, 2018

Feb 15, 2017

Reserve Bank credit

4,385,073

+    5,614

-   39,420

4,394,201

Securities held outright1

4,204,502

+    3,168

-   27,536

4,212,491

U.S. Treasury securities

2,436,180

-       19

-   27,262

2,436,173

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,307,591

         0

-   33,791

2,307,591

Notes and bonds, inflation-indexed2

   109,413

         0

+    4,483

   109,413

Inflation compensation3

    19,175

-       19

+    2,045

    19,168

Federal agency debt securities2

     4,391

         0

-   11,210

     4,391

Mortgage-backed securities4

1,763,931

+    3,188

+   10,937

1,771,927

Unamortized premiums on securities held outright5

   156,996

-      166

-   13,944

   157,095

Unamortized discounts on securities held outright5

   -14,045

+       29

+      992

   -14,036

Repurchase agreements6

         0

         0

         0

         0

Loans

        18

+        1

+        7

        17

Primary credit

         3

-        5

-        3

         2

Secondary credit

         0

         0

         0

         0

Seasonal credit

        15

+        6

+       10

        16

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

     1,715

         0

+       10

     1,715

Float

      -156

-       10

+      161

      -122

Central bank liquidity swaps8

        62

+       23

-      174

        62

Other Federal Reserve assets9

    35,981

+    2,568

+    1,064

    36,978

Foreign currency denominated assets10

    22,019

-       28

+    2,189

    22,248

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    49,465

+       14

+      817

    49,465

Total factors supplying reserve funds

4,472,799

+    5,601

-   36,413

4,482,155

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
Feb 14, 2018

Week ended
Feb 14, 2018

Change from week ended

Feb 7, 2018

Feb 15, 2017

Currency in circulation11

1,613,666

+    4,615

+  106,918

1,616,273

Reverse repurchase agreements12

   266,153

-   11,002

-   72,284

   268,400

Foreign official and international accounts

   229,688

-    1,758

-   23,374

   229,882

Others

    36,466

-    9,243

-   48,909

    38,518

Treasury cash holdings

       274

+        6

+       43

       279

Deposits with F.R. Banks, other than reserve balances

   290,772

+    1,853

-   77,594

   293,278

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   197,681

-    6,255

-  112,238

   180,845

Foreign official

     5,256

+        2

+       82

     5,254

Other13

    87,835

+    8,106

+   34,563

   107,178

Other liabilities and capital14

    48,005

+    1,044

-      513

    47,958

Total factors, other than reserve balances,
absorbing reserve funds

2,218,870

-    3,484

-   43,430

2,226,188

Reserve balances with Federal Reserve Banks

2,253,929

+    9,084

+    7,017

2,255,967

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
Feb 14, 2018

Week ended
Feb 14, 2018

Change from week ended

Feb 7, 2018

Feb 15, 2017

Securities held in custody for foreign official and international accounts

3,398,666

+   11,122

+  229,548

3,401,983

Marketable U.S. Treasury securities1

3,056,948

+   11,010

+  209,478

3,060,064

Federal agency debt and mortgage-backed securities2

   262,523

+      117

+    3,313

   262,664

Other securities3

    79,195

-        5

+   16,757

    79,254

Securities lent to dealers

    28,455

+    1,964

+   11,526

    28,177

Overnight facility4

    28,455

+    1,964

+   11,526

    28,177

U.S. Treasury securities

    28,455

+    1,964

+   11,574

    28,173

Federal agency debt securities

         1

+        1

-       47

         4

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, February 14, 2018

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

        17

         0

         0

         0

         0

...

        17

U.S. Treasury securities1

Holdings

    48,610

    92,002

   270,849

1,107,777

   295,684

   621,252

2,436,173

Weekly changes

+   32,047

-    5,819

-   26,228

+   26,470

-   26,477

-       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

       177

    36,828

1,734,920

1,771,927

Weekly changes

         0

         0

         0

         0

         0

+   11,183

+   11,184

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

        62

         0

         0

         0

         0

         0

        62

Reverse repurchase agreements4

   268,400

         0

...

...

...

...

   268,400

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

Feb 14, 2018

Mortgage-backed securities held outright1

1,771,927

Commitments to buy mortgage-backed securities2

    16,070

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

Feb 14, 2018

Net portfolio holdings of Maiden Lane LLC1

     1,715

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
Feb 14, 2018

Change since

Wednesday

Wednesday

Feb 7, 2018

Feb 15, 2017

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,954

-        3

-       16

Securities, unamortized premiums and discounts, repurchase agreements, and loans

4,355,567

+   11,194

-   38,334

Securities held outright1

4,212,491

+   11,164

-   25,484

U.S. Treasury securities

2,436,173

-       19

-   27,273

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,307,591

         0

-   33,791

Notes and bonds, inflation-indexed2

   109,413

         0

+    4,483

Inflation compensation3

    19,168

-       19

+    2,035

Federal agency debt securities2

     4,391

         0

-   10,438

Mortgage-backed securities4

1,771,927

+   11,184

+   12,227

Unamortized premiums on securities held outright5

   157,095

+       17

-   13,877

Unamortized discounts on securities held outright5

   -14,036

+       27

+    1,025

Repurchase agreements6

         0

         0

         0

Loans

        17

-       14

+        2

Net portfolio holdings of Maiden Lane LLC7

     1,715

         0

+       10

Items in process of collection

(0)

       100

-       44

-        6

Bank premises

     2,202

+        3

+        3

Central bank liquidity swaps8

        62

+       23

-      174

Foreign currency denominated assets9

    22,248

+      328

+    2,492

Other assets10

    34,776

+    2,614

+   16,210

Total assets

(0)

4,434,863

+   14,118

-   19,813

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
Feb 14, 2018

Change since

Wednesday

Wednesday

Feb 7, 2018

Feb 15, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

1,569,037

+    3,704

+  106,608

Reverse repurchase agreements11

   268,400

-   12,140

-   95,509

Deposits

(0)

2,549,245

+   21,297

-   31,776

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

2,255,967

+   15,953

+    1,696

U.S. Treasury, General Account

   180,845

-   21,376

-   93,333

Foreign official

     5,254

+        1

+       72

Other12

(0)

   107,178

+   26,718

+   59,787

Deferred availability cash items

(0)

       223

-       59

-      224

Other liabilities and accrued dividends13

     6,385

+    1,247

+       20

Total liabilities

(0)

4,393,290

+   14,048

-   20,881

Capital accounts

Capital paid in

    31,573

+       70

+    1,068

Surplus

    10,000

         0

         0

Other capital accounts

         0

         0

         0

Total capital

    41,573

+       70

+    1,068

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, February 14, 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

     1,954

        56

        50

       196

       134

       279

       201

       310

        40

        51

       115

       209

       313

Securities, unamortized premiums and discounts, repurchase agreements,
and loans

4,355,567

    84,863

2,452,575

   112,458

   126,307

   255,194

   256,384

   183,202

    58,080

    33,961

    61,772

   174,366

   556,406

Securities held outright1

4,212,491

    82,075

2,372,019

   108,765

   122,158

   246,812

   247,963

   177,172

    56,173

    32,843

    59,743

   168,639

   538,130

U.S. Treasury securities

2,436,173

    47,466

1,371,789

    62,901

    70,647

   142,737

   143,402

   102,462

    32,486

    18,994

    34,551

    97,527

   311,212

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,436,173

    47,466

1,371,789

    62,901

    70,647

   142,737

   143,402

   102,462

    32,486

    18,994

    34,551

    97,527

   311,212

Federal agency debt securities2

     4,391

        86

     2,473

       113

       127

       257

       258

       185

        59

        34

        62

       176

       561

Mortgage-backed securities4

1,771,927

    34,524

   997,757

    45,750

    51,384

   103,818

   104,302

    74,525

    23,628

    13,815

    25,130

    70,936

   226,357

Unamortized premiums on securities  held outright5

   157,095

     3,061

    88,459

     4,056

     4,556

     9,204

     9,247

     6,607

     2,095

     1,225

     2,228

     6,289

    20,068

Unamortized discounts on securities  held outright5

   -14,036

      -273

    -7,904

      -362

      -407

      -822

      -826

      -590

      -187

      -109

      -199

      -562

    -1,793

Repurchase agreements6

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Loans

        17

         0

         0

         0

         0

         0

         0

        13

         0

         3

         0

         0

         1

Net portfolio holdings of Maiden

Lane LLC7

     1,715

         0

     1,715

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Items in process of collection

       100

         0

         0

         0

         0

         0

       100

         0

         0

         0

         0

         0

         0

Bank premises

     2,202

       113

       446

        73

       121

       197

       204

       202

       109

        87

       236

       221

       192

Central bank liquidity swaps8

        62

         3

        20

         3

         5

        13

         4

         3

         1

         0

         1

         1

         9

Foreign currency denominated

assets9

    22,248

       964

     7,126

     1,196

     1,812

     4,808

     1,298

       931

       243

        94

       216

       284

     3,276

Other assets10

    34,776

       721

    19,051

       892

     1,021

     2,274

     2,074

     1,463

       572

       288

       575

     1,447

     4,397

Interdistrict settlement account

         0

-    2,549

-    8,362

-    5,851

-    8,727

-    1,188

+   11,912

+   41,319

-    2,366

+    1,430

+    5,358

-    4,579

-   26,397

Total assets

4,434,863

    84,716

2,478,029

   109,527

   121,464

   262,766

   274,349

   228,591

    57,170

    36,194

    68,717

   173,147

   540,193

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, February 14, 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

1,759,729

    57,094

   595,277

    54,006

    83,656

   119,117

   243,375

   115,325

    52,380

    30,969

    47,683

   140,184

   220,664

Less: Notes held by F.R. Banks

   190,692

     7,212

    47,318

     7,026

    10,536

    15,726

    26,191

    13,545

     6,029

     3,705

     6,260

    18,816

    28,328

Federal Reserve notes, net

1,569,037

    49,881

   547,959

    46,980

    73,120

   103,391

   217,184

   101,781

    46,351

    27,265

    41,423

   121,368

   192,336

Reverse repurchase agreements11

   268,400

     5,229

   151,134

     6,930

     7,783

    15,726

    15,799

    11,289

     3,579

     2,093

     3,807

    10,745

    34,287

Deposits

2,549,245

    27,633

1,763,064

    52,943

    36,952

   133,985

    38,491

   113,396

     6,484

     6,342

    22,912

    40,235

   306,806

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

2,255,967

    27,626

1,528,864

    52,941

    36,948

   133,744

    38,482

    54,599

     6,477

     6,342

    22,911

    40,233

   306,800

U.S. Treasury, General Account

   180,845

         0

   180,845

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,254

         2

     5,227

         2

         3

         9

         2

         2

         0

         0

         0

         1

         6

Other12

   107,178

         5

    48,127

         0

         0

       232

         7

    58,796

         7

         0

         1

         2

         1

Deferred availability cash items

       223

         0

         0

         0

         0

         0

        68

         0

         0

       154

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

     1,672

        42

       857

        51

        68

       144

       116

        57

        22

        11

        19

        66

       218

Other liabilities and accrued
dividends

     4,714

       169

     1,959

       194

       199

       504

       310

       313

       134

       138

       147

       220

       428

Total liabilities

4,393,290

    82,956

2,464,972

   107,097

   118,122

   253,750

   271,968

   226,835

    56,571

    36,003

    68,307

   172,634

   534,075

Capital

Capital paid in

    31,573

     1,335

     9,905

     1,861

     2,535

     6,856

     1,804

     1,332

       455

       145

       310

       390

     4,645

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

4,434,863

    84,716

2,478,029

   109,527

   121,464

   262,766

   274,349

   228,591

    57,170

    36,194

    68,717

   173,147

   540,193

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, February 14, 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

Feb 14, 2018

Federal Reserve notes outstanding

1,759,729

Less: Notes held by F.R. Banks not subject to collateralization

   190,692

Federal Reserve notes to be collateralized

1,569,037

Collateral held against Federal Reserve notes

1,569,037

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

1,552,800

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

4,212,491

Less: Face value of securities under reverse repurchase agreements

   267,506

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

3,944,985

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.


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