FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks February 22, 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 Feb 21, 2018 Federal Reserve Banks Feb 21, 2018 Feb 14, 2018 Feb 22, 2017 Reserve Bank credit 4,369,153 - 15,920 - 54,525 4,371,074 Securities held outright (1) 4,203,713 - 789 - 40,289 4,205,755 U.S. Treasury securities 2,432,071 - 4,109 - 31,382 2,432,066 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,303,503 - 4,088 - 37,879 2,303,503 Notes and bonds, inflation-indexed (2) 109,413 0 + 4,483 109,413 Inflation compensation (3) 19,155 - 20 + 2,015 19,149 Federal agency debt securities (2) 4,391 0 - 8,938 4,391 Mortgage-backed securities (4) 1,767,250 + 3,319 + 30 1,769,298 Unamortized premiums on securities held outright (5) 156,705 - 291 - 14,225 156,605 Unamortized discounts on securities held outright (5) -14,114 - 69 + 927 -14,105 Repurchase agreements (6) 0 0 0 0 Loans 23 + 5 + 18 33 Primary credit 7 + 4 + 6 18 Secondary credit 0 0 0 0 Seasonal credit 16 + 1 + 12 15 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,715 0 + 10 1,710 Float -139 + 17 + 156 -179 Central bank liquidity swaps (8) 67 + 5 - 76 67 Other Federal Reserve assets (9) 21,184 - 14,797 - 1,046 21,187 Foreign currency denominated assets (10) 22,309 + 290 + 2,469 22,106 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,479 + 14 + 813 49,479 Total factors supplying reserve funds 4,457,182 - 15,617 - 51,243 4,458,900 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 Feb 21, 2018 Federal Reserve Banks Feb 21, 2018 Feb 14, 2018 Feb 22, 2017 Currency in circulation (11) 1,619,357 + 5,691 + 108,191 1,621,652 Reverse repurchase agreements (12) 258,502 - 7,651 - 136,168 280,170 Foreign official and international accounts 234,359 + 4,671 - 12,448 234,999 Others 24,144 - 12,322 - 123,719 45,171 Treasury cash holdings 281 + 7 + 40 293 Deposits with F.R. Banks, other than reserve balances 308,082 + 17,310 - 7,349 294,575 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 214,677 + 16,996 - 43,615 208,817 Foreign official 5,254 - 2 + 88 5,255 Other (13) 88,151 + 316 + 36,178 80,502 Other liabilities and capital (14) 47,580 - 425 - 316 46,870 Total factors, other than reserve balances, absorbing reserve funds 2,233,802 + 14,932 - 35,601 2,243,561 Reserve balances with Federal Reserve Banks 2,223,380 - 30,549 - 15,642 2,215,339 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 Feb 21, 2018 Feb 21, 2018 Feb 14, 2018 Feb 22, 2017 Securities held in custody for foreign official and international accounts 3,412,451 + 13,785 + 231,011 3,415,692 Marketable U.S. Treasury securities (1) 3,069,702 + 12,754 + 219,549 3,072,404 Federal agency debt and mortgage-backed securities (2) 262,106 - 417 - 6,191 262,647 Other securities (3) 80,643 + 1,448 + 17,653 80,641 Securities lent to dealers 26,890 - 1,565 + 6,791 26,512 Overnight facility (4) 26,890 - 1,565 + 6,791 26,512 U.S. Treasury securities 26,890 - 1,565 + 6,840 26,512 Federal agency debt securities 0 - 1 - 49 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, February 21, 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 33 0 0 0 0 ... 33 U.S. Treasury securities (1) Holdings 32,047 92,002 314,372 1,069,165 300,215 624,265 2,432,066 Weekly changes - 16,563 0 + 43,523 - 38,612 + 4,531 + 3,013 - 4,107 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 1 176 36,716 1,732,405 1,769,298 Weekly changes 0 0 0 - 1 - 112 - 2,515 - 2,629 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 67 0 0 0 0 0 67 Reverse repurchase agreements (4) 280,170 0 ... ... ... ... 280,170 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 21, 2018 Mortgage-backed securities held outright (1) 1,769,298 Commitments to buy mortgage-backed securities (2) 10,746 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 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 21, 2018 Net portfolio holdings of Maiden Lane LLC (1) 1,710 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 Feb 21, 2018 Wednesday Wednesday consolidation Feb 14, 2018 Feb 22, 2017 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,934 - 20 - 33 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,348,288 - 7,279 - 58,136 Securities held outright (1) 4,205,755 - 6,736 - 44,651 U.S. Treasury securities 2,432,066 - 4,107 - 31,390 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,303,503 - 4,088 - 37,879 Notes and bonds, inflation-indexed (2) 109,413 0 + 4,483 Inflation compensation (3) 19,149 - 19 + 2,005 Federal agency debt securities (2) 4,391 0 - 8,938 Mortgage-backed securities (4) 1,769,298 - 2,629 - 4,323 Unamortized premiums on securities held outright (5) 156,605 - 490 - 14,441 Unamortized discounts on securities held outright (5) -14,105 - 69 + 926 Repurchase agreements (6) 0 0 0 Loans 33 + 16 + 30 Net portfolio holdings of Maiden Lane LLC (7) 1,710 - 5 + 5 Items in process of collection (0) 130 + 30 + 3 Bank premises 2,203 + 1 + 1 Central bank liquidity swaps (8) 67 + 5 - 76 Foreign currency denominated assets (9) 22,106 - 142 + 2,345 Other assets (10) 18,984 - 15,792 - 1,153 Total assets (0) 4,411,660 - 23,203 - 57,042 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 Feb 21, 2018 Wednesday Wednesday consolidation Feb 14, 2018 Feb 22, 2017 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,574,396 + 5,359 + 108,307 Reverse repurchase agreements (11) 280,170 + 11,770 - 145,359 Deposits (0) 2,509,914 - 39,331 - 19,207 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 2,215,339 - 40,628 - 27,817 U.S. Treasury, General Account 208,817 + 27,972 - 19,354 Foreign official 5,255 + 1 + 90 Other (12) (0) 80,502 - 26,676 + 27,874 Deferred availability cash items (0) 309 + 86 - 440 Other liabilities and accrued dividends (13) 5,290 - 1,095 - 1,394 Total liabilities (0) 4,370,079 - 23,211 - 58,092 Capital accounts Capital paid in 31,581 + 8 + 1,050 Surplus 10,000 0 0 Other capital accounts 0 0 0 Total capital 41,581 + 8 + 1,050 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 21, 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 1,934 56 49 194 132 278 196 308 39 52 114 205 311 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,348,288 84,720 2,448,467 112,270 126,095 254,767 255,955 182,908 57,983 33,905 61,668 174,074 555,475 Securities held outright (1) 4,205,755 81,944 2,368,226 108,591 121,963 246,418 247,566 176,889 56,083 32,790 59,647 168,369 537,269 U.S. Treasury securities 2,432,066 47,386 1,369,476 62,795 70,528 142,496 143,160 102,290 32,431 18,962 34,492 97,363 310,687 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,432,066 47,386 1,369,476 62,795 70,528 142,496 143,160 102,290 32,431 18,962 34,492 97,363 310,687 Federal agency debt securities (2) 4,391 86 2,473 113 127 257 258 185 59 34 62 176 561 Mortgage-backed securities (4) 1,769,298 34,472 996,277 45,683 51,308 103,664 104,147 74,414 23,593 13,794 25,093 70,830 226,021 Unamortized premiums on securities held outright (5) 156,605 3,051 88,183 4,043 4,541 9,176 9,218 6,587 2,088 1,221 2,221 6,269 20,006 Unamortized discounts on securities held outright (5) -14,105 -275 -7,942 -364 -409 -826 -830 -593 -188 -110 -200 -565 -1,802 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 33 0 0 0 0 0 1 26 0 4 0 0 2 Net portfolio holdings of Maiden Lane LLC (7) 1,710 0 1,710 0 0 0 0 0 0 0 0 0 0 Items in process of collection 130 0 0 0 0 0 129 0 0 1 0 0 0 Bank premises 2,203 113 446 73 121 198 204 203 109 87 236 221 192 Central bank liquidity swaps (8) 67 3 21 4 5 14 4 3 1 0 1 1 10 Foreign currency denominated assets (9) 22,106 958 7,080 1,188 1,801 4,777 1,289 925 242 93 215 283 3,255 Other assets (10) 18,984 400 10,088 482 550 1,311 1,123 790 524 159 328 847 2,380 Interdistrict settlement account 0 - 7,426 + 18,628 - 5,938 - 9,285 - 8,682 + 9,054 + 43,724 - 2,418 + 1,311 + 7,110 - 4,271 - 41,807 Total assets 4,411,660 79,370 2,491,899 108,832 120,210 253,852 270,129 230,023 56,970 35,889 70,117 172,556 521,812 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 21, 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 1,762,293 56,932 598,298 54,004 83,499 118,975 243,500 115,057 52,314 30,860 47,597 140,160 221,097 Less: Notes held by F.R. Banks 187,897 7,107 48,146 6,976 10,060 15,260 26,229 13,134 5,747 3,696 6,285 18,348 26,907 Federal Reserve notes, net 1,574,396 49,825 550,152 47,028 73,438 103,715 217,272 101,923 46,566 27,164 41,312 121,812 194,189 Reverse repurchase agreements (11) 280,170 5,459 157,762 7,234 8,125 16,415 16,492 11,784 3,736 2,184 3,973 11,216 35,791 Deposits 2,509,914 22,142 1,768,755 51,930 35,079 124,188 33,464 114,239 5,902 5,999 24,269 38,745 285,202 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 2,215,339 22,135 1,533,621 51,928 35,076 123,970 33,455 55,058 5,895 5,999 24,267 38,742 285,195 U.S. Treasury, General Account 208,817 0 208,817 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) 80,502 6 21,089 0 0 209 7 59,180 7 0 2 2 1 Deferred availability cash items 309 0 0 0 0 0 108 0 0 201 0 0 0 Earnings remittances due to the U.S. Treasury (13) 933 16 506 20 28 30 83 30 20 9 17 56 118 Other liabilities and accrued dividends 4,357 169 1,674 191 198 487 325 292 132 140 136 220 394 Total liabilities 4,370,079 77,610 2,478,848 106,403 116,868 244,835 267,743 228,267 56,356 35,698 69,707 172,050 515,694 Capital Capital paid in 31,581 1,335 9,899 1,861 2,535 6,856 1,808 1,332 470 145 310 383 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 4,411,660 79,370 2,491,899 108,832 120,210 253,852 270,129 230,023 56,970 35,889 70,117 172,556 521,812 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 21, 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 21, 2018 Federal Reserve notes outstanding 1,762,293 Less: Notes held by F.R. Banks not subject to collateralization 187,897 Federal Reserve notes to be collateralized 1,574,396 Collateral held against Federal Reserve notes 1,574,396 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,558,159 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,205,755 Less: Face value of securities under reverse repurchase agreements 281,683 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,924,072 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.