FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, February 22, 2018

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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Feb 21, 2018
	Week ended Feb 21, 2018	Change from week ended
	Week ended Feb 21, 2018	Feb 14, 2018	Feb 22, 2017
Reserve Bank credit	4,369,153	- 15,920	- 54,525	4,371,074
Securities held outright¹	4,203,713	- 789	- 40,289	4,205,755
U.S. Treasury securities	2,432,071	- 4,109	- 31,382	2,432,066
Bills²	0	0	0	0
Notes and bonds, nominal²	2,303,503	- 4,088	- 37,879	2,303,503
Notes and bonds, inflation-indexed²	109,413	0	+ 4,483	109,413
Inflation compensation³	19,155	- 20	+ 2,015	19,149
Federal agency debt securities²	4,391	0	- 8,938	4,391
Mortgage-backed securities⁴	1,767,250	+ 3,319	+ 30	1,769,298
Unamortized premiums on securities held outright⁵	156,705	- 291	- 14,225	156,605
Unamortized discounts on securities held outright⁵	-14,114	- 69	+ 927	-14,105
Repurchase agreements⁶	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 LLC⁷	1,715	0	+ 10	1,710
Float	-139	+ 17	+ 156	-179
Central bank liquidity swaps⁸	67	+ 5	- 76	67
Other Federal Reserve assets⁹	21,184	- 14,797	- 1,046	21,187
Foreign currency denominated assets¹⁰	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 outstanding¹¹	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 reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Feb 21, 2018
	Week ended Feb 21, 2018	Change from week ended
	Week ended Feb 21, 2018	Feb 14, 2018	Feb 22, 2017
Currency in circulation¹¹	1,619,357	+ 5,691	+ 108,191	1,621,652
Reverse repurchase agreements¹²	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
Other¹³	88,151	+ 316	+ 36,178	80,502
Other liabilities and capital¹⁴	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 Feb 21, 2018
	Week ended Feb 21, 2018	Change from week ended
	Week ended 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 securities¹	3,069,702	+ 12,754	+ 219,549	3,072,404
Federal agency debt and mortgage-backed securities²	262,106	- 417	- 6,191	262,647
Other securities³	80,643	+ 1,448	+ 17,653	80,641
Securities lent to dealers	26,890	- 1,565	+ 6,791	26,512
Overnight facility⁴	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 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	33	0	0	0	0	...	33
U.S. Treasury securities¹
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 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	176	36,716	1,732,405	1,769,298
Weekly changes	0	0	0	- 1	- 112	- 2,515	- 2,629
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	67	0	0	0	0	0	67

Reverse repurchase agreements⁴	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
Account name	Feb 21, 2018
Mortgage-backed securities held outright¹	1,769,298

Commitments to buy mortgage-backed securities²	10,746
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	0

1.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2.	Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.
3.	This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Account name	Wednesday
Account name	Feb 21, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,710

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 21, 2018	Change since
			Wednesday	Wednesday
			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 outright¹		4,205,755	- 6,736	- 44,651
U.S. Treasury securities		2,432,066	- 4,107	- 31,390
Bills²		0	0	0
Notes and bonds, nominal²		2,303,503	- 4,088	- 37,879
Notes and bonds, inflation-indexed²		109,413	0	+ 4,483
Inflation compensation³		19,149	- 19	+ 2,005
Federal agency debt securities²		4,391	0	- 8,938
Mortgage-backed securities⁴		1,769,298	- 2,629	- 4,323
Unamortized premiums on securities held outright⁵		156,605	- 490	- 14,441
Unamortized discounts on securities held outright⁵		-14,105	- 69	+ 926
Repurchase agreements⁶		0	0	0
Loans		33	+ 16	+ 30
Net portfolio holdings of Maiden Lane LLC⁷		1,710	- 5	+ 5
Items in process of collection	(0)	130	+ 30	+ 3
Bank premises		2,203	+ 1	+ 1
Central bank liquidity swaps⁸		67	+ 5	- 76
Foreign currency denominated assets⁹		22,106	- 142	+ 2,345
Other assets¹⁰		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 from consolidation	Wednesday Feb 21, 2018	Change since
			Wednesday	Wednesday
			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 agreements¹¹		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
Other¹²	(0)	80,502	- 26,676	+ 27,874
Deferred availability cash items	(0)	309	+ 86	- 440
Other liabilities and accrued dividends¹³		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
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Assets
Gold certificate account	11,037	349	3,592	348	553	776	1,520	737	341	191	292	916	1,422
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	1,934	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 outright¹	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
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	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 securities²	4,391	86	2,473	113	127	257	258	185	59	34	62	176	561
Mortgage-backed securities⁴	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 outright⁵	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 outright⁵	-14,105	-275	-7,942	-364	-409	-826	-830	-593	-188	-110	-200	-565	-1,802
Repurchase agreements⁶	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 LLC⁷	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 swaps⁸	67	3	21	4	5	14	4	3	1	0	1	1	10
Foreign currency denominated
assets⁹	22,106	958	7,080	1,188	1,801	4,777	1,289	925	242	93	215	283	3,255
Other assets¹⁰	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
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,762,293	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 agreements¹¹	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
Other¹²	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. Treasury¹³	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
Federal Reserve notes and collateral	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.

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