FEDERAL RESERVE statistical release For Release at 4:30 P.M. EST March 1, 2018 Publication Note The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the policies under which Federal Reserve Banks make payments of their residual net earnings to the U.S. Treasury.? The "Bipartisan Budget Act of 2018" ("Budget Act"), which was enacted on February 9, 2018, requires that aggregate Federal Reserve Bank capital surplus not exceed $7.5 billion.? Therefore, any amount of aggregate Federal Reserve Bank capital surplus that exceeds this limit will be remitted to the U.S. Treasury. ? The amounts of the line items "Other liabilities and capital" on table 1, and "Surplus" on tables 5 and 6 reflect the lump-sum payment of approximately $2.5 billion to the Treasury on February 22, 2018, which was necessary to reduce aggregate Reserve Bank capital surplus to the $7.5 billion limitation in the Budget Act. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks March 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 Feb 28, 2018 Federal Reserve Banks Feb 28, 2018 Feb 21, 2018 Mar 1, 2017 Reserve Bank credit 4,366,093 - 3,060 - 60,562 4,352,250 Securities held outright (1) 4,200,714 - 2,999 - 45,242 4,188,604 U.S. Treasury securities 2,431,015 - 1,056 - 32,450 2,424,242 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,302,129 - 1,374 - 38,976 2,293,885 Notes and bonds, inflation-indexed (2) 109,743 + 330 + 4,535 111,220 Inflation compensation (3) 19,143 - 12 + 1,990 19,137 Federal agency debt securities (2) 4,391 0 - 8,938 4,391 Mortgage-backed securities (4) 1,765,308 - 1,942 - 3,853 1,759,972 Unamortized premiums on securities held outright (5) 156,309 - 396 - 14,411 156,044 Unamortized discounts on securities held outright (5) -14,093 + 21 + 934 -14,128 Repurchase agreements (6) 0 0 0 0 Loans 23 0 - 28 27 Primary credit 8 + 1 - 41 13 Secondary credit 0 0 0 0 Seasonal credit 14 - 2 + 12 14 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,710 - 5 + 5 1,708 Float -371 - 232 + 244 -807 Central bank liquidity swaps (8) 72 + 5 - 1,032 72 Other Federal Reserve assets (9) 21,731 + 547 - 1,029 20,729 Foreign currency denominated assets (10) 22,136 - 173 + 2,262 22,089 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,493 + 14 + 810 49,493 Total factors supplying reserve funds 4,453,964 - 3,218 - 57,489 4,440,074 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 28, 2018 Federal Reserve Banks Feb 28, 2018 Feb 21, 2018 Mar 1, 2017 Currency in circulation (11) 1,623,177 + 3,820 + 107,687 1,627,259 Reverse repurchase agreements (12) 255,334 - 3,168 - 164,952 277,458 Foreign official and international accounts 232,828 - 1,531 - 18,334 232,948 Others 22,506 - 1,638 - 146,618 44,510 Treasury cash holdings 295 + 14 + 42 304 Deposits with F.R. Banks, other than reserve balances 297,149 - 10,933 + 31,427 281,688 Term deposits held by depository institutions 0 0 - 16,625 0 U.S. Treasury, General Account 202,620 - 12,057 + 27,124 199,390 Foreign official 5,254 0 + 84 5,255 Other (13) 89,275 + 1,124 + 20,843 77,043 Other liabilities and capital (14) 45,062 - 2,518 - 3,018 45,057 Total factors, other than reserve balances, absorbing reserve funds 2,221,017 - 12,785 - 28,813 2,231,766 Reserve balances with Federal Reserve Banks 2,232,947 + 9,567 - 28,676 2,208,308 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 28, 2018 Feb 28, 2018 Feb 21, 2018 Mar 1, 2017 Securities held in custody for foreign official and international accounts 3,418,332 + 5,881 + 242,552 3,423,019 Marketable U.S. Treasury securities (1) 3,074,405 + 4,703 + 228,339 3,078,504 Federal agency debt and mortgage-backed securities (2) 263,472 + 1,366 - 3,199 264,291 Other securities (3) 80,455 - 188 + 17,412 80,223 Securities lent to dealers 26,485 - 405 + 7,227 25,925 Overnight facility (4) 26,485 - 405 + 7,227 25,925 U.S. Treasury securities 26,485 - 405 + 7,278 25,925 Federal agency debt securities 0 0 - 51 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 28, 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 27 0 0 0 0 ... 27 U.S. Treasury securities (1) Holdings 0 92,002 326,901 1,081,426 297,846 626,067 2,424,242 Weekly changes - 32,047 0 + 12,529 + 12,261 - 2,369 + 1,802 - 7,824 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 1 170 36,089 1,723,712 1,759,972 Weekly changes 0 0 0 - 6 - 627 - 8,693 - 9,326 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 72 0 0 0 0 0 72 Reverse repurchase agreements (4) 277,458 0 ... ... ... ... 277,458 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 28, 2018 Mortgage-backed securities held outright (1) 1,759,972 Commitments to buy mortgage-backed securities (2) 13,714 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 10 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 28, 2018 Net portfolio holdings of Maiden Lane LLC (1) 1,708 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 28, 2018 Wednesday Wednesday consolidation Feb 21, 2018 Mar 1, 2017 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,919 - 15 - 23 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,330,547 - 17,741 - 64,839 Securities held outright (1) 4,188,604 - 17,151 - 51,399 U.S. Treasury securities 2,424,242 - 7,824 - 39,246 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,293,885 - 9,618 - 46,526 Notes and bonds, inflation-indexed (2) 111,220 + 1,807 + 5,319 Inflation compensation (3) 19,137 - 12 + 1,962 Federal agency debt securities (2) 4,391 0 - 8,938 Mortgage-backed securities (4) 1,759,972 - 9,326 - 3,214 Unamortized premiums on securities held outright (5) 156,044 - 561 - 14,390 Unamortized discounts on securities held outright (5) -14,128 - 23 + 924 Repurchase agreements (6) 0 0 0 Loans 27 - 6 + 25 Net portfolio holdings of Maiden Lane LLC (7) 1,708 - 2 + 3 Items in process of collection (0) 99 - 31 + 20 Bank premises 2,206 + 3 + 10 Central bank liquidity swaps (8) 72 + 5 - 1,060 Foreign currency denominated assets (9) 22,089 - 17 + 2,334 Other assets (10) 18,523 - 461 - 1,062 Total assets (0) 4,393,401 - 18,259 - 64,617 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 28, 2018 Wednesday Wednesday consolidation Feb 21, 2018 Mar 1, 2017 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,579,985 + 5,589 + 104,873 Reverse repurchase agreements (11) 277,458 - 2,712 - 127,430 Deposits (0) 2,489,995 - 19,919 - 40,286 Term deposits held by depository institutions 0 0 - 16,625 Other deposits held by depository institutions 2,208,308 - 7,031 - 99,646 U.S. Treasury, General Account 199,390 - 9,427 + 51,005 Foreign official 5,255 0 + 91 Other (12) (0) 77,043 - 3,459 + 24,889 Deferred availability cash items (0) 906 + 597 + 453 Other liabilities and accrued dividends (13) 5,893 + 603 - 857 Total liabilities (0) 4,354,237 - 15,842 - 63,247 Capital accounts Capital paid in 31,664 + 83 + 1,130 Surplus 7,500 - 2,500 - 2,500 Other capital accounts 0 0 0 Total capital 39,164 - 2,417 - 1,370 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 28, 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 1,919 57 49 196 130 275 196 306 37 52 113 202 307 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,330,547 84,375 2,438,481 111,812 125,581 253,732 254,910 182,148 57,747 33,766 61,426 173,364 553,208 Securities held outright (1) 4,188,604 81,610 2,358,569 108,148 121,466 245,413 246,557 176,167 55,854 32,656 59,404 167,682 535,079 U.S. Treasury securities 2,424,242 47,233 1,365,071 62,593 70,301 142,038 142,700 101,960 32,327 18,901 34,381 97,050 309,688 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,424,242 47,233 1,365,071 62,593 70,301 142,038 142,700 101,960 32,327 18,901 34,381 97,050 309,688 Federal agency debt securities (2) 4,391 86 2,473 113 127 257 258 185 59 34 62 176 561 Mortgage-backed securities (4) 1,759,972 34,291 991,026 45,442 51,038 103,118 103,598 74,022 23,469 13,722 24,960 70,457 224,830 Unamortized premiums on securities held outright (5) 156,044 3,040 87,867 4,029 4,525 9,143 9,185 6,563 2,081 1,217 2,213 6,247 19,934 Unamortized discounts on securities held outright (5) -14,128 -275 -7,955 -365 -410 -828 -832 -594 -188 -110 -200 -566 -1,805 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 27 0 0 0 0 4 0 12 0 3 9 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,708 0 1,708 0 0 0 0 0 0 0 0 0 0 Items in process of collection 99 0 0 0 0 0 99 0 0 0 0 0 0 Bank premises 2,206 112 452 74 121 197 203 203 109 87 235 221 192 Central bank liquidity swaps (8) 72 3 23 4 6 16 4 3 1 0 1 1 11 Foreign currency denominated assets (9) 22,089 957 7,085 1,187 1,798 4,770 1,288 924 241 93 214 282 3,250 Other assets (10) 18,523 392 9,874 472 543 1,279 1,105 777 538 157 324 737 2,326 Interdistrict settlement account 0 + 4,232 - 50,470 - 272 - 3,578 + 15,598 + 16,345 + 46,936 + 170 + 2,638 + 4,989 + 514 - 37,101 Total assets 4,393,401 90,673 2,412,612 114,031 125,390 277,054 276,323 232,457 59,333 37,075 67,747 176,519 524,188 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 28, 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 1,765,751 56,881 602,335 53,950 83,992 119,139 243,141 114,974 52,262 30,842 47,562 139,985 220,686 Less: Notes held by F.R. Banks 185,766 6,968 49,824 6,958 9,843 14,750 25,815 12,693 5,258 3,648 6,294 17,514 26,201 Federal Reserve notes, net 1,579,985 49,913 552,511 46,992 74,148 104,389 217,326 102,281 47,004 27,194 41,268 122,471 194,485 Reverse repurchase agreements (11) 277,458 5,406 156,234 7,164 8,046 16,256 16,332 11,670 3,700 2,163 3,935 11,107 35,444 Deposits 2,489,995 33,513 1,688,922 57,363 39,818 147,361 39,928 116,512 7,896 6,573 22,005 42,182 287,921 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 2,208,308 33,507 1,462,589 57,361 39,815 147,149 39,919 61,407 7,890 6,573 22,003 42,181 287,915 U.S. Treasury, General Account 199,390 0 199,390 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) 77,043 5 21,715 0 0 204 7 55,104 6 0 2 0 1 Deferred availability cash items 906 0 0 0 0 0 87 0 0 819 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,435 29 776 34 46 68 115 52 24 12 20 73 187 Other liabilities and accrued dividends 4,458 157 1,824 190 192 502 293 292 131 134 133 209 401 Total liabilities 4,354,237 89,018 2,400,268 111,743 122,250 268,577 274,082 230,806 58,755 36,896 67,361 176,042 518,439 Capital Capital paid in 31,664 1,336 9,980 1,861 2,535 6,856 1,808 1,332 470 145 312 384 4,645 Surplus 7,500 319 2,364 426 605 1,620 433 318 108 34 74 93 1,104 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,393,401 90,673 2,412,612 114,031 125,390 277,054 276,323 232,457 59,333 37,075 67,747 176,519 524,188 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 28, 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 $7.5 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 28, 2018 Federal Reserve notes outstanding 1,765,751 Less: Notes held by F.R. Banks not subject to collateralization 185,766 Federal Reserve notes to be collateralized 1,579,985 Collateral held against Federal Reserve notes 1,579,985 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,563,748 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,188,604 Less: Face value of securities under reverse repurchase agreements 278,733 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,909,871 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.