FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, March 15, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	March 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 Mar 14, 2018
	Week ended Mar 14, 2018	Change from week ended
	Week ended Mar 14, 2018	Mar 7, 2018	Mar 15, 2017
Reserve Bank credit	4,359,421	+ 5,094	- 69,057	4,366,514
Securities held outright¹	4,191,341	+ 2,616	- 53,944	4,197,541
U.S. Treasury securities	2,424,504	+ 161	- 39,248	2,424,562
Bills²	0	0	0	0
Notes and bonds, nominal²	2,293,885	0	- 46,526	2,293,885
Notes and bonds, inflation-indexed²	111,220	0	+ 5,319	111,220
Inflation compensation³	19,399	+ 161	+ 1,959	19,457
Federal agency debt securities²	4,391	0	- 8,938	4,391
Mortgage-backed securities⁴	1,762,446	+ 2,455	- 5,758	1,768,588
Unamortized premiums on securities held outright⁵	155,680	- 198	- 14,458	155,674
Unamortized discounts on securities held outright⁵	-14,085	+ 26	+ 926	-14,080
Repurchase agreements⁶	0	0	0	0
Loans	10	- 3	+ 3	15
Primary credit	2	- 1	- 1	4
Secondary credit	0	0	0	0
Seasonal credit	9	- 1	+ 6	11
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,708	0	+ 3	1,708
Float	-189	+ 96	+ 227	-280
Central bank liquidity swaps⁸	64	- 1	- 853	64
Other Federal Reserve assets⁹	24,892	+ 2,559	- 962	25,871
Foreign currency denominated assets¹⁰	22,222	- 47	+ 2,458	22,276
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,521	+ 14	+ 799	49,521

Total factors supplying reserve funds	4,447,406	+ 5,061	- 65,799	4,454,552

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 Mar 14, 2018
	Week ended Mar 14, 2018	Change from week ended
	Week ended Mar 14, 2018	Mar 7, 2018	Mar 15, 2017
Currency in circulation¹¹	1,633,326	+ 3,802	+ 104,212	1,634,992
Reverse repurchase agreements¹²	226,327	- 11,112	- 243,788	237,279
Foreign official and international accounts	222,671	- 198	- 22,124	232,309
Others	3,656	- 10,914	- 221,664	4,970
Treasury cash holdings	316	+ 10	+ 63	316
Deposits with F.R. Banks, other than reserve balances	336,362	+ 58,577	+ 231,288	346,122
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	249,929	+ 54,858	+ 211,350	236,160
Foreign official	5,254	- 1	+ 87	5,254
Other¹³	81,178	+ 3,719	+ 19,850	104,707
Other liabilities and capital¹⁴	46,246	+ 970	- 2,187	45,701

Total factors, other than reserve balances, absorbing reserve funds	2,242,576	+ 52,247	+ 89,587	2,264,410

Reserve balances with Federal Reserve Banks	2,204,829	- 47,187	- 155,387	2,190,143

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 Mar 14, 2018
	Week ended Mar 14, 2018	Change from week ended
	Week ended Mar 14, 2018	Mar 7, 2018	Mar 15, 2017
Securities held in custody for foreign official and international accounts	3,452,206	+ 11,827	+ 254,392	3,449,388
Marketable U.S. Treasury securities¹	3,109,062	+ 13,425	+ 239,650	3,108,760
Federal agency debt and mortgage-backed securities²	262,492	- 1,703	- 2,817	260,038
Other securities³	80,652	+ 104	+ 17,559	80,590
Securities lent to dealers	24,435	- 2,173	+ 2,143	23,742
Overnight facility⁴	24,435	- 2,173	+ 2,143	23,742
U.S. Treasury securities	24,435	- 2,173	+ 2,229	23,742
Federal agency debt securities	0	0	- 86	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, March 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	4	11	0	0	0	...	15
U.S. Treasury securities¹
Holdings	0	120,481	298,430	1,081,470	297,929	626,253	2,424,562
Weekly changes	0	0	+ 4	+ 22	+ 42	+ 93	+ 160
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	173	36,664	1,731,751	1,768,588
Weekly changes	0	0	0	0	0	+ 8,597	+ 8,597
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	64	0	0	0	0	0	64

Reverse repurchase agreements⁴	237,279	0	...	...	...	...	237,279
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	Mar 14, 2018
Mortgage-backed securities held outright¹	1,768,588

Commitments to buy mortgage-backed securities²	11,667
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	Mar 14, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,708

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 Mar 14, 2018	Change since
			Wednesday	Wednesday
			Mar 7, 2018	Mar 15, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,877	- 23	- 52
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,339,150	+ 8,657	- 64,312
Securities held outright¹		4,197,541	+ 8,757	- 50,784
U.S. Treasury securities		2,424,562	+ 160	- 39,250
Bills²		0	0	0
Notes and bonds, nominal²		2,293,885	0	- 46,526
Notes and bonds, inflation-indexed²		111,220	0	+ 5,319
Inflation compensation³		19,457	+ 160	+ 1,958
Federal agency debt securities²		4,391	0	- 8,938
Mortgage-backed securities⁴		1,768,588	+ 8,597	- 2,596
Unamortized premiums on securities held outright⁵		155,674	- 125	- 14,452
Unamortized discounts on securities held outright⁵		-14,080	+ 20	+ 924
Repurchase agreements⁶		0	0	0
Loans		15	+ 4	0
Net portfolio holdings of Maiden Lane LLC⁷		1,708	0	+ 1
Items in process of collection	(0)	74	- 12	+ 12
Bank premises		2,196	+ 2	- 1
Central bank liquidity swaps⁸		64	- 1	- 853
Foreign currency denominated assets⁹		22,276	- 58	+ 2,520
Other assets¹⁰		23,675	+ 2,595	+ 363

Total assets	(0)	4,407,258	+ 11,161	- 62,319

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 Mar 14, 2018	Change since
			Wednesday	Wednesday
			Mar 7, 2018	Mar 15, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,587,660	+ 1,871	+ 103,165
Reverse repurchase agreements¹¹		237,279	+ 3,813	- 239,733
Deposits	(0)	2,536,265	+ 4,953	+ 75,918
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,190,143	- 71,210	- 177,977
U.S. Treasury, General Account		236,160	+ 48,645	+ 212,744
Foreign official		5,254	0	+ 85
Other¹²	(0)	104,707	+ 27,517	+ 41,065
Deferred availability cash items	(0)	354	- 217	- 84
Other liabilities and accrued dividends¹³		6,541	+ 759	- 198

Total liabilities	(0)	4,368,098	+ 11,177	- 60,932

Capital accounts
Capital paid in		31,660	- 17	+ 1,112
Surplus		7,500	0	- 2,500
Other capital accounts		0	0	0

Total capital		39,160	- 17	- 1,388

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, March 14, 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	1,877	55	46	191	129	270	193	303	33	53	113	197	295
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,339,150	84,542	2,443,332	112,035	125,831	254,235	255,417	182,510	57,861	33,831	61,539	173,709	554,308
Securities held outright¹	4,197,541	81,784	2,363,601	108,379	121,725	245,936	247,083	176,543	55,973	32,726	59,531	168,040	536,220
U.S. Treasury securities	2,424,562	47,239	1,365,251	62,601	70,310	142,056	142,719	101,974	32,331	18,903	34,386	97,062	309,729
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,424,562	47,239	1,365,251	62,601	70,310	142,056	142,719	101,974	32,331	18,903	34,386	97,062	309,729
Federal agency debt securities²	4,391	86	2,473	113	127	257	258	185	59	34	62	176	561
Mortgage-backed securities⁴	1,768,588	34,459	995,877	45,664	51,287	103,623	104,106	74,385	23,584	13,789	25,083	70,802	225,930
Unamortized premiums on securities held outright⁵	155,674	3,033	87,659	4,019	4,514	9,121	9,164	6,547	2,076	1,214	2,208	6,232	19,887
Unamortized discounts on securities held outright⁵	-14,080	-274	-7,929	-364	-408	-825	-829	-592	-188	-110	-200	-564	-1,799
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	15	0	0	0	0	3	0	11	0	1	0	0	0
Net portfolio holdings of Maiden
Lane LLC⁷	1,708	0	1,708	0	0	0	0	0	0	0	0	0	0
Items in process of collection	74	0	0	0	0	0	73	0	0	0	0	0	0
Bank premises	2,196	112	444	74	121	198	203	202	109	87	235	220	191
Central bank liquidity swaps⁸	64	3	20	3	5	14	4	3	1	0	1	1	9
Foreign currency denominated
assets⁹	22,276	966	7,135	1,198	1,814	4,814	1,299	932	244	94	216	285	3,280
Other assets¹⁰	23,675	493	12,727	604	689	1,607	1,413	992	594	195	400	987	2,975
Interdistrict settlement account	0	- 2,865	- 62,155	+ 1,107	- 1,307	+ 31,284	+ 9,579	+ 43,807	+ 184	+ 2,342	+ 7,049	+ 3,075	- 32,100

Total assets	4,407,258	83,851	2,408,667	115,770	128,072	293,609	270,356	229,910	59,516	36,884	69,998	179,671	530,954

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, March 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
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,769,660	58,395	602,260	53,993	86,156	121,559	242,332	114,786	52,171	30,812	47,486	139,753	219,956
Less: Notes held by F.R. Banks	182,000	6,596	48,280	6,866	9,754	13,901	26,959	12,314	5,269	3,634	6,023	17,184	25,217
Federal Reserve notes, net	1,587,660	51,799	553,980	47,127	76,401	107,657	215,373	102,472	46,902	27,178	41,462	122,569	194,739
Reverse repurchase agreements¹¹	237,279	4,623	133,610	6,126	6,881	13,902	13,967	9,980	3,164	1,850	3,365	9,499	30,311
Deposits	2,536,265	25,563	1,705,778	59,986	41,396	162,967	38,265	115,436	8,700	7,238	24,612	46,814	299,509
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	2,190,143	25,532	1,417,228	59,984	41,329	162,784	38,228	58,235	8,695	7,238	24,605	46,781	299,502
U.S. Treasury, General Account	236,160	0	236,160	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	104,707	29	47,163	0	63	174	34	57,200	5	0	7	32	1
Deferred availability cash items	354	0	0	0	0	0	70	0	0	283	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,606	32	887	39	49	76	120	59	26	14	23	78	204
Other liabilities and accrued dividends	4,935	172	2,100	204	205	530	319	312	137	142	149	225	442

Total liabilities	4,368,098	82,189	2,396,354	113,482	124,931	285,132	268,115	228,259	58,928	36,705	69,612	179,185	525,205

Capital
Capital paid in	31,660	1,343	9,948	1,861	2,536	6,857	1,808	1,333	480	145	312	393	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	4,407,258	83,851	2,408,667	115,770	128,072	293,609	270,356	229,910	59,516	36,884	69,998	179,671	530,954

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, March 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 $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
Federal Reserve notes and collateral	Mar 14, 2018
Federal Reserve notes outstanding	1,769,660
Less: Notes held by F.R. Banks not subject to collateralization	182,000
Federal Reserve notes to be collateralized	1,587,660
Collateral held against Federal Reserve notes	1,587,660
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,571,423
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,197,541
Less: Face value of securities under reverse repurchase agreements	237,056
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,960,485

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.

Statistical releases