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

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	March 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 Mar 21, 2018
	Week ended Mar 21, 2018	Change from week ended
	Week ended Mar 21, 2018	Mar 14, 2018	Mar 22, 2017
Reserve Bank credit	4,361,534	+ 2,113	- 74,683	4,360,723
Securities held outright¹	4,193,059	+ 1,718	- 58,961	4,192,285
U.S. Treasury securities	2,424,664	+ 160	- 39,250	2,424,723
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	19,559	+ 160	+ 1,957	19,618
Federal agency debt securities²	4,391	0	- 8,938	4,391
Mortgage-backed securities⁴	1,764,005	+ 1,559	- 10,772	1,763,171
Unamortized premiums on securities held outright⁵	155,314	- 366	- 14,705	155,105
Unamortized discounts on securities held outright⁵	-14,063	+ 22	+ 923	-14,054
Repurchase agreements⁶	0	0	0	0
Loans	16	+ 6	+ 7	14
Primary credit	5	+ 3	+ 2	0
Secondary credit	0	0	0	0
Seasonal credit	11	+ 2	+ 6	14
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,708	0	+ 1	1,708
Float	-153	+ 36	+ 137	-152
Central bank liquidity swaps⁸	77	+ 13	- 942	77
Other Federal Reserve assets⁹	25,576	+ 684	- 1,144	25,741
Foreign currency denominated assets¹⁰	22,201	- 21	+ 2,136	22,163
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,535	+ 14	+ 793	49,535

Total factors supplying reserve funds	4,449,512	+ 2,106	- 71,754	4,448,663

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 21, 2018
	Week ended Mar 21, 2018	Change from week ended
	Week ended Mar 21, 2018	Mar 14, 2018	Mar 22, 2017
Currency in circulation¹¹	1,634,202	+ 876	+ 102,380	1,634,754
Reverse repurchase agreements¹²	241,746	+ 15,419	- 239,663	249,149
Foreign official and international accounts	231,040	+ 8,369	- 13,899	228,563
Others	10,706	+ 7,050	- 225,764	20,586
Treasury cash holdings	316	0	+ 53	317
Deposits with F.R. Banks, other than reserve balances	404,185	+ 67,823	+ 256,227	385,095
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	316,454	+ 66,525	+ 245,627	298,973
Foreign official	5,254	0	+ 81	5,254
Other¹³	82,477	+ 1,299	+ 10,520	80,867
Other liabilities and capital¹⁴	45,476	- 770	- 2,925	44,280

Total factors, other than reserve balances, absorbing reserve funds	2,325,925	+ 83,349	+ 116,072	2,313,595

Reserve balances with Federal Reserve Banks	2,123,587	- 81,242	- 187,826	2,135,068

Note: Components may not sum to totals because of rounding.

1.	Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2.	Face value of the securities.
3.	Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.
4.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5.	Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.
6.	Cash value of agreements.
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 21, 2018
	Week ended Mar 21, 2018	Change from week ended
	Week ended Mar 21, 2018	Mar 14, 2018	Mar 22, 2017
Securities held in custody for foreign official and international accounts	3,440,035	- 12,171	+ 228,192	3,444,637
Marketable U.S. Treasury securities¹	3,097,467	- 11,595	+ 210,016	3,092,098
Federal agency debt and mortgage-backed securities²	263,136	+ 644	+ 381	273,104
Other securities³	79,432	- 1,220	+ 17,795	79,435
Securities lent to dealers	22,700	- 1,735	- 1,127	25,940
Overnight facility⁴	22,700	- 1,735	- 1,127	25,940
U.S. Treasury securities	22,700	- 1,735	- 1,051	25,940
Federal agency debt securities	0	0	- 77	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 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	14	0	0	0	0	...	14
U.S. Treasury securities¹
Holdings	31,201	89,280	298,434	1,081,492	297,970	626,346	2,424,723
Weekly changes	+ 31,201	- 31,201	+ 4	+ 22	+ 41	+ 93	+ 161
Federal agency debt securities²
Holdings	0	1,982	0	62	0	2,347	4,391
Weekly changes	0	+ 1,982	- 1,982	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	1	197	36,593	1,726,381	1,763,171
Weekly changes	0	0	0	+ 24	- 71	- 5,370	- 5,417
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	77	0	0	0	0	0	77

Reverse repurchase agreements⁴	249,149	0	...	...	...	...	249,149
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 21, 2018
Mortgage-backed securities held outright¹	1,763,171

Commitments to buy mortgage-backed securities²	9,090
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	9

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 21, 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 21, 2018	Change since
			Wednesday	Wednesday
			Mar 14, 2018	Mar 22, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,859	- 18	- 62
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,333,349	- 5,801	- 76,650
Securities held outright¹		4,192,285	- 5,256	- 62,662
U.S. Treasury securities		2,424,723	+ 161	- 39,251
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		19,618	+ 161	+ 1,957
Federal agency debt securities²		4,391	0	- 8,938
Mortgage-backed securities⁴		1,763,171	- 5,417	- 14,474
Unamortized premiums on securities held outright⁵		155,105	- 569	- 14,914
Unamortized discounts on securities held outright⁵		-14,054	+ 26	+ 922
Repurchase agreements⁶		0	0	0
Loans		14	- 1	+ 5
Net portfolio holdings of Maiden Lane LLC⁷		1,708	0	+ 1
Items in process of collection	(0)	88	+ 14	+ 39
Bank premises		2,197	+ 1	- 2
Central bank liquidity swaps⁸		77	+ 13	- 942
Foreign currency denominated assets⁹		22,163	- 113	+ 1,958
Other assets¹⁰		23,544	- 131	- 1,354

Total assets	(0)	4,401,222	- 6,036	- 77,014

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 21, 2018	Change since
			Wednesday	Wednesday
			Mar 14, 2018	Mar 22, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,587,391	- 269	+ 100,086
Reverse repurchase agreements¹¹		249,149	+ 11,870	- 246,569
Deposits	(0)	2,520,162	- 16,103	+ 73,212
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,135,068	- 55,075	- 178,894
U.S. Treasury, General Account		298,973	+ 62,813	+ 244,728
Foreign official		5,254	0	+ 83
Other¹²	(0)	80,867	- 23,840	+ 7,295
Deferred availability cash items	(0)	239	- 115	- 247
Other liabilities and accrued dividends¹³		5,110	- 1,431	- 2,101

Total liabilities	(0)	4,362,051	- 6,047	- 75,619

Capital accounts
Capital paid in		31,670	+ 10	+ 1,105
Surplus		7,500	0	- 2,500
Other capital accounts		0	0	0

Total capital		39,170	+ 10	- 1,395

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 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	1,859	54	46	192	124	270	190	301	31	53	112	195	292
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,333,349	84,429	2,440,065	111,885	125,663	253,893	255,076	182,265	57,784	33,788	61,457	173,476	553,567
Securities held outright¹	4,192,285	81,681	2,360,641	108,243	121,572	245,628	246,773	176,322	55,903	32,685	59,456	167,830	535,549
U.S. Treasury securities	2,424,723	47,243	1,365,342	62,605	70,315	142,066	142,728	101,981	32,333	18,904	34,388	97,069	309,749
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,424,723	47,243	1,365,342	62,605	70,315	142,066	142,728	101,981	32,333	18,904	34,388	97,069	309,749
Federal agency debt securities²	4,391	86	2,473	113	127	257	258	185	59	34	62	176	561
Mortgage-backed securities⁴	1,763,171	34,353	992,827	45,524	51,130	103,305	103,787	74,157	23,511	13,747	25,006	70,585	225,238
Unamortized premiums on securities held outright⁵	155,105	3,022	87,338	4,005	4,498	9,088	9,130	6,523	2,068	1,209	2,200	6,209	19,814
Unamortized discounts on securities held outright⁵	-14,054	-274	-7,914	-363	-408	-823	-827	-591	-187	-110	-199	-563	-1,795
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	14	0	0	0	0	0	0	11	0	3	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	88	0	0	0	0	0	87	0	0	0	0	0	0
Bank premises	2,197	113	444	74	121	198	203	202	109	87	235	220	192
Central bank liquidity swaps⁸	77	3	25	4	6	17	4	3	1	0	1	1	11
Foreign currency denominated
assets⁹	22,163	961	7,098	1,192	1,805	4,789	1,293	928	242	94	215	283	3,263
Other assets¹⁰	23,544	492	12,658	602	686	1,570	1,393	983	592	198	398	1,011	2,961
Interdistrict settlement account	0	- 4,602	- 5,287	+ 769	- 4,309	+ 16,219	+ 8,003	+ 39,005	- 148	+ 1,747	+ 7,477	+ 1,073	- 59,948

Total assets	4,401,222	81,995	2,462,168	115,275	124,887	278,143	268,424	224,848	59,102	36,248	70,340	177,457	502,335

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 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	1,771,080	58,840	601,598	53,849	87,085	122,530	242,462	114,555	52,075	30,719	47,367	139,789	220,210
Less: Notes held by F.R. Banks	183,688	6,584	48,720	7,342	9,840	13,946	27,504	12,274	5,315	3,684	6,013	17,279	25,186
Federal Reserve notes, net	1,587,391	52,256	552,878	46,506	77,246	108,584	214,959	102,280	46,760	27,035	41,355	122,509	195,024
Reverse repurchase agreements¹¹	249,149	4,854	140,294	6,433	7,225	14,598	14,666	10,479	3,322	1,942	3,534	9,974	31,828
Deposits	2,520,162	23,041	1,754,593	59,840	37,054	145,968	36,105	110,125	8,286	6,765	24,917	44,221	269,247
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	2,135,068	23,010	1,427,866	59,838	36,976	145,808	36,051	52,135	8,281	6,764	24,908	44,191	269,240
U.S. Treasury, General Account	298,973	0	298,973	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	80,867	29	22,527	0	75	151	52	57,989	5	0	9	30	2
Deferred availability cash items	239	0	0	0	0	0	62	0	0	177	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,189	21	678	23	34	33	96	42	20	11	17	61	152
Other liabilities and accrued dividends	3,921	161	1,411	185	187	478	295	270	126	138	131	204	334

Total liabilities	4,362,051	80,333	2,449,854	112,987	121,746	269,661	266,183	223,196	58,514	36,068	69,954	176,969	496,585

Capital
Capital paid in	31,670	1,343	9,949	1,861	2,536	6,862	1,808	1,334	480	145	312	395	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	4,401,222	81,995	2,462,168	115,275	124,887	278,143	268,424	224,848	59,102	36,248	70,340	177,457	502,335

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 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 $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 21, 2018
Federal Reserve notes outstanding	1,771,080
Less: Notes held by F.R. Banks not subject to collateralization	183,688
Federal Reserve notes to be collateralized	1,587,391
Collateral held against Federal Reserve notes	1,587,391
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,571,154
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,192,285
Less: Face value of securities under reverse repurchase agreements	247,807
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,944,478

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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