FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, May 24, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	May 24, 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 May 23, 2018
	Week ended May 23, 2018	Change from week ended
	Week ended May 23, 2018	May 16, 2018	May 24, 2017
Reserve Bank credit	4,298,969	- 15,419	- 135,665	4,297,773
Securities held outright¹	4,136,995	- 6,597	- 119,765	4,135,605
U.S. Treasury securities	2,387,010	- 6,095	- 77,642	2,387,035
Bills²	0	0	0	0
Notes and bonds, nominal²	2,253,442	- 6,164	- 86,098	2,253,442
Notes and bonds, inflation-indexed²	112,949	0	+ 6,146	112,949
Inflation compensation³	20,618	+ 68	+ 2,309	20,643
Federal agency debt securities²	4,391	0	- 4,443	4,391
Mortgage-backed securities⁴	1,745,594	- 502	- 37,680	1,744,179
Unamortized premiums on securities held outright⁵	152,025	- 363	- 15,854	151,837
Unamortized discounts on securities held outright⁵	-13,936	- 26	+ 924	-13,926
Repurchase agreements⁶	0	- 18	- 9	0
Loans	81	- 5	+ 31	106
Primary credit	12	- 11	+ 7	28
Secondary credit	0	0	0	0
Seasonal credit	69	+ 6	+ 24	77
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,712	- 3	+ 3	1,713
Float	-174	+ 18	+ 62	-179
Central bank liquidity swaps⁸	82	+ 2	+ 41	82
Other Federal Reserve assets⁹	22,185	- 8,425	- 1,098	22,535
Foreign currency denominated assets¹⁰	21,263	- 242	+ 665	21,233
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,608	+ 14	+ 709	49,608

Total factors supplying reserve funds	4,386,081	- 15,647	- 134,292	4,384,855

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 May 23, 2018
	Week ended May 23, 2018	Change from week ended
	Week ended May 23, 2018	May 16, 2018	May 24, 2017
Currency in circulation¹¹	1,654,027	+ 3,341	+ 105,631	1,656,691
Reverse repurchase agreements¹²	254,832	+ 5,933	- 170,664	247,465
Foreign official and international accounts	248,888	+ 3,272	+ 9,245	244,469
Others	5,944	+ 2,661	- 179,909	2,996
Treasury cash holdings	261	- 10	+ 14	255
Deposits with F.R. Banks, other than reserve balances	409,269	- 10,972	+ 134,265	394,583
Term deposits held by depository institutions	3,686	+ 3,686	- 12,661	3,686
U.S. Treasury, General Account	326,445	- 10,813	+ 159,280	312,169
Foreign official	5,255	0	+ 45	5,255
Other¹³	73,883	- 3,845	- 12,398	73,474
Other liabilities and capital¹⁴	45,746	+ 386	- 3,072	45,316

Total factors, other than reserve balances, absorbing reserve funds	2,364,135	- 1,323	+ 66,174	2,344,310

Reserve balances with Federal Reserve Banks	2,021,946	- 14,324	- 200,466	2,040,545

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 May 23, 2018
	Week ended May 23, 2018	Change from week ended
	Week ended May 23, 2018	May 16, 2018	May 24, 2017
Securities held in custody for foreign official and international accounts	3,382,455	- 4,770	+ 138,245	3,386,856
Marketable U.S. Treasury securities¹	3,026,935	- 8,218	+ 107,879	3,025,088
Federal agency debt and mortgage-backed securities²	280,033	+ 4,513	+ 16,273	286,485
Other securities³	75,487	- 1,066	+ 14,092	75,283
Securities lent to dealers	20,154	- 468	- 1,852	18,835
Overnight facility⁴	20,154	- 468	- 1,852	18,835
U.S. Treasury securities	20,154	- 468	- 1,835	18,835
Federal agency debt securities	0	0	- 17	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, May 23, 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	100	5	0	0	0	...	106
U.S. Treasury securities¹
Holdings	28,479	84,951	306,288	1,052,018	296,104	619,195	2,387,035
Weekly changes	0	+ 23,069	- 23,068	+ 10	+ 6,050	- 5,994	+ 69
Federal agency debt securities²
Holdings	0	1,982	62	0	0	2,347	4,391
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	0	142	39,823	1,704,214	1,744,179
Weekly changes	0	0	0	+ 65	+ 12	- 1,412	- 1,335
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	82	0	0	0	0	0	82

Reverse repurchase agreements⁴	247,465	0	...	...	...	...	247,465
Term deposits	3,686	0	0	...	...	...	3,686

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	May 23, 2018
Mortgage-backed securities held outright¹	1,744,179

Commitments to buy mortgage-backed securities²	7,291
Commitments to sell mortgage-backed securities²	60

Cash and cash equivalents³	66

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	May 23, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,713

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 May 23, 2018	Change since
			Wednesday	Wednesday
			May 16, 2018	May 24, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,797	- 6	- 23
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,273,622	- 1,684	- 133,172
Securities held outright¹		4,135,605	- 1,267	- 118,272
U.S. Treasury securities		2,387,035	+ 69	- 77,625
Bills²		0	0	0
Notes and bonds, nominal²		2,253,442	0	- 86,098
Notes and bonds, inflation-indexed²		112,949	0	+ 6,146
Inflation compensation³		20,643	+ 68	+ 2,326
Federal agency debt securities²		4,391	0	- 4,443
Mortgage-backed securities⁴		1,744,179	- 1,335	- 36,204
Unamortized premiums on securities held outright⁵		151,837	- 412	- 15,809
Unamortized discounts on securities held outright⁵		-13,926	+ 27	+ 923
Repurchase agreements⁶		0	- 65	- 62
Loans		106	+ 33	+ 49
Net portfolio holdings of Maiden Lane LLC⁷		1,713	+ 1	+ 3
Items in process of collection	(0)	83	+ 5	+ 23
Bank premises		2,196	+ 1	- 3
Central bank liquidity swaps⁸		82	+ 2	+ 41
Foreign currency denominated assets⁹		21,233	- 90	+ 692
Other assets¹⁰		20,339	+ 1,464	- 1,111

Total assets	(0)	4,337,301	- 308	- 133,551

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 May 23, 2018	Change since
			Wednesday	Wednesday
			May 16, 2018	May 24, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,609,131	+ 2,988	+ 104,357
Reverse repurchase agreements¹¹		247,465	- 9,439	- 179,852
Deposits	(0)	2,435,128	+ 5,318	- 55,671
Term deposits held by depository institutions		3,686	+ 3,686	- 12,661
Other deposits held by depository institutions		2,040,545	+ 17,884	- 165,618
U.S. Treasury, General Account		312,169	- 15,579	+ 149,111
Foreign official		5,255	0	+ 91
Other¹²	(0)	73,474	- 671	- 26,593
Deferred availability cash items	(0)	262	- 4	- 149
Other liabilities and accrued dividends¹³		6,003	+ 829	- 743

Total liabilities	(0)	4,297,989	- 308	- 132,059

Capital accounts
Capital paid in		31,813	+ 1	+ 1,009
Surplus		7,500	0	- 2,500
Other capital accounts		0	0	0

Total capital		39,313	+ 1	- 1,491

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, May 23, 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	364	3,626	350	544	773	1,491	739	334	199	307	905	1,405
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	1,797	49	53	177	115	255	180	292	23	49	105	184	315
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,273,622	81,620	2,359,318	107,897	121,156	252,890	256,556	228,901	56,927	35,676	67,275	176,709	528,697
Securities held outright¹	4,135,605	78,986	2,283,175	104,415	117,246	244,729	248,247	221,494	55,059	34,512	65,104	171,006	511,633
U.S. Treasury securities	2,387,035	45,590	1,317,828	60,268	67,673	141,255	143,286	127,844	31,779	19,920	37,578	98,703	295,310
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,387,035	45,590	1,317,828	60,268	67,673	141,255	143,286	127,844	31,779	19,920	37,578	98,703	295,310
Federal agency debt securities²	4,391	84	2,424	111	124	260	264	235	58	37	69	182	543
Mortgage-backed securities⁴	1,744,179	33,312	962,922	44,037	49,448	103,214	104,697	93,414	23,221	14,555	27,458	72,121	215,780
Unamortized premiums on securities held outright⁵	151,837	2,900	83,826	3,834	4,305	8,985	9,114	8,132	2,021	1,267	2,390	6,278	18,784
Unamortized discounts on securities held outright⁵	-13,926	-266	-7,688	-352	-395	-824	-836	-746	-185	-116	-219	-576	-1,723
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	106	0	5	0	0	0	31	21	32	14	0	0	3
Net portfolio holdings of Maiden
Lane LLC⁷	1,713	0	1,713	0	0	0	0	0	0	0	0	0	0
Items in process of collection	83	0	0	0	0	0	82	0	0	1	0	0	0
Bank premises	2,196	111	445	74	120	197	203	200	108	95	234	220	190
Central bank liquidity swaps⁸	82	3	26	5	7	18	5	3	1	0	1	1	12
Foreign currency denominated
assets⁹	21,233	903	6,694	1,206	1,714	4,587	1,227	900	306	97	210	263	3,125
Other assets¹⁰	20,339	416	10,686	508	580	1,415	1,213	1,064	467	212	376	921	2,481
Interdistrict settlement account	0	- 1,363	+ 88,828	- 4,785	- 961	+ 3,136	+ 13,353	- 17,478	- 2,466	- 1,865	- 5,730	- 6,886	- 63,783

Total assets	4,337,301	82,300	2,473,206	105,642	123,510	263,683	274,964	215,046	55,850	34,554	62,931	172,599	473,016

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, May 23, 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	1,784,029	59,332	605,751	54,284	87,828	125,752	250,630	113,618	52,078	30,400	47,181	138,652	218,524
Less: Notes held by F.R. Banks	174,898	6,248	42,997	7,102	9,818	13,995	26,659	12,182	5,551	3,253	5,768	16,569	24,757
Federal Reserve notes, net	1,609,131	53,084	562,753	47,182	78,010	111,757	223,971	101,436	46,527	27,147	41,413	122,083	193,767
Reverse repurchase agreements¹¹	247,465	4,726	136,620	6,248	7,016	14,644	14,855	13,254	3,295	2,065	3,896	10,233	30,615
Deposits	2,435,128	22,627	1,758,970	49,681	35,078	128,172	33,375	98,316	5,291	4,817	17,057	39,506	242,237
Term deposits held by depository institutions	3,686	25	1,305	1,000	10	100	0	400	0	0	345	1	500
Other deposits held by depository institutions	2,040,545	22,571	1,418,156	48,679	35,007	127,845	33,329	46,954	5,286	4,817	16,701	39,469	241,730
U.S. Treasury, General Account	312,169	0	312,169	0	0	0	0	0	0	0	0	0	0
Foreign official	5,255	2	5,227	2	3	9	2	2	1	0	0	0	6
Other¹²	73,474	29	22,113	0	57	219	44	50,961	5	0	10	35	1
Deferred availability cash items	262	0	0	0	0	0	72	0	0	190	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,158	21	603	25	35	44	99	67	21	13	21	64	146
Other liabilities and accrued dividends	4,846	178	1,942	213	213	561	327	317	135	143	146	224	446

Total liabilities	4,297,989	80,637	2,460,888	103,348	120,352	255,178	272,699	213,390	55,268	34,375	62,532	172,110	467,211

Capital
Capital paid in	31,813	1,343	9,955	1,868	2,553	6,885	1,832	1,338	473	145	324	396	4,702
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	4,337,301	82,300	2,473,206	105,642	123,510	263,683	274,964	215,046	55,850	34,554	62,931	172,599	473,016

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, May 23, 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	May 23, 2018
Federal Reserve notes outstanding	1,784,029
Less: Notes held by F.R. Banks not subject to collateralization	174,898
Federal Reserve notes to be collateralized	1,609,131
Collateral held against Federal Reserve notes	1,609,131
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,592,894
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,135,605
Less: Face value of securities under reverse repurchase agreements	245,809
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,889,796

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