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FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

May 31, 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 30, 2018

Week ended
May 30, 2018

Change from week ended

May 23, 2018

May 31, 2017

Reserve Bank credit

4,288,757

-   10,212

-  132,225

4,287,126

Securities held outright1

4,127,430

-    9,565

-  117,037

4,126,081

U.S. Treasury securities

2,387,082

+       72

-   77,596

2,387,103

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,253,442

         0

-   85,909

2,253,442

Notes and bonds, inflation-indexed2

   112,949

         0

+    5,957

   112,949

Inflation compensation3

    20,691

+       73

+    2,356

    20,711

Federal agency debt securities2

     4,391

         0

-    4,443

     4,391

Mortgage-backed securities4

1,735,958

-    9,636

-   34,997

1,734,588

Unamortized premiums on securities held outright5

   151,410

-      615

-   15,759

   151,289

Unamortized discounts on securities held outright5

   -13,905

+       31

+      927

   -13,896

Repurchase agreements6

         0

         0

         0

         0

Loans

       100

+       19

+       45

       123

Primary credit

        19

+        7

+       14

        38

Secondary credit

         0

         0

         0

         0

Seasonal credit

        82

+       13

+       32

        85

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

     1,713

+        1

+        3

     1,712

Float

      -309

-      135

+      212

    -1,012

Central bank liquidity swaps8

        63

-       19

+       27

        63

Other Federal Reserve assets9

    22,253

+       68

-      646

    22,767

Foreign currency denominated assets10

    21,262

-        1

+      640

    21,280

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    49,629

+       14

+      713

    49,629

Total factors supplying reserve funds

4,375,889

-   10,199

-  130,872

4,374,277

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 30, 2018

Week ended
May 30, 2018

Change from week ended

May 23, 2018

May 31, 2017

Currency in circulation11

1,659,527

+    5,492

+  104,590

1,661,292

Reverse repurchase agreements12

   244,239

-   10,593

-  185,534

   245,554

Foreign official and international accounts

   242,596

-    6,292

-    6,627

   241,634

Others

     1,643

-    4,301

-  178,908

     3,920

Treasury cash holdings

       253

-        8

+       10

       245

Deposits with F.R. Banks, other than reserve balances

   406,995

-    2,274

+  154,657

   416,366

Term deposits held by depository institutions

         0

-    3,686

         0

         0

U.S. Treasury, General Account

   325,351

-    1,094

+  154,367

   332,712

Foreign official

     5,255

         0

-       47

     5,255

Other13

    76,390

+    2,507

+      337

    78,398

Other liabilities and capital14

    45,193

-      553

-    2,648

    44,934

Total factors, other than reserve balances,
absorbing reserve funds

2,356,208

-    7,935

+   71,075

2,368,390

Reserve balances with Federal Reserve Banks

2,019,681

-    2,265

-  201,947

2,005,886

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 30, 2018

Week ended
May 30, 2018

Change from week ended

May 23, 2018

May 31, 2017

Securities held in custody for foreign official and international accounts

3,394,432

+   11,977

+  156,909

3,400,291

Marketable U.S. Treasury securities1

3,032,436

+    5,501

+  118,718

3,037,303

Federal agency debt and mortgage-backed securities2

   286,598

+    6,565

+   23,990

   287,582

Other securities3

    75,398

-       89

+   14,202

    75,406

Securities lent to dealers

    21,110

+      956

-    1,064

    19,473

Overnight facility4

    21,110

+      956

-    1,064

    19,473

U.S. Treasury securities

    21,110

+      956

-    1,053

    19,473

Federal agency debt securities

         0

         0

-       11

         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 30, 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

       103

        21

         0

         0

         0

...

       123

U.S. Treasury securities1

Holdings

    28,479

    84,952

   306,289

1,059,169

   288,986

   619,228

2,387,103

Weekly changes

         0

+        1

+        1

+    7,151

-    7,118

+       33

+       68

Federal agency debt securities2

Holdings

     1,982

         0

        62

         0

         0

     2,347

     4,391

Weekly changes

+    1,982

-    1,982

         0

         0

         0

         0

         0

Mortgage-backed securities3

Holdings

         0

         0

         0

       140

    39,138

1,695,309

1,734,588

Weekly changes

         0

         0

         0

-        2

-      685

-    8,905

-    9,591

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

        63

         0

         0

         0

         0

         0

        63

Reverse repurchase agreements4

   245,554

         0

...

...

...

...

   245,554

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

May 30, 2018

Mortgage-backed securities held outright1

1,734,588

Commitments to buy mortgage-backed securities2

     9,469

Commitments to sell mortgage-backed securities2

       120

Cash and cash equivalents3

        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

May 30, 2018

Net portfolio holdings of Maiden Lane LLC1

     1,712

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 30, 2018

Change since

Wednesday

Wednesday

May 23, 2018

May 31, 2017

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,775

-       22

-       16

Securities, unamortized premiums and discounts, repurchase agreements, and loans

4,263,598

-   10,024

-  133,182

Securities held outright1

4,126,081

-    9,524

-  118,406

U.S. Treasury securities

2,387,103

+       68

-   77,593

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,253,442

         0

-   84,774

Notes and bonds, inflation-indexed2

   112,949

         0

+    4,823

Inflation compensation3

    20,711

+       68

+    2,358

Federal agency debt securities2

     4,391

         0

-    4,443

Mortgage-backed securities4

1,734,588

-    9,591

-   36,370

Unamortized premiums on securities held outright5

   151,289

-      548

-   15,793

Unamortized discounts on securities held outright5

   -13,896

+       30

+      960

Repurchase agreements6

         0

         0

         0

Loans

       123

+       17

+       56

Net portfolio holdings of Maiden Lane LLC7

     1,712

-        1

+        3

Items in process of collection

(0)

        87

+        4

-       12

Bank premises

     2,193

-        3

-       16

Central bank liquidity swaps8

        63

-       19

+       28

Foreign currency denominated assets9

    21,280

+       47

+      563

Other assets10

    20,574

+      235

+      237

Total assets

(0)

4,327,519

-    9,782

-  132,395

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 30, 2018

Change since

Wednesday

Wednesday

May 23, 2018

May 31, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

1,613,679

+    4,548

+  104,054

Reverse repurchase agreements11

   245,554

-    1,911

-  256,605

Deposits

(0)

2,422,253

-   12,875

+   22,320

Term deposits held by depository institutions

         0

-    3,686

         0

Other deposits held by depository institutions

2,005,887

-   34,658

-  123,719

U.S. Treasury, General Account

   332,712

+   20,543

+  142,881

Foreign official

     5,255

         0

+       77

Other12

(0)

    78,398

+    4,924

+    3,081

Deferred availability cash items

(0)

     1,100

+      838

-       40

Other liabilities and accrued dividends13

     5,472

-      531

-      779

Total liabilities

(0)

4,288,057

-    9,932

-  131,051

Capital accounts

Capital paid in

    31,962

+      149

+    1,156

Surplus

     7,500

         0

-    2,500

Other capital accounts

         0

         0

         0

Total capital

    39,462

+      149

-    1,344

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 30, 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

       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

     1,775

        46

        53

       176

       114

       254

       178

       291

        24

        47

       102

       180

       311

Securities, unamortized premiums and discounts, repurchase agreements,
and loans

4,263,598

    81,428

2,353,769

   107,644

   120,871

   252,296

   255,961

   228,367

    56,796

    35,596

    67,121

   176,294

   527,456

Securities held outright1

4,126,081

    78,804

2,277,917

   104,175

   116,976

   244,166

   247,675

   220,984

    54,932

    34,432

    64,954

   170,613

   510,455

U.S. Treasury securities

2,387,103

    45,591

1,317,866

    60,269

    67,675

   141,259

   143,290

   127,848

    31,780

    19,920

    37,579

    98,706

   295,318

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,387,103

    45,591

1,317,866

    60,269

    67,675

   141,259

   143,290

   127,848

    31,780

    19,920

    37,579

    98,706

   295,318

Federal agency debt securities2

     4,391

        84

     2,424

       111

       124

       260

       264

       235

        58

        37

        69

       182

       543

Mortgage-backed securities4

1,734,588

    33,129

   957,627

    43,795

    49,176

   102,646

   104,122

    92,901

    23,093

    14,475

    27,307

    71,725

   214,593

Unamortized premiums on securities  held outright5

   151,289

     2,889

    83,523

     3,820

     4,289

     8,953

     9,081

     8,103

     2,014

     1,263

     2,382

     6,256

    18,717

Unamortized discounts on securities  held outright5

   -13,896

      -265

    -7,671

      -351

      -394

      -822

      -834

      -744

      -185

      -116

      -219

      -575

    -1,719

Repurchase agreements6

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Loans

       123

         0

         1

         0

         0

         0

        38

        24

        35

        17

         4

         0

         4

Net portfolio holdings of Maiden

Lane LLC7

     1,712

         0

     1,712

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Items in process of collection

        87

         0

         0

         0

         0

         0

        87

         0

         0

         1

         0

         0

         0

Bank premises

     2,193

       110

       445

        74

       120

       196

       202

       199

       108

        95

       234

       220

       190

Central bank liquidity swaps8

        63

         3

        20

         4

         5

        14

         4

         3

         1

         0

         1

         1

         9

Foreign currency denominated

assets9

    21,280

       905

     6,709

     1,209

     1,717

     4,597

     1,230

       902

       307

        98

       211

       263

     3,132

Other assets10

    20,574

       418

    10,779

       512

       585

     1,445

     1,223

     1,071

       469

       221

       379

       962

     2,511

Interdistrict settlement account

         0

+    3,450

+   56,970

-    5,556

-      131

+   11,426

+   15,010

-    6,393

-    2,029

-      461

-    8,214

-    8,622

-   55,450

Total assets

4,327,519

    86,920

2,435,900

   104,622

   124,061

   271,413

   276,038

   225,603

    56,159

    35,885

    60,293

   170,485

   480,138

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 30, 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

1,784,971

    59,287

   605,428

    54,221

    87,747

   125,663

   252,742

   113,519

    52,053

    30,383

    47,142

   138,509

   218,277

Less: Notes held by F.R. Banks

   171,292

     6,097

    43,641

     6,739

     9,257

    13,634

    26,292

    11,719

     5,273

     3,147

     5,619

    16,024

    23,850

Federal Reserve notes, net

1,613,679

    53,189

   561,787

    47,482

    78,491

   112,029

   226,450

   101,801

    46,780

    27,236

    41,523

   122,485

   194,427

Reverse repurchase agreements11

   245,554

     4,690

   135,565

     6,200

     6,962

    14,531

    14,740

    13,151

     3,269

     2,049

     3,866

    10,154

    30,378

Deposits

2,422,253

    27,183

1,723,927

    48,420

    35,203

   135,722

    32,066

   108,648

     5,371

     5,269

    14,359

    37,086

   249,000

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

2,005,887

    27,152

1,360,439

    48,418

    35,137

   135,502

    32,030

    56,184

     5,365

     5,268

    14,349

    37,050

   248,992

U.S. Treasury, General Account

   332,712

         0

   332,712

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,255

         2

     5,228

         2

         3

         9

         2

         2

         1

         0

         0

         0

         6

Other12

    78,398

        29

    25,548

         0

        62

       211

        34

    52,463

         5

         0

        10

        35

         1

Deferred availability cash items

     1,100

         0

         0

         0

         0

         0

       102

         0

         0

       998

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

     1,201

        24

       598

        31

        45

        68

       100

        63

        14

        12

        23

        64

       158

Other liabilities and accrued
dividends

     4,271

       172

     1,559

       195

       203

       558

       316

       285

       129

       142

       139

       208

       366

Total liabilities

4,288,057

    85,258

2,423,435

   102,328

   120,903

   262,908

   273,773

   223,948

    55,563

    35,706

    59,909

   169,997

   474,329

Capital

Capital paid in

    31,962

     1,343

    10,101

     1,868

     2,553

     6,885

     1,832

     1,338

       488

       145

       310

       396

     4,705

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

4,327,519

    86,920

2,435,900

   104,622

   124,061

   271,413

   276,038

   225,603

    56,159

    35,885

    60,293

   170,485

   480,138

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 30, 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

May 30, 2018

Federal Reserve notes outstanding

1,784,971

Less: Notes held by F.R. Banks not subject to collateralization

   171,292

Federal Reserve notes to be collateralized

1,613,679

Collateral held against Federal Reserve notes

1,613,679

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

1,597,442

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

4,126,081

Less: Face value of securities under reverse repurchase agreements

   243,012

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

3,883,070

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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