FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, June 21, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	June 21, 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 Jun 20, 2018
	Week ended Jun 20, 2018	Change from week ended
	Week ended Jun 20, 2018	Jun 13, 2018	Jun 21, 2017
Reserve Bank credit	4,279,498	- 2,135	- 150,748	4,276,580
Securities held outright¹	4,114,537	- 2,851	- 134,846	4,112,021
U.S. Treasury securities	2,378,078	+ 126	- 86,848	2,378,124
Bills²	0	0	0	0
Notes and bonds, nominal²	2,242,161	0	- 96,055	2,242,161
Notes and bonds, inflation-indexed²	114,860	0	+ 6,734	114,860
Inflation compensation³	21,057	+ 126	+ 2,474	21,103
Federal agency debt securities²	2,409	- 1,699	- 5,688	2,409
Mortgage-backed securities⁴	1,734,050	- 1,278	- 42,310	1,731,488
Unamortized premiums on securities held outright⁵	150,557	- 359	- 16,056	150,291
Unamortized discounts on securities held outright⁵	-13,965	+ 24	+ 811	-13,954
Repurchase agreements⁶	0	0	0	0
Loans	135	+ 12	+ 34	162
Primary credit	8	- 9	- 10	21
Secondary credit	0	0	0	0
Seasonal credit	127	+ 21	+ 44	141
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,713	0	+ 4	1,713
Float	-160	+ 19	+ 103	-99
Central bank liquidity swaps⁸	95	+ 4	+ 53	95
Other Federal Reserve assets⁹	26,586	+ 1,015	- 849	26,351
Foreign currency denominated assets¹⁰	21,111	- 239	+ 511	21,113
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,671	+ 14	+ 713	49,671

Total factors supplying reserve funds	4,366,521	- 2,360	- 149,524	4,363,606

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 Jun 20, 2018
	Week ended Jun 20, 2018	Change from week ended
	Week ended Jun 20, 2018	Jun 13, 2018	Jun 21, 2017
Currency in circulation¹¹	1,660,921	- 42	+ 106,188	1,661,714
Reverse repurchase agreements¹²	248,257	+ 4,172	- 160,577	243,725
Foreign official and international accounts	247,596	+ 6,833	+ 5,181	243,405
Others	661	- 2,661	- 165,759	320
Treasury cash holdings	231	- 4	+ 29	216
Deposits with F.R. Banks, other than reserve balances	438,918	+ 78,343	+ 144,955	459,869
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	352,777	+ 71,589	+ 140,502	380,090
Foreign official	5,255	0	+ 79	5,255
Other¹³	80,885	+ 6,753	+ 4,373	74,523
Other liabilities and capital¹⁴	46,211	+ 457	- 2,282	45,939

Total factors, other than reserve balances, absorbing reserve funds	2,394,538	+ 82,926	+ 88,313	2,411,463

Reserve balances with Federal Reserve Banks	1,971,983	- 85,286	- 237,837	1,952,143

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 Jun 20, 2018
	Week ended Jun 20, 2018	Change from week ended
	Week ended Jun 20, 2018	Jun 13, 2018	Jun 21, 2017
Securities held in custody for foreign official and international accounts	3,403,688	+ 2,150	+ 113,660	3,400,875
Marketable U.S. Treasury securities¹	3,041,908	+ 3,350	+ 75,862	3,040,352
Federal agency debt and mortgage-backed securities²	289,576	+ 1,452	+ 27,362	288,683
Other securities³	72,205	- 2,651	+ 10,438	71,840
Securities lent to dealers	20,048	- 1,943	- 5,563	19,960
Overnight facility⁴	20,048	- 1,943	- 5,563	19,960
U.S. Treasury securities	20,048	- 1,943	- 5,562	19,960
Federal agency debt securities	0	0	0	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, June 20, 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	144	18	0	0	0	...	162
U.S. Treasury securities¹
Holdings	30,454	75,434	305,419	1,051,152	296,261	619,404	2,378,124
Weekly changes	+ 30,454	- 30,452	+ 2	+ 18	+ 44	+ 60	+ 126
Federal agency debt securities²
Holdings	0	0	62	0	0	2,347	2,409
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	0	147	39,881	1,691,459	1,731,488
Weekly changes	0	0	0	+ 4	- 137	- 8,113	- 8,245
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	95	0	0	0	0	0	95

Reverse repurchase agreements⁴	243,725	0	...	...	...	...	243,725
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	Jun 20, 2018
Mortgage-backed securities held outright¹	1,731,488

Commitments to buy mortgage-backed securities²	7,241
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	1

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	Jun 20, 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 Jun 20, 2018	Change since
			Wednesday	Wednesday
			Jun 13, 2018	Jun 21, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,776	+ 5	- 43
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,248,519	- 8,706	- 157,641
Securities held outright¹		4,112,021	- 8,120	- 142,133
U.S. Treasury securities		2,378,124	+ 126	- 86,834
Bills²		0	0	0
Notes and bonds, nominal²		2,242,161	0	- 96,055
Notes and bonds, inflation-indexed²		114,860	0	+ 6,734
Inflation compensation³		21,103	+ 126	+ 2,488
Federal agency debt securities²		2,409	0	- 5,688
Mortgage-backed securities⁴		1,731,488	- 8,245	- 49,611
Unamortized premiums on securities held outright⁵		150,291	- 610	- 16,372
Unamortized discounts on securities held outright⁵		-13,954	+ 31	+ 811
Repurchase agreements⁶		0	0	0
Loans		162	- 6	+ 55
Net portfolio holdings of Maiden Lane LLC⁷		1,713	0	+ 4
Items in process of collection	(0)	91	- 7	+ 30
Bank premises		2,189	+ 1	- 9
Central bank liquidity swaps⁸		95	+ 4	+ 53
Foreign currency denominated assets⁹		21,113	- 189	+ 576
Other assets¹⁰		24,163	- 118	- 1,332

Total assets	(0)	4,315,896	- 9,010	- 158,361

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 Jun 20, 2018	Change since
			Wednesday	Wednesday
			Jun 13, 2018	Jun 21, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,614,030	- 85	+ 105,257
Reverse repurchase agreements¹¹		243,725	+ 4,067	- 202,511
Deposits	(0)	2,412,012	- 12,795	- 58,455
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		1,952,143	- 110,895	- 212,473
U.S. Treasury, General Account		380,090	+ 97,122	+ 154,964
Foreign official		5,255	0	+ 90
Other¹²	(0)	74,523	+ 977	- 1,037
Deferred availability cash items	(0)	189	- 125	- 244
Other liabilities and accrued dividends¹³		6,363	- 73	- 1,130

Total liabilities	(0)	4,276,319	- 9,012	- 157,082

Capital accounts
Capital paid in		32,076	0	+ 1,220
Surplus		7,500	0	- 2,500
Other capital accounts		0	0	0

Total capital		39,576	0	- 1,280

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, June 20, 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	1,776	39	46	172	116	253	187	291	25	46	104	190	305
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,248,519	81,139	2,345,423	107,262	120,457	251,401	255,031	227,564	56,607	35,498	66,881	175,669	525,586
Securities held outright¹	4,112,021	78,535	2,270,154	103,820	116,577	243,333	246,831	220,231	54,745	34,315	64,733	170,031	508,715
U.S. Treasury securities	2,378,124	45,420	1,312,909	60,043	67,421	140,728	142,751	127,367	31,661	19,845	37,437	98,335	294,207
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,378,124	45,420	1,312,909	60,043	67,421	140,728	142,751	127,367	31,661	19,845	37,437	98,335	294,207
Federal agency debt securities²	2,409	46	1,330	61	68	143	145	129	32	20	38	100	298
Mortgage-backed securities⁴	1,731,488	33,070	955,916	43,716	49,088	102,463	103,936	92,735	23,052	14,449	27,258	71,597	214,210
Unamortized premiums on securities held outright⁵	150,291	2,870	82,972	3,795	4,261	8,894	9,021	8,049	2,001	1,254	2,366	6,214	18,593
Unamortized discounts on securities held outright⁵	-13,954	-267	-7,704	-352	-396	-826	-838	-747	-186	-116	-220	-577	-1,726
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	162	0	0	0	15	0	16	31	47	46	2	0	5
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	91	0	0	0	0	0	90	0	0	1	0	0	0
Bank premises	2,189	110	443	74	119	197	202	199	107	95	234	220	190
Central bank liquidity swaps⁸	95	4	30	5	8	21	6	4	1	0	1	1	14
Foreign currency denominated
assets⁹	21,113	898	6,657	1,199	1,704	4,561	1,220	895	305	97	209	261	3,107
Other assets¹⁰	24,163	492	12,796	605	691	1,632	1,444	1,270	531	242	441	1,064	2,955
Interdistrict settlement account	0	- 266	+ 104,735	- 6,737	- 3,531	- 12,098	+ 20,192	- 23,075	- 2,678	- 1,991	- 4,438	- 7,994	- 62,119

Total assets	4,315,896	82,977	2,477,287	103,140	120,345	247,152	280,516	208,312	55,382	34,277	63,892	170,598	472,018

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, June 20, 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	1,788,315	59,071	605,096	53,892	87,393	125,154	258,048	113,125	51,926	30,389	47,059	139,151	218,013
Less: Notes held by F.R. Banks	174,286	5,865	43,421	6,637	9,589	14,153	27,086	11,899	5,358	3,135	5,584	16,080	25,480
Federal Reserve notes, net	1,614,030	53,206	561,675	47,255	77,804	111,000	230,962	101,226	46,567	27,254	41,475	123,071	192,533
Reverse repurchase agreements¹¹	243,725	4,655	134,555	6,154	6,910	14,423	14,630	13,053	3,245	2,034	3,837	10,078	30,152
Deposits	2,412,012	23,245	1,765,706	47,194	32,218	112,611	32,150	91,971	4,811	4,519	18,035	36,658	242,893
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	1,952,143	23,212	1,355,841	47,191	32,156	112,141	32,107	42,817	4,806	4,465	18,017	36,502	242,886
U.S. Treasury, General Account	380,090	0	380,090	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	74,523	31	24,547	1	59	461	40	49,153	4	54	18	155	2
Deferred availability cash items	189	0	0	0	0	0	58	0	0	132	0	0	0
Earnings remittances due to the U.S. Treasury¹³	830	12	446	14	22	13	83	51	17	11	9	56	98
Other liabilities and accrued dividends	5,533	198	2,330	229	233	600	362	355	146	148	154	246	532

Total liabilities	4,276,319	81,315	2,464,713	100,846	117,186	238,647	278,244	206,657	54,785	34,097	63,511	170,109	466,209

Capital
Capital paid in	32,076	1,343	10,210	1,868	2,553	6,885	1,838	1,337	489	145	308	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	4,315,896	82,977	2,477,287	103,140	120,345	247,152	280,516	208,312	55,382	34,277	63,892	170,598	472,018

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, June 20, 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	Jun 20, 2018
Federal Reserve notes outstanding	1,788,315
Less: Notes held by F.R. Banks not subject to collateralization	174,286
Federal Reserve notes to be collateralized	1,614,030
Collateral held against Federal Reserve notes	1,614,030
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,597,793
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,112,021
Less: Face value of securities under reverse repurchase agreements	237,976
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,874,044

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