FEDERAL RESERVE statistical release For Release at 4:30 P.M. EDT June 28, 2018 Publication Note The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to reflect the policies under which Federal Reserve Banks make payments of their residual net earnings to the U.S. Treasury.? The "Economic Growth, Regulatory Relief, and Consumer Protection Act" ("Act"), which was enacted on May 24, 2018, requires that aggregate Federal Reserve Bank capital surplus not exceed $6.825 billion. Therefore, any amount of aggregate Federal Reserve Bank capital surplus that exceeds this limit will be remitted to the U.S. Treasury. The amounts of the line items "Other liabilities and capital" on table 1, and "Surplus" on tables 5 and 6 reflect the lump-sum payment of approximately $675 million to the Treasury on June 21, 2018, which was necessary to reduce aggregate Reserve Bank capital surplus to the $6.825 billion limitation in the Act. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks June 28, 2018 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jun 27, 2018 Federal Reserve Banks Jun 27, 2018 Jun 20, 2018 Jun 28, 2017 Reserve Bank credit 4,272,520 - 6,978 - 158,545 4,265,630 Securities held outright (1) 4,107,740 - 6,797 - 141,940 4,101,930 U.S. Treasury securities 2,378,203 + 125 - 86,811 2,378,250 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,242,161 0 - 96,055 2,242,161 Notes and bonds, inflation-indexed (2) 114,860 0 + 6,734 114,860 Inflation compensation (3) 21,183 + 126 + 2,512 21,229 Federal agency debt securities (2) 2,409 0 - 5,688 2,409 Mortgage-backed securities (4) 1,727,127 - 6,923 - 49,442 1,721,271 Unamortized premiums on securities held outright (5) 149,999 - 558 - 16,357 149,733 Unamortized discounts on securities held outright (5) -13,936 + 29 + 809 -13,924 Repurchase agreements (6) 0 0 0 0 Loans 166 + 31 + 33 181 Primary credit 7 - 1 - 23 7 Secondary credit 0 0 0 0 Seasonal credit 159 + 32 + 56 174 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (7) 1,713 0 + 4 1,710 Float -222 - 62 + 62 -568 Central bank liquidity swaps (8) 90 - 5 + 55 90 Other Federal Reserve assets (9) 26,971 + 385 - 1,211 26,479 Foreign currency denominated assets (10) 21,173 + 62 + 544 21,093 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 49,685 + 14 + 713 49,685 Total factors supplying reserve funds 4,359,620 - 6,901 - 157,287 4,352,650 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 Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Jun 27, 2018 Federal Reserve Banks Jun 27, 2018 Jun 20, 2018 Jun 28, 2017 Currency in circulation (11) 1,662,240 + 1,319 + 106,340 1,665,308 Reverse repurchase agreements (12) 252,519 + 4,262 - 195,613 260,837 Foreign official and international accounts 245,454 - 2,142 + 6,059 240,157 Others 7,065 + 6,404 - 201,672 20,680 Treasury cash holdings 213 - 18 + 15 198 Deposits with F.R. Banks, other than reserve balances 459,299 + 20,381 + 156,902 441,059 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 373,940 + 21,163 + 165,575 362,175 Foreign official 5,256 + 1 + 91 5,256 Other (13) 80,103 - 782 - 8,764 73,629 Other liabilities and capital (14) 44,501 - 1,710 - 3,038 44,332 Total factors, other than reserve balances, absorbing reserve funds 2,418,773 + 24,235 + 64,607 2,411,734 Reserve balances with Federal Reserve Banks 1,940,847 - 31,136 - 221,895 1,940,916 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 Week ended Change from week ended Jun 27, 2018 Jun 27, 2018 Jun 20, 2018 Jun 28, 2017 Securities held in custody for foreign official and international accounts 3,399,649 - 4,039 + 91,705 3,407,585 Marketable U.S. Treasury securities (1) 3,038,415 - 3,493 + 52,934 3,045,893 Federal agency debt and mortgage-backed securities (2) 289,101 - 475 + 28,577 289,473 Other securities (3) 72,132 - 73 + 10,193 72,219 Securities lent to dealers 20,937 + 889 - 4,198 20,180 Overnight facility (4) 20,937 + 889 - 4,198 20,180 U.S. Treasury securities 20,937 + 889 - 4,197 20,180 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 27, 2018 Millions of dollars Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All days 90 days 1 year to 5 years to 10 years years Loans 162 20 0 0 0 ... 181 U.S. Treasury securities (1) Holdings 30,454 75,435 305,421 1,051,171 296,305 619,464 2,378,250 Weekly changes 0 + 1 + 2 + 19 + 44 + 60 + 126 Federal agency debt securities (2) Holdings 0 0 62 0 0 2,347 2,409 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 143 39,174 1,681,954 1,721,271 Weekly changes 0 0 0 - 4 - 707 - 9,505 - 10,217 Repurchase agreements (4) 0 0 ... ... ... ... 0 Central bank liquidity swaps (5) 90 0 0 0 0 0 90 Reverse repurchase agreements (4) 260,837 0 ... ... ... ... 260,837 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 Jun 27, 2018 Mortgage-backed securities held outright (1) 1,721,271 Commitments to buy mortgage-backed securities (2) 9,760 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 22 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 Jun 27, 2018 Net portfolio holdings of Maiden Lane LLC (1) 1,710 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0 Accrued interest payable to the Federal Reserve Bank of New York (2) 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 Wednesday Change since from Jun 27, 2018 Wednesday Wednesday consolidation Jun 20, 2018 Jun 28, 2017 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,773 - 3 - 46 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,237,919 - 10,600 - 157,029 Securities held outright (1) 4,101,930 - 10,091 - 141,492 U.S. Treasury securities 2,378,250 + 126 - 86,796 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,242,161 0 - 96,055 Notes and bonds, inflation-indexed (2) 114,860 0 + 6,734 Inflation compensation (3) 21,229 + 126 + 2,526 Federal agency debt securities (2) 2,409 0 - 5,688 Mortgage-backed securities (4) 1,721,271 - 10,217 - 49,009 Unamortized premiums on securities held outright (5) 149,733 - 558 - 16,335 Unamortized discounts on securities held outright (5) -13,924 + 30 + 809 Repurchase agreements (6) 0 0 0 Loans 181 + 19 - 11 Net portfolio holdings of Maiden Lane LLC (7) 1,710 - 3 + 1 Items in process of collection (0) 189 + 98 + 96 Bank premises 2,188 - 1 - 9 Central bank liquidity swaps (8) 90 - 5 + 55 Foreign currency denominated assets (9) 21,093 - 20 + 359 Other assets (10) 24,291 + 128 - 1,285 Total assets (0) 4,305,491 - 10,405 - 157,856 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 Wednesday Change since from Jun 27, 2018 Wednesday Wednesday consolidation Jun 20, 2018 Jun 28, 2017 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,617,589 + 3,559 + 105,403 Reverse repurchase agreements (11) 260,837 + 17,112 - 244,028 Deposits (0) 2,381,975 - 30,037 - 16,161 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 1,940,916 - 11,227 - 177,192 U.S. Treasury, General Account 362,175 - 17,915 + 164,578 Foreign official 5,256 + 1 + 91 Other (12) (0) 73,629 - 894 - 3,637 Deferred availability cash items (0) 758 + 569 - 78 Other liabilities and accrued dividends (13) 5,431 - 932 - 1,050 Total liabilities (0) 4,266,589 - 9,730 - 155,915 Capital accounts Capital paid in 32,076 0 + 1,233 Surplus 6,825 - 675 - 3,175 Other capital accounts 0 0 0 Total capital 38,901 - 675 - 1,942 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 27, 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 1,773 38 43 170 115 256 192 288 26 48 104 190 304 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,237,919 80,936 2,339,560 106,994 120,147 250,773 254,394 226,995 56,494 35,409 66,714 175,230 524,273 Securities held outright (1) 4,101,930 78,343 2,264,583 103,565 116,291 242,736 246,226 219,690 54,610 34,231 64,574 169,614 507,467 U.S. Treasury securities 2,378,250 45,422 1,312,978 60,046 67,424 140,736 142,759 127,374 31,662 19,846 37,439 98,340 294,223 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,378,250 45,422 1,312,978 60,046 67,424 140,736 142,759 127,374 31,662 19,846 37,439 98,340 294,223 Federal agency debt securities (2) 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298 Mortgage-backed securities (4) 1,721,271 32,874 950,275 43,458 48,799 101,858 103,322 92,188 22,916 14,364 27,097 71,174 212,946 Unamortized premiums on securities held outright (5) 149,733 2,860 82,664 3,780 4,245 8,861 8,988 8,019 1,993 1,250 2,357 6,191 18,524 Unamortized discounts on securities held outright (5) -13,924 -266 -7,687 -352 -395 -824 -836 -746 -185 -116 -219 -576 -1,723 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 181 0 0 0 6 0 16 31 76 45 2 0 5 Net portfolio holdings of Maiden Lane LLC (7) 1,710 0 1,710 0 0 0 0 0 0 0 0 0 0 Items in process of collection 189 0 0 0 0 0 189 0 0 0 0 0 0 Bank premises 2,188 110 443 74 119 196 203 199 107 95 234 220 190 Central bank liquidity swaps (8) 90 4 28 5 7 19 5 4 1 0 1 1 13 Foreign currency denominated assets (9) 21,093 898 6,650 1,198 1,702 4,556 1,219 894 304 97 209 261 3,104 Other assets (10) 24,291 497 12,929 611 697 1,642 1,467 1,280 385 253 445 1,101 2,984 Interdistrict settlement account 0 + 9,786 + 73,562 - 6,347 - 1,073 - 7,380 + 26,365 - 19,515 - 2,256 - 951 - 5,058 - 6,962 - 60,168 Total assets 4,305,491 92,827 2,440,370 103,264 122,496 251,247 286,178 211,308 55,545 35,240 63,108 171,226 472,679 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 27, 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 1,791,274 59,002 606,017 53,826 87,360 125,050 260,279 113,134 51,881 30,361 47,009 139,463 217,893 Less: Notes held by F.R. Banks 173,685 5,839 44,040 6,675 9,229 13,804 27,367 11,796 5,473 3,021 5,422 15,955 25,064 Federal Reserve notes, net 1,617,589 53,163 561,977 47,150 78,131 111,246 232,913 101,338 46,408 27,340 41,587 123,508 192,829 Reverse repurchase agreements (11) 260,837 4,982 144,002 6,586 7,395 15,435 15,657 13,970 3,473 2,177 4,106 10,786 32,269 Deposits 2,381,975 32,848 1,719,956 47,044 33,617 115,576 34,761 94,021 4,931 4,826 16,878 36,166 241,351 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 1,940,916 32,805 1,330,609 47,041 33,552 115,234 34,726 43,085 4,927 4,705 16,865 36,023 241,344 U.S. Treasury, General Account 362,175 0 362,175 0 0 0 0 0 0 0 0 0 0 Foreign official 5,256 2 5,228 2 3 9 2 2 1 0 0 0 6 Other (12) 73,629 42 21,944 1 62 333 33 50,934 4 120 12 143 2 Deferred availability cash items 758 0 0 0 0 0 193 0 0 565 0 0 0 Earnings remittances due to the U.S. Treasury (13) 1,120 21 561 27 38 59 95 64 15 13 19 65 145 Other liabilities and accrued dividends 4,311 180 1,513 201 211 572 326 290 131 143 144 222 376 Total liabilities 4,266,589 91,194 2,428,009 101,009 119,392 242,888 283,945 209,682 54,958 35,063 62,733 170,746 466,969 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 6,825 290 2,151 388 551 1,474 394 289 98 31 68 84 1,005 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,305,491 92,827 2,440,370 103,264 122,496 251,247 286,178 211,308 55,545 35,240 63,108 171,226 472,679 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 27, 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 $6.825 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 Jun 27, 2018 Federal Reserve notes outstanding 1,791,274 Less: Notes held by F.R. Banks not subject to collateralization 173,685 Federal Reserve notes to be collateralized 1,617,589 Collateral held against Federal Reserve notes 1,617,589 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,601,352 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,101,930 Less: Face value of securities under reverse repurchase agreements 258,015 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,843,915 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.