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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
reserve balances of depository institutions at
Federal Reserve Banks

Averages of daily figures

Wednesday
Jun 27, 2018

Week ended
Jun 27, 2018

Change from week ended

Jun 20, 2018

Jun 28, 2017

Reserve Bank credit

4,272,520

-    6,978

-  158,545

4,265,630

Securities held outright1

4,107,740

-    6,797

-  141,940

4,101,930

U.S. Treasury securities

2,378,203

+      125

-   86,811

2,378,250

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

    21,183

+      126

+    2,512

    21,229

Federal agency debt securities2

     2,409

         0

-    5,688

     2,409

Mortgage-backed securities4

1,727,127

-    6,923

-   49,442

1,721,271

Unamortized premiums on securities held outright5

   149,999

-      558

-   16,357

   149,733

Unamortized discounts on securities held outright5

   -13,936

+       29

+      809

   -13,924

Repurchase agreements6

         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 LLC7

     1,713

         0

+        4

     1,710

Float

      -222

-       62

+       62

      -568

Central bank liquidity swaps8

        90

-        5

+       55

        90

Other Federal Reserve assets9

    26,971

+      385

-    1,211

    26,479

Foreign currency denominated assets10

    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 outstanding11

    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
reserve balances of depository institutions at
Federal Reserve Banks

Averages of daily figures

Wednesday
Jun 27, 2018

Week ended
Jun 27, 2018

Change from week ended

Jun 20, 2018

Jun 28, 2017

Currency in circulation11

1,662,240

+    1,319

+  106,340

1,665,308

Reverse repurchase agreements12

   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

Other13

    80,103

-      782

-    8,764

    73,629

Other liabilities and capital14

    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
Jun 27, 2018

Week ended
Jun 27, 2018

Change from week ended

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 securities1

3,038,415

-    3,493

+   52,934

3,045,893

Federal agency debt and mortgage-backed securities2

   289,101

-      475

+   28,577

   289,473

Other securities3

    72,132

-       73

+   10,193

    72,219

Securities lent to dealers

    20,937

+      889

-    4,198

    20,180

Overnight facility4

    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
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

       162

        20

         0

         0

         0

...

       181

U.S. Treasury securities1

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 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

       143

    39,174

1,681,954

1,721,271

Weekly changes

         0

         0

         0

-        4

-      707

-    9,505

-   10,217

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

        90

         0

         0

         0

         0

         0

        90

Reverse repurchase agreements4

   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 outright1

1,721,271

Commitments to buy mortgage-backed securities2

     9,760

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

        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 LLC1

     1,710

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 27, 2018

Change since

Wednesday

Wednesday

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 outright1

4,101,930

-   10,091

-  141,492

U.S. Treasury securities

2,378,250

+      126

-   86,796

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

    21,229

+      126

+    2,526

Federal agency debt securities2

     2,409

         0

-    5,688

Mortgage-backed securities4

1,721,271

-   10,217

-   49,009

Unamortized premiums on securities held outright5

   149,733

-      558

-   16,335

Unamortized discounts on securities held outright5

   -13,924

+       30

+      809

Repurchase agreements6

         0

         0

         0

Loans

       181

+       19

-       11

Net portfolio holdings of Maiden Lane LLC7

     1,710

-        3

+        1

Items in process of collection

(0)

       189

+       98

+       96

Bank premises

     2,188

-        1

-        9

Central bank liquidity swaps8

        90

-        5

+       55

Foreign currency denominated assets9

    21,093

-       20

+      359

Other assets10

    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 from consolidation

Wednesday
Jun 27, 2018

Change since

Wednesday

Wednesday

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 agreements11

   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

Other12

(0)

    73,629

-      894

-    3,637

Deferred availability cash items

(0)

       758

+      569

-       78

Other liabilities and accrued dividends13

     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 outright1

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

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

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 securities2

     2,409

        46

     1,330

        61

        68

       143

       145

       129

        32

        20

        38

       100

       298

Mortgage-backed securities4

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 outright5

   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 outright5

   -13,924

      -266

    -7,687

      -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

       181

         0

         0

         0

         6

         0

        16

        31

        76

        45

         2

         0

         5

Net portfolio holdings of Maiden

Lane LLC7

     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 swaps8

        90

         4

        28

         5

         7

        19

         5

         4

         1

         0

         1

         1

        13

Foreign currency denominated

assets9

    21,093

       898

     6,650

     1,198

     1,702

     4,556

     1,219

       894

       304

        97

       209

       261

     3,104

Other assets10

    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 agreements11

   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

Other12

    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. Treasury13

     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 pledged1,2

1,601,352

Other assets pledged

         0

Memo:

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

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.


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