FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, July 12, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	July 12, 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 Jul 11, 2018
	Week ended Jul 11, 2018	Change from week ended
	Week ended Jul 11, 2018	Jul 4, 2018	Jul 12, 2017
Reserve Bank credit	4,250,856	- 9,079	- 175,878	4,251,681
Securities held outright¹	4,084,139	- 10,152	- 159,350	4,084,188
U.S. Treasury securities	2,360,457	- 10,153	- 104,655	2,360,504
Bills²	0	0	0	0
Notes and bonds, nominal²	2,224,161	- 10,286	- 113,448	2,224,161
Notes and bonds, inflation-indexed²	114,860	0	+ 6,126	114,860
Inflation compensation³	21,436	+ 132	+ 2,667	21,483
Federal agency debt securities²	2,409	0	- 5,688	2,409
Mortgage-backed securities⁴	1,721,273	+ 1	- 49,008	1,721,275
Unamortized premiums on securities held outright⁵	149,331	- 249	- 16,291	149,265
Unamortized discounts on securities held outright⁵	-13,914	+ 9	+ 805	-13,904
Repurchase agreements⁶	0	0	0	0
Loans	194	- 14	+ 40	200
Primary credit	8	- 30	- 7	6
Secondary credit	0	0	0	0
Seasonal credit	186	+ 16	+ 47	195
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,711	0	+ 2	1,711
Float	-235	+ 222	+ 38	-183
Central bank liquidity swaps⁸	239	- 852	+ 183	96
Other Federal Reserve assets⁹	29,392	+ 1,959	- 1,303	30,307
Foreign currency denominated assets¹⁰	21,210	+ 61	+ 556	21,148
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,713	+ 14	+ 711	49,713

Total factors supplying reserve funds	4,338,020	- 9,005	- 174,610	4,338,783

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 Jul 11, 2018
	Week ended Jul 11, 2018	Change from week ended
	Week ended Jul 11, 2018	Jul 4, 2018	Jul 12, 2017
Currency in circulation¹¹	1,672,233	+ 3,584	+ 107,264	1,672,158
Reverse repurchase agreements¹²	261,252	- 38,964	- 166,826	249,412
Foreign official and international accounts	257,313	+ 7,550	+ 14,993	248,182
Others	3,939	- 46,514	- 181,818	1,230
Treasury cash holdings	195	- 2	+ 16	195
Deposits with F.R. Banks, other than reserve balances	401,829	- 12,992	+ 150,777	392,251
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	326,476	- 9,550	+ 155,443	316,434
Foreign official	5,257	- 20	+ 92	5,256
Other¹³	70,096	- 3,422	- 4,757	70,560
Other liabilities and capital¹⁴	44,427	- 727	- 3,156	43,900

Total factors, other than reserve balances, absorbing reserve funds	2,379,936	- 49,102	+ 88,075	2,357,915

Reserve balances with Federal Reserve Banks	1,958,085	+ 40,098	- 262,684	1,980,868

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 Jul 11, 2018
	Week ended Jul 11, 2018	Change from week ended
	Week ended Jul 11, 2018	Jul 4, 2018	Jul 12, 2017
Securities held in custody for foreign official and international accounts	3,405,484	+ 9,659	+ 82,897	3,400,253
Marketable U.S. Treasury securities¹	3,041,355	+ 9,083	+ 41,833	3,035,721
Federal agency debt and mortgage-backed securities²	291,292	0	+ 30,519	291,292
Other securities³	72,837	+ 576	+ 10,546	73,240
Securities lent to dealers	20,611	- 372	- 3,454	18,400
Overnight facility⁴	20,611	- 372	- 3,454	18,400
U.S. Treasury securities	20,611	- 372	- 3,454	18,400
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, July 11, 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	38	162	0	0	0	...	200
U.S. Treasury securities¹
Holdings	1,133	93,310	307,881	1,042,558	296,037	619,586	2,360,504
Weekly changes	+ 1	0	+ 2	+ 19	+ 45	+ 61	+ 127
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	41,885	1,679,242	1,721,275
Weekly changes	0	0	0	0	+ 2,715	- 2,712	+ 3
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	96	0	0	0	0	0	96

Reverse repurchase agreements⁴	249,412	0	...	...	...	...	249,412
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	Jul 11, 2018
Mortgage-backed securities held outright¹	1,721,275

Commitments to buy mortgage-backed securities²	14,598
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	8

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	Jul 11, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,711

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 Jul 11, 2018	Change since
			Wednesday	Wednesday
			Jul 4, 2018	Jul 12, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,750	- 6	- 55
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,219,750	- 21	- 174,735
Securities held outright¹		4,084,188	+ 130	- 159,310
U.S. Treasury securities		2,360,504	+ 127	- 104,617
Bills²		0	0	0
Notes and bonds, nominal²		2,224,161	0	- 113,448
Notes and bonds, inflation-indexed²		114,860	0	+ 6,126
Inflation compensation³		21,483	+ 127	+ 2,705
Federal agency debt securities²		2,409	0	- 5,688
Mortgage-backed securities⁴		1,721,275	+ 3	- 49,006
Unamortized premiums on securities held outright⁵		149,265	- 211	- 16,279
Unamortized discounts on securities held outright⁵		-13,904	+ 28	+ 805
Repurchase agreements⁶		0	0	0
Loans		200	+ 31	+ 49
Net portfolio holdings of Maiden Lane LLC⁷		1,711	0	+ 2
Items in process of collection	(0)	203	- 33	+ 141
Bank premises		2,183	+ 1	- 13
Central bank liquidity swaps⁸		96	- 995	+ 41
Foreign currency denominated assets⁹		21,148	+ 1	+ 438
Other assets¹⁰		28,124	+ 2,490	- 1,320

Total assets	(0)	4,291,201	+ 1,437	- 175,501

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 Jul 11, 2018	Change since
			Wednesday	Wednesday
			Jul 4, 2018	Jul 12, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,624,385	- 32	+ 106,576
Reverse repurchase agreements¹¹		249,412	- 15,193	- 170,484
Deposits	(0)	2,373,119	+ 18,789	- 108,194
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		1,980,868	+ 26,658	- 258,083
U.S. Treasury, General Account		316,434	- 9,109	+ 154,278
Foreign official		5,256	+ 2	+ 91
Other¹²	(0)	70,560	+ 1,237	- 4,480
Deferred availability cash items	(0)	386	- 48	- 127
Other liabilities and accrued dividends¹³		5,000	- 2,076	- 1,325

Total liabilities	(0)	4,252,301	+ 1,438	- 173,554

Capital accounts
Capital paid in		32,075	- 1	+ 1,228
Surplus		6,825	0	- 3,175
Other capital accounts		0	0	0

Total capital		38,900	- 1	- 1,947

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, July 11, 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	1,750	35	41	164	114	250	187	289	27	48	104	196	295
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,219,750	80,589	2,329,519	106,536	119,626	249,697	253,303	226,010	56,254	35,284	66,430	174,478	522,026
Securities held outright¹	4,084,188	78,004	2,254,789	103,117	115,788	241,686	245,161	218,740	54,374	34,083	64,295	168,880	505,272
U.S. Treasury securities	2,360,504	45,083	1,303,181	59,598	66,921	139,686	141,693	126,423	31,426	19,698	37,160	97,606	292,028
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,360,504	45,083	1,303,181	59,598	66,921	139,686	141,693	126,423	31,426	19,698	37,160	97,606	292,028
Federal agency debt securities²	2,409	46	1,330	61	68	143	145	129	32	20	38	100	298
Mortgage-backed securities⁴	1,721,275	32,875	950,277	43,459	48,799	101,858	103,323	92,188	22,916	14,364	27,097	71,174	212,946
Unamortized premiums on securities held outright⁵	149,265	2,851	82,406	3,769	4,232	8,833	8,960	7,994	1,987	1,246	2,350	6,172	18,466
Unamortized discounts on securities held outright⁵	-13,904	-266	-7,676	-351	-394	-823	-835	-745	-185	-116	-219	-575	-1,720
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	200	0	0	1	0	0	17	20	77	72	4	0	8
Net portfolio holdings of Maiden
Lane LLC⁷	1,711	0	1,711	0	0	0	0	0	0	0	0	0	0
Items in process of collection	203	1	0	0	0	0	201	0	0	0	0	0	0
Bank premises	2,183	109	442	74	118	196	203	198	107	95	233	219	189
Central bank liquidity swaps⁸	96	4	30	5	8	21	6	4	1	0	1	1	14
Foreign currency denominated
assets⁹	21,148	900	6,668	1,201	1,707	4,568	1,222	896	305	97	210	262	3,112
Other assets¹⁰	28,124	568	15,063	706	811	1,877	1,689	1,484	455	304	512	1,197	3,458
Interdistrict settlement account	0	+ 3,426	+ 62,206	- 5,083	- 299	+ 4,640	+ 25,793	- 18,086	- 1,065	- 1,243	- 7,985	- 5,723	- 56,581

Total assets	4,291,201	86,191	2,421,123	104,165	122,866	262,434	284,749	211,959	56,567	34,875	59,965	171,816	474,491

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, July 11, 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	1,792,178	58,966	606,381	53,743	87,475	124,920	259,583	113,148	51,832	30,323	46,926	141,227	217,654
Less: Notes held by F.R. Banks	167,793	5,723	42,453	6,335	8,925	13,396	26,106	11,364	5,159	2,868	5,197	15,907	24,360
Federal Reserve notes, net	1,624,385	53,244	563,928	47,408	78,550	111,524	233,478	101,784	46,673	27,455	41,729	125,320	193,294
Reverse repurchase agreements¹¹	249,412	4,763	137,695	6,297	7,071	14,759	14,971	13,358	3,320	2,081	3,926	10,313	30,856
Deposits	2,373,119	26,379	1,705,052	48,013	33,939	127,316	33,494	94,865	5,836	4,819	13,770	35,437	244,198
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	1,980,868	26,345	1,362,275	48,010	33,880	126,688	33,458	46,385	5,831	4,743	13,756	35,306	244,191
U.S. Treasury, General Account	316,434	0	316,434	0	0	0	0	0	0	0	0	0	0
Foreign official	5,256	2	5,229	2	3	9	2	2	1	0	0	0	6
Other¹²	70,560	32	21,115	1	56	619	34	48,479	4	76	14	131	1
Deferred availability cash items	386	0	0	0	0	0	198	0	0	188	0	0	0
Earnings remittances due to the U.S. Treasury¹³	985	12	548	15	18	14	85	56	18	14	28	63	114
Other liabilities and accrued dividends	4,015	159	1,539	177	184	462	290	269	133	141	137	203	320

Total liabilities	4,252,301	84,558	2,408,762	101,909	119,762	254,075	282,516	210,332	55,980	34,699	59,590	171,336	468,783

Capital
Capital paid in	32,075	1,343	10,210	1,868	2,553	6,885	1,838	1,337	489	145	308	395	4,704
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	4,291,201	86,191	2,421,123	104,165	122,866	262,434	284,749	211,959	56,567	34,875	59,965	171,816	474,491

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, July 11, 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
Federal Reserve notes and collateral	Jul 11, 2018
Federal Reserve notes outstanding	1,792,178
Less: Notes held by F.R. Banks not subject to collateralization	167,793
Federal Reserve notes to be collateralized	1,624,385
Collateral held against Federal Reserve notes	1,624,385
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,608,148
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,084,188
Less: Face value of securities under reverse repurchase agreements	246,585
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,837,604

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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