FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, July 19, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	July 19, 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 18, 2018
	Week ended Jul 18, 2018	Change from week ended
	Week ended Jul 18, 2018	Jul 11, 2018	Jul 19, 2017
Reserve Bank credit	4,256,267	+ 5,411	- 184,168	4,252,263
Securities held outright¹	4,088,058	+ 3,919	- 167,180	4,084,466
U.S. Treasury securities	2,360,214	- 243	- 104,922	2,359,766
Bills²	0	0	0	0
Notes and bonds, nominal²	2,224,276	+ 115	- 113,881	2,224,429
Notes and bonds, inflation-indexed²	114,443	- 417	+ 6,173	113,886
Inflation compensation³	21,496	+ 60	+ 2,786	21,451
Federal agency debt securities²	2,409	0	- 5,688	2,409
Mortgage-backed securities⁴	1,725,435	+ 4,162	- 56,570	1,722,291
Unamortized premiums on securities held outright⁵	149,164	- 167	- 16,644	148,967
Unamortized discounts on securities held outright⁵	-13,890	+ 24	+ 794	-13,879
Repurchase agreements⁶	0	0	0	0
Loans	258	+ 64	+ 91	224
Primary credit	54	+ 46	+ 46	13
Secondary credit	0	0	0	0
Seasonal credit	203	+ 17	+ 44	211
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,711	0	+ 2	1,711
Float	-183	+ 52	+ 120	-181
Central bank liquidity swaps⁸	91	- 148	+ 50	91
Other Federal Reserve assets⁹	31,059	+ 1,667	- 1,399	30,865
Foreign currency denominated assets¹⁰	21,022	- 188	+ 198	20,967
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,699	+ 14	+ 681	49,699

Total factors supplying reserve funds	4,343,228	+ 5,236	- 183,289	4,339,170

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 18, 2018
	Week ended Jul 18, 2018	Change from week ended
	Week ended Jul 18, 2018	Jul 11, 2018	Jul 19, 2017
Currency in circulation¹¹	1,668,699	- 3,505	+ 106,781	1,668,409
Reverse repurchase agreements¹²	249,739	- 11,513	- 133,741	264,459
Foreign official and international accounts	247,857	- 9,456	+ 6,600	258,438
Others	1,883	- 2,056	- 140,340	6,021
Treasury cash holdings	196	+ 1	+ 27	200
Deposits with F.R. Banks, other than reserve balances	412,351	+ 10,522	+ 134,361	411,521
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	324,457	- 2,019	+ 144,057	335,801
Foreign official	5,258	+ 1	+ 90	5,257
Other¹³	82,635	+ 12,539	- 9,787	70,463
Other liabilities and capital¹⁴	45,125	+ 698	- 3,745	44,636

Total factors, other than reserve balances, absorbing reserve funds	2,376,109	- 3,798	+ 103,683	2,389,226

Reserve balances with Federal Reserve Banks	1,967,119	+ 9,034	- 286,973	1,949,944

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 18, 2018
	Week ended Jul 18, 2018	Change from week ended
	Week ended Jul 18, 2018	Jul 11, 2018	Jul 19, 2017
Securities held in custody for foreign official and international accounts	3,407,700	+ 2,216	+ 88,366	3,400,793
Marketable U.S. Treasury securities¹	3,042,402	+ 1,047	+ 45,652	3,035,345
Federal agency debt and mortgage-backed securities²	292,101	+ 809	+ 31,442	292,107
Other securities³	73,197	+ 360	+ 11,272	73,341
Securities lent to dealers	17,469	- 3,142	- 5,734	18,286
Overnight facility⁴	17,469	- 3,142	- 5,734	18,286
U.S. Treasury securities	17,469	- 3,142	- 5,734	18,286
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 18, 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	169	55	0	0	0	...	224
U.S. Treasury securities¹
Holdings	30,302	63,008	310,067	1,040,534	296,154	619,701	2,359,766
Weekly changes	+ 29,169	- 30,302	+ 2,186	- 2,024	+ 117	+ 115	- 738
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	151	41,769	1,680,371	1,722,291
Weekly changes	0	0	0	+ 4	- 116	+ 1,129	+ 1,016
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	91	0	0	0	0	0	91

Reverse repurchase agreements⁴	264,459	0	...	...	...	...	264,459
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 18, 2018
Mortgage-backed securities held outright¹	1,722,291

Commitments to buy mortgage-backed securities²	9,681
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	0

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 18, 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 18, 2018	Change since
			Wednesday	Wednesday
			Jul 11, 2018	Jul 19, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,758	+ 8	- 63
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,219,778	+ 28	- 184,041
Securities held outright¹		4,084,466	+ 278	- 168,171
U.S. Treasury securities		2,359,766	- 738	- 105,379
Bills²		0	0	0
Notes and bonds, nominal²		2,224,429	+ 268	- 114,458
Notes and bonds, inflation-indexed²		113,886	- 974	+ 6,235
Inflation compensation³		21,451	- 32	+ 2,844
Federal agency debt securities²		2,409	0	- 5,688
Mortgage-backed securities⁴		1,722,291	+ 1,016	- 57,103
Unamortized premiums on securities held outright⁵		148,967	- 298	- 16,666
Unamortized discounts on securities held outright⁵		-13,879	+ 25	+ 790
Repurchase agreements⁶		0	0	0
Loans		224	+ 24	+ 6
Net portfolio holdings of Maiden Lane LLC⁷		1,711	0	+ 1
Items in process of collection	(0)	207	+ 4	+ 139
Bank premises		2,185	+ 2	- 12
Central bank liquidity swaps⁸		91	- 5	+ 50
Foreign currency denominated assets⁹		20,967	- 181	+ 36
Other assets¹⁰		28,682	+ 558	- 1,397

Total assets	(0)	4,291,615	+ 414	- 185,288

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 18, 2018	Change since
			Wednesday	Wednesday
			Jul 11, 2018	Jul 19, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,620,664	- 3,721	+ 105,804
Reverse repurchase agreements¹¹		264,459	+ 15,047	- 128,201
Deposits	(0)	2,361,467	- 11,652	- 159,759
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		1,949,946	- 30,922	- 300,700
U.S. Treasury, General Account		335,801	+ 19,367	+ 146,519
Foreign official		5,257	+ 1	+ 93
Other¹²	(0)	70,463	- 97	- 5,670
Deferred availability cash items	(0)	389	+ 3	- 62
Other liabilities and accrued dividends¹³		5,732	+ 732	- 1,125

Total liabilities	(0)	4,252,711	+ 410	- 183,345

Capital accounts
Capital paid in		32,080	+ 5	+ 1,233
Surplus		6,825	0	- 3,175
Other capital accounts		0	0	0

Total capital		38,905	+ 5	- 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, July 18, 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	1,758	35	41	167	114	250	191	289	31	46	106	198	291
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,219,778	80,589	2,329,521	106,535	119,626	249,697	253,301	226,012	56,268	35,291	66,429	174,479	522,029
Securities held outright¹	4,084,466	78,009	2,254,942	103,124	115,796	241,703	245,177	218,755	54,378	34,085	64,299	168,892	505,306
U.S. Treasury securities	2,359,766	45,069	1,302,774	59,579	66,900	139,642	141,649	126,384	31,416	19,692	37,148	97,576	291,936
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,359,766	45,069	1,302,774	59,579	66,900	139,642	141,649	126,384	31,416	19,692	37,148	97,576	291,936
Federal agency debt securities²	2,409	46	1,330	61	68	143	145	129	32	20	38	100	298
Mortgage-backed securities⁴	1,722,291	32,894	950,838	43,484	48,828	101,919	103,384	92,242	22,929	14,372	27,113	71,216	213,072
Unamortized premiums on securities held outright⁵	148,967	2,845	82,241	3,761	4,223	8,815	8,942	7,978	1,983	1,243	2,345	6,160	18,429
Unamortized discounts on securities held outright⁵	-13,879	-265	-7,663	-350	-393	-821	-833	-743	-185	-116	-218	-574	-1,717
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	224	0	0	0	0	0	15	22	92	79	4	1	11
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	207	0	0	0	0	0	207	0	0	0	0	0	0
Bank premises	2,185	109	442	75	118	196	203	198	107	95	233	219	189
Central bank liquidity swaps⁸	91	4	29	5	7	20	5	4	1	0	1	1	13
Foreign currency denominated
assets⁹	20,967	892	6,611	1,191	1,692	4,529	1,211	889	303	96	208	260	3,086
Other assets¹⁰	28,682	584	15,366	722	827	1,911	1,722	1,514	462	280	521	1,247	3,526
Interdistrict settlement account	0	+ 4,991	+ 63,397	- 4,941	- 4,086	+ 5,781	+ 25,221	- 12,032	- 1,987	- 1,551	- 8,427	- 3,624	- 62,742

Total assets	4,291,615	87,765	2,422,562	104,313	119,079	263,569	284,207	218,037	55,669	34,546	59,531	173,966	468,372

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 18, 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	1,795,188	58,997	606,042	53,751	87,394	124,955	259,795	113,182	51,787	30,395	46,872	144,513	217,504
Less: Notes held by F.R. Banks	174,524	5,852	43,937	6,460	9,232	14,089	27,051	11,947	5,281	2,934	5,206	16,548	25,986
Federal Reserve notes, net	1,620,664	53,146	562,105	47,291	78,163	110,866	232,743	101,235	46,505	27,461	41,665	127,965	191,519
Reverse repurchase agreements¹¹	264,459	5,051	146,002	6,677	7,498	15,650	15,875	14,164	3,521	2,207	4,163	10,935	32,717
Deposits	2,361,467	27,746	1,699,565	47,873	30,092	128,165	32,753	100,646	4,903	4,365	13,172	34,305	237,882
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	1,949,946	27,714	1,336,653	47,870	30,035	127,641	32,716	52,923	4,898	4,311	13,158	34,151	237,876
U.S. Treasury, General Account	335,801	0	335,801	0	0	0	0	0	0	0	0	0	0
Foreign official	5,257	2	5,229	2	3	9	2	2	1	0	0	0	6
Other¹²	70,463	31	21,881	1	54	515	35	47,720	4	53	14	154	1
Deferred availability cash items	389	0	0	0	0	0	203	0	0	186	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,060	19	579	21	25	23	96	61	19	10	15	67	126
Other liabilities and accrued dividends	4,671	170	1,950	195	197	506	305	306	130	141	139	214	417

Total liabilities	4,252,711	86,131	2,410,201	102,057	115,974	255,209	281,974	216,412	55,078	34,370	59,156	173,486	462,662

Capital
Capital paid in	32,080	1,343	10,210	1,868	2,553	6,885	1,838	1,336	492	146	308	395	4,706
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	4,291,615	87,765	2,422,562	104,313	119,079	263,569	284,207	218,037	55,669	34,546	59,531	173,966	468,372

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 18, 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 18, 2018
Federal Reserve notes outstanding	1,795,188
Less: Notes held by F.R. Banks not subject to collateralization	174,524
Federal Reserve notes to be collateralized	1,620,664
Collateral held against Federal Reserve notes	1,620,664
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,604,427
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,084,466
Less: Face value of securities under reverse repurchase agreements	261,743
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,822,723

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