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FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

July 26, 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 25, 2018

Week ended
Jul 25, 2018

Change from week ended

Jul 18, 2018

Jul 26, 2017

Reserve Bank credit

4,249,257

-    7,010

-  186,127

4,238,181

Securities held outright1

4,081,384

-    6,674

-  169,342

4,071,830

U.S. Treasury securities

2,359,846

-      368

-  105,315

2,359,893

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,224,429

+      153

-  114,458

2,224,429

Notes and bonds, inflation-indexed2

   113,886

-      557

+    6,235

   113,886

Inflation compensation3

    21,531

+       35

+    2,909

    21,578

Federal agency debt securities2

     2,409

         0

-    5,688

     2,409

Mortgage-backed securities4

1,719,129

-    6,306

-   58,339

1,709,528

Unamortized premiums on securities held outright5

   148,640

-      524

-   16,739

   148,257

Unamortized discounts on securities held outright5

   -13,861

+       29

+      787

   -13,849

Repurchase agreements6

         0

         0

         0

         0

Loans

       235

-       23

+       62

       236

Primary credit

         9

-       45

+        5

         2

Secondary credit

         0

         0

         0

         0

Seasonal credit

       226

+       23

+       57

       234

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

     1,711

         0

+        1

     1,715

Float

      -168

+       15

+       79

      -162

Central bank liquidity swaps8

       122

+       31

+       37

       122

Other Federal Reserve assets9

    31,194

+      135

-    1,012

    30,031

Foreign currency denominated assets10

    21,094

+       72

-        3

    21,136

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

+      679

    49,713

Total factors supplying reserve funds

4,336,305

-    6,923

-  185,451

4,325,270

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 25, 2018

Week ended
Jul 25, 2018

Change from week ended

Jul 18, 2018

Jul 26, 2017

Currency in circulation11

1,666,958

-    1,741

+  106,405

1,668,294

Reverse repurchase agreements12

   248,297

-    1,442

-  106,702

   250,340

Foreign official and international accounts

   246,152

-    1,705

+      837

   249,620

Others

     2,145

+      262

-  107,539

       720

Treasury cash holdings

       201

+        5

+       39

       206

Deposits with F.R. Banks, other than reserve balances

   429,339

+   16,988

+  151,513

   415,263

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   348,886

+   24,429

+  157,482

   338,978

Foreign official

     5,256

-        2

+       81

     5,256

Other13

    75,198

-    7,437

-    6,049

    71,029

Other liabilities and capital14

    44,391

-      734

-    3,259

    43,880

Total factors, other than reserve balances,
absorbing reserve funds

2,389,186

+   13,077

+  147,995

2,377,983

Reserve balances with Federal Reserve Banks

1,947,119

-   20,000

-  333,446

1,947,287

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 25, 2018

Week ended
Jul 25, 2018

Change from week ended

Jul 18, 2018

Jul 26, 2017

Securities held in custody for foreign official and international accounts

3,411,825

+    4,125

+   86,529

3,406,635

Marketable U.S. Treasury securities1

3,041,154

-    1,248

+   39,010

3,036,078

Federal agency debt and mortgage-backed securities2

   297,702

+    5,601

+   35,912

   297,488

Other securities3

    72,969

-      228

+   11,607

    73,069

Securities lent to dealers

    19,504

+    2,035

-      505

    18,325

Overnight facility4

    19,504

+    2,035

-      505

    18,325

U.S. Treasury securities

    19,504

+    2,035

-      505

    18,325

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 25, 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

       198

        38

         0

         0

         0

...

       236

U.S. Treasury securities1

Holdings

    30,302

    63,008

   310,069

1,040,552

   296,199

   619,762

2,359,893

Weekly changes

         0

         0

+        2

+       18

+       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

       146

    41,027

1,668,355

1,709,528

Weekly changes

         0

         0

         0

-        5

-      742

-   12,016

-   12,763

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

       122

         0

         0

         0

         0

         0

       122

Reverse repurchase agreements4

   250,340

         0

...

...

...

...

   250,340

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

Jul 25, 2018

Mortgage-backed securities held outright1

1,709,528

Commitments to buy mortgage-backed securities2

     7,878

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         1

1.

Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2.

Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.

3.

This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.


4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Account name

Wednesday

Jul 25, 2018

Net portfolio holdings of Maiden Lane LLC1

     1,715

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 25, 2018

Change since

Wednesday

Wednesday

Jul 18, 2018

Jul 26, 2017

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,763

+        5

-       70

Securities, unamortized premiums and discounts, repurchase agreements, and loans

4,206,475

-   13,303

-  186,376

Securities held outright1

4,071,830

-   12,636

-  170,435

U.S. Treasury securities

2,359,893

+      127

-  105,277

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,224,429

         0

-  114,458

Notes and bonds, inflation-indexed2

   113,886

         0

+    6,235

Inflation compensation3

    21,578

+      127

+    2,947

Federal agency debt securities2

     2,409

         0

-    5,688

Mortgage-backed securities4

1,709,528

-   12,763

-   59,471

Unamortized premiums on securities held outright5

   148,257

-      710

-   16,767

Unamortized discounts on securities held outright5

   -13,849

+       30

+      787

Repurchase agreements6

         0

         0

         0

Loans

       236

+       12

+       39

Net portfolio holdings of Maiden Lane LLC7

     1,715

+        4

+        5

Items in process of collection

(0)

       202

-        5

+      146

Bank premises

     2,186

+        1

-       12

Central bank liquidity swaps8

       122

+       31

+       37

Foreign currency denominated assets9

    21,136

+      169

+      105

Other assets10

    27,845

-      837

-    1,438

Total assets

(0)

4,277,681

-   13,934

-  187,603

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 25, 2018

Change since

Wednesday

Wednesday

Jul 18, 2018

Jul 26, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

1,620,547

-      117

+  105,596

Reverse repurchase agreements11

   250,340

-   14,119

-   93,456

Deposits

(0)

2,362,550

+    1,083

-  197,018

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

1,947,288

-    2,658

-  346,328

U.S. Treasury, General Account

   338,978

+    3,177

+  155,444

Foreign official

     5,256

-        1

+       66

Other12

(0)

    71,029

+      566

-    6,200

Deferred availability cash items

(0)

       364

-       25

-       88

Other liabilities and accrued dividends13

     4,975

-      757

-      694

Total liabilities

(0)

4,238,776

-   13,935

-  185,660

Capital accounts

Capital paid in

    32,080

         0

+    1,232

Surplus

     6,825

         0

-    3,175

Other capital accounts

         0

         0

         0

Total capital

    38,905

         0

-    1,943

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 25, 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

     1,763

        37

        39

       165

       115

       251

       194

       288

        31

        46

       105

       200

       292

Securities, unamortized premiums and discounts, repurchase agreements,
and loans

4,206,475

    80,336

2,322,170

   106,199

   119,248

   248,909

   252,507

   225,295

    56,100

    35,188

    66,220

   173,928

   520,376

Securities held outright1

4,071,830

    77,768

2,247,966

   102,805

   115,438

   240,955

   244,419

   218,078

    54,210

    33,979

    64,100

   168,369

   503,743

U.S. Treasury securities

2,359,893

    45,071

1,302,844

    59,582

    66,904

   139,649

   141,657

   126,391

    31,418

    19,693

    37,150

    97,581

   291,952

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,359,893

    45,071

1,302,844

    59,582

    66,904

   139,649

   141,657

   126,391

    31,418

    19,693

    37,150

    97,581

   291,952

Federal agency debt securities2

     2,409

        46

     1,330

        61

        68

       143

       145

       129

        32

        20

        38

       100

       298

Mortgage-backed securities4

1,709,528

    32,650

   943,792

    43,162

    48,466

   101,163

   102,617

    91,559

    22,759

    14,266

    26,912

    70,689

   211,493

Unamortized premiums on securities  held outright5

   148,257

     2,832

    81,849

     3,743

     4,203

     8,773

     8,899

     7,940

     1,974

     1,237

     2,334

     6,130

    18,341

Unamortized discounts on securities  held outright5

   -13,849

      -264

    -7,645

      -350

      -393

      -820

      -831

      -742

      -184

      -116

      -218

      -573

    -1,713

Repurchase agreements6

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Loans

       236

         2

         0

         0

         0

         0

        20

        17

       101

        87

         4

         1

         5

Net portfolio holdings of Maiden

Lane LLC7

     1,715

         0

     1,715

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Items in process of collection

       202

         0

         0

         0

         0

         0

       201

         0

         0

         0

         0

         0

         0

Bank premises

     2,186

       109

       442

        75

       118

       197

       203

       198

       107

        95

       233

       219

       189

Central bank liquidity swaps8

       122

         5

        38

         7

        10

        26

         7

         5

         2

         1

         1

         2

        18

Foreign currency denominated

assets9

    21,136

       899

     6,664

     1,200

     1,706

     4,566

     1,221

       896

       305

        97

       209

       262

     3,111

Other assets10

    27,845

       567

    14,884

       700

       802

     1,860

     1,670

     1,467

       451

       282

       508

     1,239

     3,416

Interdistrict settlement account

         0

+      873

+   66,225

-    6,924

+    1,066

+      382

+   26,816

-    9,740

-    1,215

-    1,175

-    6,730

+      603

-   70,183

Total assets

4,277,681

    83,388

2,417,621

   101,983

   123,847

   257,375

   284,965

   219,572

    56,265

    34,823

    61,007

   177,639

   459,198

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 25, 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

1,797,814

    58,857

   605,161

    53,743

    87,354

   124,900

   260,083

   113,088

    52,474

    30,315

    46,904

   147,226

   217,707

Less: Notes held by F.R. Banks

   177,267

     6,068

    45,101

     6,664

     9,230

    14,130

    27,202

    12,237

     5,289

     2,953

     5,422

    16,577

    26,394

Federal Reserve notes, net

1,620,547

    52,789

   560,060

    47,079

    78,124

   110,770

   232,881

   100,851

    47,185

    27,362

    41,482

   130,650

   191,313

Reverse repurchase agreements11

   250,340

     4,781

   138,207

     6,321

     7,097

    14,814

    15,027

    13,408

     3,333

     2,089

     3,941

    10,352

    30,971

Deposits

2,362,550

    23,994

1,705,124

    46,115

    35,287

   122,883

    34,233

   103,353

     5,005

     4,871

    15,051

    35,898

   230,735

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

1,947,288

    23,966

1,339,777

    46,055

    35,193

   122,320

    34,001

    54,643

     5,001

     4,816

    15,033

    35,756

   230,727

U.S. Treasury, General Account

   338,978

         0

   338,978

         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

    71,029

        26

    21,140

        58

        91

       554

       230

    48,709

         4

        55

        17

       142

         2

Deferred availability cash items

       364

         0

         0

         0

         0

         0

       193

         0

         0

       171

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

     1,105

        28

       504

        31

        47

        83

        96

        58

        21

        12

        21

        57

       147

Other liabilities and accrued
dividends

     3,870

       162

     1,364

       182

       187

       465

       302

       277

       129

       142

       136

       203

       323

Total liabilities

4,238,776

    81,754

2,405,260

    99,727

   120,743

   249,015

   282,732

   217,946

    55,674

    34,646

    60,631

   177,159

   453,488

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

4,277,681

    83,388

2,417,621

   101,983

   123,847

   257,375

   284,965

   219,572

    56,265

    34,823

    61,007

   177,639

   459,198

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 25, 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

Jul 25, 2018

Federal Reserve notes outstanding

1,797,814

Less: Notes held by F.R. Banks not subject to collateralization

   177,267

Federal Reserve notes to be collateralized

1,620,547

Collateral held against Federal Reserve notes

1,620,547

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

1,604,310

Other assets pledged

         0

Memo:

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

4,071,830

Less: Face value of securities under reverse repurchase agreements

   249,522

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

3,822,308

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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