FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, August 2, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	August 2, 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 Aug 1, 2018
	Week ended Aug 1, 2018	Change from week ended
	Week ended Aug 1, 2018	Jul 25, 2018	Aug 2, 2017
Reserve Bank credit	4,232,451	- 16,806	- 193,769	4,215,960
Securities held outright¹	4,065,313	- 16,071	- 176,988	4,048,829
U.S. Treasury securities	2,353,362	- 6,484	- 111,823	2,336,876
Bills²	0	0	0	0
Notes and bonds, nominal²	2,217,617	- 6,812	- 120,703	2,200,589
Notes and bonds, inflation-indexed²	114,088	+ 202	+ 5,870	114,592
Inflation compensation³	21,657	+ 126	+ 3,010	21,695
Federal agency debt securities²	2,409	0	- 5,688	2,409
Mortgage-backed securities⁴	1,709,542	- 9,587	- 59,476	1,709,544
Unamortized premiums on securities held outright⁵	148,097	- 543	- 16,751	148,003
Unamortized discounts on securities held outright⁵	-13,834	+ 27	+ 790	-13,833
Repurchase agreements⁶	0	0	0	0
Loans	232	- 3	+ 36	228
Primary credit	8	- 1	0	3
Secondary credit	0	0	0	0
Seasonal credit	224	- 2	+ 36	225
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,716	+ 5	+ 6	1,716
Float	-447	- 279	+ 406	-418
Central bank liquidity swaps⁸	100	- 22	+ 65	100
Other Federal Reserve assets⁹	31,274	+ 80	- 1,335	31,334
Foreign currency denominated assets¹⁰	21,119	+ 25	- 177	21,069
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,727	+ 14	+ 677	49,727

Total factors supplying reserve funds	4,319,538	- 16,767	- 193,269	4,302,997

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 Aug 1, 2018
	Week ended Aug 1, 2018	Change from week ended
	Week ended Aug 1, 2018	Jul 25, 2018	Aug 2, 2017
Currency in circulation¹¹	1,667,828	+ 870	+ 105,043	1,669,707
Reverse repurchase agreements¹²	239,976	- 8,321	- 126,352	235,759
Foreign official and international accounts	237,430	- 8,722	- 8,456	234,964
Others	2,545	+ 400	- 117,898	795
Treasury cash holdings	207	+ 6	+ 43	215
Deposits with F.R. Banks, other than reserve balances	428,907	- 432	+ 164,663	386,217
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	351,523	+ 2,637	+ 171,175	310,204
Foreign official	5,257	+ 1	+ 13	5,257
Other¹³	72,127	- 3,071	- 6,526	70,756
Other liabilities and capital¹⁴	45,072	+ 681	- 2,899	44,667

Total factors, other than reserve balances, absorbing reserve funds	2,381,990	- 7,196	+ 140,497	2,336,565

Reserve balances with Federal Reserve Banks	1,937,548	- 9,571	- 333,767	1,966,432

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 Aug 1, 2018
	Week ended Aug 1, 2018	Change from week ended
	Week ended Aug 1, 2018	Jul 25, 2018	Aug 2, 2017
Securities held in custody for foreign official and international accounts	3,434,209	+ 22,384	+ 100,918	3,434,330
Marketable U.S. Treasury securities¹	3,062,078	+ 20,924	+ 52,584	3,060,133
Federal agency debt and mortgage-backed securities²	298,764	+ 1,062	+ 36,465	300,423
Other securities³	73,367	+ 398	+ 11,868	73,774
Securities lent to dealers	17,779	- 1,725	- 5,333	18,399
Overnight facility⁴	17,779	- 1,725	- 5,333	18,399
U.S. Treasury securities	17,779	- 1,725	- 5,333	18,399
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, August 1, 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	69	159	0	0	0	...	228
U.S. Treasury securities¹
Holdings	23,069	39,939	329,380	1,028,048	296,622	619,818	2,336,876
Weekly changes	- 7,233	- 23,069	+ 19,311	- 12,504	+ 423	+ 56	- 23,017
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	1,668,371	1,709,544
Weekly changes	0	0	0	0	0	+ 16	+ 16
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	100	0	0	0	0	0	100

Reverse repurchase agreements⁴	235,759	0	...	...	...	...	235,759
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	Aug 1, 2018
Mortgage-backed securities held outright¹	1,709,544

Commitments to buy mortgage-backed securities²	9,080
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	2

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	Aug 1, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,716

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 Aug 1, 2018	Change since
			Wednesday	Wednesday
			Jul 25, 2018	Aug 2, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,767	+ 4	- 72
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,183,227	- 23,248	- 209,413
Securities held outright¹		4,048,829	- 23,001	- 193,488
U.S. Treasury securities		2,336,876	- 23,017	- 128,319
Bills²		0	0	0
Notes and bonds, nominal²		2,200,589	- 23,840	- 136,976
Notes and bonds, inflation-indexed²		114,592	+ 706	+ 5,619
Inflation compensation³		21,695	+ 117	+ 3,038
Federal agency debt securities²		2,409	0	- 5,688
Mortgage-backed securities⁴		1,709,544	+ 16	- 59,482
Unamortized premiums on securities held outright⁵		148,003	- 254	- 16,742
Unamortized discounts on securities held outright⁵		-13,833	+ 16	+ 789
Repurchase agreements⁶		0	0	0
Loans		228	- 8	+ 28
Net portfolio holdings of Maiden Lane LLC⁷		1,716	+ 1	+ 6
Items in process of collection	(0)	202	0	+ 128
Bank premises		2,179	- 7	- 13
Central bank liquidity swaps⁸		100	- 22	+ 65
Foreign currency denominated assets⁹		21,069	- 67	- 417
Other assets¹⁰		29,155	+ 1,310	- 1,478

Total assets	(0)	4,255,653	- 22,028	- 211,193

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 Aug 1, 2018	Change since
			Wednesday	Wednesday
			Jul 25, 2018	Aug 2, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,621,958	+ 1,411	+ 103,563
Reverse repurchase agreements¹¹		235,759	- 14,581	- 125,818
Deposits	(0)	2,352,649	- 9,901	- 185,718
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		1,966,432	+ 19,144	- 325,145
U.S. Treasury, General Account		310,204	- 28,774	+ 144,797
Foreign official		5,257	+ 1	+ 91
Other¹²	(0)	70,756	- 273	- 5,462
Deferred availability cash items	(0)	620	+ 256	- 28
Other liabilities and accrued dividends¹³		5,763	+ 788	- 1,226

Total liabilities	(0)	4,216,748	- 22,028	- 209,229

Capital accounts
Capital paid in		32,079	- 1	+ 1,210
Surplus		6,825	0	- 3,175
Other capital accounts		0	0	0

Total capital		38,904	- 1	- 1,965

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, August 1, 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	1,767	39	39	162	116	250	198	290	31	46	105	200	291
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,183,227	79,891	2,309,340	105,612	118,589	247,534	251,111	224,052	55,781	34,993	65,853	172,970	517,501
Securities held outright¹	4,048,829	77,328	2,235,267	102,224	114,786	239,594	243,038	216,847	53,903	33,787	63,738	167,418	500,897
U.S. Treasury securities	2,336,876	44,632	1,290,137	59,001	66,251	138,287	140,275	125,158	31,112	19,501	36,788	96,629	289,105
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,336,876	44,632	1,290,137	59,001	66,251	138,287	140,275	125,158	31,112	19,501	36,788	96,629	289,105
Federal agency debt securities²	2,409	46	1,330	61	68	143	145	129	32	20	38	100	298
Mortgage-backed securities⁴	1,709,544	32,650	943,801	43,162	48,466	101,164	102,618	91,559	22,760	14,266	26,912	70,689	211,495
Unamortized premiums on securities held outright⁵	148,003	2,827	81,709	3,737	4,196	8,758	8,884	7,927	1,970	1,235	2,330	6,120	18,310
Unamortized discounts on securities held outright⁵	-13,833	-264	-7,637	-349	-392	-819	-830	-741	-184	-115	-218	-572	-1,711
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	228	0	0	0	0	0	19	20	91	86	3	4	5
Net portfolio holdings of Maiden
Lane LLC⁷	1,716	0	1,716	0	0	0	0	0	0	0	0	0	0
Items in process of collection	202	0	0	0	0	0	202	0	0	1	0	0	0
Bank premises	2,179	109	441	75	118	195	203	197	106	95	233	219	188
Central bank liquidity swaps⁸	100	4	32	6	8	22	6	4	1	0	1	1	15
Foreign currency denominated
assets⁹	21,069	896	6,643	1,197	1,700	4,551	1,217	893	304	97	209	261	3,101
Other assets¹⁰	29,155	596	15,640	733	844	1,934	1,751	1,540	489	312	529	1,205	3,583
Interdistrict settlement account	0	+ 3,616	+ 18,331	- 5,128	+ 2,468	+ 2,102	+ 28,255	- 9,471	+ 996	- 754	- 7,124	+ 8,704	- 41,997

Total assets	4,255,653	85,712	2,357,626	103,216	124,625	257,773	285,088	218,669	58,192	35,079	60,266	184,747	484,660

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, August 1, 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	1,800,192	58,793	605,028	53,765	87,284	124,951	260,419	113,088	53,590	30,387	46,930	148,206	217,752
Less: Notes held by F.R. Banks	178,234	6,032	46,170	6,662	9,121	14,182	27,518	12,143	5,225	3,098	5,457	16,463	26,163
Federal Reserve notes, net	1,621,958	52,761	558,857	47,103	78,163	110,769	232,901	100,945	48,365	27,289	41,473	131,743	191,589
Reverse repurchase agreements¹¹	235,759	4,503	130,157	5,952	6,684	13,951	14,152	12,627	3,139	1,967	3,711	9,749	29,167
Deposits	2,352,649	26,627	1,653,761	47,686	36,442	124,121	35,195	103,108	5,941	5,074	14,549	42,496	257,649
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	1,966,432	26,592	1,317,193	47,683	36,368	123,639	35,159	54,422	5,935	5,018	14,529	42,253	257,641
U.S. Treasury, General Account	310,204	0	310,204	0	0	0	0	0	0	0	0	0	0
Foreign official	5,257	2	5,230	2	3	9	2	2	1	0	0	0	6
Other¹²	70,756	33	21,135	1	71	474	34	48,684	5	56	20	242	2
Deferred availability cash items	620	0	0	0	0	0	200	0	0	420	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,229	33	593	30	38	82	112	67	21	12	19	69	151
Other liabilities and accrued dividends	4,534	154	1,896	189	195	490	295	297	136	139	137	212	396

Total liabilities	4,216,748	84,078	2,345,265	100,960	121,521	249,413	282,855	217,043	57,601	34,902	59,890	184,268	478,952

Capital
Capital paid in	32,079	1,343	10,210	1,868	2,553	6,885	1,838	1,337	493	146	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	4,255,653	85,712	2,357,626	103,216	124,625	257,773	285,088	218,669	58,192	35,079	60,266	184,747	484,660

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, August 1, 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	Aug 1, 2018
Federal Reserve notes outstanding	1,800,192
Less: Notes held by F.R. Banks not subject to collateralization	178,234
Federal Reserve notes to be collateralized	1,621,958
Collateral held against Federal Reserve notes	1,621,958
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,605,721
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,048,829
Less: Face value of securities under reverse repurchase agreements	235,161
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,813,668

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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