FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, August 16, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	August 16, 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 15, 2018
	Week ended Aug 15, 2018	Change from week ended
	Week ended Aug 15, 2018	Aug 8, 2018	Aug 16, 2017
Reserve Bank credit	4,217,017	- 638	- 212,860	4,189,779
Securities held outright¹	4,048,286	- 575	- 198,061	4,034,988
U.S. Treasury securities	2,335,158	- 1,749	- 130,080	2,324,391
Bills²	0	0	0	0
Notes and bonds, nominal²	2,198,791	- 1,798	- 138,774	2,188,006
Notes and bonds, inflation-indexed²	114,592	0	+ 5,619	114,592
Inflation compensation³	21,775	+ 49	+ 3,076	21,793
Federal agency debt securities²	2,409	0	- 5,688	2,409
Mortgage-backed securities⁴	1,710,719	+ 1,174	- 62,294	1,708,187
Unamortized premiums on securities held outright⁵	147,646	- 205	- 16,795	147,461
Unamortized discounts on securities held outright⁵	-13,796	+ 19	+ 796	-13,844
Repurchase agreements⁶	0	0	0	0
Loans	242	+ 14	+ 13	246
Primary credit	6	+ 3	- 12	7
Secondary credit	0	0	0	0
Seasonal credit	236	+ 12	+ 25	240
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,719	+ 2	+ 9	1,719
Float	-160	+ 35	+ 171	-147
Central bank liquidity swaps⁸	106	+ 6	+ 70	106
Other Federal Reserve assets⁹	32,973	+ 65	+ 937	19,250
Foreign currency denominated assets¹⁰	20,860	- 182	- 512	20,788
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,701	+ 14	+ 630	49,701

Total factors supplying reserve funds	4,303,819	- 806	- 212,742	4,276,509

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 15, 2018
	Week ended Aug 15, 2018	Change from week ended
	Week ended Aug 15, 2018	Aug 8, 2018	Aug 16, 2017
Currency in circulation¹¹	1,670,987	+ 1,582	+ 105,276	1,673,616
Reverse repurchase agreements¹²	242,520	+ 5,703	- 85,999	249,536
Foreign official and international accounts	240,872	+ 5,901	+ 321	249,221
Others	1,648	- 199	- 86,320	315
Treasury cash holdings	219	+ 4	+ 52	219
Deposits with F.R. Banks, other than reserve balances	422,163	+ 19,706	+ 185,275	389,611
Term deposits held by depository institutions	0	0	- 14,733	0
U.S. Treasury, General Account	342,799	+ 16,328	+ 211,845	318,117
Foreign official	5,258	0	+ 90	5,257
Other¹³	74,107	+ 3,379	- 11,926	66,237
Other liabilities and capital¹⁴	45,382	+ 1,041	- 3,506	44,783

Total factors, other than reserve balances, absorbing reserve funds	2,381,272	+ 28,036	+ 201,098	2,357,765

Reserve balances with Federal Reserve Banks	1,922,547	- 28,842	- 413,841	1,918,744

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 15, 2018
	Week ended Aug 15, 2018	Change from week ended
	Week ended Aug 15, 2018	Aug 8, 2018	Aug 16, 2017
Securities held in custody for foreign official and international accounts	3,432,313	- 9,903	+ 99,674	3,424,516
Marketable U.S. Treasury securities¹	3,059,736	- 8,868	+ 50,403	3,053,169
Federal agency debt and mortgage-backed securities²	300,593	+ 213	+ 39,019	300,417
Other securities³	71,984	- 1,248	+ 10,253	70,930
Securities lent to dealers	15,450	- 3,158	- 6,310	16,938
Overnight facility⁴	15,450	- 3,158	- 6,310	16,938
U.S. Treasury securities	15,450	- 3,158	- 6,310	16,938
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 15, 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	177	0	0	0	...	246
U.S. Treasury securities¹
Holdings	0	63,772	360,363	1,016,026	258,449	625,780	2,324,391
Weekly changes	- 23,069	0	+ 54,815	- 12,029	- 38,190	+ 5,939	- 12,534
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	149	43,385	1,664,652	1,708,187
Weekly changes	0	0	0	- 2	- 142	- 1,214	- 1,358
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	106	0	0	0	0	0	106

Reverse repurchase agreements⁴	249,536	0	...	...	...	...	249,536
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 15, 2018
Mortgage-backed securities held outright¹	1,708,187

Commitments to buy mortgage-backed securities²	7,619
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	18

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 15, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,719

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 15, 2018	Change since
			Wednesday	Wednesday
			Aug 8, 2018	Aug 16, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,784	+ 1	- 63
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,168,851	- 14,269	- 232,520
Securities held outright¹		4,034,988	- 13,891	- 216,331
U.S. Treasury securities		2,324,391	- 12,534	- 140,856
Bills²		0	0	0
Notes and bonds, nominal²		2,188,006	- 12,583	- 149,559
Notes and bonds, inflation-indexed²		114,592	0	+ 5,619
Inflation compensation³		21,793	+ 49	+ 3,084
Federal agency debt securities²		2,409	0	- 5,688
Mortgage-backed securities⁴		1,708,187	- 1,358	- 69,788
Unamortized premiums on securities held outright⁵		147,461	- 329	- 17,006
Unamortized discounts on securities held outright⁵		-13,844	- 40	+ 784
Repurchase agreements⁶		0	0	0
Loans		246	- 9	+ 33
Net portfolio holdings of Maiden Lane LLC⁷		1,719	0	+ 11
Items in process of collection	(0)	189	- 5	+ 116
Bank premises		2,182	+ 2	- 14
Central bank liquidity swaps⁸		106	+ 6	+ 70
Foreign currency denominated assets⁹		20,788	- 264	- 416
Other assets¹⁰		17,068	- 14,577	- 1,130

Total assets	(0)	4,228,924	- 29,106	- 233,947

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 15, 2018	Change since
			Wednesday	Wednesday
			Aug 8, 2018	Aug 16, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,625,914	+ 1,995	+ 106,439
Reverse repurchase agreements¹¹		249,536	+ 12,146	- 87,787
Deposits	(0)	2,308,355	- 43,849	- 249,393
Term deposits held by depository institutions		0	0	- 14,733
Other deposits held by depository institutions		1,918,744	- 47,359	- 446,228
U.S. Treasury, General Account		318,117	+ 6,427	+ 222,088
Foreign official		5,257	0	+ 92
Other¹²	(0)	66,237	- 2,917	- 10,612
Deferred availability cash items	(0)	335	- 75	- 8
Other liabilities and accrued dividends¹³		5,766	+ 562	- 1,243

Total liabilities	(0)	4,189,907	- 29,219	- 231,990

Capital accounts
Capital paid in		32,192	+ 113	+ 1,218
Surplus		6,825	0	- 3,175
Other capital accounts		0	0	0

Total capital		39,017	+ 113	- 1,957

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 15, 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	1,784	42	42	158	119	252	200	293	32	45	108	202	289
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,168,851	79,616	2,301,398	105,248	118,182	246,682	250,244	223,284	55,590	34,887	65,626	172,372	515,720
Securities held outright¹	4,034,988	77,064	2,227,626	101,875	114,393	238,775	242,207	216,105	53,719	33,672	63,520	166,846	499,185
U.S. Treasury securities	2,324,391	44,393	1,283,244	58,686	65,897	137,548	139,526	124,489	30,945	19,397	36,591	96,113	287,560
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,324,391	44,393	1,283,244	58,686	65,897	137,548	139,526	124,489	30,945	19,397	36,591	96,113	287,560
Federal agency debt securities²	2,409	46	1,330	61	68	143	145	129	32	20	38	100	298
Mortgage-backed securities⁴	1,708,187	32,625	943,052	43,128	48,428	101,084	102,537	91,487	22,742	14,255	26,891	70,633	211,327
Unamortized premiums on securities held outright⁵	147,461	2,816	81,410	3,723	4,181	8,726	8,852	7,898	1,963	1,231	2,321	6,097	18,243
Unamortized discounts on securities held outright⁵	-13,844	-264	-7,643	-350	-392	-819	-831	-741	-184	-116	-218	-572	-1,713
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	246	0	5	0	1	0	17	23	92	100	3	1	5
Net portfolio holdings of Maiden
Lane LLC⁷	1,719	0	1,719	0	0	0	0	0	0	0	0	0	0
Items in process of collection	189	0	0	0	0	0	188	0	0	1	0	0	0
Bank premises	2,182	109	441	76	118	196	203	197	106	95	233	219	189
Central bank liquidity swaps⁸	106	5	34	6	9	23	6	5	2	0	1	1	16
Foreign currency denominated
assets⁹	20,788	885	6,555	1,181	1,678	4,490	1,201	881	300	95	206	257	3,059
Other assets¹⁰	17,068	365	8,953	426	500	1,220	1,024	889	326	183	344	755	2,083
Interdistrict settlement account	0	+ 12,182	- 24,061	- 4,538	+ 2,950	+ 6,667	+ 30,347	- 10,520	+ 1,913	- 606	- 6,592	+ 9,090	- 16,831

Total assets	4,228,924	93,763	2,300,524	103,117	124,336	260,716	285,557	216,192	58,753	34,989	60,387	184,084	506,504

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 15, 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	1,805,530	58,682	604,690	53,805	87,643	125,069	261,180	117,452	53,527	30,481	47,279	148,185	217,538
Less: Notes held by F.R. Banks	179,616	6,042	45,185	6,867	9,235	14,557	27,400	12,390	5,373	3,055	5,566	17,036	26,911
Federal Reserve notes, net	1,625,914	52,640	559,504	46,938	78,408	110,513	233,780	105,062	48,154	27,426	41,713	131,149	190,628
Reverse repurchase agreements¹¹	249,536	4,766	137,763	6,300	7,074	14,767	14,979	13,365	3,322	2,082	3,928	10,318	30,871
Deposits	2,308,355	34,536	1,588,374	47,407	35,526	126,539	33,980	95,772	6,533	4,997	14,192	41,849	278,650
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	1,918,744	34,503	1,245,232	47,404	35,454	125,905	33,944	50,331	6,517	4,947	14,161	41,703	278,643
U.S. Treasury, General Account	318,117	0	318,117	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	66,237	31	19,796	1	69	625	33	45,439	15	50	31	146	1
Deferred availability cash items	335	0	0	0	0	0	185	0	0	150	0	0	0
Earnings remittances due to the U.S. Treasury¹³	824	9	501	8	19	-12	76	44	11	11	12	55	91
Other liabilities and accrued dividends	4,942	179	2,012	208	204	550	325	322	142	146	166	230	458

Total liabilities	4,189,907	92,129	2,288,154	100,861	121,231	252,356	283,325	214,565	58,161	34,812	60,012	183,602	500,698

Capital
Capital paid in	32,192	1,343	10,218	1,868	2,555	6,885	1,838	1,338	494	146	308	397	4,802
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	4,228,924	93,763	2,300,524	103,117	124,336	260,716	285,557	216,192	58,753	34,989	60,387	184,084	506,504

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 15, 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 15, 2018
Federal Reserve notes outstanding	1,805,530
Less: Notes held by F.R. Banks not subject to collateralization	179,616
Federal Reserve notes to be collateralized	1,625,914
Collateral held against Federal Reserve notes	1,625,914
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,609,678
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,034,988
Less: Face value of securities under reverse repurchase agreements	248,858
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,786,130

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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