FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, August 30, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	August 30, 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 29, 2018
	Week ended Aug 29, 2018	Change from week ended
	Week ended Aug 29, 2018	Aug 22, 2018	Aug 30, 2017
Reserve Bank credit	4,185,664	- 4,195	- 227,735	4,179,238
Securities held outright¹	4,029,546	- 4,656	- 211,639	4,024,004
U.S. Treasury securities	2,324,571	+ 63	- 140,719	2,324,589
Bills²	100	+ 14	+ 100	100
Notes and bonds, nominal²	2,188,006	0	- 149,559	2,188,006
Notes and bonds, inflation-indexed²	114,592	0	+ 5,619	114,592
Inflation compensation³	21,873	+ 49	+ 3,121	21,891
Federal agency debt securities²	2,409	0	- 4,348	2,409
Mortgage-backed securities⁴	1,702,566	- 4,719	- 66,572	1,697,006
Unamortized premiums on securities held outright⁵	146,784	- 444	- 16,907	146,528
Unamortized discounts on securities held outright⁵	-13,796	+ 30	+ 781	-13,785
Repurchase agreements⁶	0	0	0	0
Loans	293	+ 8	+ 66	311
Primary credit	24	- 12	+ 22	39
Secondary credit	0	0	0	0
Seasonal credit	270	+ 22	+ 45	272
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,720	+ 1	+ 12	1,718
Float	-216	- 49	+ 181	-498
Central bank liquidity swaps⁸	92	+ 24	+ 56	92
Other Federal Reserve assets⁹	21,242	+ 892	- 283	20,868
Foreign currency denominated assets¹⁰	21,085	+ 158	- 452	21,098
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,729	+ 14	+ 636	49,729

Total factors supplying reserve funds	4,272,718	- 4,024	- 227,552	4,266,306

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 29, 2018
	Week ended Aug 29, 2018	Change from week ended
	Week ended Aug 29, 2018	Aug 22, 2018	Aug 30, 2017
Currency in circulation¹¹	1,676,374	+ 2,646	+ 109,188	1,681,023
Reverse repurchase agreements¹²	242,238	- 6,772	- 128,247	232,432
Foreign official and international accounts	239,429	- 7,178	- 3,534	231,592
Others	2,809	+ 406	- 124,713	840
Treasury cash holdings	216	- 3	+ 43	211
Deposits with F.R. Banks, other than reserve balances	424,452	- 1,561	+ 274,824	427,249
Term deposits held by depository institutions	2,487	+ 2,487	+ 2,487	2,487
U.S. Treasury, General Account	342,543	- 5,850	+ 281,486	345,255
Foreign official	5,256	- 18	- 28	5,257
Other¹³	74,165	+ 1,819	- 9,121	74,251
Other liabilities and capital¹⁴	45,515	+ 996	- 2,738	44,883

Total factors, other than reserve balances, absorbing reserve funds	2,388,794	- 4,694	+ 253,070	2,385,799

Reserve balances with Federal Reserve Banks	1,883,924	+ 670	- 480,622	1,880,507

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 29, 2018
	Week ended Aug 29, 2018	Change from week ended
	Week ended Aug 29, 2018	Aug 22, 2018	Aug 30, 2017
Securities held in custody for foreign official and international accounts	3,429,056	- 787	+ 84,038	3,419,272
Marketable U.S. Treasury securities¹	3,059,869	+ 662	+ 40,472	3,050,312
Federal agency debt and mortgage-backed securities²	298,729	- 926	+ 34,567	298,658
Other securities³	70,458	- 524	+ 8,999	70,302
Securities lent to dealers	17,992	+ 3,781	- 7,807	19,631
Overnight facility⁴	17,992	+ 3,781	- 7,807	19,631
U.S. Treasury securities	17,992	+ 3,781	- 7,805	19,631
Federal agency debt securities	0	0	- 2	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 29, 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	292	19	0	0	0	...	311
U.S. Treasury securities¹
Holdings	20,932	77,244	326,061	1,016,040	267,189	617,123	2,324,589
Weekly changes	0	0	+ 1	+ 7	+ 18	+ 24	+ 49
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	144	42,637	1,654,224	1,697,006
Weekly changes	0	0	0	- 5	- 754	- 8,966	- 9,725
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	92	0	0	0	0	0	92

Reverse repurchase agreements⁴	232,432	0	...	...	...	...	232,432
Term deposits	2,487	0	0	...	...	...	2,487

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 29, 2018
Mortgage-backed securities held outright¹	1,697,006

Commitments to buy mortgage-backed securities²	5,924
Commitments to sell mortgage-backed securities²	15

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	Aug 29, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,718

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 29, 2018	Change since
			Wednesday	Wednesday
			Aug 22, 2018	Aug 30, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,768	- 23	- 90
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,157,058	- 10,159	- 231,751
Securities held outright¹		4,024,004	- 9,676	- 215,606
U.S. Treasury securities		2,324,589	+ 49	- 140,711
Bills²		100	0	+ 100
Notes and bonds, nominal²		2,188,006	0	- 149,559
Notes and bonds, inflation-indexed²		114,592	0	+ 5,619
Inflation compensation³		21,891	+ 49	+ 3,130
Federal agency debt securities²		2,409	0	- 4,348
Mortgage-backed securities⁴		1,697,006	- 9,725	- 70,547
Unamortized premiums on securities held outright⁵		146,528	- 540	- 17,014
Unamortized discounts on securities held outright⁵		-13,785	+ 30	+ 781
Repurchase agreements⁶		0	0	0
Loans		311	+ 26	+ 88
Net portfolio holdings of Maiden Lane LLC⁷		1,718	- 2	+ 10
Items in process of collection	(0)	76	+ 22	+ 20
Bank premises		2,183	0	- 21
Central bank liquidity swaps⁸		92	+ 24	+ 56
Foreign currency denominated assets⁹		21,098	+ 18	- 396
Other assets¹⁰		18,685	+ 217	- 1,274

Total assets	(0)	4,218,914	- 9,904	- 233,446

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 29, 2018	Change since
			Wednesday	Wednesday
			Aug 22, 2018	Aug 30, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,633,269	+ 5,879	+ 109,794
Reverse repurchase agreements¹¹		232,432	- 11,772	- 156,276
Deposits	(0)	2,307,757	- 4,614	- 183,485
Term deposits held by depository institutions		2,487	+ 2,487	+ 2,487
Other deposits held by depository institutions		1,880,507	- 22,278	- 451,449
U.S. Treasury, General Account		345,255	+ 10,263	+ 278,378
Foreign official		5,257	+ 1	+ 92
Other¹²	(0)	74,251	+ 4,913	- 12,993
Deferred availability cash items	(0)	574	+ 296	- 659
Other liabilities and accrued dividends¹³		5,856	+ 303	- 860

Total liabilities	(0)	4,179,888	- 9,908	- 231,486

Capital accounts
Capital paid in		32,202	+ 6	+ 1,215
Surplus		6,825	0	- 3,175
Other capital accounts		0	0	0

Total capital		39,027	+ 6	- 1,960

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 29, 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	1,768	43	41	159	115	250	192	294	34	44	108	201	287
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,157,058	79,389	2,294,847	104,949	117,845	245,980	249,533	222,675	55,466	34,785	65,446	171,882	514,260
Securities held outright¹	4,024,004	76,854	2,221,562	101,598	114,082	238,125	241,548	215,517	53,573	33,580	63,347	166,392	497,826
U.S. Treasury securities	2,324,589	44,397	1,283,353	58,691	65,903	137,560	139,538	124,500	30,948	19,399	36,595	96,121	287,584
Bills²	100	2	55	3	3	6	6	5	1	1	2	4	12
Notes and bonds³	2,324,489	44,395	1,283,298	58,688	65,900	137,554	139,532	124,495	30,947	19,398	36,593	96,117	287,572
Federal agency debt securities²	2,409	46	1,330	61	68	143	145	129	32	20	38	100	298
Mortgage-backed securities⁴	1,697,006	32,411	936,879	42,846	48,111	100,422	101,866	90,888	22,593	14,161	26,715	70,171	209,944
Unamortized premiums on securities held outright⁵	146,528	2,799	80,895	3,700	4,154	8,671	8,796	7,848	1,951	1,223	2,307	6,059	18,128
Unamortized discounts on securities held outright⁵	-13,785	-263	-7,610	-348	-391	-816	-827	-738	-184	-115	-217	-570	-1,705
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	311	0	1	0	0	0	17	48	126	97	9	1	11
Net portfolio holdings of Maiden
Lane LLC⁷	1,718	0	1,718	0	0	0	0	0	0	0	0	0	0
Items in process of collection	76	0	0	0	0	0	75	0	0	0	0	0	0
Bank premises	2,183	109	442	76	118	195	203	197	106	95	233	219	189
Central bank liquidity swaps⁸	92	4	29	5	7	20	5	4	1	0	1	1	14
Foreign currency denominated
assets⁹	21,098	898	6,652	1,198	1,703	4,557	1,219	894	304	97	209	261	3,105
Other assets¹⁰	18,685	386	9,784	463	532	1,291	1,111	972	445	204	349	876	2,272
Interdistrict settlement account	0	- 2,700	+ 34,869	- 6,539	+ 182	+ 15,671	+ 30,529	- 11,110	+ 1,074	- 344	- 8,578	+ 3,094	- 56,148

Total assets	4,218,914	78,690	2,353,826	100,872	121,284	269,149	285,013	215,089	57,915	35,170	58,228	177,721	465,957

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 29, 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	1,813,343	58,519	605,041	54,407	87,750	125,431	262,757	119,359	54,732	30,425	47,154	149,868	217,903
Less: Notes held by F.R. Banks	180,073	6,279	44,824	7,136	9,115	14,532	26,936	12,125	5,402	3,101	5,546	17,398	27,679
Federal Reserve notes, net	1,633,269	52,240	560,217	47,270	78,635	110,899	235,821	107,234	49,330	27,323	41,608	132,469	190,224
Reverse repurchase agreements¹¹	232,432	4,439	128,320	5,868	6,590	13,754	13,952	12,449	3,094	1,940	3,659	9,611	28,755
Deposits	2,307,757	20,174	1,650,514	45,243	32,707	135,504	32,530	93,403	4,758	5,048	12,407	34,874	240,596
Term deposits held by depository institutions	2,487	25	785	1,000	7	0	0	170	0	0	0	0	500
Other deposits held by depository institutions	1,880,507	20,116	1,272,436	44,241	32,475	135,010	32,487	46,806	4,749	4,985	12,396	34,719	240,088
U.S. Treasury, General Account	345,255	0	345,255	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	74,251	31	26,808	1	222	485	41	46,425	9	63	10	155	2
Deferred availability cash items	574	0	0	0	0	0	52	0	0	522	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,078	20	543	28	39	50	98	51	18	13	23	62	134
Other liabilities and accrued dividends	4,779	184	1,862	207	206	580	324	321	128	147	156	222	442

Total liabilities	4,179,888	77,056	2,341,456	98,617	118,177	260,787	282,776	213,458	57,328	34,993	57,852	177,237	460,150

Capital
Capital paid in	32,202	1,343	10,219	1,868	2,556	6,887	1,842	1,342	489	146	308	399	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	4,218,914	78,690	2,353,826	100,872	121,284	269,149	285,013	215,089	57,915	35,170	58,228	177,721	465,957

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 29, 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 29, 2018
Federal Reserve notes outstanding	1,813,343
Less: Notes held by F.R. Banks not subject to collateralization	180,073
Federal Reserve notes to be collateralized	1,633,269
Collateral held against Federal Reserve notes	1,633,269
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,617,032
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,024,004
Less: Face value of securities under reverse repurchase agreements	233,532
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,790,472

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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