FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, November 15, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	November 15, 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 Nov 14, 2018
	Week ended Nov 14, 2018	Change from week ended
	Week ended Nov 14, 2018	Nov 7, 2018	Nov 15, 2017
Reserve Bank credit	4,104,949	+ 2,840	- 317,783	4,107,000
Securities held outright¹	3,942,330	+ 510	- 299,004	3,943,654
U.S. Treasury securities	2,270,409	- 13	- 189,176	2,270,420
Bills²	0	- 53	0	0
Notes and bonds, nominal²	2,132,762	0	- 197,939	2,132,762
Notes and bonds, inflation-indexed²	115,579	0	+ 6,042	115,579
Inflation compensation³	22,068	+ 39	+ 2,720	22,080
Federal agency debt securities²	2,409	0	- 4,348	2,409
Mortgage-backed securities⁴	1,669,512	+ 523	- 105,479	1,670,825
Unamortized premiums on securities held outright⁵	142,854	- 227	- 18,198	142,788
Unamortized discounts on securities held outright⁵	-13,489	+ 32	+ 778	-13,480
Repurchase agreements⁶	0	0	- 37	0
Loans	95	- 6	+ 27	176
Primary credit	20	+ 10	+ 1	110
Secondary credit	0	0	0	0
Seasonal credit	75	- 16	+ 26	66
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	7	0	- 1,705	7
Float	-171	- 25	+ 61	-248
Central bank liquidity swaps⁸	47	- 33	+ 12	47
Other Federal Reserve assets⁹	33,276	+ 2,589	+ 283	34,056
Foreign currency denominated assets¹⁰	20,543	- 135	- 444	20,530
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,857	+ 14	+ 578	49,857

Total factors supplying reserve funds	4,191,590	+ 2,718	- 317,649	4,193,628

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 Nov 14, 2018
	Week ended Nov 14, 2018	Change from week ended
	Week ended Nov 14, 2018	Nov 7, 2018	Nov 15, 2017
Currency in circulation¹¹	1,701,066	+ 4,329	+ 109,800	1,702,792
Reverse repurchase agreements¹²	225,052	- 3,575	- 37,375	220,111
Foreign official and international accounts	224,410	- 2,067	+ 284	219,451
Others	642	- 1,508	- 37,659	660
Treasury cash holdings	229	- 3	+ 8	220
Deposits with F.R. Banks, other than reserve balances	418,936	+ 26,995	+ 148,688	426,447
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	341,094	+ 21,110	+ 166,463	328,686
Foreign official	5,258	+ 2	0	5,256
Other¹³	72,584	+ 5,884	- 17,776	92,505
Other liabilities and capital¹⁴	44,926	- 277	- 3,896	44,530

Total factors, other than reserve balances, absorbing reserve funds	2,390,207	+ 27,466	+ 217,223	2,394,100

Reserve balances with Federal Reserve Banks	1,801,383	- 24,748	- 534,872	1,799,528

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 Nov 14, 2018
	Week ended Nov 14, 2018	Change from week ended
	Week ended Nov 14, 2018	Nov 7, 2018	Nov 15, 2017
Securities held in custody for foreign official and international accounts	3,420,139	+ 5,045	+ 51,031	3,420,662
Marketable U.S. Treasury securities¹	3,046,991	+ 4,291	+ 6,545	3,045,815
Federal agency debt and mortgage-backed securities²	306,637	+ 599	+ 44,382	308,204
Other securities³	66,511	+ 155	+ 104	66,643
Securities lent to dealers	15,928	- 2,682	- 5,269	16,268
Overnight facility⁴	15,928	- 2,682	- 5,269	16,268
U.S. Treasury securities	15,928	- 2,682	- 5,269	16,268
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, November 14, 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	116	60	0	0	0	...	176
U.S. Treasury securities¹
Holdings	34,304	59,403	310,003	993,899	255,606	617,206	2,270,420
Weekly changes	- 53	+ 1	0	+ 8,521	- 8,502	+ 18	- 16
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	2	202	62,179	1,608,441	1,670,825
Weekly changes	0	0	0	0	0	+ 1,836	+ 1,836
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	47	0	0	0	0	0	47

Reverse repurchase agreements⁴	220,111	0	...	...	...	...	220,111
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	Nov 14, 2018
Mortgage-backed securities held outright¹	1,670,825

Commitments to buy mortgage-backed securities²	1,173
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	0

1.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2.	Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.
3.	This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Account name	Wednesday
Account name	Nov 14, 2018
Net portfolio holdings of Maiden Lane LLC¹	7

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.
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 Nov 14, 2018	Change since
			Wednesday	Wednesday
			Nov 7, 2018	Nov 15, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,721	- 12	- 134
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,073,138	+ 1,701	- 312,914
Securities held outright¹		3,943,654	+ 1,820	- 295,598
U.S. Treasury securities		2,270,420	- 16	- 186,221
Bills²		0	- 53	0
Notes and bonds, nominal²		2,132,762	0	- 194,936
Notes and bonds, inflation-indexed²		115,579	0	+ 6,042
Inflation compensation³		22,080	+ 37	+ 2,674
Federal agency debt securities²		2,409	0	- 4,348
Mortgage-backed securities⁴		1,670,825	+ 1,836	- 105,029
Unamortized premiums on securities held outright⁵		142,788	- 222	- 18,244
Unamortized discounts on securities held outright⁵		-13,480	+ 30	+ 804
Repurchase agreements⁶		0	0	0
Loans		176	+ 73	+ 125
Net portfolio holdings of Maiden Lane LLC⁷		7	0	- 1,703
Items in process of collection	(0)	156	+ 22	+ 85
Bank premises		2,189	+ 3	- 15
Central bank liquidity swaps⁸		47	- 32	+ 12
Foreign currency denominated assets⁹		20,530	- 187	- 592
Other assets¹⁰		31,867	+ 2,463	+ 12,864

Total assets	(0)	4,145,892	+ 3,956	- 302,397

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 Nov 14, 2018	Change since
			Wednesday	Wednesday
			Nov 7, 2018	Nov 15, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,654,871	+ 3,621	+ 109,031
Reverse repurchase agreements¹¹		220,111	- 10,727	- 43,338
Deposits	(0)	2,225,976	+ 11,742	- 364,913
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		1,799,529	- 29,296	- 558,277
U.S. Treasury, General Account		328,686	+ 12,529	+ 180,521
Foreign official		5,256	- 1	- 112
Other¹²	(0)	92,505	+ 28,510	+ 12,956
Deferred availability cash items	(0)	404	+ 137	+ 17
Other liabilities and accrued dividends¹³		5,406	- 826	- 1,080

Total liabilities	(0)	4,106,768	+ 3,946	- 300,283

Capital accounts
Capital paid in		32,299	+ 10	+ 1,061
Surplus		6,825	0	- 3,175
Other capital accounts		0	0	0

Total capital		39,124	+ 10	- 2,114

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, November 14, 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	1,721	43	38	153	118	234	177	288	28	44	107	196	293
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,073,138	77,790	2,248,698	102,834	115,470	241,022	244,491	218,153	54,239	34,016	64,126	168,416	503,884
Securities held outright¹	3,943,654	75,320	2,177,203	99,569	111,804	233,370	236,725	211,214	52,503	32,910	62,082	163,069	487,886
U.S. Treasury securities	2,270,420	43,363	1,253,448	57,323	64,367	134,355	136,286	121,599	30,227	18,947	35,742	93,881	280,883
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,270,420	43,363	1,253,448	57,323	64,367	134,355	136,286	121,599	30,227	18,947	35,742	93,881	280,883
Federal agency debt securities²	2,409	46	1,330	61	68	143	145	129	32	20	38	100	298
Mortgage-backed securities⁴	1,670,825	31,911	922,425	42,185	47,368	98,873	100,294	89,486	22,244	13,943	26,303	69,088	206,705
Unamortized premiums on securities held outright⁵	142,788	2,727	78,830	3,605	4,048	8,450	8,571	7,647	1,901	1,192	2,248	5,904	17,665
Unamortized discounts on securities held outright⁵	-13,480	-257	-7,442	-340	-382	-798	-809	-722	-179	-112	-212	-557	-1,668
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	176	1	107	0	0	0	4	14	14	28	8	0	1
Net portfolio holdings of Maiden
Lane LLC⁷	7	0	7	0	0	0	0	0	0	0	0	0	0
Items in process of collection	156	0	1	0	0	0	154	0	0	1	0	0	0
Bank premises	2,189	108	448	80	117	195	206	195	106	95	233	219	188
Central bank liquidity swaps⁸	47	2	15	3	4	10	3	2	1	0	0	1	7
Foreign currency denominated
assets⁹	20,530	874	6,473	1,166	1,657	4,435	1,186	870	296	94	203	254	3,021
Other assets¹⁰	31,867	646	17,111	798	917	2,108	1,910	1,676	520	344	575	1,363	3,899
Interdistrict settlement account	0	+ 5,881	- 31,683	- 8,723	+ 8,254	- 13,472	+ 31,746	- 1,659	+ 4,880	+ 2,719	- 4,757	+ 9,927	- 3,115

Total assets	4,145,892	85,903	2,246,552	96,871	127,318	235,717	282,019	220,688	60,554	37,602	60,948	181,564	510,156

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, November 14, 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	1,854,013	58,317	615,797	54,768	88,846	125,674	262,592	120,897	55,695	31,393	49,784	150,591	239,660
Less: Notes held by F.R. Banks	199,142	6,123	60,139	7,211	9,166	14,167	29,397	12,804	5,523	2,846	5,769	17,397	28,598
Federal Reserve notes, net	1,654,871	52,194	555,658	47,557	79,680	111,507	233,194	108,093	50,172	28,546	44,014	133,194	211,062
Reverse repurchase agreements¹¹	220,111	4,204	121,518	5,557	6,240	13,025	13,213	11,789	2,930	1,837	3,465	9,102	27,231
Deposits	2,225,976	27,676	1,554,798	41,280	38,027	102,245	32,761	98,823	6,693	6,637	12,909	38,509	265,619
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	1,799,529	27,660	1,175,261	41,278	37,999	101,765	32,723	52,672	6,685	6,584	12,892	38,398	265,611
U.S. Treasury, General Account	328,686	0	328,686	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	92,505	14	45,622	1	25	471	36	46,149	7	52	16	110	2
Deferred availability cash items	404	0	0	0	0	0	162	0	0	242	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,073	16	587	21	26	34	96	58	19	13	22	65	117
Other liabilities and accrued dividends	4,333	180	1,549	200	213	541	318	288	147	151	157	212	377

Total liabilities	4,106,768	84,270	2,234,111	94,616	124,186	227,351	279,744	219,050	59,962	37,425	60,567	181,081	504,406

Capital
Capital paid in	32,299	1,343	10,290	1,868	2,581	6,891	1,880	1,349	493	146	313	398	4,746
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	4,145,892	85,903	2,246,552	96,871	127,318	235,717	282,019	220,688	60,554	37,602	60,948	181,564	510,156

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, November 14, 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	Nov 14, 2018
Federal Reserve notes outstanding	1,854,013
Less: Notes held by F.R. Banks not subject to collateralization	199,142
Federal Reserve notes to be collateralized	1,654,871
Collateral held against Federal Reserve notes	1,654,871
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,638,634
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	3,943,654
Less: Face value of securities under reverse repurchase agreements	218,650
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,725,004

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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