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FEDERAL RESERVE statistical release

H.4.1

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

December 20, 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
Dec 19, 2018

Week ended
Dec 19, 2018

Change from week ended

Dec 12, 2018

Dec 20, 2017

Reserve Bank credit

4,048,105

-      478

-  360,187

4,045,163

Securities held outright1

3,894,463

-    2,001

-  339,546

3,891,757

U.S. Treasury securities

2,240,641

+       55

-  213,603

2,240,661

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,101,796

         0

-  222,608

2,101,796

Notes and bonds, inflation-indexed2

   116,545

         0

+    6,411

   116,545

Inflation compensation3

    22,300

+       55

+    2,594

    22,321

Federal agency debt securities2

     2,409

         0

-    1,982

     2,409

Mortgage-backed securities4

1,651,413

-    2,057

-  123,961

1,648,687

Unamortized premiums on securities held outright5

   141,051

-      298

-   18,644

   140,884

Unamortized discounts on securities held outright5

   -13,491

+       29

+      675

   -13,479

Repurchase agreements6

         0

         0

         0

         0

Loans

        74

+        2

-       36

        95

Primary credit

         9

-       12

-       68

        18

Secondary credit

         0

         0

         0

         0

Seasonal credit

        65

+       14

+       32

        77

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

         2

-        5

-    1,710

         0

Float

      -157

+       38

+       58

      -180

Central bank liquidity swaps8

        70

-       50

+       13

        70

Other Federal Reserve assets9

    26,092

+    1,807

-      997

    26,016

Foreign currency denominated assets10

    20,606

-       47

-      554

    20,761

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    49,845

+       14

+      492

    49,845

Total factors supplying reserve funds

4,134,797

-      511

-  360,249

4,132,011

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
Dec 19, 2018

Week ended
Dec 19, 2018

Change from week ended

Dec 12, 2018

Dec 20, 2017

Currency in circulation11

1,705,804

+      737

+  101,782

1,709,041

Reverse repurchase agreements12

   245,796

+    8,476

-   82,831

   252,619

Foreign official and international accounts

   243,800

+    9,695

+   15,999

   246,637

Others

     1,996

-    1,219

-   98,830

     5,982

Treasury cash holdings

       202

         0

-        2

       205

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

   438,200

+   26,114

+  193,926

   475,635

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   350,714

+   15,747

+  195,102

   396,293

Foreign official

     5,243

-       11

-       54

     5,244

Other13

    82,243

+   10,379

-    1,122

    74,098

Other liabilities and capital14

    45,657

+      562

-    3,099

    45,346

Total factors, other than reserve balances,
absorbing reserve funds

2,435,659

+   35,890

+  209,777

2,482,847

Reserve balances with Federal Reserve Banks

1,699,138

-   36,401

-  570,026

1,649,163

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
Dec 19, 2018

Week ended
Dec 19, 2018

Change from week ended

Dec 12, 2018

Dec 20, 2017

Securities held in custody for foreign official and international accounts

3,403,169

+   18,665

+   30,512

3,404,499

Marketable U.S. Treasury securities1

3,027,792

+   18,593

-    3,187

3,028,654

Federal agency debt and mortgage-backed securities2

   308,710

+      298

+   45,104

   309,340

Other securities3

    66,667

-      226

-   11,405

    66,505

Securities lent to dealers

    22,898

+    2,047

+    1,263

    22,710

Overnight facility4

    22,898

+    2,047

+    1,263

    22,710

U.S. Treasury securities

    22,898

+    2,047

+    1,263

    22,710

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, December 19, 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

        95

         0

         0

         0

         0

...

        95

U.S. Treasury securities1

Holdings

    18,209

    72,333

   302,120

   964,808

   264,587

   618,604

2,240,661

Weekly changes

+   18,209

-   18,209

         0

+        8

+       20

+       26

+       55

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

         4

       221

    63,510

1,584,951

1,648,687

Weekly changes

         0

         0

         0

+       11

-      313

-    4,482

-    4,783

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

        70

         0

         0

         0

         0

         0

        70

Reverse repurchase agreements4

   252,619

         0

...

...

...

...

   252,619

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

Dec 19, 2018

Mortgage-backed securities held outright1

1,648,687

Commitments to buy mortgage-backed securities2

       254

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

         3

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

Dec 19, 2018

Net portfolio holdings of Maiden Lane LLC1

         0

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
Dec 19, 2018

Change since

Wednesday

Wednesday

Dec 12, 2018

Dec 20, 2017

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,742

+       20

-      150

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

4,019,257

-    5,052

-  360,300

Securities held outright1

3,891,757

-    4,728

-  342,322

U.S. Treasury securities

2,240,661

+       55

-  213,576

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,101,796

         0

-  222,608

Notes and bonds, inflation-indexed2

   116,545

         0

+    6,411

Inflation compensation3

    22,321

+       55

+    2,622

Federal agency debt securities2

     2,409

         0

-    1,982

Mortgage-backed securities4

1,648,687

-    4,783

-  126,764

Unamortized premiums on securities held outright5

   140,884

-      381

-   18,635

Unamortized discounts on securities held outright5

   -13,479

+       31

+      674

Repurchase agreements6

         0

         0

         0

Loans

        95

+       26

-       17

Net portfolio holdings of Maiden Lane LLC7

         0

-        7

-    1,712

Items in process of collection

(0)

       189

+      111

+      112

Bank premises

     2,199

+        4

-       15

Central bank liquidity swaps8

        70

-       50

+       13

Foreign currency denominated assets9

    20,761

+      149

-      445

Other assets10

    23,819

+      785

-      700

Total assets

(0)

4,084,274

-    4,040

-  363,196

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
Dec 19, 2018

Change since

Wednesday

Wednesday

Dec 12, 2018

Dec 20, 2017

Liabilities

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

1,661,139

+    3,282

+  100,474

Reverse repurchase agreements11

   252,619

+   17,175

-   97,183

Deposits

(0)

2,124,800

-   24,994

-  363,720

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

1,649,165

-  102,248

-  587,977

U.S. Treasury, General Account

   396,293

+   73,630

+  225,476

Foreign official

     5,244

+        1

-        9

Other12

(0)

    74,098

+    3,623

-    1,210

Deferred availability cash items

(0)

       369

-      114

+      133

Other liabilities and accrued dividends13

     6,186

+      640

-      739

Total liabilities

(0)

4,045,113

-    4,010

-  361,035

Capital accounts

Capital paid in

    32,335

-       31

+    1,013

Surplus

     6,825

         0

-    3,175

Other capital accounts

         0

         0

         0

Total capital

    39,160

-       31

-    2,162

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, December 19, 2018

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Assets

Gold certificate account

    11,037

       364

     3,626

       350

       544

       773

     1,491

       739

       334

       199

       307

       905

     1,405

Special drawing rights certificate acct.

     5,200

       196

     1,818

       210

       237

       412

       654

       424

       150

        90

       153

       282

       574

Coin

     1,742

        43

        40

       150

       125

       238

       184

       284

        27

        45

       111

       197

       298

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

4,019,257

    76,763

2,218,890

   101,475

   113,950

   237,839

   241,261

   215,266

    53,553

    33,561

    63,279

   166,192

   497,228

Securities held outright1

3,891,757

    74,328

2,148,552

    98,259

   110,333

   230,299

   233,610

   208,434

    51,812

    32,477

    61,265

   160,923

   481,465

U.S. Treasury securities

2,240,661

    42,794

1,237,019

    56,572

    63,523

   132,594

   134,500

   120,005

    29,831

    18,698

    35,273

    92,651

   277,201

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,240,661

    42,794

1,237,019

    56,572

    63,523

   132,594

   134,500

   120,005

    29,831

    18,698

    35,273

    92,651

   277,201

Federal agency debt securities2

     2,409

        46

     1,330

        61

        68

       143

       145

       129

        32

        20

        38

       100

       298

Mortgage-backed securities4

1,648,687

    31,488

   910,203

    41,626

    46,741

    97,563

    98,965

    88,300

    21,949

    13,758

    25,954

    68,173

   203,966

Unamortized premiums on securities  held outright5

   140,884

     2,691

    77,779

     3,557

     3,994

     8,337

     8,457

     7,545

     1,876

     1,176

     2,218

     5,826

    17,429

Unamortized discounts on securities  held outright5

   -13,479

      -257

    -7,441

      -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

        95

         1

         1

         0

         5

         1

         4

         8

        45

        21

         8

         0

         1

Net portfolio holdings of Maiden

Lane LLC7

         0

         0

         0

         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

     2,199

       108

       455

        82

       117

       195

       205

       194

       106

        95

       232

       220

       190

Central bank liquidity swaps8

        70

         3

        22

         4

         6

        15

         4

         3

         1

         0

         1

         1

        10

Foreign currency denominated

assets9

    20,761

       883

     6,546

     1,179

     1,676

     4,485

     1,200

       880

       300

        95

       206

       257

     3,055

Other assets10

    23,819

       489

    12,693

       596

       685

     1,604

     1,432

     1,250

       375

       237

       427

     1,114

     2,917

Interdistrict settlement account

         0

+    1,678

-   68,519

-    7,096

+    5,535

+    4,389

+   38,389

+    3,932

+    8,494

+    2,970

-    1,236

+    7,096

+    4,368

Total assets

4,084,274

    80,527

2,175,570

    96,951

   122,873

   249,949

   285,009

   222,973

    63,341

    37,292

    63,480

   176,264

   510,045

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, December 19, 2018 (continued)

Millions of dollars

Assets, liabilities, and capital

Total

Boston

New York

Philadelphia

Cleveland

Richmond

Atlanta

Chicago

St. Louis

Minneapolis

Kansas

Dallas

San

City

Francisco

Liabilities

Federal Reserve notes outstanding

1,863,595

    58,072

   616,079

    55,017

    88,860

   125,892

   262,348

   122,065

    56,138

    31,575

    50,056

   151,069

   246,426

Less: Notes held by F.R. Banks

   202,456

     6,295

    58,048

     7,317

     8,755

    13,706

    29,893

    14,556

     5,522

     2,867

     5,853

    18,091

    31,551

Federal Reserve notes, net

1,661,139

    51,777

   558,030

    47,700

    80,104

   112,186

   232,455

   107,509

    50,615

    28,707

    44,203

   132,978

   214,874

Reverse repurchase agreements11

   252,619

     4,825

   139,465

     6,378

     7,162

    14,949

    15,164

    13,530

     3,363

     2,108

     3,977

    10,446

    31,253

Deposits

2,124,800

    22,027

1,463,112

    40,369

    32,202

   113,758

    34,512

    99,902

     8,610

     5,935

    14,757

    32,075

   257,541

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

1,649,165

    22,011

1,037,437

    40,366

    32,175

   113,219

    34,465

    50,783

     8,599

     5,879

    14,732

    31,965

   257,534

U.S. Treasury, General Account

   396,293

         0

   396,293

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,244

         2

     5,216

         2

         3

         9

         2

         2

         1

         0

         0

         0

         6

Other12

    74,098

        14

    24,165

         1

        24

       530

        45

    49,117

        10

        56

        25

       110

         2

Deferred availability cash items

       369

         0

         0

         0

         0

         0

       175

         0

         0

       194

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

     1,243

        29

       660

        34

        45

        54

       106

        66

        21

        13

        18

        62

       136

Other liabilities and accrued
dividends

     4,943

       186

     1,892

       214

       228

       634

       322

       326

       139

       150

       145

       219

       490

Total liabilities

4,045,113

    78,844

2,163,158

    94,695

   119,741

   241,580

   282,734

   221,333

    62,749

    37,107

    63,099

   175,779

   504,293

Capital

Capital paid in

    32,335

     1,393

    10,260

     1,868

     2,581

     6,895

     1,880

     1,350

       493

       154

       313

       400

     4,747

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

4,084,274

    80,527

2,175,570

    96,951

   122,873

   249,949

   285,009

   222,973

    63,341

    37,292

    63,480

   176,264

   510,045

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, December 19, 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

Dec 19, 2018

Federal Reserve notes outstanding

1,863,595

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

   202,456

Federal Reserve notes to be collateralized

1,661,139

Collateral held against Federal Reserve notes

1,661,139

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

1,644,902

Other assets pledged

         0

Memo:

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

3,891,757

Less: Face value of securities under reverse repurchase agreements

   251,766

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

3,639,991

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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