FEDERAL RESERVE statistical release For Release at 4:30 P.M. Eastern Time April 16, 2020 The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to include information related to Commercial Paper Funding Facility (CPFF). This facility operates through the Commercial Paper Funding Facility II LLC (CPFF II LLC), a special purpose vehicle that was formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of credit for businesses and households. On March 17, 2020, the Federal Reserve announced the CPFF. On April 14, 2020, the Federal Reserve Bank of New York (FRBNY) extended credit to the CPFF II LLC under the authority of section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary, and the CPFF II LLC began purchasing eligible commercial paper. Consistent with generally accepted accounting principles, the assets and liabilities of CPFF II LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on the release because the FRBNY is the managing member of CPFF II LLC. The net portfolio holdings of CPFF II LLC appear as an asset on the statement of condition of the FRBNY (table 5), the consolidated statement of condition of all Federal Reserve Banks (table 4), and factors affecting reserve balances of depository institutions (table 1). The amount provided by the U.S. Treasury as credit protection is recorded in "Other liabilities and capital" in table 1 and "Other liabilities and accrued dividends" in tables 4 and 5. Additionally, amounts for "Net portfolio holdings of Maiden Lane LLC," were removed from table 1 because the portfolio holdings have been reduced to de minimis balances. Amounts will be included in "Other Federal Reserve Assets" in table 1 and "Other assets" in tables 4 and 5. FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks April 16, 2020 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Apr 15, 2020 Federal Reserve Banks Apr 15, 2020 Apr 8, 2020 Apr 17, 2019 Reserve Bank credit 6,196,020 + 227,982 +2,299,746 6,329,072 Securities held outright (1) 5,195,539 + 222,862 +1,448,965 5,359,376 U.S. Treasury securities 3,717,414 + 206,286 +1,563,958 3,788,858 Bills (2) 326,044 0 + 326,044 326,044 Notes and bonds, nominal (2) 3,140,587 + 190,299 +1,124,023 3,206,144 Notes and bonds, inflation-indexed (2) 217,244 + 14,619 + 102,094 222,692 Inflation compensation (3) 33,539 + 1,369 + 11,797 33,978 Federal agency debt securities (2) 2,347 0 0 2,347 Mortgage-backed securities (4) 1,475,778 + 16,576 - 114,993 1,568,171 Unamortized premiums on securities held outright (5) 250,328 + 20,389 + 115,251 262,334 Unamortized discounts on securities held outright (5) -7,123 + 834 + 5,923 -6,896 Repurchase agreements (6) 201,596 - 26,047 + 201,596 181,100 Foreign official 1 + 1 + 1 0 Others 201,596 - 26,047 + 201,596 181,100 Loans 128,604 - 1,400 + 128,580 120,349 Primary credit 41,034 - 2,479 + 41,024 36,284 Secondary credit 0 0 0 0 Seasonal credit 0 0 - 13 0 Primary Dealer Credit Facility 35,590 + 2,891 + 35,590 33,409 Money Market Mutual Fund Liquidity Facility 51,944 - 1,849 + 51,944 50,656 Other credit extensions 0 0 0 0 Net portfolio holdings of Commercial Paper Funding Facility II LLC (7) 141 + 141 + 141 974 Float -266 - 72 - 58 -361 Central bank liquidity swaps (8) 393,063 + 7,698 + 393,008 378,291 Other Federal Reserve assets (9) 34,137 + 3,577 + 6,338 33,904 Foreign currency denominated assets (10) 20,515 + 156 - 116 20,525 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (11) 50,247 + 14 + 366 50,247 Total factors supplying reserve funds 6,283,023 + 228,152 +2,299,996 6,416,085 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 Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Apr 15, 2020 Federal Reserve Banks Apr 15, 2020 Apr 8, 2020 Apr 17, 2019 Currency in circulation (11) 1,884,944 + 3,933 + 157,948 1,887,593 Reverse repurchase agreements (12) 284,464 - 128,326 + 32,605 279,584 Foreign official and international accounts 278,571 - 3,774 + 26,841 276,434 Others 5,893 - 124,552 + 5,764 3,150 Treasury cash holdings 307 - 10 - 25 302 Deposits with F.R. Banks, other than reserve balances 1,134,405 + 187,593 + 780,064 1,103,978 Term deposits held by depository institutions 0 0 0 0 U.S. Treasury, General Account 889,815 + 191,237 + 604,551 856,155 Foreign official 16,352 - 408 + 11,108 16,347 Other (13) 228,237 - 3,237 + 164,404 231,475 Other liabilities and capital (14) 59,862 + 6,372 + 14,842 74,756 Total factors, other than reserve balances, absorbing reserve funds 3,363,982 + 69,562 + 985,434 3,346,212 Reserve balances with Federal Reserve Banks 2,919,041 + 158,590 +1,314,562 3,069,872 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 the note on consolidation accompanying table 5. 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 bank premises, accrued interest, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. 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 Week ended Change from week ended Apr 15, 2020 Apr 15, 2020 Apr 8, 2020 Apr 17, 2019 Securities held in custody for foreign official and international accounts 3,318,168 + 1,971 - 149,326 3,328,037 Marketable U.S. Treasury securities (1) 2,847,057 + 1,385 - 215,157 2,857,372 Federal agency debt and mortgage-backed securities (2) 388,210 - 70 + 54,378 387,578 Other securities (3) 82,900 + 655 + 11,451 83,087 Securities lent to dealers 34,596 - 1,976 + 12,652 32,721 Overnight facility (4) 34,596 - 1,976 + 12,652 32,721 U.S. Treasury securities 34,596 - 1,976 + 12,652 32,721 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, 4, and 5. 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, April 15, 2020 Millions of dollars Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All days 90 days 1 year to 5 years to 10 years years Loans (1) 13,782 88,132 18,434 0 0 ... 120,349 U.S. Treasury securities (2) Holdings 58,644 225,035 527,601 1,493,336 621,255 862,987 3,788,858 Weekly changes + 11,532 - 8,380 + 27,012 + 61,130 + 44,337 + 18,841 + 154,472 Federal agency debt securities (3) Holdings 0 0 0 0 1,151 1,196 2,347 Weekly changes 0 0 0 0 0 0 0 Mortgage-backed securities (4) Holdings 0 0 5 1,696 73,362 1,493,109 1,568,171 Weekly changes 0 0 0 - 8 + 562 + 107,918 + 108,470 Commercial paper held by Commercial Paper Funding Facility II LLC (5) 0 950 0 ... ... ... 950 Repurchase agreements (6) 32,700 148,400 ... ... ... ... 181,100 Central bank liquidity swaps (7) 26,361 351,930 0 0 0 0 378,291 Reverse repurchase agreements (6) 279,584 0 ... ... ... ... 279,584 Term deposits 0 0 0 ... ... ... 0 Note: Components may not sum to totals because of rounding. ...Not applicable. 1. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions. Loans exclude the loan from the Federal Reserve Bank of New York (FRBNY) to Commercial Paper Funding Facility II LLC, which was eliminated when preparing the FRBNY's statement of condition consistent with consolidation under generally accepted accounting principles. 2. 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. 3. Face value. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Face value of commercial paper held by Commercial Paper Funding Facility II LLC. 6. Cash value of agreements. 7. 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 Apr 15, 2020 Mortgage-backed securities held outright (1) 1,568,171 Residential mortgage-backed securities 1,562,461 Commercial mortgage-backed securities 5,710 Commitments to buy mortgage-backed securities (2) 268,565 Commitments to sell mortgage-backed securities (2) 1,000 Cash and cash equivalents (3) 11 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. Includes residential and commercial mortgage-backed securities. Residential mortgage-backed securities generally settle within 180 calendar days and include commitments associated with outright transactions, dollar rolls, and coupon swaps. Commercial mortgage-backed securities generally settle within three business days. 3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4 and table 5. 4. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Apr 15, 2020 Wednesday Wednesday consolidation Apr 8, 2020 Apr 17, 2019 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,656 - 12 - 38 Securities, unamortized premiums and discounts, repurchase agreements, and loans 5,916,263 + 261,709 +2,050,671 Securities held outright (1) 5,359,376 + 262,942 +1,615,682 U.S. Treasury securities 3,788,858 + 154,472 +1,635,449 Bills (2) 326,044 0 + 326,044 Notes and bonds, nominal (2) 3,206,144 + 141,284 +1,189,670 Notes and bonds, inflation-indexed (2) 222,692 + 12,067 + 107,548 Inflation compensation (3) 33,978 + 1,121 + 12,186 Federal agency debt securities (2) 2,347 0 0 Mortgage-backed securities (4) 1,568,171 + 108,470 - 19,767 Unamortized premiums on securities held outright (5) 262,334 + 19,221 + 127,421 Unamortized discounts on securities held outright (5) -6,896 + 485 + 6,138 Repurchase agreements (6) 181,100 - 11,651 + 181,100 Loans (7) 120,349 - 9,288 + 120,330 Net portfolio holdings of Commercial Paper Funding Facility II LLC (8) 974 + 974 + 974 Items in process of collection (0) 35 - 4 - 30 Bank premises 2,203 + 2 0 Central bank liquidity swaps (9) 378,291 + 20,214 + 378,236 Foreign currency denominated assets (10) 20,525 + 152 - 101 Other assets (11) 31,703 + 1,713 + 6,347 Total assets (0) 6,367,887 + 284,746 +2,436,060 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 4. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Apr 15, 2020 Wednesday Wednesday consolidation Apr 8, 2020 Apr 17, 2019 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,839,299 + 4,074 + 159,130 Reverse repurchase agreements (12) 279,584 - 54,904 + 23,902 Deposits (0) 4,173,852 + 315,492 +2,222,729 Term deposits held by depository institutions 0 0 0 Other deposits held by depository institutions 3,069,874 + 295,368 +1,545,577 U.S. Treasury, General Account 856,155 + 28,977 + 486,790 Foreign official 16,347 - 299 + 11,104 Other (13) (0) 231,475 - 8,555 + 179,256 Deferred availability cash items (0) 396 + 52 + 80 Other liabilities and accrued dividends (14) 35,924 + 20,032 + 30,730 Total liabilities (0) 6,329,055 + 284,746 +2,436,570 Capital accounts Capital paid in 32,007 0 - 510 Surplus 6,825 0 0 Other capital accounts 0 0 0 Total capital 38,832 0 - 510 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. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions. 8. Refer to the note on consolidation accompanying table 5. 9. 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. 10. Revalued daily at current foreign currency exchange rates. 11. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also includes net portfolio holdings of Maiden Lane LLC. 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. 5. Statement of Condition of Each Federal Reserve Bank, April 15, 2020 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 certificates and special drawing rights certificates 16,237 547 5,525 537 768 1,166 2,214 1,135 478 276 445 1,172 1,974 Coin 1,656 39 48 150 90 224 158 276 29 50 110 189 294 Securities, unamortized premiums and discounts, repurchase agreements, and loans (1) 5,916,263 171,952 3,216,038 140,699 170,616 355,201 396,430 308,255 83,574 50,317 86,869 253,004 683,306 Net portfolio holdings of Commercial Paper Funding Facility II LLC (2) 974 0 974 0 0 0 0 0 0 0 0 0 0 Central bank liquidity swaps (3) 378,291 17,956 127,130 13,613 32,327 79,845 18,762 14,691 6,201 2,962 3,989 4,491 56,324 Foreign currency denominated assets (4) 20,525 974 6,899 738 1,754 4,331 1,018 797 336 161 216 244 3,056 Other assets (5) 33,941 809 17,233 861 1,065 2,378 2,388 1,825 641 406 791 1,657 3,888 Interdistrict settlement account 0 - 30,758 + 92,050 - 14,798 + 1,964 + 75,875 - 56,279 + 23,416 - 7,250 - 6,401 - 604 + 48,467 - 125,681 Total assets 6,367,887 161,518 3,465,898 141,801 208,583 519,020 364,691 350,394 84,009 47,770 91,816 309,224 623,161 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Statement of Condition of Each Federal Reserve Bank, April 15, 2020 (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, net 1,839,299 56,991 618,290 50,348 83,899 123,857 252,792 118,987 57,718 29,801 49,485 150,153 246,977 Reverse repurchase agreements (6) 279,584 5,800 152,533 6,771 8,180 17,110 19,116 14,676 4,018 2,419 4,146 12,140 32,676 Deposits 4,173,852 96,339 2,657,062 82,685 112,475 368,281 89,307 213,999 21,239 14,557 37,330 145,290 335,288 Depository institutions 3,069,874 96,325 1,700,373 82,683 105,413 367,145 88,989 95,662 21,234 14,501 25,698 136,569 335,281 U.S. Treasury, General Account 856,155 0 856,155 0 0 0 0 0 0 0 0 0 0 Foreign official 16,347 2 16,321 1 3 8 2 2 1 0 0 0 6 Other (7) 231,475 12 84,213 0 7,058 1,128 316 118,336 4 56 11,632 8,720 1 Earnings remittances due to the U.S. Treasury (8) 2,104 53 1,165 48 72 135 136 100 22 19 20 82 252 Other liabilities and accrued dividends 34,216 505 23,847 562 661 1,487 1,440 1,135 377 649 420 913 2,221 Total liabilities 6,329,055 159,688 3,452,897 140,413 205,286 510,869 362,791 348,896 83,375 47,445 91,402 308,578 617,414 Capital Capital paid in 32,007 1,506 10,707 1,143 2,714 6,710 1,561 1,233 523 272 342 565 4,731 Surplus 6,825 324 2,294 246 583 1,441 338 265 112 53 72 81 1,016 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 6,367,887 161,518 3,465,898 141,801 208,583 519,020 364,691 350,394 84,009 47,770 91,816 309,224 623,161 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 5. Statement of Condition of Each Federal Reserve Bank, April 15, 2020 (continued) 1. Securities include outright holdings of U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, including securities lent to dealers under the overnight securities lending facility; refer to table 1A. Mortgage-backed securities are guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Unamortized premiums and discounts are the differences between the purchase price and the face value of the securities that have not been amortized. For U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis. Repurchase agreements reflect the cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. Loans includes primary, secondary, and seasonal loans and credit extended through the Primary Dealer Credit Facility, Money Market Mutual Fund Liquidity Facility, and other credit extensions. 2. Refer to note on consolidation below. 3. 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. 4. Revalued daily at current foreign currency exchange rates. 5. Includes items in process of collection, bank premises, accrued interest (which represents the daily accumulation of interest earned), and other accounts receivable. Also includes Net portfolio holdings of Maiden Lane LLC; refer to the note on consolidation for additional information. 6. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 7. 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. 8. 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 April 14, 2020, the Federal Reserve Bank of New York (FRBNY) began extending loans to the Commercial Paper Funding Facility II LLC (CPFF II LLC) under the authority of section 13(3) of the Federal Reserve Act. CPFF II LLC is a limited liability company formed to purchase three-month U.S dollar-denominated commercial paper by eligible issuers. The assets of the CPFF II LLC are used to secure the loan from the FRBNY and the amount provided by U.S. Treasury as credit protection to the FRBNY. The FRBNY is the managing member of CPFF II LLC. Consistent with generally accepted accounting principles, the assets and liabilities of the CPFF II LLC have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the loan from the FRBNY to CPFF II LLC is eliminated, the net assets of the CPFF II LLC appear as assets on the previous page (and in table 1 and table 4), and the liabilities of the CPFF II LLC to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the CPFF II LLC are included in other liabilities in this table (and table 1 and table 4). 6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Apr 15, 2020 Federal Reserve notes outstanding 2,007,661 Less: Notes held by F.R. Banks not subject to collateralization 168,361 Federal Reserve notes to be collateralized 1,839,299 Collateral held against Federal Reserve notes 1,839,299 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,823,063 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 5,540,476 Less: Face value of securities under reverse repurchase agreements 266,203 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 5,274,273 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.