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Release Date: November 28, 2014
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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 November 28, 2014
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 Nov 26, 2014
Federal Reserve Banks Nov 26, 2014 Nov 19, 2014 Nov 27, 2013
Reserve Bank credit 4,453,580 - 8,752 + 571,378 4,445,550
Securities held outright (1) 4,237,173 - 675 + 576,589 4,230,112
U.S. Treasury securities 2,461,635 + 21 + 303,170 2,461,645
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,713 0 + 291,959 2,346,713
Notes and bonds, inflation-indexed (2) 98,469 0 + 8,490 98,469
Inflation compensation (3) 16,453 + 20 + 2,722 16,463
Federal agency debt securities (2) 38,677 - 1,023 - 19,695 38,677
Mortgage-backed securities (4) 1,736,861 + 328 + 293,114 1,729,790
Unamortized premiums on securities held outright (5) 208,523 - 303 + 674 208,133
Unamortized discounts on securities held outright (5) -18,574 + 36 - 8,585 -18,555
Repurchase agreements (6) 0 0 0 0
Loans 121 - 8 - 56 111
Primary credit 10 - 5 - 2 3
Secondary credit 0 0 0 0
Seasonal credit 111 - 3 + 44 108
Term Asset-Backed Securities Loan Facility (7) 0 0 - 98 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,681 + 2 + 164 1,681
Net portfolio holdings of Maiden Lane II LLC (9) 0 0 - 63 0
Net portfolio holdings of Maiden Lane III LLC (9) 0 0 - 22 0
Net portfolio holdings of TALF LLC (10) 0 0 - 110 0
Float -567 + 45 + 9 -647
Central bank liquidity swaps (11) 1 + 1 - 271 1
Other Federal Reserve assets (12) 25,223 - 7,849 + 3,050 24,714
Foreign currency denominated assets (13) 21,483 - 147 - 2,390 21,568
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,272 + 14 + 805 46,272
Total factors supplying reserve funds 4,537,576 - 8,886 + 569,793 4,529,631
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 Nov 26, 2014
Federal Reserve Banks Nov 26, 2014 Nov 19, 2014 Nov 27, 2013
Currency in circulation (14) 1,313,124 + 1,365 + 90,951 1,317,441
Reverse repurchase agreements (15) 254,823 + 32,113 + 150,663 251,473
Foreign official and international accounts 100,685 - 559 + 617 103,189
Others 154,138 + 32,672 + 150,046 148,284
Treasury cash holdings 185 - 8 - 30 189
Deposits with F.R. Banks, other than reserve balances 418,850 - 7,867 + 308,671 418,089
Term deposits held by depository institutions 318,691 + 10,968 + 305,159 334,714
U.S. Treasury, General Account 79,769 - 15,512 + 26,025 71,901
Foreign official 5,254 - 7 - 3,482 5,250
Other (16) 15,136 - 3,316 - 19,031 6,224
Other liabilities and capital (17) 64,021 - 890 - 251 63,145
Total factors, other than reserve balances,
absorbing reserve funds 2,051,002 + 24,711 + 550,003 2,050,337
Reserve balances with Federal Reserve Banks 2,486,574 - 33,597 + 19,789 2,479,295
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 and Federal agency debt
securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an
effective-interest basis.
6. Cash value of agreements.
7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the
Term Asset-Backed Securities Loan Facility.
8. Refer to table 4 and the note on consolidation accompanying table 6.
9. 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. Refer to the
note on consolidation accompanying table 6.
10. Refer to the note on consolidation accompanying table 6.
11. 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.
12. 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.
13. Revalued daily at current foreign currency exchange rates.
14. Estimated.
15. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
16. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, and designated financial market utilities.
17. Includes the liability for interest on Federal Reserve notes due to 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 Nov 26, 2014
Nov 26, 2014 Nov 19, 2014 Nov 27, 2013
Securities held in custody for foreign official and
international accounts 3,313,943 + 6,330 - 35,376 3,309,745
Marketable U.S. Treasury securities (1) 2,972,281 - 8,905 - 14,326 2,967,578
Federal agency debt and mortgage-backed securities (2) 299,626 + 15,012 - 20,001 299,482
Other securities (3) 42,036 + 223 - 1,049 42,684
Securities lent to dealers 9,645 + 112 - 2,446 8,183
Overnight facility (4) 9,645 + 112 - 2,446 8,183
U.S. Treasury securities 8,925 + 82 - 2,031 7,540
Federal agency debt securities 720 + 30 - 415 643
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 26, 2014
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 111 0 0 0 0 ... 111
U.S. Treasury securities (1)
Holdings 0 4 3,517 1,098,900 700,729 658,495 2,461,645
Weekly changes 0 0 0 + 3 + 3 + 17 + 23
Federal agency debt securities (2)
Holdings 0 1,800 3,933 30,597 0 2,347 38,677
Weekly changes - 1,023 0 0 0 0 0 - 1,023
Mortgage-backed securities (3)
Holdings 0 0 0 11 5,568 1,724,210 1,729,790
Weekly changes 0 0 0 - 1 - 91 - 5,007 - 5,099
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 1 0 0 0 0 0 1
Reverse repurchase agreements (4) 251,473 0 ... ... ... ... 251,473
Term deposits 334,714 0 0 ... ... ... 334,714
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
Nov 26, 2014
Mortgage-backed securities held outright (1) 1,729,790
Commitments to buy mortgage-backed securities (2) 34,856
Commitments to sell mortgage-backed securities (2) 0
Cash and cash equivalents (3) 38
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
Nov 26, 2014
Net portfolio holdings of Maiden Lane LLC (1) 1,681
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0
Accrued interest payable to the Federal Reserve Bank of New York (2) 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. Revalued
quarterly. This table reflects valuations as of September 30, 2014. Any assets purchased after this
valuation date are initially recorded at cost until their estimated fair value as of the purchase date
becomes available.
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 Wednesday Change since
from Nov 26, 2014 Wednesday Wednesday
consolidation Nov 19, 2014 Nov 27, 2013
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,841 - 18 - 85
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,419,801 - 6,600 + 560,265
Securities held outright (1) 4,230,112 - 6,098 + 568,220
U.S. Treasury securities 2,461,645 + 23 + 297,979
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,713 0 + 286,771
Notes and bonds, inflation-indexed (2) 98,469 0 + 8,490
Inflation compensation (3) 16,463 + 23 + 2,718
Federal agency debt securities (2) 38,677 - 1,023 - 19,695
Mortgage-backed securities (4) 1,729,790 - 5,099 + 289,936
Unamortized premiums on securities held outright
(5) 208,133 - 523 + 447
Unamortized discounts on securities held outright
(5) -18,555 + 42 - 8,341
Repurchase agreements (6) 0 0 0
Loans 111 - 20 - 61
Net portfolio holdings of Maiden Lane LLC (7) 1,681 0 + 164
Net portfolio holdings of Maiden Lane II LLC (8) 0 0 - 63
Net portfolio holdings of Maiden Lane III LLC (8) 0 0 - 22
Net portfolio holdings of TALF LLC (9) 0 0 - 110
Items in process of collection (0) 88 - 3 - 1
Bank premises 2,265 0 - 29
Central bank liquidity swaps (10) 1 + 1 - 271
Foreign currency denominated assets (11) 21,568 - 41 - 2,276
Other assets (12) 22,449 - 168 + 2,483
Total assets (0) 4,485,931 - 6,828 + 560,055
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 Wednesday Change since
from Nov 26, 2014 Wednesday Wednesday
consolidation Nov 19, 2014 Nov 27, 2013
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,273,194 + 5,482 + 89,201
Reverse repurchase agreements (13) 251,473 - 15,527 + 143,734
Deposits (0) 2,897,384 + 3,046 + 327,480
Term deposits held by depository institutions 334,714 + 26,991 + 321,182
Other deposits held by depository institutions 2,479,295 - 7,019 - 9,092
U.S. Treasury, General Account 71,901 - 7,733 + 26,468
Foreign official 5,250 - 54 - 3,490
Other (14) (0) 6,224 - 9,139 - 7,589
Deferred availability cash items (0) 735 + 57 - 4
Other liabilities and accrued dividends (15) 6,561 + 95 - 1,976
Total liabilities (0) 4,429,346 - 6,847 + 558,434
Capital accounts
Capital paid in 28,292 + 9 + 810
Surplus 28,292 + 9 + 810
Other capital accounts 0 0 0
Total capital 56,585 + 19 + 1,621
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 and Federal agency debt
securities, amortization is on a straight-line basis. For 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. 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. Refer to the
note on consolidation accompanying table 6.
9. Refer to the note on consolidation accompanying table 6.
10. 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.
11. Revalued daily at current foreign currency exchange rates.
12. Includes accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
14. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, and designated financial market utilities.
15. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.
6. Statement of Condition of Each Federal Reserve Bank, November 26, 2014
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 11,037 352 4,125 338 464 824 1,349 706 278 173 291 880 1,257
Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574
Coin 1,841 29 76 124 115 306 207 271 23 43 148 173 325
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,419,801 89,403 2,712,645 105,882 96,497 247,019 244,328 180,650 54,516 27,144 58,240 134,676 468,801
Securities held outright (1) 4,230,112 85,568 2,596,289 101,341 92,358 236,424 233,838 172,891 52,176 25,924 55,720 128,893 448,692
U.S. Treasury securities 2,461,645 49,795 1,510,868 58,974 53,746 137,583 136,078 100,611 30,363 15,086 32,426 75,007 261,109
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,461,645 49,795 1,510,868 58,974 53,746 137,583 136,078 100,611 30,363 15,086 32,426 75,007 261,109
Federal agency debt securities (2) 38,677 782 23,739 927 844 2,162 2,138 1,581 477 237 509 1,178 4,103
Mortgage-backed securities (4) 1,729,790 34,991 1,061,682 41,441 37,767 96,679 95,622 70,699 21,336 10,601 22,785 52,707 183,481
Unamortized premiums on securities held
outright (5) 208,133 4,210 127,745 4,986 4,544 11,633 11,505 8,507 2,567 1,276 2,742 6,342 22,077
Unamortized discounts on securities
held outright (5) -18,555 -375 -11,389 -445 -405 -1,037 -1,026 -758 -229 -114 -244 -565 -1,968
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 111 0 0 0 0 0 10 11 2 59 22 7 0
Net portfolio holdings of Maiden
Lane LLC (7) 1,681 0 1,681 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane II LLC (8) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane III LLC (8) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF LLC (9) 0 0 0 0 0 0 0 0 0 0 0 0 0
Items in process of collection 88 0 0 0 0 0 86 0 0 1 0 0 0
Bank premises 2,265 122 440 75 111 220 212 199 123 96 242 224 201
Central bank liquidity swaps (10) 1 0 0 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 21,568 981 6,939 1,621 1,715 4,497 1,240 595 181 91 227 361 3,121
Other assets (12) 22,449 477 13,432 659 484 1,404 1,218 903 322 162 312 781 2,296
Interdistrict settlement account 0 + 26,211 - 112,129 - 445 + 21,097 - 1,161 + 4,282 - 6,524 - 6,123 + 1,560 - 918 + 14,896 + 59,255
Total assets 4,485,931 117,770 2,629,027 108,464 120,719 253,521 253,576 177,224 49,470 29,361 58,695 152,273 535,831
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 26, 2014 (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 1,461,313 44,602 478,532 45,434 68,405 103,159 214,170 99,932 40,526 21,857 37,241 119,685 187,770
Less: Notes held by F.R. Banks 188,119 5,002 66,497 5,314 8,503 11,362 22,343 10,097 4,840 3,501 5,098 18,812 26,750
Federal Reserve notes, net 1,273,194 39,601 412,035 40,120 59,902 91,797 191,827 89,834 35,686 18,356 32,144 100,873 161,019
Reverse repurchase agreements (13) 251,473 5,087 154,345 6,025 5,491 14,055 13,901 10,278 3,102 1,541 3,312 7,662 26,674
Deposits 2,897,384 70,291 2,041,459 58,862 50,602 134,314 43,545 75,214 9,981 8,922 22,485 42,656 339,053
Term deposits held by depository
institutions 334,714 91 232,910 30,338 9,450 10,026 840 18,190 428 181 3,857 3,605 24,799
Other deposits held by depository
institutions 2,479,295 70,193 1,725,433 28,494 41,149 124,107 42,696 57,010 9,553 8,741 18,626 39,048 314,246
U.S. Treasury, General Account 71,901 0 71,901 0 0 0 0 0 0 0 0 0 0
Foreign official 5,250 2 5,222 3 3 8 2 1 0 0 0 1 6
Other (14) 6,224 5 5,993 28 0 173 7 13 0 0 1 2 2
Deferred availability cash items 735 0 0 0 0 0 565 0 0 169 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 2,042 27 1,279 47 41 103 119 88 26 14 23 62 213
Other liabilities and accrued
dividends (16) 4,519 186 1,514 216 235 647 366 281 146 118 130 200 480
Total liabilities 4,429,346 115,191 2,610,631 105,270 116,270 240,917 250,324 175,696 48,940 29,120 58,094 151,454 527,440
Capital
Capital paid in 28,292 1,289 9,198 1,597 2,224 6,302 1,626 764 265 120 300 410 4,196
Surplus 28,292 1,289 9,198 1,597 2,224 6,302 1,626 764 265 120 300 410 4,196
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and capital 4,485,931 117,770 2,629,027 108,464 120,719 253,521 253,576 177,224 49,470 29,361 58,695 152,273 535,831
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 26, 2014 (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 and Federal agency debt
securities, amortization is on a straight-line basis. For 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. 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. Refer
to the note on consolidation below.
9. Refer to the note on consolidation below.
10. 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.
11. Revalued daily at current foreign currency exchange rates.
12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
15. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank's net earnings are not sufficient to equate surplus to
capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the
Federal Reserve Bank's earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy, which requires
the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends, and the amount
necessary to equate surplus with capital paid-in.
Note on consolidation:
The Federal Reserve Bank of New York (FRBNY) extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan
was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to Maiden Lane LLC
was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC was repaid in full, with
interest. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the
American International Group, Inc. had written credit default swap contracts. On June 14, 2012, the loan from FRBNY to Maiden Lane III was repaid in full, with interest. On December 12, 2008, a
loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American
International Group, Inc. On March 1, 2012, the loan from FRBNY to Maiden Lane II was repaid in full, with interest. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to
extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended
under the Term Asset-Backed Securities Loan Facility. On January 15, 2013 the FRBNY's commitment to extend credit to TALF LLC was eliminated.
The FRBNY was the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY was primarily responsible for directing the
financial activities of TALF LLC. The FRBNY was the primary beneficiary of the other LLCs cited above because it received a majority of any residual returns of the LLCs and absorbed a majority of any
residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs were 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 extensions of credit from the FRBNY to the LLCs were eliminated, the net
assets of the LLCs appeared as assets on the previous page (and in table 1 and table 5), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to
the portfolio holdings of the LLCs, 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
Nov 26, 2014
Federal Reserve notes outstanding 1,461,313
Less: Notes held by F.R. Banks not subject to collateralization 188,119
Federal Reserve notes to be collateralized 1,273,194
Collateral held against Federal Reserve notes 1,273,194
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,256,957
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,230,112
Less: Face value of securities under reverse repurchase agreements 234,745
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,995,367
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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