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Release Date: April 2, 2015
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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 April 2, 2015
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 1, 2015
Federal Reserve Banks Apr 1, 2015 Mar 25, 2015 Apr 2, 2014
Reserve Bank credit 4,443,861 - 9,350 + 252,341 4,443,574
Securities held outright (1) 4,228,393 - 9,445 + 259,461 4,228,384
U.S. Treasury securities 2,459,594 - 116 + 141,112 2,459,578
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,710 0 + 136,747 2,346,709
Notes and bonds, inflation-indexed (2) 98,469 0 + 3,904 98,469
Inflation compensation (3) 14,416 - 115 + 463 14,400
Federal agency debt securities (2) 36,877 0 - 10,466 36,877
Mortgage-backed securities (4) 1,731,921 - 9,330 + 128,813 1,731,928
Unamortized premiums on securities held outright (5) 202,701 - 632 - 7,036 202,565
Unamortized discounts on securities held outright (5) -17,965 + 36 - 943 -17,953
Repurchase agreements (6) 0 0 0 0
Loans 36 + 20 - 66 59
Primary credit 23 + 17 + 15 43
Secondary credit 0 0 0 0
Seasonal credit 14 + 4 + 3 17
Term Asset-Backed Securities Loan Facility (7) 0 0 - 82 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,692 0 + 108 1,691
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 - 105 0
Float -488 - 77 + 104 -487
Central bank liquidity swaps (11) 810 + 807 + 403 810
Other Federal Reserve assets (12) 28,682 - 59 + 501 28,505
Foreign currency denominated assets (13) 19,656 + 61 - 4,371 19,559
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,587 + 14 + 838 46,587
Total factors supplying reserve funds 4,526,345 - 9,275 + 248,808 4,525,961
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 1, 2015
Federal Reserve Banks Apr 1, 2015 Mar 25, 2015 Apr 2, 2014
Currency in circulation (14) 1,357,738 + 1,768 + 89,015 1,359,773
Reverse repurchase agreements (15) 345,108 + 45,992 + 111,482 353,693
Foreign official and international accounts 147,690 + 6,689 + 50,985 145,815
Others 197,418 + 39,303 + 60,497 207,878
Treasury cash holdings 203 + 6 - 75 245
Deposits with F.R. Banks, other than reserve balances 90,811 - 17,521 - 39,772 80,378
Term deposits held by depository institutions 0 0 - 14,251 0
U.S. Treasury, General Account 75,467 - 10,440 - 20,696 65,529
Foreign official 5,231 - 8 - 1,753 5,241
Other (16) 10,114 - 7,072 - 3,071 9,609
Other liabilities and capital (17) 65,140 - 238 + 2,186 64,208
Total factors, other than reserve balances,
absorbing reserve funds 1,859,001 + 30,008 + 162,837 1,858,298
Reserve balances with Federal Reserve Banks 2,667,344 - 39,283 + 85,971 2,667,663
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 Apr 1, 2015
Apr 1, 2015 Mar 25, 2015 Apr 2, 2014
Securities held in custody for foreign official and
international accounts 3,259,491 + 25,622 - 34,541 3,290,959
Marketable U.S. Treasury securities (1) 2,931,218 + 23,483 - 19,993 2,962,701
Federal agency debt and mortgage-backed securities (2) 284,685 + 2,207 - 14,533 284,767
Other securities (3) 43,588 - 68 - 14 43,491
Securities lent to dealers 12,831 + 232 - 1,457 13,382
Overnight facility (4) 12,831 + 232 - 1,457 13,382
U.S. Treasury securities 12,423 + 253 - 534 12,995
Federal agency debt securities 408 - 21 - 922 387
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, April 1, 2015
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 45 15 0 0 0 ... 59
U.S. Treasury securities (1)
Holdings 1 1,899 63,822 1,112,868 637,917 643,072 2,459,578
Weekly changes 0 0 + 23,587 - 12,302 - 11,315 - 58 - 88
Federal agency debt securities (2)
Holdings 982 0 6,638 26,910 0 2,347 36,877
Weekly changes + 982 - 982 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 15 8,364 1,723,549 1,731,928
Weekly changes 0 0 0 0 + 3 + 17 + 19
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 810 0 0 0 0 0 810
Reverse repurchase agreements (4) 353,693 0 ... ... ... ... 353,693
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
Apr 1, 2015
Mortgage-backed securities held outright (1) 1,731,928
Commitments to buy mortgage-backed securities (2) 35,083
Commitments to sell mortgage-backed securities (2) 0
Cash and cash equivalents (3) 8
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
Apr 1, 2015
Net portfolio holdings of Maiden Lane LLC (1) 1,691
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 December 31, 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 Apr 1, 2015 Wednesday Wednesday
consolidation Mar 25, 2015 Apr 2, 2014
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,832 - 7 - 107
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,413,055 - 362 + 249,363
Securities held outright (1) 4,228,384 - 68 + 257,280
U.S. Treasury securities 2,459,578 - 88 + 138,925
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,709 - 1 + 134,609
Notes and bonds, inflation-indexed (2) 98,469 0 + 3,904
Inflation compensation (3) 14,400 - 87 + 413
Federal agency debt securities (2) 36,877 0 - 10,466
Mortgage-backed securities (4) 1,731,928 + 19 + 128,820
Unamortized premiums on securities held outright
(5) 202,565 - 370 - 7,083
Unamortized discounts on securities held outright
(5) -17,953 + 31 - 796
Repurchase agreements (6) 0 0 0
Loans 59 + 44 - 38
Net portfolio holdings of Maiden Lane LLC (7) 1,691 - 1 + 107
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 - 105
Items in process of collection (0) 110 - 72 - 15
Bank premises 2,241 - 7 - 28
Central bank liquidity swaps (10) 810 + 807 + 403
Foreign currency denominated assets (11) 19,559 - 253 - 4,454
Other assets (12) 26,264 + 1,090 + 279
Total assets (0) 4,481,799 + 1,196 + 245,358
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 Apr 1, 2015 Wednesday Wednesday
consolidation Mar 25, 2015 Apr 2, 2014
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,315,259 + 2,345 + 88,309
Reverse repurchase agreements (13) 353,693 + 74,846 + 156,493
Deposits (0) 2,748,042 - 75,794 - 1,408
Term deposits held by depository institutions 0 0 - 14,251
Other deposits held by depository institutions 2,667,663 - 70,139 + 55,895
U.S. Treasury, General Account 65,529 - 5,796 - 41,670
Foreign official 5,241 + 16 - 1,739
Other (14) (0) 9,609 + 125 + 357
Deferred availability cash items (0) 598 - 147 - 236
Other liabilities and accrued dividends (15) 6,553 - 95 + 646
Total liabilities (0) 4,424,144 + 1,155 + 243,803
Capital accounts
Capital paid in 28,828 + 21 + 778
Surplus 28,828 + 21 + 778
Other capital accounts 0 0 0
Total capital 57,656 + 42 + 1,556
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, April 1, 2015
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 1,832 42 70 128 116 301 186 271 24 44 150 181 319
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,413,055 89,269 2,708,536 105,722 96,351 246,645 243,950 180,399 54,431 27,054 58,132 134,465 468,101
Securities held outright (1) 4,228,384 85,533 2,595,228 101,299 92,320 236,327 233,743 172,820 52,154 25,913 55,698 128,840 448,509
U.S. Treasury securities 2,459,578 49,753 1,509,600 58,924 53,701 137,468 135,964 100,526 30,337 15,073 32,398 74,944 260,890
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,459,578 49,753 1,509,600 58,924 53,701 137,468 135,964 100,526 30,337 15,073 32,398 74,944 260,890
Federal agency debt securities (2) 36,877 746 22,634 883 805 2,061 2,039 1,507 455 226 486 1,124 3,912
Mortgage-backed securities (4) 1,731,928 35,034 1,062,995 41,492 37,814 96,799 95,740 70,786 21,362 10,614 22,814 52,772 183,707
Unamortized premiums on securities held
outright (5) 202,565 4,098 124,327 4,853 4,423 11,321 11,198 8,279 2,498 1,241 2,668 6,172 21,486
Unamortized discounts on securities
held outright (5) -17,953 -363 -11,019 -430 -392 -1,003 -992 -734 -221 -110 -236 -547 -1,904
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 59 2 0 0 0 0 2 33 0 10 2 0 10
Net portfolio holdings of Maiden
Lane LLC (7) 1,691 0 1,691 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 110 0 0 0 0 0 110 0 0 0 0 0 0
Bank premises 2,241 124 430 74 109 218 210 201 120 95 240 221 199
Central bank liquidity swaps (10) 810 37 261 45 63 186 46 22 8 3 9 12 119
Foreign currency denominated
assets (11) 19,559 887 6,307 1,093 1,525 4,488 1,113 525 182 82 206 282 2,872
Other assets (12) 26,264 574 15,535 638 587 1,633 1,478 1,083 546 194 381 819 2,795
Interdistrict settlement account 0 + 37,487 - 280,682 + 16,078 + 40,878 + 22,897 + 10,436 - 2,727 + 406 + 7,823 + 10,119 + 30,639 + 106,644
Total assets 4,481,799 128,967 2,458,092 124,326 140,330 277,605 259,532 180,904 56,146 35,560 69,679 167,781 582,879
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, April 1, 2015 (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 1,497,639 50,781 474,464 49,944 73,390 104,944 210,532 106,466 45,083 26,968 42,369 121,656 191,043
Less: Notes held by F.R. Banks 182,380 5,251 62,994 5,549 9,736 12,217 22,812 11,858 5,189 3,289 5,074 14,022 24,390
Federal Reserve notes, net 1,315,259 45,530 411,470 44,395 63,654 92,727 187,720 94,608 39,895 23,678 37,295 107,634 166,653
Reverse repurchase agreements (13) 353,693 7,155 217,084 8,473 7,722 19,768 19,552 14,456 4,363 2,168 4,659 10,777 37,517
Deposits 2,748,042 73,536 1,807,270 68,025 64,263 151,447 48,106 69,957 11,195 9,202 26,987 48,291 369,762
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 2,667,663 73,530 1,727,205 67,997 64,260 151,198 48,095 69,953 11,195 9,202 26,986 48,290 369,753
U.S. Treasury, General Account 65,529 0 65,529 0 0 0 0 0 0 0 0 0 0
Foreign official 5,241 2 5,214 2 3 9 2 1 0 0 0 1 6
Other (14) 9,609 4 9,322 25 0 240 9 2 0 0 1 1 4
Deferred availability cash items 598 0 0 0 0 0 470 0 0 128 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,564 23 1,082 23 4 26 101 64 22 5 20 56 138
Other liabilities and accrued
dividends (16) 4,988 141 2,475 189 208 506 315 249 128 128 114 175 362
Total liabilities 4,424,144 126,384 2,439,381 121,105 135,851 264,474 256,264 179,334 55,602 35,308 69,075 166,934 574,432
Capital
Capital paid in 28,828 1,292 9,356 1,611 2,239 6,565 1,634 785 272 126 302 423 4,223
Surplus 28,828 1,292 9,356 1,611 2,239 6,565 1,634 785 272 126 302 423 4,223
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and capital 4,481,799 128,967 2,458,092 124,326 140,330 277,605 259,532 180,904 56,146 35,560 69,679 167,781 582,879
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, April 1, 2015 (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
Apr 1, 2015
Federal Reserve notes outstanding 1,497,639
Less: Notes held by F.R. Banks not subject to collateralization 182,380
Federal Reserve notes to be collateralized 1,315,259
Collateral held against Federal Reserve notes 1,315,259
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,299,022
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,228,384
Less: Face value of securities under reverse repurchase agreements 327,455
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,900,929
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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