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Release Date: July 25, 2019
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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                                                    July 25, 2019


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  Jul 24, 2019 
Federal Reserve Banks                                     Jul 24, 2019 Jul 17, 2019 Jul 25, 2018              

Reserve Bank credit                                         3,767,608   -    5,851   -  481,649    3,764,159  
  Securities held outright (1)                              3,621,169   -    6,317   -  460,215    3,617,939  
    U.S. Treasury securities                                2,094,026   -      808   -  265,820    2,094,051  
      Bills (2)                                                     2            0   +        2            2  
      Notes and bonds, nominal (2)                          1,954,371   -      514   -  270,058    1,954,371  
      Notes and bonds, inflation-indexed (2)                  115,989   -      301   +    2,103      115,989  
      Inflation compensation (3)                               23,664   +        7   +    2,133       23,689  
    Federal agency debt securities (2)                          2,347            0   -       62        2,347  
    Mortgage-backed securities (4)                          1,524,796   -    5,509   -  194,333    1,521,542  
  Unamortized premiums on securities held outright (5)        129,981   -      420   -   18,659      129,767  
  Unamortized discounts on securities held outright (5)       -12,788   +       38   +    1,073      -12,777  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                           125   +       10   -      110          129  
    Primary credit                                                  2   -        6   -        7            2  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                               122   +       15   -      104          127  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,711            0  
  Float                                                          -184   +       13   -       16         -499  
  Central bank liquidity swaps (8)                                 11   -       27   -      111           11  
  Other Federal Reserve assets (9)                             29,295   +      854   -    1,899       29,589  
Foreign currency denominated assets (10)                       20,833   -       33   -      261       20,752  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             50,006   +       14   +      367       50,006  
                                                                                                              
Total factors supplying reserve funds                       3,854,687   -    5,871   -  481,545    3,851,157  

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  Jul 24, 2019 
Federal Reserve Banks                                     Jul 24, 2019 Jul 17, 2019 Jul 25, 2018              

Currency in circulation (11)                                 1,745,287   -    2,106   +   78,402    1,746,118 
Reverse repurchase agreements (12)                             290,175   +   10,296   +   41,878      282,396 
  Foreign official and international accounts                  276,376   +      915   +   30,224      274,141 
  Others                                                        13,800   +    9,382   +   11,655        8,255 
Treasury cash holdings                                             164   +        3   -       37          174 
Deposits with F.R. Banks, other than reserve balances          256,262   -   16,069   -  173,077      253,002 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               193,362   -    3,643   -  155,524      178,227 
  Foreign official                                               5,256   +        1            0        5,255 
  Other (13)                                                    57,644   -   12,427   -   17,554       69,520 
Other liabilities and capital (14)                              44,477   -      653   +       86       44,127 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,336,365   -    8,529   -   52,748    2,325,817 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,518,322   +    2,658   -  428,797    1,525,340 

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 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  
                                                           Week ended    Change from week ended  Jul 24, 2019 
                                                          Jul 24, 2019 Jul 17, 2019 Jul 25, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,460,932   -    4,622   +   49,107    3,466,169 
  Marketable U.S. Treasury securities (1)                    3,029,902   -   10,709   -   11,252    3,027,262 
  Federal agency debt and mortgage-backed securities (2)       351,016   +    4,802   +   53,314      358,135 
  Other securities (3)                                          80,014   +    1,284   +    7,045       80,772 
Securities lent to dealers                                      24,537   -      758   +    5,033       25,858 
  Overnight facility (4)                                        24,537   -      758   +    5,033       25,858 
    U.S. Treasury securities                                    24,537   -      758   +    5,033       25,858 
    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, July 24, 2019       

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                                          104            25             0             0             0           ...           129 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  19,310        82,473       256,786       856,275       266,716       612,491     2,094,051 
  Weekly changes                        +        2    -        3    +        3    +        7    +       31    +       26    +       67 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0           486         1,861         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             8           335        77,698     1,443,501     1,521,542 
  Weekly changes                                 0             0             0    +        4    +        7    -    5,563    -    5,551 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                11             0             0             0             0             0            11 
                                                                                                                                       
Reverse repurchase agreements (4)          282,396             0           ...           ...           ...           ...       282,396 
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   
                                                                                                                      Jul 24, 2019  

Mortgage-backed securities held outright (1)                                                                             1,521,542  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                            2,637  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                    6  



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 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       Jul 24, 2019   Wednesday    Wednesday  
                                                        consolidation                Jul 17, 2019 Jul 25, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,681   +        7   -       82  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,735,058   -    5,902   -  471,417  
    Securities held outright (1)                                          3,617,939   -    5,485   -  453,891  
      U.S. Treasury securities                                            2,094,051   +       67   -  265,842  
        Bills (2)                                                                 2            0   +        2  
        Notes and bonds, nominal (2)                                      1,954,371            0   -  270,058  
        Notes and bonds, inflation-indexed (2)                              115,989            0   +    2,103  
        Inflation compensation (3)                                           23,689   +       67   +    2,111  
      Federal agency debt securities (2)                                      2,347            0   -       62  
      Mortgage-backed securities (4)                                      1,521,542   -    5,551   -  187,986  
    Unamortized premiums on securities held outright  
    (5)                                                                     129,767   -      456   -   18,490  
    Unamortized discounts on securities held outright 
    (5)                                                                     -12,777   +       30   +    1,072  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                       129   +        9   -      107  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,715  
  Items in process of collection                                   (0)          108   +       24   -       94  
  Bank premises                                                               2,189   +        2   +        3  
  Central bank liquidity swaps (8)                                               11   -       27   -      111  
  Foreign currency denominated assets (9)                                    20,752   -       97   -      384  
  Other assets (10)                                                          27,400   +    1,318   -      445  
                                                                                                               
Total assets                                                       (0)    3,803,436   -    4,674   -  474,245  

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       Jul 24, 2019   Wednesday    Wednesday  
                                                        consolidation                Jul 17, 2019 Jul 25, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,697,963   -    1,035   +   77,416 
  Reverse repurchase agreements (11)                                         282,396   -      200   +   32,056 
  Deposits                                                          (0)    1,778,342   -    3,036   -  584,208 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,525,340   +   10,271   -  421,948 
    U.S. Treasury, General Account                                           178,227   -   27,976   -  160,751 
    Foreign official                                                           5,255            0   -        1 
    Other (12)                                                      (0)       69,520   +   14,668   -    1,509 
  Deferred availability cash items                                  (0)          607   +      376   +      243 
  Other liabilities and accrued dividends (13)                                 4,901   -      778   -       74 
                                                                                                               
Total liabilities                                                   (0)    3,764,209   -    4,673   -  474,567 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,401   -        1   +      321 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,226   -        1   +      321 

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 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.  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.                               

 



5. Statement of Condition of Each Federal Reserve Bank, July 24, 2019
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         351       3,707          327         531         754       1,560         711         328         186         292         890       1,400
  Special drawing rights certificate acct.         5,200         196       1,818          210         237         412         654         424         150          90         153         282         574
  Coin                                             1,681          37          45          148         113         215         186         274          32          46         106         195         285
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,735,058      77,485   2,037,668       90,447     109,275     228,564     255,382     196,061      53,694      32,401      55,384     162,179     436,517
    Securities held outright (1)               3,617,939      75,058   1,973,842       87,614     105,852     221,405     247,370     189,911      51,999      31,307      53,648     157,095     422,839
      U.S. Treasury securities                 2,094,051      43,444   1,142,453       50,711      61,267     128,148     143,177     109,920      30,097      18,120      31,051      90,926     244,737
        Bills (2)                                      2           0           1            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,094,048      43,443   1,142,451       50,711      61,267     128,148     143,176     109,919      30,097      18,120      31,051      90,926     244,737
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,521,542      31,566     830,109       36,847      44,516      93,113     104,032      79,868      21,869      13,166      22,562      66,067     177,827
    Unamortized premiums on securities held 
      outright (5)                               129,767       2,692      70,797        3,143       3,797       7,941       8,873       6,812       1,865       1,123       1,924       5,635      15,166
    Unamortized discounts on securities     
      held outright (5)                          -12,777        -265      -6,971         -309        -374        -782        -874        -671        -184        -111        -189        -555      -1,493
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                            129           0           0            0           0           0          14          10          14          82           1           4           6
  Net portfolio holdings of Maiden                                                                                                                                                                       
     Lane LLC (7)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
  Items in process of collection                     108           0           0            0           0           0         107           0           0           0           0           0           0
  Bank premises                                    2,189         106         457           81         117         192         206         191         104          94         229         220         191
  Central bank liquidity swaps (8)                    11           0           4            1           1           2           1           0           0           0           0           0           2
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,752         894       6,586        1,199       1,656       4,424       1,207         866         316          99         201         257       3,046
  Other assets (10)                               27,400         588      14,475          661         812       1,895       1,860       1,408         462         287         488       1,292       3,172
  Interdistrict settlement account                     0  +    9,989  -  171,808   -    7,238  +   12,902  +    2,684  +   28,819  +   13,969  +    7,311  +    4,335  +    6,511  +   22,668  +   69,858
                                                                                                                                                                                                         
Total assets                                   3,803,436      89,648   1,892,951       85,835     125,645     239,143     289,981     213,905      62,398      37,538      63,363     187,984     515,044

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, July 24, 2019 (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            1,900,040      57,198     628,465      54,789      90,751     131,050     260,107     123,976      56,451      31,397      50,317     158,972     256,566
    Less: Notes held by F.R. Banks               202,076       6,097      46,977       8,233      10,141      15,805      30,568      13,210       6,134       3,426       8,036      20,914      32,535
      Federal Reserve notes, net               1,697,963      51,101     581,488      46,556      80,610     115,245     229,539     110,766      50,317      27,970      42,281     138,058     224,031
  Reverse repurchase agreements (11)             282,396       5,859     154,067       6,839       8,262      17,282      19,308      14,823       4,059       2,444       4,187      12,262      33,004
  Deposits                                     1,778,342      30,729   1,142,129      30,725      33,361      97,949      38,355      86,435       7,262       6,291      16,342      36,920     251,844
    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                           1,525,340      30,719     928,007      30,722      33,328      97,736      38,318      48,045       7,258       6,240      16,317      36,813     251,837
    U.S. Treasury, General Account               178,227           0     178,227           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,255           2       5,228           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    69,520           8      30,668           1          30         205          34      38,388           4          51          25         106           0
  Deferred availability cash items                   607           0           0           0           0           0         116           0           0         491           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   848          15         479          18          22          31          89          39          17          10          14          52          62
  Other liabilities and accrued             
     dividends                                     4,053         158       1,588         171         178         467         283         269         127         143         145         204         320
                                                                                                                                                                                                        
Total liabilities                              3,764,209      87,862   1,879,752      84,309     122,433     230,974     287,690     212,332      61,782      37,348      62,969     187,496     509,262
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,401       1,491      11,033       1,132       2,667       6,714       1,894       1,288         512         157         328         404       4,780
  Surplus                                          6,825         294       2,166         394         545       1,455         397         285         104          32          66          84       1,002
  Other capital                                        0           0           0           0           0           0           0           0           0           0           0           0           0
                                                                                                                                                                                                        
Total liabilities and capital                  3,803,436      89,648   1,892,951      85,835     125,645     239,143     289,981     213,905      62,398      37,538      63,363     187,984     515,044

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, July 24, 2019 (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 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 and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. 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 4), 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 4).
                                                                                                                                        



6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral                                                        Wednesday   
                                                                                          Jul 24, 2019  

Federal Reserve notes outstanding                                                            1,900,040  
  Less: Notes held by F.R. Banks not subject to collateralization                              202,076  
    Federal Reserve notes to be collateralized                                               1,697,963  
Collateral held against Federal Reserve notes                                                1,697,963  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,681,726  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,617,939  
  Less: Face value of securities under reverse repurchase agreements                           277,613  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,340,327  

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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