FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 8, 2011 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 Dec 7, 2011 Federal Reserve Banks Dec 7, 2011 Nov 30, 2011 Dec 8, 2010 Reserve Bank credit 2,797,951 + 4,729 + 446,359 2,803,294 Securities held outright (1) 2,604,609 + 3,062 + 496,547 2,607,995 U.S. Treasury securities 1,671,649 + 5,141 + 734,418 1,675,034 Bills (2) 18,423 0 0 18,423 Notes and bonds, nominal (2) 1,574,997 + 4,724 + 706,894 1,578,395 Notes and bonds, inflation-indexed (2) 68,420 + 427 + 23,544 68,420 Inflation compensation (3) 9,809 - 10 + 3,980 9,796 Federal agency debt securities (2) 105,909 0 - 42,269 105,909 Mortgage-backed securities (4) 827,052 - 2,078 - 195,601 827,052 Repurchase agreements (5) 0 0 0 0 Loans 9,700 - 109 - 36,462 9,626 Primary credit 13 - 29 - 25 12 Secondary credit 0 0 0 0 Seasonal credit 19 + 3 - 8 22 Credit extended to American International Group, Inc., net (6) 0 0 - 20,717 0 Term Asset-Backed Securities Loan Facility (7) 9,667 - 84 - 15,713 9,591 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (8) 10,628 + 26 - 16,978 10,624 Net portfolio holdings of Maiden Lane II LLC (9) 9,256 - 93 - 6,987 9,236 Net portfolio holdings of Maiden Lane III LLC (10) 17,857 + 18 - 5,345 17,930 Net portfolio holdings of TALF LLC (11) 803 0 + 155 803 Preferred interests in AIA Aurora LLC and ALICO Holdings LLC (6) 0 0 - 26,057 0 Float -904 - 65 + 921 -1,079 Central bank liquidity swaps (12) 2,301 - 100 + 2,241 2,301 Other Federal Reserve assets (13) 143,702 + 1,991 + 38,324 145,859 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (14) 44,208 + 14 + 679 44,208 Total factors supplying reserve funds 2,858,400 + 4,743 + 447,038 2,863,743 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 Dec 7, 2011 Federal Reserve Banks Dec 7, 2011 Nov 30, 2011 Dec 8, 2010 Currency in circulation (14) 1,061,279 - 999 + 84,922 1,063,921 Reverse repurchase agreements (15) 86,834 - 1,477 + 36,218 85,198 Foreign official and international accounts 86,834 - 1,477 + 36,218 85,198 Others 0 0 0 0 Treasury cash holdings 108 + 6 - 86 114 Deposits with F.R. Banks, other than reserve balances 91,663 - 19,529 - 142,003 95,592 Term deposits held by depository institutions 5,055 0 - 58 5,055 U.S. Treasury, General Account 28,282 - 15,488 + 7,098 21,747 U.S. Treasury, Supplementary Financing Account 0 0 - 199,959 0 Foreign official 125 - 61 - 2,901 126 Service-related 2,499 - 6 + 140 2,499 Required clearing balances 2,499 - 6 + 140 2,499 Adjustments to compensate for float 0 0 0 0 Other 55,702 - 3,973 + 53,676 66,165 Funds from American International Group, Inc. asset dispositions, held as agent (6) 0 0 - 26,774 0 Other liabilities and capital (16) 71,826 + 356 - 1,241 71,433 Total factors, other than reserve balances, absorbing reserve funds 1,311,709 - 21,645 - 48,965 1,316,257 Reserve balances with Federal Reserve Banks 1,546,691 + 26,388 + 496,002 1,547,486 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. Current face value of the securities, which is the remaining principal balance of the underlying mortgages. 5. Cash value of agreements. 6. As a result of the closing of the American International Group, Inc. (AIG) recapitalization plan on January 14, 2011, the credit extended to AIG was fully repaid and the Federal Reserve's commitment to lend any further funds was terminated. In addition, the Federal Reserve Bank of New York (FRBNY) has been paid in full for its preferred interests in AIA Aurora LLC and ALICO Holdings LLC. The funds from AIG asset dispositions that FRBNY held as agent were the source of repayment of the credit extended to AIG, as well as a portion of the FRBNY's preferred interests in ALICO Holdings LLC. The remaining FRBNY preferred interests in ALICO Holdings LLC and AIA Aurora LLC, valued at approximately $20 billion, were purchased by AIG through a draw on the Treasury's Series F preferred stock commitment and then transferred by AIG to the Treasury as consideration for the draw on the available Series F funds. 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 9. 9. Refer to table 5 and the note on consolidation accompanying table 9. 10. Refer to table 6 and the note on consolidation accompanying table 9. 11. Refer to table 7 and the note on consolidation accompanying table 9. 12. 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. 13. Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates, and the fair value adjustment to credit extended by the FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Before the closing of the AIG recapitalization plan on January 14, 2011, included accrued dividends on the FRBNY's preferred interests in AIA Aurora LLC and ALICO Holdings LLC. 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 the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury. Refer to table 8 and table 9. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. 1A. Memorandum Items Millions of dollars Averages of daily figures Wednesday Week ended Change from week ended Dec 7, 2011 Memorandum item Dec 7, 2011 Nov 30, 2011 Dec 8, 2010 Marketable securities held in custody for foreign official and international accounts (1) 3,454,951 + 3,741 + 114,354 3,452,519 U.S. Treasury securities 2,737,454 + 5,054 + 128,449 2,734,609 Federal agency securities (2) 717,497 - 1,312 - 14,095 717,910 Securities lent to dealers 14,166 + 2,339 + 3,799 15,599 Overnight facility (3) 14,166 + 2,339 + 3,799 15,599 U.S. Treasury securities 12,751 + 2,151 + 3,522 14,155 Federal agency debt securities 1,416 + 188 + 277 1,444 Note: Components may not sum to totals because of rounding. 1. Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value and mortgage-backed securities at original face value. 2. Includes debt and mortgage-backed securities. 3. Fully collateralized by U.S. Treasury securities. 2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, December 7, 2011 Millions of dollars Within 15 16 days to 91 days to Over 1 year Over 5 years Over 10 All Remaining maturity days 90 days 1 year to 5 years to 10 years years Loans (1) 12 22 4,066 5,525 0 ... 9,626 U.S. Treasury securities (2) Holdings 14,553 26,633 104,194 672,456 636,050 221,149 1,675,034 Weekly changes - 2,504 + 4,037 + 4,496 - 14,666 + 4,892 + 6,742 + 2,996 Federal agency debt securities (3) Holdings 1,213 4,893 20,520 60,790 16,146 2,347 105,909 Weekly changes 0 + 1,014 - 1,014 0 0 0 0 Mortgage-backed securities (4) Holdings 0 0 0 11 23 827,016 827,052 Weekly changes 0 0 0 - 1 + 1 - 2 0 Asset-backed securities held by TALF LLC (5) 0 0 0 0 0 0 0 Repurchase agreements (6) 0 0 ... ... ... ... 0 Central bank liquidity swaps (7) 353 1,948 0 0 0 0 2,301 Reverse repurchase agreements (6) 85,198 0 ... ... ... ... 85,198 Term deposits 5,055 0 0 ... ... ... 5,055 Note: Components may not sum to totals because of rounding. . . . Not applicable. 1. Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC. The loans were eliminated when preparing the FRBNY's statement of condition consistent with consolidation under generally accepted accounting principles. 2. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities. 3. Face value. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages. 5. Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets. 6. Cash value of agreements. 7. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank. 3. Supplemental Information on Mortgage-Backed Securities Millions of dollars Wednesday Account name Dec 7, 2011 Mortgage-backed securities held outright (1) 827,052 Commitments to buy mortgage-backed securities (2) 56,650 Commitments to sell mortgage-backed securities (2) 4,350 Cash and cash equivalents (3) 1 1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages. 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 8 and table 9. 4. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Wednesday Account name Dec 7, 2011 Net portfolio holdings of Maiden Lane LLC (1) 10,624 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 7,523 Accrued interest payable to the Federal Reserve Bank of New York (2) 753 Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 1,380 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, 2011. 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 9. 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 8 and table 9. 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. Payments by Maiden Lane LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to JPMorgan Chase & Co., and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY. 5. Information on Principal Accounts of Maiden Lane II LLC Millions of dollars Wednesday Account name Dec 7, 2011 Net portfolio holdings of Maiden Lane II LLC (1) 9,236 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 6,223 Accrued interest payable to the Federal Reserve Bank of New York (2) 563 Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. (3) 1,104 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, 2011. 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 9. 3. Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to subsidiaries of American International Group, Inc. in accordance with the asset purchase agreement. The fair value of this payment and accrued interest payable are included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9. Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane II LLC, principal due to the FRBNY, interest due to the FRBNY, and deferred payment and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries. 6. Information on Principal Accounts of Maiden Lane III LLC Millions of dollars Wednesday Account name Dec 7, 2011 Net portfolio holdings of Maiden Lane III LLC (1) 17,930 Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 9,406 Accrued interest payable to the Federal Reserve Bank of New York (2) 684 Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. (3) 5,530 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, 2011. 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 9. 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 8 and table 9. Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane III LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. In connection with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions. Payments by Maiden Lane III LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane III LLC, principal due to the FRBNY, interest due to the FRBNY, principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY and AIG. 7. Information on Principal Accounts of TALF LLC Millions of dollars Wednesday Account name Dec 7, 2011 Asset-backed securities holdings (1) 0 Other investments, net 803 Net portfolio holdings of TALF LLC 803 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 Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable (3) 109 1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. 2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9. 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 8 and table 9. Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility (TALF) under the authority of section 13(3) of the Federal Reserve Act. The TALF is a facility under which the Federal Reserve Bank of New York (FRBNY) extends loans with a term of up to five years to holders of eligible asset-backed securities. The TALF is intended to assist financial markets in accommodating the credit needs of consumers and businesses by facilitating the issuance of asset-backed securities collateralized by a variety of consumer and business loans. The loans provided through the TALF to eligible borrowers are non-recourse, meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY. The loans are extended for the market value of the security less an amount known as a haircut. As a result, the borrower bears the initial risk of a decline in the value of the security. TALF LLC is a limited liability company 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 TALF loan. TALF LLC has committed, for a fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a TALF loan at a price equal to the TALF loan plus accrued but unpaid interest. Losses on asset-backed securities held by TALF LLC will be offset in the following order: by the commitment fees collected by TALF LLC, by the interest received on investments of TALF LLC, by up to $4.3 billion in subordinated debt funding provided by the U.S. Treasury, and finally, by senior debt funding provided by the FRBNY. Payments by TALF LLC from the proceeds of its net portfolio holdings will be made in the following order: operating expenses of TALF LLC, principal due to the FRBNY, principal due to the U.S. Treasury, interest due to the FRBNY, and interest due to the U.S. Treasury. Any remaining funds will be shared by the FRBNY and the U.S. Treasury. 8. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Eliminations from Wednesday Change since consolidation Dec 7, 2011 Wednesday Wednesday Assets, liabilities, and capital Nov 30, 2011 Dec 8, 2010 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 2,268 + 21 + 152 Securities, repurchase agreements, and loans 2,617,620 + 2,800 + 451,235 Securities held outright (1) 2,607,995 + 2,996 + 487,552 U.S. Treasury securities 1,675,034 + 2,996 + 725,422 Bills (2) 18,423 0 0 Notes and bonds, nominal (2) 1,578,395 + 3,032 + 697,916 Notes and bonds, inflation-indexed (2) 68,420 0 + 23,544 Inflation compensation (3) 9,796 - 36 + 3,961 Federal agency debt securities (2) 105,909 0 - 42,269 Mortgage-backed securities (4) 827,052 0 - 195,601 Repurchase agreements (5) 0 0 0 Loans 9,626 - 195 - 36,316 Net portfolio holdings of Maiden Lane LLC (6) 10,624 - 5 - 17,010 Net portfolio holdings of Maiden Lane II LLC (7) 9,236 - 143 - 6,884 Net portfolio holdings of Maiden Lane III LLC (8) 17,930 + 85 - 5,166 Net portfolio holdings of TALF LLC (9) 803 0 + 156 Preferred interests in AIA Aurora LLC and ALICO Holdings LLC (10) 0 0 - 26,057 Items in process of collection (84) 328 + 99 + 85 Bank premises 2,182 - 5 - 35 Central bank liquidity swaps (11) 2,301 - 100 + 2,241 Other assets (12) 143,678 + 3,683 + 39,407 Total assets (84) 2,823,207 + 6,434 + 438,123 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 8. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Eliminations from Wednesday Change since consolidation Dec 7, 2011 Wednesday Wednesday Assets, liabilities, and capital Nov 30, 2011 Dec 8, 2010 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,022,091 + 1,644 + 84,563 Reverse repurchase agreements (13) 85,198 - 7,770 + 35,179 Deposits (0) 1,643,078 + 12,168 + 347,637 Term deposits held by depository institutions 5,055 0 - 58 Other deposits held by depository institutions 1,549,985 + 62,732 + 488,729 U.S. Treasury, General Account 21,747 - 63,858 + 2,158 U.S. Treasury, Supplementary Financing Account 0 0 - 199,959 Foreign official 126 - 39 - 3,034 Other (0) 66,165 + 13,334 + 59,801 Deferred availability cash items (84) 1,407 + 173 - 917 Other liabilities and accrued dividends (14) 17,620 + 368 - 25,187 Total liabilities (84) 2,769,394 + 6,583 + 441,274 Capital accounts Capital paid in 26,906 - 75 + 120 Surplus 26,906 - 75 + 973 Other capital accounts 0 0 - 4,245 Total capital 53,813 - 149 - 3,151 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. Current face value of the securities, which is the remaining principal balance of the underlying mortgages. 5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 6. Refer to table 4 and the note on consolidation accompanying table 9. 7. Refer to table 5 and the note on consolidation accompanying table 9. 8. Refer to table 6 and the note on consolidation accompanying table 9. 9. Refer to table 7 and the note on consolidation accompanying table 9. 10. As a result of the closing of the AIG recapitalization plan on January 14, 2011, the Federal Reserve Bank of New York has been paid in full for its preferred interests in AIA Aurora LLC and ALICO Holdings LLC. A portion of the preferred interests was redeemed by AIG with the funds from AIG asset dispositions that were held as agent by the Federal Reserve. 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 other assets denominated in foreign currencies, which are revalued daily at market exchange rates and the fair value adjustment to credit extended by the Federal Reserve Bank of New York (FRBNY) to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Before the closing of the AIG recapitalization plan on January 14, 2011, included accrued dividends on the FRBNY's preferred interests in AIA Aurora LLC and ALICO Holdings LLC. 13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 14. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury. Before the closing of the AIG recapitalization plan on January 14, 2011, included funds from American International Group, Inc. asset dispositions, held as agent. 9. Statement of Condition of Each Federal Reserve Bank, December 7, 2011 Millions of dollars Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San Assets, liabilities, and capital City Francisco Assets Gold certificate account 11,037 390 3,866 432 450 872 1,394 854 319 197 318 728 1,217 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 2,268 55 81 161 168 395 198 336 31 58 172 236 377 Securities, repurchase agreements, and loans 2,617,620 64,121 1,222,421 89,340 70,447 301,197 193,888 154,883 49,364 40,093 69,385 103,147 259,335 Securities held outright (1) 2,607,995 64,121 1,212,829 89,340 70,447 301,197 193,885 154,877 49,362 40,081 69,374 103,146 259,335 U.S. Treasury securities 1,675,034 41,183 778,963 57,380 45,246 193,449 124,526 99,473 31,703 25,743 44,557 66,248 166,563 Bills (2) 18,423 453 8,567 631 498 2,128 1,370 1,094 349 283 490 729 1,832 Notes and bonds (3) 1,656,611 40,730 770,395 56,749 44,749 191,322 123,157 98,379 31,355 25,460 44,067 65,519 164,731 Federal agency debt securities (2) 105,909 2,604 49,252 3,628 2,861 12,231 7,874 6,289 2,005 1,628 2,817 4,189 10,531 Mortgage-backed securities (4) 827,052 20,334 384,614 28,332 22,340 95,516 61,485 49,115 15,654 12,711 22,000 32,710 82,241 Repurchase agreements (5) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 9,626 0 9,591 0 0 0 3 6 2 12 11 0 0 Net portfolio holdings of Maiden Lane LLC (6) 10,624 0 10,624 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane II LLC (7) 9,236 0 9,236 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of Maiden Lane III LLC (8) 17,930 0 17,930 0 0 0 0 0 0 0 0 0 0 Net portfolio holdings of TALF LLC (9) 803 0 803 0 0 0 0 0 0 0 0 0 0 Preferred interests in AIA Aurora LLC and ALICO Holdings LLC (10) 0 0 0 0 0 0 0 0 0 0 0 0 0 Items in process of collection 412 10 0 55 146 9 -64 28 6 12 5 16 189 Bank premises 2,182 122 262 67 126 232 214 205 134 105 259 245 212 Central bank liquidity swaps (11) 2,301 80 666 223 171 472 132 58 19 71 21 35 354 Other assets (12) 143,678 3,817 61,970 6,608 5,138 19,012 10,258 7,627 2,458 2,656 3,369 5,068 15,697 Interdistrict settlement account 0 + 678 + 226,801 - 14,999 - 4,755 - 90,023 - 35,559 - 14,942 - 7,818 - 16,051 - 15,967 + 2,494 - 29,859 Total assets 2,823,291 69,469 1,556,478 82,097 72,129 232,578 171,114 149,474 44,662 27,232 57,714 112,250 248,096 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 9. Statement of Condition of Each Federal Reserve Bank, December 7, 2011 (continued) Millions of dollars Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San Assets, liabilities, and capital City Francisco Liabilities Federal Reserve notes outstanding 1,197,750 44,578 415,942 46,417 54,306 95,101 145,364 89,927 33,817 21,072 34,814 80,462 135,949 Less: Notes held by F.R. Banks 175,660 5,082 50,064 6,794 10,220 11,364 27,642 12,631 4,135 5,222 3,614 12,317 26,573 Federal Reserve notes, net 1,022,091 39,496 365,878 39,623 44,086 83,736 117,722 77,297 29,681 15,851 31,199 68,144 109,376 Reverse repurchase agreements (13) 85,198 2,095 39,621 2,919 2,301 9,839 6,334 5,060 1,613 1,309 2,266 3,370 8,472 Deposits 1,643,078 25,690 1,120,319 34,289 21,284 126,942 43,368 65,059 12,679 9,457 23,443 39,510 121,037 Term deposits held by depository institutions 5,055 10 2,318 503 0 15 5 1,505 50 65 155 5 425 Other deposits held by depository institutions 1,549,985 25,676 1,030,154 33,781 21,281 126,806 43,361 63,519 12,624 9,389 23,287 39,504 120,603 U.S. Treasury, General Account 21,747 0 21,747 0 0 0 0 0 0 0 0 0 0 U.S. Treasury, Supplementary Financing Account 0 0 0 0 0 0 0 0 0 0 0 0 0 Foreign official 126 1 97 4 3 8 2 1 0 1 0 1 6 Other 66,166 3 66,003 1 0 113 0 34 4 2 1 1 3 Deferred availability cash items 1,491 78 0 225 169 49 94 95 62 239 77 76 326 Interest on Federal Reserve notes due to U.S. Treasury (14) 1,550 33 752 123 34 160 100 93 23 21 35 48 127 Other liabilities and accrued dividends (15) 16,071 191 12,616 264 277 722 420 348 164 135 158 251 526 Total liabilities 2,769,478 67,583 1,539,187 77,443 68,152 221,450 168,038 147,951 44,222 27,012 57,179 111,399 239,864 Capital Capital paid in 26,906 943 8,646 2,327 1,988 5,564 1,538 762 220 110 267 425 4,116 Surplus 26,906 943 8,646 2,327 1,988 5,564 1,538 762 220 110 267 425 4,116 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 2,823,291 69,469 1,556,478 82,097 72,129 232,578 171,114 149,474 44,662 27,232 57,714 112,250 248,096 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 9. Statement of Condition of Each Federal Reserve Bank, December 7, 2011 (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. Current face value of the securities, which is the remaining principal balance of the underlying mortgages. 5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 6. Refer to table 4 and the note on consolidation below. 7. Refer to table 5 and the note on consolidation below. 8. Refer to table 6 and the note on consolidation below. 9. Refer to table 7 and the note on consolidation below. 10. As a result of the closing of the AIG recapitalization plan on January 14, 2011, the Federal Reserve Bank of New York has been paid in full for its preferred interests in AIA Aurora LLC and ALICO Holdings LLC. A portion of the preferred interests was redeemed by AIG with the funds from AIG asset dispositions that were held as agent by the Federal Reserve. 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 other assets denominated in foreign currencies, which are revalued daily at market exchange rates and the fair value adjustment to credit extended by the Federal Reserve Bank of New York (FRBNY) to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Before the closing of the AIG recapitalization plan on January 14, 2011, included accrued dividends on the FRBNY's preferred interests in AIA Aurora LLC and ALICO Holdings LLC. 13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities. 14. 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. 15. Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation below. Before the closing of the AIG recapitalization plan on January 14, 2011, included funds from American International Group, Inc. asset dispositions, held as agent. Note on consolidation: The Federal Reserve Bank of New York (FRBNY) has 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 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. has written credit default swap contracts. 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 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. The FRBNY is the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY is primarily responsible for directing the financial activities of TALF LLC. The FRBNY is the primary beneficiary of the other LLCs cited above because it will receive a majority of any residual returns of the LLCs and absorb a majority of any residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page (and in table 1 and table 8), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in this table (and table 1 and table 8). 10. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Wednesday Federal Reserve notes and collateral Dec 7, 2011 Federal Reserve notes outstanding 1,197,750 Less: Notes held by F.R. Banks not subject to collateralization 175,660 Federal Reserve notes to be collateralized 1,022,091 Collateral held against Federal Reserve notes 1,022,091 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,005,854 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 2,607,995 Less: Face value of securities under reverse repurchase agreements 74,590 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 2,533,404 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.