FEDERAL RESERVE statistical release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks October 23, 2014 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Reserve Bank credit, related items, and Averages of daily figures Wednesday reserve balances of depository institutions at Week ended Change from week ended Oct 22, 2014 Federal Reserve Banks Oct 22, 2014 Oct 15, 2014 Oct 23, 2013 Reserve Bank credit 4,436,686 + 15,213 + 654,283 4,440,380 Securities held outright (1) 4,211,150 + 14,474 + 657,465 4,214,342 U.S. Treasury securities 2,457,059 + 2,499 + 355,900 2,459,197 Bills (2) 0 0 0 0 Notes and bonds, nominal (2) 2,342,132 + 2,538 + 343,101 2,344,287 Notes and bonds, inflation-indexed (2) 98,469 0 + 9,880 98,469 Inflation compensation (3) 16,457 - 41 + 2,918 16,441 Federal agency debt securities (2) 39,700 - 262 - 19,535 39,700 Mortgage-backed securities (4) 1,714,392 + 12,239 + 321,101 1,715,445 Unamortized premiums on securities held outright (5) 209,245 + 277 + 3,876 209,172 Unamortized discounts on securities held outright (5) -18,707 + 28 - 10,604 -18,726 Repurchase agreements (6) 0 0 0 0 Loans 221 - 5 - 22 240 Primary credit 5 + 1 - 14 24 Secondary credit 0 0 0 0 Seasonal credit 202 - 6 + 78 201 Term Asset-Backed Securities Loan Facility (7) 14 0 - 86 14 Other credit extensions 0 0 0 0 Net portfolio holdings of Maiden Lane LLC (8) 1,673 + 2 + 180 1,671 Net portfolio holdings of Maiden Lane II LLC (9) 0 0 - 64 0 Net portfolio holdings of Maiden Lane III LLC (9) 0 0 - 22 0 Net portfolio holdings of TALF LLC (10) 24 0 - 87 24 Float -618 + 22 + 15 -548 Central bank liquidity swaps (11) 0 0 - 272 0 Other Federal Reserve assets (12) 33,697 + 414 + 3,816 34,206 Foreign currency denominated assets (13) 22,638 + 155 - 1,758 22,490 Gold stock 11,041 0 0 11,041 Special drawing rights certificate account 5,200 0 0 5,200 Treasury currency outstanding (14) 46,202 + 14 + 817 46,202 Total factors supplying reserve funds 4,521,767 + 15,381 + 653,343 4,525,314 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 Oct 22, 2014 Federal Reserve Banks Oct 22, 2014 Oct 15, 2014 Oct 23, 2013 Currency in circulation (14) 1,296,388 + 571 + 80,602 1,297,040 Reverse repurchase agreements (15) 225,040 - 29,403 + 107,083 235,916 Foreign official and international accounts 99,398 + 296 - 12,163 100,492 Others 125,642 - 29,699 + 119,246 135,424 Treasury cash holdings 195 + 1 + 11 197 Deposits with F.R. Banks, other than reserve balances 247,191 + 149,695 + 135,358 249,331 Term deposits held by depository institutions 110,029 + 110,029 + 110,029 110,029 U.S. Treasury, General Account 123,514 + 43,724 + 79,321 124,596 Foreign official 5,246 + 3 - 3,414 5,248 Other (16) 8,402 - 4,061 - 50,577 9,458 Other liabilities and capital (17) 64,340 - 807 - 879 63,223 Total factors, other than reserve balances, absorbing reserve funds 1,833,155 + 120,059 + 322,177 1,845,708 Reserve balances with Federal Reserve Banks 2,688,613 - 104,677 + 331,167 2,679,606 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 7. 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 7. 10. Refer to table 5 and the note on consolidation accompanying table 7. 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 liabilities of TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of this LLC. Refer to table 5 and the note on consolidation accompanying table 7. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury. Refer to table 6 and table 7. 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 Oct 22, 2014 Oct 22, 2014 Oct 15, 2014 Oct 23, 2013 Securities held in custody for foreign official and international accounts 3,303,354 - 14,670 - 18,743 3,290,927 Marketable U.S. Treasury securities (1) 2,972,780 - 10,137 + 8,247 2,961,159 Federal agency debt and mortgage-backed securities (2) 288,837 - 2,318 - 28,351 288,081 Other securities (3) 41,737 - 2,216 + 1,360 41,688 Securities lent to dealers 13,105 + 509 - 2,237 10,410 Overnight facility (4) 13,105 + 509 - 2,237 10,410 U.S. Treasury securities 12,454 + 651 - 1,810 9,753 Federal agency debt securities 651 - 142 - 427 657 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, 6, and 7. 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, October 22, 2014 Millions of dollars Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All days 90 days 1 year to 5 years to 10 years years Loans 240 0 0 0 0 ... 240 U.S. Treasury securities (1) Holdings 1 89 3,193 1,050,012 742,973 662,928 2,459,197 Weekly changes + 1 - 1 - 1 + 2,156 + 1,540 + 156 + 3,852 Federal agency debt securities (2) Holdings 0 2,112 3,442 31,799 0 2,347 39,700 Weekly changes 0 + 1,089 - 1,089 0 0 0 0 Mortgage-backed securities (3) Holdings 0 0 0 10 5,193 1,710,242 1,715,445 Weekly changes 0 0 0 0 + 170 + 1,797 + 1,967 Asset-backed securities held by TALF LLC (4) 0 0 0 0 0 0 0 Repurchase agreements (5) 0 0 ... ... ... ... 0 Central bank liquidity swaps (6) 0 0 0 0 0 0 0 Reverse repurchase agreements (5) 235,916 0 ... ... ... ... 235,916 Term deposits 110,029 0 0 ... ... ... 110,029 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. Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets. 5. Cash value of agreements. 6. 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 Oct 22, 2014 Mortgage-backed securities held outright (1) 1,715,445 Commitments to buy mortgage-backed securities (2) 53,452 Commitments to sell mortgage-backed securities (2) 0 Cash and cash equivalents (3) 18 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 6 and table 7. 4. Information on Principal Accounts of Maiden Lane LLC Millions of dollars Account name Wednesday Oct 22, 2014 Net portfolio holdings of Maiden Lane LLC (1) 1,671 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 June 30, 2014. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available. 2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 7. 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 6 and table 7. 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. Information on Principal Accounts of TALF LLC Millions of dollars Account name Wednesday Oct 22, 2014 Asset-backed securities holdings (1) 0 Other investments, net 24 Net portfolio holdings of TALF LLC 24 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) 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. 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 7. 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 6 and table 7. 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) extended loans with a term of up to five years to holders of eligible asset-backed securities. The Federal Reserve closed the TALF for new loan extensions in 2010. 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. 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. Prior to January 15, 2013, the U.S. Treasury's Troubled Asset Relief Program (TARP) committed backup funding to TALF LLC, providing credit protection to the FRBNY. However, the accumulated fees and income collected through the TALF and held by TALF LLC now exceed the remaining amount of TALF loans outstanding. Accordingly, the TARP credit protection commitment has been terminated, and TALF LLC has begun to distribute excess proceeds to the Treasury and the FRBNY. Any remaining funds will be shared by the FRBNY and the U.S. Treasury. 6. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Oct 22, 2014 Wednesday Wednesday consolidation Oct 15, 2014 Oct 23, 2013 Assets Gold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 1,891 - 8 - 83 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,405,027 + 5,610 + 641,224 Securities held outright (1) 4,214,342 + 5,819 + 648,116 U.S. Treasury securities 2,459,197 + 3,852 + 352,722 Bills (2) 0 0 0 Notes and bonds, nominal (2) 2,344,287 + 3,895 + 339,951 Notes and bonds, inflation-indexed (2) 98,469 0 + 9,880 Inflation compensation (3) 16,441 - 43 + 2,892 Federal agency debt securities (2) 39,700 0 - 19,380 Mortgage-backed securities (4) 1,715,445 + 1,967 + 314,774 Unamortized premiums on securities held outright (5) 209,172 - 207 + 3,566 Unamortized discounts on securities held outright (5) -18,726 - 7 - 10,458 Repurchase agreements (6) 0 0 0 Loans 240 + 6 + 1 Net portfolio holdings of Maiden Lane LLC (7) 1,671 - 3 + 176 Net portfolio holdings of Maiden Lane II LLC (8) 0 0 - 64 Net portfolio holdings of Maiden Lane III LLC (8) 0 0 - 22 Net portfolio holdings of TALF LLC (9) 24 0 - 87 Items in process of collection (0) 71 - 31 - 22 Bank premises 2,263 + 4 - 25 Central bank liquidity swaps (10) 0 0 - 272 Foreign currency denominated assets (11) 22,490 - 234 - 2,041 Other assets (12) 31,942 + 1,918 + 3,796 Total assets (0) 4,481,616 + 7,256 + 642,583 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 6. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollars Assets, liabilities, and capital Eliminations Wednesday Change since from Oct 22, 2014 Wednesday Wednesday consolidation Oct 15, 2014 Oct 23, 2013 Liabilities Federal Reserve notes, net of F.R. Bank holdings 1,252,921 + 705 + 78,950 Reverse repurchase agreements (13) 235,916 + 14,767 + 114,681 Deposits (0) 2,928,938 - 6,610 + 450,300 Term deposits held by depository institutions 110,029 + 110,029 + 110,029 Other deposits held by depository institutions 2,679,606 - 141,130 + 297,013 U.S. Treasury, General Account 124,596 + 23,183 + 88,905 Foreign official 5,248 + 6 - 3,404 Other (14) (0) 9,458 + 1,302 - 42,244 Deferred availability cash items (0) 619 - 438 - 42 Other liabilities and accrued dividends (15) 6,766 - 1,199 - 2,868 Total liabilities (0) 4,425,159 + 7,225 + 641,020 Capital accounts Capital paid in 28,228 + 15 + 781 Surplus 28,228 + 15 + 781 Other capital accounts 0 0 0 Total capital 56,457 + 32 + 1,563 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 7. 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 7. 9. Refer to table 5 and the note on consolidation accompanying table 7. 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 liabilities of TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of this LLC. Refer to table 5 and the note on consolidation accompanying table 7. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury. 7. Statement of Condition of Each Federal Reserve Bank, October 22, 2014 Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Assets Gold certificate account 11,037 352 4,125 338 464 824 1,349 706 278 173 291 880 1,257 Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574 Coin 1,891 32 93 122 119 312 217 273 18 46 150 177 331 Securities, unamortized premiums and discounts, repurchase agreements, and loans 4,405,027 89,101 2,703,512 105,525 96,173 246,187 243,525 180,062 54,351 27,102 58,043 134,225 467,221 Securities held outright (1) 4,214,342 85,249 2,586,609 100,963 92,014 235,542 232,966 172,246 51,981 25,827 55,513 128,412 447,020 U.S. Treasury securities 2,459,197 49,745 1,509,365 58,915 53,693 137,446 135,943 100,511 30,332 15,071 32,393 74,932 260,850 Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Notes and bonds (3) 2,459,197 49,745 1,509,365 58,915 53,693 137,446 135,943 100,511 30,332 15,071 32,393 74,932 260,850 Federal agency debt securities (2) 39,700 803 24,366 951 867 2,219 2,195 1,623 490 243 523 1,210 4,211 Mortgage-backed securities (4) 1,715,445 34,700 1,052,878 41,097 37,454 95,877 94,829 70,113 21,159 10,513 22,596 52,270 181,959 Unamortized premiums on securities held outright (5) 209,172 4,231 128,382 5,011 4,567 11,691 11,563 8,549 2,580 1,282 2,755 6,374 22,187 Unamortized discounts on securities held outright (5) -18,726 -379 -11,494 -449 -409 -1,047 -1,035 -765 -231 -115 -247 -571 -1,986 Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0 Loans 240 0 14 0 1 0 31 33 21 108 21 10 1 Net portfolio holdings of Maiden Lane LLC (7) 1,671 0 1,671 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) 24 0 24 0 0 0 0 0 0 0 0 0 0 Items in process of collection 71 0 0 0 0 0 70 0 0 0 0 0 0 Bank premises 2,263 122 438 74 110 222 211 199 123 97 243 224 200 Central bank liquidity swaps (10) 0 0 0 0 0 0 0 0 0 0 0 0 0 Foreign currency denominated assets (11) 22,490 1,023 7,235 1,691 1,788 4,689 1,293 621 189 95 237 376 3,254 Other assets (12) 31,942 683 19,305 766 699 1,935 1,759 1,290 455 227 444 1,064 3,317 Interdistrict settlement account 0 + 18,347 - 8,950 - 826 + 4,313 - 14,418 + 496 - 17,249 - 9,620 - 1,672 - 3,087 + 2,827 + 29,840 Total assets 4,481,616 109,855 2,729,270 107,900 103,904 240,162 249,573 166,327 45,944 26,158 56,472 140,055 505,996 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 7. Statement of Condition of Each Federal Reserve Bank, October 22, 2014 (continued) Millions of dollars Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San City Francisco Liabilities Federal Reserve notes outstanding 1,449,536 44,461 482,313 44,473 66,760 102,789 214,315 97,201 39,264 21,040 36,691 117,280 182,948 Less: Notes held by F.R. Banks 196,614 5,290 67,414 5,958 8,796 11,630 22,378 10,924 4,741 3,874 5,285 21,302 29,022 Federal Reserve notes, net 1,252,921 39,170 414,899 38,516 57,964 91,160 191,936 86,277 34,523 17,166 31,406 95,978 153,926 Reverse repurchase agreements (13) 235,916 4,772 144,796 5,652 5,151 13,185 13,041 9,642 2,910 1,446 3,108 7,188 25,024 Deposits 2,928,938 63,140 2,147,653 60,358 36,106 122,831 40,343 68,526 7,840 7,075 21,213 35,658 318,196 Term deposits held by depository institutions 110,029 40 76,805 12,310 2,215 23 556 7,190 15 92 3,803 105 6,875 Other deposits held by depository institutions 2,679,606 63,093 1,931,847 48,016 33,888 122,577 39,778 61,329 7,824 6,983 17,408 35,552 311,312 U.S. Treasury, General Account 124,596 0 124,596 0 0 0 0 0 0 0 0 0 0 Foreign official 5,248 2 5,221 3 3 8 2 1 0 0 0 1 6 Other (14) 9,458 5 9,184 28 0 223 7 6 0 0 1 1 3 Deferred availability cash items 619 0 0 0 0 0 515 0 0 104 0 0 0 Interest on Federal Reserve notes due to U.S. Treasury (15) 1,539 31 1,176 32 23 -199 107 79 25 8 27 62 169 Other liabilities and accrued dividends (16) 5,227 179 2,359 210 218 581 377 274 140 119 121 201 449 Total liabilities 4,425,159 107,292 2,710,884 104,767 99,461 227,558 246,319 164,797 45,438 25,917 55,874 139,087 497,764 Capital Capital paid in 28,228 1,282 9,193 1,567 2,221 6,302 1,627 765 253 120 299 484 4,116 Surplus 28,228 1,282 9,193 1,567 2,221 6,302 1,627 765 253 120 299 484 4,116 Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0 Total liabilities and capital 4,481,616 109,855 2,729,270 107,900 103,904 240,162 249,573 166,327 45,944 26,158 56,472 140,055 505,996 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table. 7. Statement of Condition of Each Federal Reserve Bank, October 22, 2014 (continued) 1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A. 2. Face value of the securities. 3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities. 5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an effective-interest basis. 6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 7. Refer to table 4 and the note on consolidation below. 8. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Refer to the note on consolidation below. 9. Refer to table 5 and 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. 16. Includes the liabilities of TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of this LLC. Refer to table 5 and the note on consolidation below. 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 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 6), 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 6). 8. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Oct 22, 2014 Federal Reserve notes outstanding 1,449,536 Less: Notes held by F.R. Banks not subject to collateralization 196,614 Federal Reserve notes to be collateralized 1,252,921 Collateral held against Federal Reserve notes 1,252,921 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,236,684 Other assets pledged 0 Memo: Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,214,342 Less: Face value of securities under reverse repurchase agreements 227,482 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,986,859 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.