FRB: H.4.1 Release--Factors Affecting Reserve Balances--January 15, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks January 15, 2015

1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Jan 14, 2015
Federal Reserve Banks Jan 14, 2015 Jan 7, 2015 Jan 15, 2014

Reserve Bank credit 4,462,272 + 3,150 + 454,889 4,476,465
Securities held outright (1) 4,238,779 + 1,986 + 459,872 4,251,495
U.S. Treasury securities 2,461,136 - 142 + 244,257 2,461,084
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,712 0 + 235,011 2,346,712
Notes and bonds, inflation-indexed (2) 98,469 0 + 6,737 98,469
Inflation compensation (3) 15,955 - 143 + 2,509 15,904
Federal agency debt securities (2) 38,677 0 - 16,873 38,677
Mortgage-backed securities (4) 1,738,967 + 2,129 + 232,489 1,751,734
Unamortized premiums on securities held outright (5) 206,349 - 260 - 2,321 206,747
Unamortized discounts on securities held outright (5) -18,344 + 31 - 5,510 -18,332
Repurchase agreements (6) 0 0 0 0
Loans 31 - 28 - 86 31
Primary credit 22 - 19 + 19 22
Secondary credit 0 0 0 0
Seasonal credit 9 - 8 - 7 9
Term Asset-Backed Securities Loan Facility (7) 0 0 - 97 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,678 0 + 137 1,680
Net portfolio holdings of Maiden Lane II LLC (9) 0 0 - 63 0
Net portfolio holdings of Maiden Lane III LLC (9) 0 0 - 22 0
Net portfolio holdings of TALF LLC (10) 0 0 - 107 0
Float -433 + 142 + 121 -435
Central bank liquidity swaps (11) 0 - 1,528 - 259 0
Other Federal Reserve assets (12) 34,212 + 2,807 + 3,128 35,279
Foreign currency denominated assets (13) 20,774 - 98 - 3,001 20,871
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,383 + 14 + 831 46,383

Total factors supplying reserve funds 4,545,670 + 3,066 + 452,718 4,559,960

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 Jan 14, 2015
Federal Reserve Banks Jan 14, 2015 Jan 7, 2015 Jan 15, 2014

Currency in circulation (14) 1,332,824 - 8,334 + 103,639 1,330,856
Reverse repurchase agreements (15) 217,437 - 126,716 + 56,491 203,719
Foreign official and international accounts 104,049 - 3,271 - 5,286 108,319
Others 113,388 - 123,445 + 61,777 95,400
Treasury cash holdings 204 + 2 - 37 203
Deposits with F.R. Banks, other than reserve balances 177,350 - 16,500 + 67,362 199,335
Term deposits held by depository institutions 0 0 0 0
U.S. Treasury, General Account 158,268 - 18,549 + 78,246 159,730
Foreign official 5,215 - 1 - 2,832 5,234
Other (16) 13,866 + 2,049 - 8,053 34,371
Other liabilities and capital (17) 63,952 + 1,308 - 757 65,462

Total factors, other than reserve balances,
absorbing reserve funds 1,791,767 - 150,239 + 226,698 1,799,576

Reserve balances with Federal Reserve Banks 2,753,903 + 153,305 + 226,020 2,760,384

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt
securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an
effective-interest basis.
6. Cash value of agreements.
7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the
Term Asset-Backed Securities Loan Facility.
8. Refer to table 4 and the note on consolidation accompanying table 6.
9. Fair value. Fair value reflects an estimate of the price that would be received upon selling an
asset if the transaction were to be conducted in an orderly market on the measurement date. Refer to the
note on consolidation accompanying table 6.
10. Refer to the note on consolidation accompanying table 6.
11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
12. Includes accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable. Also, includes Reserve Bank premises and equipment net of allowances for
depreciation.
13. Revalued daily at current foreign currency exchange rates.
14. Estimated.
15. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
16. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, and designated financial market utilities.
17. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.

1A. Memorandum Items
Millions of dollars
Memorandum item Averages of daily figures Wednesday
Week ended Change from week ended Jan 14, 2015
Jan 14, 2015 Jan 7, 2015 Jan 15, 2014

Securities held in custody for foreign official and
international accounts 3,300,113 - 710 - 48,641 3,296,009
Marketable U.S. Treasury securities (1) 2,967,310 - 869 - 28,517 2,962,248
Federal agency debt and mortgage-backed securities (2) 291,347 + 441 - 18,096 292,246
Other securities (3) 41,455 - 283 - 2,029 41,516
Securities lent to dealers 10,229 - 490 - 2,725 10,287
Overnight facility (4) 10,229 - 490 - 2,725 10,287
U.S. Treasury securities 9,696 - 403 - 2,163 9,771
Federal agency debt securities 533 - 86 - 563 516

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS.
Does not include securities pledged as collateral to foreign official and international account holders
against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.
2. Face value of federal agency securities and current face value of mortgage-backed securities, which
is the remaining principal balance of the securities.
3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed
securities, and commercial paper at face value.
4. Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, January 14, 2015

Millions of dollars
Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All
days 90 days 1 year to 5 years to 10 years years

Loans 22 9 0 0 0 ... 31
U.S. Treasury securities (1)
Holdings 0 5 3,516 1,113,962 685,517 658,084 2,461,084
Weekly changes 0 0 0 + 1,054 - 1,092 - 103 - 140
Federal agency debt securities (2)
Holdings 1,089 711 3,933 30,597 0 2,347 38,677
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 14 6,531 1,745,188 1,751,734
Weekly changes 0 0 0 0 0 + 14,894 + 14,895
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 0 0 0 0 0 0 0

Reverse repurchase agreements (4) 203,719 0 ... ... ... ... 203,719
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
Jan 14, 2015

Mortgage-backed securities held outright (1) 1,751,734

Commitments to buy mortgage-backed securities (2) 24,013
Commitments to sell mortgage-backed securities (2) 231

Cash and cash equivalents (3) 0

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
2. Current face value. Generally settle within 180 days and include commitments associated with
outright transactions, dollar rolls, and coupon swaps.
3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5
and table 6.

4. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Account name Wednesday
Jan 14, 2015

Net portfolio holdings of Maiden Lane LLC (1) 1,680

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0
Accrued interest payable to the Federal Reserve Bank of New York (2) 0
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 0

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an
asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued
quarterly. This table reflects valuations as of September 30, 2014. Any assets purchased after this
valuation date are initially recorded at cost until their estimated fair value as of the purchase date
becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's
statement of condition consistent with consolidation under generally accepted accounting principles. Refer
to the note on consolidation accompanying table 6.
3. Book value. The fair value of these obligations is included in other liabilities and capital in
table 1 and in other liabilities and accrued dividends in table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC
under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to
acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit
extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior
loan from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were
repaid in full, with interest.

5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Jan 14, 2015 Wednesday Wednesday
consolidation Jan 7, 2015 Jan 15, 2014

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,908 + 32 - 79
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,439,940 + 15,075 + 442,748
Securities held outright (1) 4,251,495 + 14,755 + 450,427
U.S. Treasury securities 2,461,084 - 140 + 240,131
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,712 0 + 231,818
Notes and bonds, inflation-indexed (2) 98,469 0 + 5,854
Inflation compensation (3) 15,904 - 139 + 2,460
Federal agency debt securities (2) 38,677 0 - 16,234
Mortgage-backed securities (4) 1,751,734 + 14,895 + 226,530
Unamortized premiums on securities held outright
(5) 206,747 + 282 - 2,321
Unamortized discounts on securities held outright
(5) -18,332 + 31 - 5,273
Repurchase agreements (6) 0 0 0
Loans 31 + 8 - 84
Net portfolio holdings of Maiden Lane LLC (7) 1,680 + 2 + 137
Net portfolio holdings of Maiden Lane II LLC (8) 0 0 - 63
Net portfolio holdings of Maiden Lane III LLC (8) 0 0 - 22
Net portfolio holdings of TALF LLC (9) 0 0 - 107
Items in process of collection (0) 161 - 6 + 56
Bank premises 2,260 0 - 26
Central bank liquidity swaps (10) 0 - 1,528 - 259
Foreign currency denominated assets (11) 20,871 + 169 - 2,829
Other assets (12) 33,020 + 2,809 + 4,993

Total assets (0) 4,516,077 + 16,553 + 444,549

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Jan 14, 2015 Wednesday Wednesday
consolidation Jan 7, 2015 Jan 15, 2014

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,286,580 - 7,121 + 103,041
Reverse repurchase agreements (13) 203,719 - 37,718 + 47,453
Deposits (0) 2,959,720 + 58,707 + 291,143
Term deposits held by depository institutions 0 0 0
Other deposits held by depository institutions 2,760,384 + 50,111 + 200,306
U.S. Treasury, General Account 159,730 - 16,633 + 71,804
Foreign official 5,234 + 23 - 2,813
Other (14) (0) 34,371 + 25,205 + 21,846
Deferred availability cash items (0) 596 - 202 - 63
Other liabilities and accrued dividends (15) 8,314 + 2,888 + 856

Total liabilities (0) 4,458,929 + 16,553 + 442,431

Capital accounts
Capital paid in 28,574 0 + 1,059
Surplus 28,574 0 + 1,059
Other capital accounts 0 0 0

Total capital 57,148 0 + 2,118

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
2. Face value of the securities.
3. Compensation that adjusts for the effect of inflation on the original face value of
inflation-indexed securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt
securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an
effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation accompanying table 6.
8. Fair value. Fair value reflects an estimate of the price that would be received upon selling an
asset if the transaction were to be conducted in an orderly market on the measurement date. Refer to the
note on consolidation accompanying table 6.
9. Refer to the note on consolidation accompanying table 6.
10. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.
11. Revalued daily at current foreign currency exchange rates.
12. Includes accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
14. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, and designated financial market utilities.
15. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

6. Statement of Condition of Each Federal Reserve Bank, January 14, 2015
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Assets
Gold certificate account 11,037 352 4,125 338 464 824 1,349 706 278 173 291 880 1,257
Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574
Coin 1,908 35 81 126 120 312 208 282 24 46 155 191 330
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,439,940 89,812 2,725,055 106,367 96,941 248,151 245,436 181,479 54,763 27,212 58,491 135,289 470,946
Securities held outright (1) 4,251,495 86,000 2,609,413 101,853 92,825 237,619 235,020 173,765 52,439 26,055 56,002 129,544 450,960
U.S. Treasury securities 2,461,084 49,783 1,510,524 58,960 53,734 137,552 136,047 100,588 30,356 15,082 32,418 74,990 261,050
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,461,084 49,783 1,510,524 58,960 53,734 137,552 136,047 100,588 30,356 15,082 32,418 74,990 261,050
Federal agency debt securities (2) 38,677 782 23,739 927 844 2,162 2,138 1,581 477 237 509 1,178 4,103
Mortgage-backed securities (4) 1,751,734 35,434 1,075,150 41,966 38,246 97,906 96,835 71,596 21,606 10,735 23,074 53,376 185,808
Unamortized premiums on securities held
outright (5) 206,747 4,182 126,894 4,953 4,514 11,555 11,429 8,450 2,550 1,267 2,723 6,300 21,930
Unamortized discounts on securities
held outright (5) -18,332 -371 -11,252 -439 -400 -1,025 -1,013 -749 -226 -112 -241 -559 -1,944
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 31 0 0 0 3 1 0 14 0 2 7 4 0
Net portfolio holdings of Maiden
Lane LLC (7) 1,680 0 1,680 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane II LLC (8) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane III LLC (8) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF LLC (9) 0 0 0 0 0 0 0 0 0 0 0 0 0
Items in process of collection 161 0 0 0 0 0 160 0 0 0 0 0 0
Bank premises 2,260 125 436 75 110 220 212 200 122 96 241 223 201
Central bank liquidity swaps (10) 0 0 0 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 20,871 949 6,713 1,569 1,660 4,352 1,200 576 175 88 220 349 3,020
Other assets (12) 33,020 700 19,988 789 723 2,018 1,826 1,337 463 227 467 1,047 3,436
Interdistrict settlement account 0 + 19,828 - 68,756 - 8,087 + 21,683 - 8,635 - 8,252 - 15,974 - 6,167 + 3,304 + 1,936 + 12,038 + 57,079

Total assets 4,516,077 111,996 2,691,141 101,387 121,939 247,653 242,792 169,030 49,809 31,236 61,954 150,298 536,843

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, January 14, 2015 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Liabilities
Federal Reserve notes outstanding 1,473,887 46,880 473,984 47,430 69,769 103,938 213,097 101,692 42,134 24,523 39,341 120,941 190,158
Less: Notes held by F.R. Banks 187,307 5,278 60,830 5,762 9,420 12,382 24,895 11,450 5,236 3,212 4,947 16,065 27,830
Federal Reserve notes, net 1,286,580 41,602 413,154 41,668 60,349 91,557 188,202 90,241 36,899 21,311 34,394 104,876 162,328
Reverse repurchase agreements (13) 203,719 4,121 125,035 4,880 4,448 11,386 11,261 8,326 2,513 1,248 2,683 6,207 21,609
Deposits 2,959,720 63,456 2,130,124 51,374 52,417 130,926 39,085 68,513 9,688 8,170 24,113 38,096 343,759
Term deposits held by depository
institutions 0 0 0 0 0 0 0 0 0 0 0 0 0
Other deposits held by depository
institutions 2,760,384 63,452 1,930,929 51,347 52,414 130,859 39,076 68,500 9,688 8,170 24,111 38,090 343,749
U.S. Treasury, General Account 159,730 0 159,730 0 0 0 0 0 0 0 0 0 0
Foreign official 5,234 2 5,207 3 3 8 2 1 0 0 0 1 6
Other (14) 34,371 2 34,258 24 0 59 6 12 0 0 1 5 4
Deferred availability cash items 596 0 0 0 0 0 459 0 0 137 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 2,229 49 1,331 60 56 142 126 95 26 12 31 62 241
Other liabilities and accrued
dividends (16) 6,084 177 3,082 210 209 528 407 320 151 118 133 235 515

Total liabilities 4,458,929 109,405 2,672,725 98,193 117,478 234,538 239,541 167,495 49,277 30,996 61,354 149,475 528,451

Capital
Capital paid in 28,574 1,296 9,208 1,597 2,230 6,557 1,626 768 266 120 300 412 4,196
Surplus 28,574 1,296 9,208 1,597 2,230 6,557 1,626 768 266 120 300 412 4,196
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,516,077 111,996 2,691,141 101,387 121,939 247,653 242,792 169,030 49,809 31,236 61,954 150,298 536,843

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, January 14, 2015 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.
2. Face value of the securities.
3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.
4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt
securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation below.
8. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Refer
to the note on consolidation below.
9. Refer to the note on consolidation below.
10. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals
the market exchange rate used when the foreign currency was acquired from the foreign central bank.
11. Revalued daily at current foreign currency exchange rates.
12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
15. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank's net earnings are not sufficient to equate surplus to
capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the
Federal Reserve Bank's earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy, which requires
the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends, and the amount
necessary to equate surplus with capital paid-in.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan
was extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to Maiden Lane LLC
was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC was repaid in full, with
interest. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the
American International Group, Inc. had written credit default swap contracts. On June 14, 2012, the loan from FRBNY to Maiden Lane III was repaid in full, with interest. On December 12, 2008, a
loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American
International Group, Inc. On March 1, 2012, the loan from FRBNY to Maiden Lane II was repaid in full, with interest. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to
extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan extended
under the Term Asset-Backed Securities Loan Facility. On January 15, 2013 the FRBNY's commitment to extend credit to TALF LLC was eliminated.

The FRBNY was the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY was primarily responsible for directing the
financial activities of TALF LLC. The FRBNY was the primary beneficiary of the other LLCs cited above because it received a majority of any residual returns of the LLCs and absorbed a majority of any
residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs were consolidated with the assets and liabilities of the FRBNY
in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs were eliminated, the net
assets of the LLCs appeared as assets on the previous page (and in table 1 and table 5), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to
the portfolio holdings of the LLCs, were included in other liabilities in this table (and table 1 and table 5).

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Jan 14, 2015

Federal Reserve notes outstanding 1,473,887
Less: Notes held by F.R. Banks not subject to collateralization 187,307
Federal Reserve notes to be collateralized 1,286,580
Collateral held against Federal Reserve notes 1,286,580
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,270,343
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,251,495
Less: Face value of securities under reverse repurchase agreements 181,792
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,069,703

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.

Statistical releases