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Release Date: March 26, 2015
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FEDERAL RESERVE statistical release
H.4.1
Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks March 26, 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 Mar 25, 2015
Federal Reserve Banks Mar 25, 2015 Mar 18, 2015 Mar 26, 2014
Reserve Bank credit 4,453,211 - 7,917 + 266,384 4,441,970
Securities held outright (1) 4,237,838 - 7,898 + 274,188 4,228,452
U.S. Treasury securities 2,459,710 - 121 + 150,732 2,459,666
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,710 - 1 + 146,159 2,346,710
Notes and bonds, inflation-indexed (2) 98,469 0 + 3,904 98,469
Inflation compensation (3) 14,531 - 121 + 669 14,487
Federal agency debt securities (2) 36,877 0 - 10,466 36,877
Mortgage-backed securities (4) 1,741,251 - 7,776 + 133,922 1,731,909
Unamortized premiums on securities held outright (5) 203,333 - 658 - 6,690 202,935
Unamortized discounts on securities held outright (5) -18,001 + 37 - 1,391 -17,984
Repurchase agreements (6) 0 0 0 0
Loans 16 + 1 - 90 15
Primary credit 6 - 1 - 6 2
Secondary credit 0 0 0 0
Seasonal credit 10 + 2 0 13
Term Asset-Backed Securities Loan Facility (7) 0 0 - 84 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,692 0 + 107 1,692
Net portfolio holdings of Maiden Lane II LLC (9) 0 0 - 63 0
Net portfolio holdings of Maiden Lane III LLC (9) 0 0 - 22 0
Net portfolio holdings of TALF LLC (10) 0 0 - 105 0
Float -411 - 16 + 130 -564
Central bank liquidity swaps (11) 3 + 1 - 456 3
Other Federal Reserve assets (12) 28,741 + 616 + 776 27,421
Foreign currency denominated assets (13) 19,595 + 352 - 4,497 19,812
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,469 + 14 + 736 46,469
Total factors supplying reserve funds 4,535,516 - 7,551 + 262,622 4,524,492
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 Mar 25, 2015
Federal Reserve Banks Mar 25, 2015 Mar 18, 2015 Mar 26, 2014
Currency in circulation (14) 1,355,867 + 363 + 88,608 1,357,352
Reverse repurchase agreements (15) 299,116 + 47,198 + 111,081 278,847
Foreign official and international accounts 141,001 + 2,885 + 45,410 138,458
Others 158,115 + 44,313 + 65,671 140,389
Treasury cash holdings 197 - 11 - 78 196
Deposits with F.R. Banks, other than reserve balances 108,332 + 21,182 - 33,752 86,034
Term deposits held by depository institutions 0 0 - 15,413 0
U.S. Treasury, General Account 85,907 + 25,221 - 16,133 71,325
Foreign official 5,239 + 2 - 1,747 5,225
Other (16) 17,186 - 4,042 - 459 9,484
Other liabilities and capital (17) 65,378 + 25 + 2,375 64,262
Total factors, other than reserve balances,
absorbing reserve funds 1,828,890 + 68,757 + 168,233 1,786,691
Reserve balances with Federal Reserve Banks 2,706,627 - 76,308 + 94,390 2,737,802
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 Mar 25, 2015
Mar 25, 2015 Mar 18, 2015 Mar 26, 2014
Securities held in custody for foreign official and
international accounts 3,233,869 + 10,416 - 22,352 3,227,782
Marketable U.S. Treasury securities (1) 2,907,735 + 11,620 - 4,952 2,899,767
Federal agency debt and mortgage-backed securities (2) 282,478 - 1,272 - 17,053 284,381
Other securities (3) 43,656 + 68 - 347 43,634
Securities lent to dealers 12,599 - 132 - 3,999 12,847
Overnight facility (4) 12,599 - 132 - 3,999 12,847
U.S. Treasury securities 12,170 - 93 - 3,126 12,422
Federal agency debt securities 429 - 39 - 873 425
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, March 25, 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 15 0 0 0 0 ... 15
U.S. Treasury securities (1)
Holdings 1 1,899 40,235 1,125,170 649,232 643,130 2,459,666
Weekly changes 0 0 0 - 17 - 23 - 79 - 121
Federal agency debt securities (2)
Holdings 0 982 6,638 26,910 0 2,347 36,877
Weekly changes 0 0 0 0 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 15 8,361 1,723,532 1,731,909
Weekly changes 0 0 0 0 - 136 - 13,869 - 14,005
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 3 0 0 0 0 0 3
Reverse repurchase agreements (4) 278,847 0 ... ... ... ... 278,847
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
Mar 25, 2015
Mortgage-backed securities held outright (1) 1,731,909
Commitments to buy mortgage-backed securities (2) 26,016
Commitments to sell mortgage-backed securities (2) 0
Cash and cash equivalents (3) 60
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
Mar 25, 2015
Net portfolio holdings of Maiden Lane LLC (1) 1,692
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York (2) 0
Accrued interest payable to the Federal Reserve Bank of New York (2) 0
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. (3) 0
1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an
asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued
quarterly. This table reflects valuations as of December 31, 2014. Any assets purchased after this
valuation date are initially recorded at cost until their estimated fair value as of the purchase date
becomes available.
2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's
statement of condition consistent with consolidation under generally accepted accounting principles. Refer
to the note on consolidation accompanying table 6.
3. Book value. The fair value of these obligations is included in other liabilities and capital in
table 1 and in other liabilities and accrued dividends in table 5 and table 6.
Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC
under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to
acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit
extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior
loan from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were
repaid in full, with interest.
5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Mar 25, 2015 Wednesday Wednesday
consolidation Mar 18, 2015 Mar 26, 2014
Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,839 - 9 - 99
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,413,417 - 14,926 + 258,164
Securities held outright (1) 4,228,452 - 14,126 + 266,467
U.S. Treasury securities 2,459,666 - 121 + 148,127
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,710 0 + 143,632
Notes and bonds, inflation-indexed (2) 98,469 0 + 3,904
Inflation compensation (3) 14,487 - 121 + 591
Federal agency debt securities (2) 36,877 0 - 10,466
Mortgage-backed securities (4) 1,731,909 - 14,005 + 128,805
Unamortized premiums on securities held outright
(5) 202,935 - 843 - 7,011
Unamortized discounts on securities held outright
(5) -17,984 + 39 - 1,201
Repurchase agreements (6) 0 0 0
Loans 15 + 5 - 90
Net portfolio holdings of Maiden Lane LLC (7) 1,692 0 + 107
Net portfolio holdings of Maiden Lane II LLC (8) 0 0 - 63
Net portfolio holdings of Maiden Lane III LLC (8) 0 0 - 22
Net portfolio holdings of TALF LLC (9) 0 0 - 105
Items in process of collection (0) 182 - 170 + 91
Bank premises 2,248 0 - 28
Central bank liquidity swaps (10) 3 + 1 - 456
Foreign currency denominated assets (11) 19,812 + 475 - 4,289
Other assets (12) 25,174 - 655 + 333
Total assets (0) 4,480,603 - 15,285 + 253,632
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 Mar 25, 2015 Wednesday Wednesday
consolidation Mar 18, 2015 Mar 26, 2014
Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,312,914 + 1,069 + 88,118
Reverse repurchase agreements (13) 278,847 - 10,768 + 81,052
Deposits (0) 2,823,836 - 5,242 + 81,894
Term deposits held by depository institutions 0 0 - 15,413
Other deposits held by depository institutions 2,737,802 + 11,483 + 126,633
U.S. Treasury, General Account 71,325 - 16,235 - 17,742
Foreign official 5,225 + 3 - 1,803
Other (14) (0) 9,484 - 494 - 9,781
Deferred availability cash items (0) 745 + 57 + 72
Other liabilities and accrued dividends (15) 6,648 - 428 + 983
Total liabilities (0) 4,422,989 - 15,314 + 252,119
Capital accounts
Capital paid in 28,807 + 15 + 757
Surplus 28,807 + 15 + 757
Other capital accounts 0 0 0
Total capital 57,614 + 29 + 1,513
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, March 25, 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 1,839 42 71 130 116 304 187 272 22 45 151 179 318
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,413,417 89,278 2,708,786 105,732 96,360 246,668 243,972 180,383 54,436 27,053 58,138 134,478 468,134
Securities held outright (1) 4,228,452 85,534 2,595,270 101,301 92,322 236,331 233,746 172,823 52,155 25,913 55,699 128,842 448,516
U.S. Treasury securities 2,459,666 49,755 1,509,653 58,926 53,703 137,472 135,969 100,530 30,338 15,074 32,400 74,947 260,899
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,459,666 49,755 1,509,653 58,926 53,703 137,472 135,969 100,530 30,338 15,074 32,400 74,947 260,899
Federal agency debt securities (2) 36,877 746 22,634 883 805 2,061 2,039 1,507 455 226 486 1,124 3,912
Mortgage-backed securities (4) 1,731,909 35,033 1,062,983 41,491 37,814 96,798 95,739 70,786 21,362 10,614 22,813 52,772 183,705
Unamortized premiums on securities held
outright (5) 202,935 4,105 124,554 4,862 4,431 11,342 11,218 8,294 2,503 1,244 2,673 6,183 21,525
Unamortized discounts on securities
held outright (5) -17,984 -364 -11,038 -431 -393 -1,005 -994 -735 -222 -110 -237 -548 -1,908
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 15 2 0 0 0 0 2 1 0 6 3 0 0
Net portfolio holdings of Maiden
Lane LLC (7) 1,692 0 1,692 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 182 0 0 0 0 0 181 0 0 1 0 0 0
Bank premises 2,248 122 432 75 110 219 210 202 121 95 240 222 200
Central bank liquidity swaps (10) 3 0 1 0 0 1 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 19,812 898 6,387 1,107 1,544 4,546 1,127 532 184 83 208 285 2,909
Other assets (12) 25,174 550 14,829 611 561 1,573 1,406 1,031 519 182 364 876 2,670
Interdistrict settlement account 0 + 26,256 - 182,717 + 15,289 + 26,779 + 2,203 + 5,137 - 8,451 - 575 + 7,011 + 8,459 + 24,667 + 75,940
Total assets 4,480,603 117,695 2,555,424 123,491 126,171 256,749 254,225 175,100 55,137 34,733 68,005 161,870 552,003
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, March 25, 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 1,496,880 50,597 474,612 49,731 72,904 104,875 210,836 106,438 44,851 26,799 42,224 121,704 191,310
Less: Notes held by F.R. Banks 183,966 5,133 63,870 5,716 9,792 12,382 22,956 11,913 4,957 3,368 5,190 13,975 24,713
Federal Reserve notes, net 1,312,914 45,464 410,742 44,015 63,111 92,493 187,879 94,525 39,894 23,431 37,034 107,729 166,597
Reverse repurchase agreements (13) 278,847 5,641 171,146 6,680 6,088 15,585 15,414 11,397 3,439 1,709 3,673 8,497 29,578
Deposits 2,823,836 63,820 1,951,409 69,332 52,239 134,862 46,765 67,325 11,116 8,956 26,562 44,589 346,860
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 2,737,802 63,815 1,865,537 69,304 52,236 134,770 46,754 67,316 11,116 8,955 26,561 44,587 346,850
U.S. Treasury, General Account 71,325 0 71,325 0 0 0 0 0 0 0 0 0 0
Foreign official 5,225 2 5,198 2 3 9 2 1 0 0 0 1 6
Other (14) 9,484 3 9,349 25 0 83 9 8 0 0 1 1 4
Deferred availability cash items 745 0 0 0 0 0 487 0 0 258 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,723 44 950 54 56 171 99 58 20 9 20 40 201
Other liabilities and accrued
dividends (16) 4,925 143 2,471 188 199 507 311 249 123 129 113 169 322
Total liabilities 4,422,989 115,112 2,536,717 120,270 121,694 243,619 250,957 173,554 54,593 34,492 67,402 161,023 543,558
Capital
Capital paid in 28,807 1,292 9,354 1,611 2,239 6,565 1,634 773 272 121 302 423 4,223
Surplus 28,807 1,292 9,354 1,611 2,239 6,565 1,634 773 272 121 302 423 4,223
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
Total liabilities and capital 4,480,603 117,695 2,555,424 123,491 126,171 256,749 254,225 175,100 55,137 34,733 68,005 161,870 552,003
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, March 25, 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
Mar 25, 2015
Federal Reserve notes outstanding 1,496,880
Less: Notes held by F.R. Banks not subject to collateralization 183,966
Federal Reserve notes to be collateralized 1,312,914
Collateral held against Federal Reserve notes 1,312,914
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,296,677
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,228,452
Less: Face value of securities under reverse repurchase agreements 261,812
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,966,640
Note: Components may not sum to totals because of rounding.
1. Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright,
compensation to adjust for the effect of inflation on the original face value of inflation-indexed
securities, and cash value of repurchase agreements.
2. Includes securities lent to dealers under the overnight securities lending facility; refer to table
1A.
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