Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:   June 2, 2011
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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

June 2, 2011
1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and
reserve balances of depository institutions at
Federal Reserve Banks		 Averages of daily figures Wednesday
Jun 1, 2011
Week ended
Jun 1, 2011		 Change from week ended
May 25, 2011 Jun 2, 2010
Reserve Bank credit 2,770,779 + 20,105 + 450,872 2,772,226
    Securities held outright 1 2,566,624 + 20,207 + 509,396 2,569,185
        U.S. Treasury securities 1,529,675 + 25,087 + 752,769 1,532,236
            Bills 2 18,423 0 0 18,423
            Notes and bonds, nominal 2 1,441,983 + 24,658 + 729,960 1,443,828
            Notes and bonds, inflation-indexed 2 61,268 + 264 + 20,143 61,930
            Inflation compensation 3 8,001 + 164 + 2,667 8,056
        Federal agency debt securities 2 119,093 - 112 - 47,717 119,093
        Mortgage-backed securities 4 917,856 - 4,769 - 195,657 917,856
    Repurchase agreements 5 0 0 0 0
    Loans 14,068 - 583 - 57,385 13,723
        Primary credit 25 + 14 - 653 66
        Secondary credit 3 + 3 - 297 9
        Seasonal credit 26 + 4 - 13 32
        Credit extended to American International
            Group, Inc., net 6		 0 0 - 26,406 0
        Term Asset-Backed Securities Loan Facility 7 14,014 - 603 - 30,016 13,617
        Other credit extensions 0 0 0 0
    Net portfolio holdings of Commercial Paper
        Funding Facility LLC 8		 0 0 - 1 0
    Net portfolio holdings of Maiden Lane LLC 9 24,489 + 62 - 3,849 24,531
    Net portfolio holdings of Maiden Lane II LLC 10 15,010 + 23 - 899 15,012
    Net portfolio holdings of Maiden Lane III LLC 11 24,381 + 6 + 994 24,386
    Net portfolio holdings of TALF LLC 12 746 + 2 + 268 746
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 6		 0 0 - 25,416 0
    Float -1,177 - 342 + 539 -1,823
    Central bank liquidity swaps 13 0 0 - 6,642 0
    Other Federal Reserve assets 14 126,638 + 731 + 33,866 126,465
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding 15 43,902 + 14 + 812 43,902
 
Total factors supplying reserve funds 2,830,921 + 20,119 + 451,683 2,832,369
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
reserve balances of depository institutions at
Federal Reserve Banks		 Averages of daily figures Wednesday
Jun 1, 2011
Week ended
Jun 1, 2011		 Change from week ended
May 25, 2011 Jun 2, 2010
Currency in circulation 15 1,023,967 + 6,201 + 80,748 1,025,868
Reverse repurchase agreements 16 58,417 + 3,135 - 726 59,937
    Foreign official and international accounts 58,417 + 3,135 - 726 59,937
    Others 0 0 0 0
Treasury cash holdings 142 + 1 - 64 133
Deposits with F.R. Banks, other than reserve balances 74,131 - 18,190 - 163,973 82,053
    Term deposits held by depository institutions 0 0 0 0
    U.S. Treasury, general account 65,992 - 18,267 + 32,857 73,973
    U.S. Treasury, supplementary financing account 5,000 0 - 194,958 5,000
    Foreign official 201 + 74 - 1,784 133
    Service-related 2,543 0 - 100 2,543
        Required clearing balances 2,543 0 - 100 2,543
        Adjustments to compensate for float 0 0 0 0
    Other 395 + 4 + 12 405
Funds from American International Group, Inc. asset
    dispositions, held as agent 6		 0 0 0 0
Other liabilities and capital 17 74,385 + 597 + 2,925 73,789
 
Total factors, other than reserve balances,
    absorbing reserve funds		 1,231,043 - 8,254 - 81,089 1,241,780
 
Reserve balances with Federal Reserve Banks 1,599,878 + 28,373 + 532,772 1,590,589
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. 
Includes the book value of the commercial paper, net of amortized costs and related fees, and other investments held by the Commercial Paper Funding Facility LLC.
9. 
Refer to table 4 and the note on consolidation accompanying table 9.
10. 
Refer to table 5 and the note on consolidation accompanying table 9.
11. 
Refer to table 6 and the note on consolidation accompanying table 9.
12. 
Refer to table 7 and the note on consolidation accompanying table 9.
13. 
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.
14. 
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.
15. 
Estimated.
16. 
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
17. 
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
Memorandum item Averages of daily figures Wednesday
Jun 1, 2011
Week ended
Jun 1, 2011		 Change from week ended
May 25, 2011 Jun 2, 2010
Marketable securities held in custody for foreign
    official and international accounts 1		 3,432,444 - 9,739 + 356,583 3,438,553
    U.S. Treasury securities 2,688,653 - 10,184 + 420,961 2,695,279
    Federal agency securities 2 743,791 + 445 - 64,377 743,274
Securities lent to dealers 19,918 + 2,676 + 14,167 17,085
    Overnight facility 3 19,918 + 2,676 + 14,167 17,085
        U.S. Treasury securities 18,869 + 2,645 + 14,802 16,198
        Federal agency debt securities 1,049 + 31 - 635 887
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, June 1, 2011
Millions of dollars
Remaining maturity Within 15
days		 16 days to
90 days		 91 days to
1 year		 Over 1 year
to 5 years		 Over 5 years
to 10 years		 Over 10
years		 All
Loans 1 75 32 495 13,122 0 ... 13,723
U.S. Treasury securities 2  
    Holdings 16,005 10,983 95,392 676,155 539,335 194,367 1,532,236
    Weekly changes - 5,391 - 3,867 + 5,805 + 21,070 - 6,695 + 1,988 + 12,909
Federal agency debt securities 3  
    Holdings 728 8,589 16,524 68,156 22,749 2,347 119,093
    Weekly changes + 728 - 728 0 0 0 0 0
Mortgage-backed securities 4  
    Holdings 0 0 0 18 22 917,815 917,856
    Weekly changes 0 0 0 0 0 0 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 0 0 0 0 0 0 0
   
Reverse repurchase agreements 6 59,937 0 ... ... ... ... 59,937
Term deposits 0 0 0 ... ... ... 0
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 Purchase Program
Millions of dollars
Account name Wednesday
Jun 1, 2011
Mortgage-backed securities held outright 1 917,856
 
Commitments to buy mortgage-backed securities 2 0
Commitments to sell mortgage-backed securities 2 0
 
Cash and cash equivalents 3 0
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
Account name Wednesday
Jun 1, 2011
Net portfolio holdings of Maiden Lane LLC 1 24,531
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 21,719
Accrued interest payable to the Federal Reserve Bank of New York 2 693
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. 3 1,343
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 March 31, 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
Account name Wednesday
Jun 1, 2011
Net portfolio holdings of Maiden Lane II LLC 1 15,012
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 10,542
Accrued interest payable to the Federal Reserve Bank of New York 2 517
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. 3 1,086
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 March 31, 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
Account name Wednesday
Jun 1, 2011
Net portfolio holdings of Maiden Lane III LLC 1 24,386
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 11,985
Accrued interest payable to the Federal Reserve Bank of New York 2 613
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. 3 5,439
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 March 31, 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
Account name Wednesday
Jun 1, 2011
Asset-backed securities holdings 1 0
Other investments, net 746
Net portfolio holdings of TALF LLC 746
 
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 3 107
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
Assets, liabilities, and capital Eliminations from
consolidation		 Wednesday
Jun 1, 2011		 Change since
Wednesday
May 25, 2011		 Wednesday
Jun 2, 2010
Assets  
    Gold certificate account   11,037 0 0
    Special drawing rights certificate account   5,200 0 0
    Coin   2,106 - 24 + 110
    Securities, repurchase agreements, and loans   2,582,908 + 12,363 + 454,630
        Securities held outright 1   2,569,185 + 12,909 + 511,943
            U.S. Treasury securities   1,532,236 + 12,909 + 755,323
                Bills 2   18,423 0 0
                Notes and bonds, nominal 2   1,443,828 + 11,819 + 731,805
                Notes and bonds, inflation-indexed 2   61,930 + 926 + 20,805
                Inflation compensation 3   8,056 + 164 + 2,714
            Federal agency debt securities 2   119,093 0 - 47,622
            Mortgage-backed securities 4   917,856 0 - 195,758
        Repurchase agreements 5   0 0 0
        Loans   13,723 - 547 - 57,312
    Net portfolio holdings of Commercial Paper
        Funding Facility LLC 6		   0 0 - 1
    Net portfolio holdings of Maiden Lane LLC 7   24,531 + 56 - 3,836
    Net portfolio holdings of Maiden Lane II LLC 8   15,012 + 3 - 899
    Net portfolio holdings of Maiden Lane III LLC 9   24,386 + 7 + 985
    Net portfolio holdings of TALF LLC 10   746 0 + 268
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 11		   0 0 - 25,416
    Items in process of collection (232) 426 + 154 + 23
    Bank premises   2,206 - 7 - 26
    Central bank liquidity swaps 12   0 0 - 6,642
    Other assets 13   124,257 + 1,161 + 33,940
 
Total assets (232) 2,792,815 + 13,712 + 453,137
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
Assets, liabilities, and capital Eliminations from
consolidation		 Wednesday
Jun 1, 2011		 Change since
Wednesday
May 25, 2011		 Wednesday
Jun 2, 2010
Liabilities  
    Federal Reserve notes, net of F.R. Bank holdings   984,201 + 5,041 + 80,474
    Reverse repurchase agreements 14   59,937 + 5,756 + 821
    Deposits (0) 1,672,639 + 1,349 + 369,361
        Term deposits held by depository institutions   0 0 0
        Other deposits held by depository institutions   1,593,129 + 1,038 + 554,302
        U.S. Treasury, general account   73,973 + 279 + 11,656
        U.S. Treasury, supplementary financing account   5,000 0 - 194,958
        Foreign official   133 + 7 - 1,691
        Other (0) 405 + 25 + 54
    Deferred availability cash items (232) 2,249 + 870 - 976
    Other liabilities and accrued dividends 15   21,101 + 666 + 5,726
 
Total liabilities (232) 2,740,127 + 13,682 + 455,406
 
Capital accounts  
    Capital paid in   26,344 + 15 - 62
    Surplus   26,344 + 15 + 679
    Other capital accounts   0 0 - 2,886
 
Total capital   52,688 + 30 - 2,269
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. 
Includes the book value of the commercial paper, net of amortized costs and related fees, and other investments held by the Commercial Paper Funding Facility LLC.
7. 
Refer to table 4 and the note on consolidation accompanying table 9.
8. 
Refer to table 5 and the note on consolidation accompanying table 9.
9. 
Refer to table 6 and the note on consolidation accompanying table 9.
10. 
Refer to table 7 and the note on consolidation accompanying table 9.
11. 
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.
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 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.
14. 
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
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 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, June 1, 2011
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City		 Dallas San
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 2,106 52 78 158 151 351 173 325 33 59 159 213 351
    Securities, repurchase agreements,
        and loans		 2,582,908 63,167 1,208,398 88,044 69,399 296,715 191,003 152,594 48,633 39,492 68,376 101,611 255,476
        Securities held outright 1 2,569,185 63,167 1,194,781 88,010 69,399 296,715 191,000 152,572 48,627 39,484 68,342 101,611 255,476
            U.S. Treasury securities 1,532,236 37,672 712,556 52,488 41,389 176,958 113,910 90,993 29,001 23,548 40,758 60,600 152,363
                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 1,513,814 37,219 703,988 51,857 40,891 174,830 112,541 89,898 28,652 23,265 40,268 59,871 150,531
            Federal agency debt securities 2 119,093 2,928 55,383 4,080 3,217 13,754 8,854 7,072 2,254 1,830 3,168 4,710 11,842
            Mortgage-backed securities 4 917,856 22,567 426,842 31,442 24,793 106,003 68,236 54,507 17,372 14,106 24,415 36,301 91,270
        Repurchase agreements 5 0 0 0 0 0 0 0 0 0 0 0 0 0
        Loans 13,723 0 13,617 34 0 0 3 22 6 8 35 0 0
    Net portfolio holdings of Commercial
        Paper Funding Facility LLC 6		 0 0 0 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane LLC 7		 24,531 0 24,531 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane II LLC 8		 15,012 0 15,012 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane III LLC 9		 24,386 0 24,386 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of TALF LLC 10 746 0 746 0 0 0 0 0 0 0 0 0 0
    Preferred interests in AIA Aurora LLC
        and ALICO Holdings LLC 11		 0 0 0 0 0 0 0 0 0 0 0 0 0
    Items in process of collection 658 33 0 163 211 12 1 51 17 32 23 21 94
    Bank premises 2,206 123 254 68 138 237 218 207 136 106 262 246 211
    Central bank liquidity swaps 12 0 0 0 0 0 0 0 0 0 0 0 0 0
    Other assets 13 124,257 3,346 52,876 5,980 4,631 16,815 8,805 6,457 2,083 2,356 2,842 4,276 13,790
    Interdistrict settlement account 0 - 2,804 + 238,229 + 10,148 - 4,333 - 95,646 - 34,351 - 4,923 - 10,183 - 18,211 - 16,444 - 7,043 - 54,438
 
Total assets 2,793,047 64,503 1,570,195 105,203 70,883 219,769 167,897 155,989 41,187 24,121 55,689 100,335 217,276
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, June 1, 2011 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas
City		 Dallas San
Francisco
Liabilities  
    Federal Reserve notes outstanding 1,136,344 43,303 387,245 47,358 52,930 90,568 140,196 89,646 32,608 19,479 32,069 75,048 125,895
        Less: Notes held by F.R. Banks 152,144 4,506 41,709 5,353 7,508 12,107 21,929 12,475 4,038 5,421 3,269 10,793 23,034
            Federal Reserve notes, net 984,201 38,797 345,536 42,005 45,422 78,461 118,267 77,170 28,570 14,057 28,800 64,254 102,860
    Reverse repurchase agreements 14 59,937 1,474 27,873 2,053 1,619 6,922 4,456 3,559 1,134 921 1,594 2,371 5,960
    Deposits 1,672,639 21,992 1,165,592 55,599 19,232 122,248 41,313 73,216 10,715 6,870 24,419 32,432 99,013
        Term deposits held by depository
            institutions		 0 0 0 0 0 0 0 0 0 0 0 0 0
        Other deposits held by depository
            institutions		 1,593,129 21,989 1,086,263 55,595 19,229 122,102 41,311 73,214 10,714 6,869 24,417 32,431 98,997
        U.S. Treasury, general account 73,973 0 73,973 0 0 0 0 0 0 0 0 0 0
        U.S. Treasury, supplementary
            financing account		 5,000 0 5,000 0 0 0 0 0 0 0 0 0 0
        Foreign official 133 1 104 4 3 8 2 1 0 1 0 1 6
        Other 405 2 252 0 0 137 0 1 1 0 1 0 10
    Deferred availability cash items 2,481 135 1 476 278 109 160 168 104 429 121 135 364
    Interest on Federal Reserve notes due
        to U.S. Treasury 15		 1,999 53 853 90 72 291 152 101 34 38 43 70 202
    Other liabilities and accrued
        dividends 16		 19,102 218 14,905 318 311 874 530 443 185 165 191 294 670
 
Total liabilities 2,740,359 62,668 1,554,760 100,541 66,934 208,905 164,877 154,658 40,742 22,481 55,168 99,555 209,069
 
Capital  
    Capital paid in 26,344 918 7,717 2,331 1,975 5,432 1,510 665 222 820 260 390 4,104
    Surplus 26,344 918 7,717 2,331 1,975 5,432 1,510 665 222 820 260 390 4,104
    Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
 
Total liabilities and capital 2,793,047 64,503 1,570,195 105,203 70,883 219,769 167,897 155,989 41,187 24,121 55,689 100,335 217,276
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, June 1, 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. 
Includes the book value of the commercial paper, net of amortized costs and related fees, and other investments held by the Commercial Paper Funding Facility LLC.
7. 
Refer to table 4 and the note on consolidation below.
8. 
Refer to table 5 and the note on consolidation below.
9. 
Refer to table 6 and the note on consolidation below.
10. 
Refer to table 7 and the note on consolidation below.
11. 
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.
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 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.
14. 
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
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 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
Federal Reserve notes and collateral Wednesday
Jun 1, 2011
Federal Reserve notes outstanding 1,136,344
    Less: Notes held by F.R. Banks not subject to collateralization 152,144
        Federal Reserve notes to be collateralized 984,201
Collateral held against Federal Reserve notes 984,201
    Gold certificate account 11,037
    Special drawing rights certificate account 5,200
    U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2 967,964
    Other assets pledged 0
Memo:  
Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2 2,569,185
    Less: Face value of securities under reverse repurchase agreements 54,908
        U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 2,514,277
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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Last update: June 2, 2011