Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:   July 7, 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

July 7, 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
Jul 6, 2011
Week ended
Jul 6, 2011		 Change from week ended
Jun 29, 2011 Jul 7, 2010
Reserve Bank credit 2,854,293 + 11,142 + 539,698 2,853,628
    Securities held outright 1 2,647,946 + 11,381 + 587,918 2,648,438
        U.S. Treasury securities 1,623,789 + 16,789 + 846,795 1,624,515
            Bills 2 18,423 0 0 18,423
            Notes and bonds, nominal 2 1,530,796 + 16,457 + 818,773 1,531,497
            Notes and bonds, inflation-indexed 2 65,521 + 225 + 24,396 65,521
            Inflation compensation 3 9,049 + 106 + 3,626 9,074
        Federal agency debt securities 2 115,303 - 2,281 - 49,459 115,070
        Mortgage-backed securities 4 908,853 - 3,127 - 209,419 908,853
    Repurchase agreements 5 0 0 0 0
    Loans 12,744 - 231 - 54,288 12,552
        Primary credit 12 - 6 - 29 5
        Secondary credit 0 0 - 1 0
        Seasonal credit 53 + 2 - 16 58
        Credit extended to American International
            Group, Inc., net 6		 0 0 - 24,570 0
        Term Asset-Backed Securities Loan Facility 7 12,679 - 227 - 29,673 12,488
        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 23,855 + 36 - 4,647 23,871
    Net portfolio holdings of Maiden Lane II LLC 10 12,227 - 287 - 3,505 11,451
    Net portfolio holdings of Maiden Lane III LLC 11 24,255 + 16 + 1,087 24,315
    Net portfolio holdings of TALF LLC 12 757 0 + 251 757
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 6		 0 0 - 25,733 0
    Float -1,056 - 17 + 918 -1,655
    Central bank liquidity swaps 13 0 0 - 1,245 0
    Other Federal Reserve assets 14 133,564 + 243 + 38,941 133,899
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding 15 43,980 + 14 + 744 43,980
 
Total factors supplying reserve funds 2,914,513 + 11,156 + 540,440 2,913,849
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
Jul 6, 2011
Week ended
Jul 6, 2011		 Change from week ended
Jun 29, 2011 Jul 7, 2010
Currency in circulation 15 1,031,307 + 7,332 + 83,454 1,032,612
Reverse repurchase agreements 16 68,096 + 2,769 + 2,850 67,527
    Foreign official and international accounts 68,096 + 2,769 + 2,850 67,527
    Others 0 0 0 0
Treasury cash holdings 146 + 16 - 89 137
Deposits with F.R. Banks, other than reserve balances 91,126 - 30,833 - 150,476 80,847
    Term deposits held by depository institutions 0 - 5,087 - 2,122 0
    U.S. Treasury, general account 76,560 - 31,423 + 50,576 67,270
    U.S. Treasury, supplementary financing account 5,000 0 - 194,963 5,000
    Foreign official 174 - 15 - 1,444 127
    Service-related 2,533 - 2 + 60 2,533
        Required clearing balances 2,533 - 2 + 60 2,533
        Adjustments to compensate for float 0 0 0 0
    Other 6,859 + 5,693 - 2,583 5,918
Funds from American International Group, Inc. asset
    dispositions, held as agent 6		 0 0 0 0
Other liabilities and capital 17 73,060 - 1,517 + 942 72,251
 
Total factors, other than reserve balances,
    absorbing reserve funds		 1,263,735 - 22,234 - 63,319 1,253,373
 
Reserve balances with Federal Reserve Banks 1,650,778 + 33,390 + 603,759 1,660,476
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
Jul 6, 2011
Week ended
Jul 6, 2011		 Change from week ended
Jun 29, 2011 Jul 7, 2010
Marketable securities held in custody for foreign
    official and international accounts 1		 3,445,324 + 322 + 344,828 3,453,225
    U.S. Treasury securities 2,708,007 + 1,319 + 430,051 2,716,278
    Federal agency securities 2 737,317 - 996 - 85,223 736,947
Securities lent to dealers 30,462 + 935 + 23,421 22,358
    Overnight facility 3 30,462 + 935 + 23,421 22,358
        U.S. Treasury securities 29,736 + 897 + 24,611 21,455
        Federal agency debt securities 727 + 39 - 1,189 903
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, July 6, 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 12 52 1,217 11,271 0 ... 12,552
U.S. Treasury securities 2  
    Holdings 12,485 17,910 103,863 708,800 581,824 199,633 1,624,515
    Weekly changes - 6,932 + 6,944 + 3,344 + 5,213 - 3,841 + 2,727 + 7,455
Federal agency debt securities 3  
    Holdings 1,034 5,768 16,784 66,388 22,749 2,347 115,070
    Weekly changes - 600 - 1,034 0 0 0 0 - 1,634
Mortgage-backed securities 4  
    Holdings 0 0 0 17 23 908,814 908,853
    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 67,527 0 ... ... ... ... 67,527
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
Jul 6, 2011
Mortgage-backed securities held outright 1 908,853
 
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
Jul 6, 2011
Net portfolio holdings of Maiden Lane LLC 1 23,871
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 20,895
Accrued interest payable to the Federal Reserve Bank of New York 2 709
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. 3 1,350
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
Jul 6, 2011
Net portfolio holdings of Maiden Lane II LLC 1 11,451
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 6,971
Accrued interest payable to the Federal Reserve Bank of New York 2 526
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. 3 1,089
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
Jul 6, 2011
Net portfolio holdings of Maiden Lane III LLC 1 24,315
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 11,699
Accrued interest payable to the Federal Reserve Bank of New York 2 627
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. 3 5,455
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
Jul 6, 2011
Asset-backed securities holdings 1 0
Other investments, net 757
Net portfolio holdings of TALF LLC 757
 
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 3 108
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
Jul 6, 2011		 Change since
Wednesday
Jun 29, 2011		 Wednesday
Jul 7, 2010
Assets  
    Gold certificate account   11,037 0 0
    Special drawing rights certificate account   5,200 0 0
    Coin   2,096 - 18 + 138
    Securities, repurchase agreements, and loans   2,660,990 + 5,528 + 534,015
        Securities held outright 1   2,648,438 + 5,821 + 588,389
            U.S. Treasury securities   1,624,515 + 7,455 + 847,518
                Bills 2   18,423 0 0
                Notes and bonds, nominal 2   1,531,497 + 7,139 + 819,474
                Notes and bonds, inflation-indexed 2   65,521 + 225 + 24,396
                Inflation compensation 3   9,074 + 90 + 3,648
            Federal agency debt securities 2   115,070 - 1,634 - 49,692
            Mortgage-backed securities 4   908,853 0 - 209,437
        Repurchase agreements 5   0 0 0
        Loans   12,552 - 293 - 54,373
    Net portfolio holdings of Commercial Paper
        Funding Facility LLC 6		   0 0 - 1
    Net portfolio holdings of Maiden Lane LLC 7   23,871 + 22 - 4,655
    Net portfolio holdings of Maiden Lane II LLC 8   11,451 - 1,087 - 4,094
    Net portfolio holdings of Maiden Lane III LLC 9   24,315 + 71 + 1,390
    Net portfolio holdings of TALF LLC 10   757 0 + 251
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 11		   0 0 - 25,733
    Items in process of collection (193) 419 + 181 - 247
    Bank premises   2,199 - 11 - 31
    Central bank liquidity swaps 12   0 0 - 1,245
    Other assets 13   131,714 + 196 + 38,803
 
Total assets (193) 2,874,049 + 4,882 + 538,592
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
Jul 6, 2011		 Change since
Wednesday
Jun 29, 2011		 Wednesday
Jul 7, 2010
Liabilities  
    Federal Reserve notes, net of F.R. Bank holdings   990,861 + 5,073 + 83,163
    Reverse repurchase agreements 14   67,527 + 920 + 4,623
    Deposits (0) 1,741,336 - 364 + 451,419
        Term deposits held by depository institutions   0 - 5,087 - 2,122
        Other deposits held by depository institutions   1,663,022 + 40,627 + 603,905
        U.S. Treasury, general account   67,270 - 38,312 + 50,795
        U.S. Treasury, supplementary financing account   5,000 0 - 194,963
        Foreign official   127 + 1 - 1,519
        Other (0) 5,918 + 2,407 - 4,675
    Deferred availability cash items (193) 2,074 + 596 - 1,352
    Other liabilities and accrued dividends 15   20,584 - 35 + 6,006
 
Total liabilities (193) 2,822,382 + 6,189 + 543,859
 
Capital accounts  
    Capital paid in   25,833 - 654 - 827
    Surplus   25,833 - 654 + 29
    Other capital accounts   0 0 - 4,470
 
Total capital   51,667 - 1,307 - 5,267
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, July 6, 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 2,096 48 66 160 153 351 178 321 33 59 161 213 353
    Securities, repurchase agreements,
        and loans		 2,660,990 65,117 1,244,131 90,725 71,540 305,868 196,895 157,286 50,133 40,732 70,460 104,746 263,357
        Securities held outright 1 2,648,438 65,116 1,231,637 90,725 71,540 305,868 196,892 157,279 50,127 40,703 70,450 104,746 263,357
            U.S. Treasury securities 1,624,515 39,941 755,469 55,649 43,882 187,615 120,771 96,473 30,747 24,966 43,213 64,250 161,539
                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 1,606,092 39,488 746,902 55,018 43,384 185,487 119,401 95,378 30,399 24,683 42,723 63,521 159,707
            Federal agency debt securities 2 115,070 2,829 53,512 3,942 3,108 13,289 8,555 6,833 2,178 1,768 3,061 4,551 11,442
            Mortgage-backed securities 4 908,853 22,345 422,656 31,134 24,550 104,963 67,567 53,973 17,202 13,968 24,176 35,945 90,375
        Repurchase agreements 5 0 0 0 0 0 0 0 0 0 0 0 0 0
        Loans 12,552 1 12,493 0 0 0 4 8 6 30 10 1 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		 23,871 0 23,871 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane II LLC 8		 11,451 0 11,451 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane III LLC 9		 24,315 0 24,315 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of TALF LLC 10 757 0 757 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 612 32 0 124 101 16 123 43 11 36 30 21 76
    Bank premises 2,199 123 255 68 137 236 214 206 136 106 261 246 211
    Central bank liquidity swaps 12 0 0 0 0 0 0 0 0 0 0 0 0 0
    Other assets 13 131,714 3,530 56,355 6,193 4,832 17,673 9,372 6,905 2,234 2,474 3,044 4,577 14,525
    Interdistrict settlement account 0 - 491 + 236,335 + 5,156 - 3,971 - 95,543 - 41,346 + 1,336 - 10,631 - 20,118 - 16,565 - 9,475 - 44,688
 
Total assets 2,874,242 68,945 1,603,220 103,067 73,478 229,884 167,484 167,376 42,385 23,578 57,862 101,338 235,625
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, July 6, 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 1,144,681 43,190 385,718 47,092 54,738 92,975 139,630 89,811 33,854 19,433 32,077 75,225 130,938
        Less: Notes held by F.R. Banks 153,820 4,451 40,803 5,537 7,323 11,900 24,510 12,400 4,115 5,401 3,063 10,682 23,633
            Federal Reserve notes, net 990,861 38,739 344,915 41,555 47,415 81,075 115,120 77,411 29,739 14,032 29,013 64,542 107,305
    Reverse repurchase agreements 14 67,527 1,660 31,403 2,313 1,824 7,799 5,020 4,010 1,278 1,038 1,796 2,671 6,715
    Deposits 1,741,337 26,329 1,196,019 53,730 19,706 128,909 43,666 83,888 10,608 7,069 26,180 32,873 112,358
        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		 1,663,022 26,325 1,117,866 53,709 19,703 128,844 43,663 83,864 10,582 7,068 26,179 32,873 112,347
        U.S. Treasury, general account 67,270 0 67,270 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 127 1 98 4 3 8 2 1 0 1 0 1 6
        Other 5,918 3 5,785 18 0 58 0 23 25 0 1 0 5
    Deferred availability cash items 2,267 145 0 439 293 65 128 146 105 342 127 125 351
    Interest on Federal Reserve notes due
        to U.S. Treasury 15		 2,268 33 825 56 32 165 125 22 31 734 44 61 139
    Other liabilities and accrued
        dividends 16		 18,316 196 14,620 253 259 745 485 411 181 144 183 287 553
 
Total liabilities 2,822,576 67,102 1,587,782 98,347 69,528 218,758 164,544 165,889 41,942 23,360 57,343 100,559 227,420
 
Capital  
    Capital paid in 25,833 921 7,719 2,360 1,975 5,563 1,470 744 221 109 259 389 4,102
    Surplus 25,833 921 7,719 2,360 1,975 5,563 1,470 744 221 109 259 389 4,102
    Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
 
Total liabilities and capital 2,874,242 68,945 1,603,220 103,067 73,478 229,884 167,484 167,376 42,385 23,578 57,862 101,338 235,625
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, July 6, 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
Jul 6, 2011
Federal Reserve notes outstanding 1,144,681
    Less: Notes held by F.R. Banks not subject to collateralization 153,820
        Federal Reserve notes to be collateralized 990,861
Collateral held against Federal Reserve notes 990,861
    Gold certificate account 11,037
    Special drawing rights certificate account 5,200
    U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2 974,624
    Other assets pledged 0
Memo:  
Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2 2,648,438
    Less: Face value of securities under reverse repurchase agreements 62,088
        U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 2,586,350
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: July 7, 2011