Federal Reserve Statistical Release, H.4.1, Factors Affecting Reserve Balances; title with eagle logo links to Statistical Release home page
Release Date:   July 21, 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 21, 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 20, 2011
Week ended
Jul 20, 2011		 Change from week ended
Jul 13, 2011 Jul 21, 2010
Reserve Bank credit 2,854,859 - 4,244 + 539,171 2,855,494
    Securities held outright 1 2,651,436 - 794 + 590,202 2,652,311
        U.S. Treasury securities 1,631,801 + 3,495 + 854,791 1,634,093
            Bills 2 18,423 0 0 18,423
            Notes and bonds, nominal 2 1,538,655 + 3,416 + 826,635 1,540,917
            Notes and bonds, inflation-indexed 2 65,521 0 + 24,392 65,521
            Inflation compensation 3 9,203 + 79 + 3,764 9,232
        Federal agency debt securities 2 114,627 - 443 - 45,144 114,036
        Mortgage-backed securities 4 905,008 - 3,845 - 219,445 904,182
    Repurchase agreements 5 0 0 0 0
    Loans 12,504 - 14 - 53,401 12,531
        Primary credit 6 - 2 - 19 26
        Secondary credit 0 0 - 1 0
        Seasonal credit 76 + 10 - 3 83
        Credit extended to American International
            Group, Inc., net 6		 0 0 - 24,154 0
        Term Asset-Backed Securities Loan Facility 7 12,422 - 22 - 29,224 12,422
        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 21,173 - 2,704 - 7,365 20,744
    Net portfolio holdings of Maiden Lane II LLC 10 11,454 + 3 - 4,096 11,461
    Net portfolio holdings of Maiden Lane III LLC 11 23,634 - 687 + 665 23,518
    Net portfolio holdings of TALF LLC 12 757 0 + 246 757
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 6		 0 0 - 25,733 0
    Float -1,075 + 105 + 596 -1,053
    Central bank liquidity swaps 13 0 0 - 1,246 0
    Other Federal Reserve assets 14 134,976 - 153 + 39,303 135,225
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding 15 44,008 + 14 + 757 44,008
 
Total factors supplying reserve funds 2,915,108 - 4,230 + 539,928 2,915,742
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 20, 2011
Week ended
Jul 20, 2011		 Change from week ended
Jul 13, 2011 Jul 21, 2010
Currency in circulation 15 1,028,352 - 1,864 + 85,322 1,029,334
Reverse repurchase agreements 16 65,706 - 838 + 2,338 64,695
    Foreign official and international accounts 65,706 - 838 + 2,338 64,695
    Others 0 0 0 0
Treasury cash holdings 153 + 13 - 90 134
Deposits with F.R. Banks, other than reserve balances 111,353 + 41,092 - 148,272 125,150
    Term deposits held by depository institutions 0 0 - 4,241 0
    U.S. Treasury, general account 90,719 + 40,380 + 39,412 96,422
    U.S. Treasury, supplementary financing account 5,000 0 - 194,962 5,000
    Foreign official 142 - 11 - 1,115 178
    Service-related 2,530 - 2 + 61 2,530
        Required clearing balances 2,530 - 2 + 61 2,530
        Adjustments to compensate for float 0 0 0 0
    Other 12,962 + 726 + 12,573 21,020
Funds from American International Group, Inc. asset
    dispositions, held as agent 6		 0 0 0 0
Other liabilities and capital 17 72,478 - 498 - 241 71,758
 
Total factors, other than reserve balances,
    absorbing reserve funds		 1,278,042 + 37,906 - 60,943 1,291,071
 
Reserve balances with Federal Reserve Banks 1,637,065 - 42,136 + 600,870 1,624,671
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 20, 2011
Week ended
Jul 20, 2011		 Change from week ended
Jul 13, 2011 Jul 21, 2010
Marketable securities held in custody for foreign
    official and international accounts 1		 3,453,945 + 3,175 + 322,168 3,454,428
    U.S. Treasury securities 2,719,889 + 5,061 + 416,382 2,721,855
    Federal agency securities 2 734,056 - 1,887 - 94,215 732,573
Securities lent to dealers 14,411 - 1,019 + 9,955 14,113
    Overnight facility 3 14,411 - 1,019 + 9,955 14,113
        U.S. Treasury securities 13,808 - 832 + 10,508 13,538
        Federal agency debt securities 603 - 187 - 553 575
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 20, 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 89 20 1,760 10,662 0 ... 12,531
U.S. Treasury securities 2  
    Holdings 15,085 15,309 114,135 710,280 579,576 199,706 1,634,093
    Weekly changes + 444 - 445 + 10,268 - 3,654 - 2,972 + 37 + 3,679
Federal agency debt securities 3  
    Holdings 1,601 4,767 16,639 68,537 20,145 2,347 114,036
    Weekly changes - 1,034 + 600 - 145 + 2,149 - 2,604 0 - 1,034
Mortgage-backed securities 4  
    Holdings 0 0 0 16 23 904,143 904,182
    Weekly changes 0 0 0 - 1 0 - 4,671 - 4,671
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 64,695 0 ... ... ... ... 64,695
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 20, 2011
Mortgage-backed securities held outright 1 904,182
 
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 20, 2011
Net portfolio holdings of Maiden Lane LLC 1 20,744
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 17,693
Accrued interest payable to the Federal Reserve Bank of New York 2 715
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. 3 1,353
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 20, 2011
Net portfolio holdings of Maiden Lane II LLC 1 11,461
 
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 2 530
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. 3 1,090
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 20, 2011
Net portfolio holdings of Maiden Lane III LLC 1 23,518
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 10,854
Accrued interest payable to the Federal Reserve Bank of New York 2 633
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. 3 5,462
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 20, 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 20, 2011		 Change since
Wednesday
Jul 13, 2011		 Wednesday
Jul 21, 2010
Assets  
    Gold certificate account   11,037 0 0
    Special drawing rights certificate account   5,200 0 0
    Coin   2,167 + 50 + 134
    Securities, repurchase agreements, and loans   2,664,842 - 2,005 + 538,307
        Securities held outright 1   2,652,311 - 2,026 + 591,327
            U.S. Treasury securities   1,634,093 + 3,679 + 857,080
                Bills 2   18,423 0 0
                Notes and bonds, nominal 2   1,540,917 + 3,600 + 828,897
                Notes and bonds, inflation-indexed 2   65,521 0 + 24,392
                Inflation compensation 3   9,232 + 79 + 3,790
            Federal agency debt securities 2   114,036 - 1,034 - 45,345
            Mortgage-backed securities 4   904,182 - 4,671 - 220,408
        Repurchase agreements 5   0 0 0
        Loans   12,531 + 21 - 53,020
    Net portfolio holdings of Commercial Paper
        Funding Facility LLC 6		   0 0 - 1
    Net portfolio holdings of Maiden Lane LLC 7   20,744 - 3,168 - 7,826
    Net portfolio holdings of Maiden Lane II LLC 8   11,461 + 8 - 4,095
    Net portfolio holdings of Maiden Lane III LLC 9   23,518 - 840 + 538
    Net portfolio holdings of TALF LLC 10   757 0 + 217
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 11		   0 0 - 25,733
    Items in process of collection (134) 264 0 - 94
    Bank premises   2,201 + 2 - 30
    Central bank liquidity swaps 12   0 0 - 1,246
    Other assets 13   133,019 - 841 + 39,300
 
Total assets (134) 2,875,211 - 6,793 + 539,471
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 20, 2011		 Change since
Wednesday
Jul 13, 2011		 Wednesday
Jul 21, 2010
Liabilities  
    Federal Reserve notes, net of F.R. Bank holdings   987,624 - 661 + 85,365
    Reverse repurchase agreements 14   64,695 - 357 + 3,228
    Deposits (0) 1,749,817 - 5,432 + 451,508
        Term deposits held by depository institutions   0 0 - 4,241
        Other deposits held by depository institutions   1,627,197 - 60,318 + 578,912
        U.S. Treasury, general account   96,422 + 57,006 + 52,557
        U.S. Treasury, supplementary financing account   5,000 0 - 194,962
        Foreign official   178 + 17 - 1,270
        Other (0) 21,020 - 2,137 + 20,512
    Deferred availability cash items (134) 1,317 - 205 - 819
    Other liabilities and accrued dividends 15   20,085 - 137 + 5,355
 
Total liabilities (134) 2,823,538 - 6,792 + 544,638
 
Capital accounts  
    Capital paid in   25,836 - 1 - 825
    Surplus   25,836 - 1 + 20
    Other capital accounts   0 0 - 4,362
 
Total capital   51,673 - 1 - 5,167
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 20, 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 2,167 49 72 161 160 357 192 327 41 61 165 221 360
    Securities, repurchase agreements,
        and loans		 2,664,842 65,211 1,245,862 90,861 71,664 306,315 197,185 157,521 50,223 40,792 70,566 104,899 263,742
        Securities held outright 1 2,652,311 65,211 1,233,439 90,858 71,644 306,315 197,180 157,509 50,200 40,762 70,553 104,899 263,742
            U.S. Treasury securities 1,634,093 40,177 759,923 55,978 44,140 188,721 121,483 97,041 30,929 25,114 43,468 64,629 162,492
                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 1,615,670 39,724 751,356 55,346 43,643 186,593 120,113 95,947 30,580 24,830 42,978 63,900 160,660
            Federal agency debt securities 2 114,036 2,804 53,032 3,906 3,080 13,170 8,478 6,772 2,158 1,753 3,033 4,510 11,340
            Mortgage-backed securities 4 904,182 22,231 420,484 30,974 24,424 104,424 67,219 53,695 17,113 13,896 24,052 35,761 89,911
        Repurchase agreements 5 0 0 0 0 0 0 0 0 0 0 0 0 0
        Loans 12,531 0 12,424 3 20 0 6 12 22 30 14 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		 20,744 0 20,744 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane II LLC 8		 11,461 0 11,461 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane III LLC 9		 23,518 0 23,518 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 398 25 0 71 107 5 22 38 6 30 16 19 59
    Bank premises 2,201 123 256 68 137 236 214 207 136 106 261 246 211
    Central bank liquidity swaps 12 0 0 0 0 0 0 0 0 0 0 0 0 0
    Other assets 13 133,019 3,568 56,919 6,261 4,880 17,856 9,445 6,966 2,257 2,497 3,073 4,624 14,672
    Interdistrict settlement account 0 - 10,549 + 281,332 + 3,592 - 8,501 - 113,177 - 44,820 - 9,930 - 8,624 - 20,982 - 19,437 - 5,239 - 43,664
 
Total assets 2,875,345 59,013 1,646,605 101,656 69,134 212,877 164,285 156,407 44,508 22,791 55,116 105,781 237,171
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 20, 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 1,148,038 43,132 384,901 47,007 54,964 94,834 139,317 90,331 34,146 19,412 32,182 75,186 132,627
        Less: Notes held by F.R. Banks 160,414 5,072 40,446 6,333 7,607 12,727 24,949 13,370 4,481 5,570 3,301 11,356 25,201
            Federal Reserve notes, net 987,624 38,060 344,455 40,674 47,358 82,106 114,367 76,960 29,664 13,842 28,881 63,830 107,426
    Reverse repurchase agreements 14 64,695 1,591 30,086 2,216 1,748 7,472 4,810 3,842 1,224 994 1,721 2,559 6,433
    Deposits 1,749,817 17,211 1,241,142 53,502 15,544 111,180 41,500 73,504 12,908 7,308 23,688 38,194 114,135
        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		 1,627,197 17,206 1,118,879 53,481 15,540 110,922 41,498 73,479 12,883 7,307 23,687 38,194 114,124
        U.S. Treasury, general account 96,422 0 96,422 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 178 1 150 4 3 8 2 1 0 1 0 1 6
        Other 21,020 4 20,691 18 1 250 0 25 25 0 1 0 5
    Deferred availability cash items 1,452 76 0 227 217 51 79 106 51 252 83 68 242
    Interest on Federal Reserve notes due
        to U.S. Treasury 15		 1,689 36 821 59 55 195 105 94 30 22 42 64 168
    Other liabilities and accrued
        dividends 16		 18,396 197 14,666 259 264 747 484 414 180 153 182 288 562
 
Total liabilities 2,823,672 57,171 1,631,169 96,937 65,185 201,751 161,345 154,921 44,058 22,571 54,597 105,002 228,965
 
Capital  
    Capital paid in 25,836 921 7,718 2,359 1,975 5,563 1,470 743 225 110 259 389 4,103
    Surplus 25,836 921 7,718 2,359 1,975 5,563 1,470 743 225 110 259 389 4,103
    Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
 
Total liabilities and capital 2,875,345 59,013 1,646,605 101,656 69,134 212,877 164,285 156,407 44,508 22,791 55,116 105,781 237,171
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 20, 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 20, 2011
Federal Reserve notes outstanding 1,148,038
    Less: Notes held by F.R. Banks not subject to collateralization 160,414
        Federal Reserve notes to be collateralized 987,624
Collateral held against Federal Reserve notes 987,624
    Gold certificate account 11,037
    Special drawing rights certificate account 5,200
    U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2 971,387
    Other assets pledged 0
Memo:  
Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2 2,652,311
    Less: Face value of securities under reverse repurchase agreements 58,394
        U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 2,593,918
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 21, 2011