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Release Date:   November 3, 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

November 3, 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
Nov 2, 2011
Week ended
Nov 2, 2011		 Change from week ended
Oct 26, 2011 Nov 3, 2010
Reserve Bank credit 2,817,652 - 15,284 + 536,939 2,804,781
    Securities held outright 1 2,623,214 - 13,530 + 582,505 2,611,124
        U.S. Treasury securities 1,666,285 - 4,622 + 826,295 1,654,195
            Bills 2 18,423 0 0 18,423
            Notes and bonds, nominal 2 1,570,373 - 4,787 + 797,398 1,558,113
            Notes and bonds, inflation-indexed 2 67,710 + 114 + 24,732 67,862
            Inflation compensation 3 9,780 + 51 + 4,166 9,798
        Federal agency debt securities 2 107,668 0 - 42,013 107,668
        Mortgage-backed securities 4 849,261 - 8,908 - 201,776 849,261
    Repurchase agreements 5 0 0 0 0
    Loans 10,894 - 202 - 36,260 10,840
        Primary credit 23 + 19 - 41 62
        Secondary credit 0 0 0 0
        Seasonal credit 32 - 6 + 9 24
        Credit extended to American International
            Group, Inc., net 6		 0 0 - 19,197 0
        Term Asset-Backed Securities Loan Facility 7 10,838 - 215 - 17,033 10,754
        Other credit extensions 0 0 0 0
    Net portfolio holdings of Maiden Lane LLC 8 12,939 - 154 - 15,547 12,971
    Net portfolio holdings of Maiden Lane II LLC 9 9,453 - 350 - 7,022 9,336
    Net portfolio holdings of Maiden Lane III LLC 10 18,019 - 2,397 - 5,526 18,031
    Net portfolio holdings of TALF LLC 11 794 + 1 + 172 794
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 6		 0 0 - 26,057 0
    Float -917 + 99 + 750 -977
    Central bank liquidity swaps 12 1,853 0 + 1,793 1,853
    Other Federal Reserve assets 13 141,402 + 1,248 + 42,130 140,809
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding 14 44,160 + 14 + 705 44,160
 
Total factors supplying reserve funds 2,878,052 - 15,271 + 537,643 2,865,181
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
Nov 2, 2011
Week ended
Nov 2, 2011		 Change from week ended
Oct 26, 2011 Nov 3, 2010
Currency in circulation 14 1,045,358 + 3,485 + 80,599 1,050,195
Reverse repurchase agreements 15 91,001 + 10,605 + 33,607 124,512
    Foreign official and international accounts 91,001 + 10,605 + 33,607 124,512
    Others 0 0 0 0
Treasury cash holdings 122 - 20 - 64 111
Deposits with F.R. Banks, other than reserve balances 100,941 - 30,455 - 144,017 103,150
    Term deposits held by depository institutions 0 0 - 5,113 0
    U.S. Treasury, General Account 57,775 - 6,594 + 23,499 63,901
    U.S. Treasury, Supplementary Financing Account 0 0 - 199,960 0
    Foreign official 129 0 - 2,386 126
    Service-related 2,508 - 2 + 112 2,508
        Required clearing balances 2,508 - 2 + 112 2,508
        Adjustments to compensate for float 0 0 0 0
    Other 40,530 - 23,858 + 39,833 36,616
Funds from American International Group, Inc. asset
    dispositions, held as agent 6		 0 0 - 6,895 0
Other liabilities and capital 16 68,495 - 2,586 - 5,514 67,918
 
Total factors, other than reserve balances,
    absorbing reserve funds		 1,305,917 - 18,971 - 42,284 1,345,886
 
Reserve balances with Federal Reserve Banks 1,572,135 + 3,700 + 579,927 1,519,295
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. 
Refer to table 4 and the note on consolidation accompanying table 9.
9. 
Refer to table 5 and the note on consolidation accompanying table 9.
10. 
Refer to table 6 and the note on consolidation accompanying table 9.
11. 
Refer to table 7 and the note on consolidation accompanying table 9.
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 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. 
Estimated.
15. 
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
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 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
Nov 2, 2011
Week ended
Nov 2, 2011		 Change from week ended
Oct 26, 2011 Nov 3, 2010
Marketable securities held in custody for foreign
    official and international accounts 1		 3,395,491 - 1,763 + 79,796 3,442,439
    U.S. Treasury securities 2,674,459 - 669 + 90,563 2,720,416
    Federal agency securities 2 721,032 - 1,094 - 10,767 722,023
Securities lent to dealers 11,156 - 1,564 + 6,367 12,906
    Overnight facility 3 11,156 - 1,564 + 6,367 12,906
        U.S. Treasury securities 10,271 - 1,475 + 6,544 11,934
        Federal agency debt securities 886 - 88 - 176 972
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, November 2, 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 63 23 4,199 6,555 0 ... 10,840
U.S. Treasury securities 2  
    Holdings 20,150 21,217 115,531 679,266 603,320 214,712 1,654,195
    Weekly changes + 3,635 - 5,520 - 2,221 - 18,424 - 4,084 + 2,798 - 23,817
Federal agency debt securities 3  
    Holdings 171 5,999 19,596 63,409 16,146 2,347 107,668
    Weekly changes + 171 - 171 0 0 0 0 0
Mortgage-backed securities 4  
    Holdings 0 0 0 12 21 849,227 849,261
    Weekly changes 0 0 0 - 1 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 7 500 1,353 0 0 0 0 1,853
   
Reverse repurchase agreements 6 124,512 0 ... ... ... ... 124,512
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
Millions of dollars
Account name Wednesday
Nov 2, 2011
Mortgage-backed securities held outright 1 849,261
 
Commitments to buy mortgage-backed securities 2 26,000
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
Nov 2, 2011
Net portfolio holdings of Maiden Lane LLC 1 12,971
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 9,882
Accrued interest payable to the Federal Reserve Bank of New York 2 746
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. 3 1,373
1. 
Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of September 30, 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
Nov 2, 2011
Net portfolio holdings of Maiden Lane II LLC 1 9,336
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 6,368
Accrued interest payable to the Federal Reserve Bank of New York 2 555
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. 3 1,100
1. 
Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of September 30, 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
Nov 2, 2011
Net portfolio holdings of Maiden Lane III LLC 1 18,031
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 9,739
Accrued interest payable to the Federal Reserve Bank of New York 2 671
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. 3 5,512
1. 
Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of September 30, 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
Nov 2, 2011
Asset-backed securities holdings 1 0
Other investments, net 794
Net portfolio holdings of TALF LLC 794
 
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 3 109
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
Nov 2, 2011		 Change since
Wednesday
Oct 26, 2011		 Wednesday
Nov 3, 2010
Assets  
    Gold certificate account   11,037 0 0
    Special drawing rights certificate account   5,200 0 0
    Coin   2,301 - 45 + 135
    Securities, repurchase agreements, and loans   2,621,963 - 23,981 + 532,064
        Securities held outright 1   2,611,124 - 23,817 + 568,397
            U.S. Treasury securities   1,654,195 - 23,817 + 812,187
                Bills 2   18,423 0 0
                Notes and bonds, nominal 2   1,558,113 - 24,134 + 783,123
                Notes and bonds, inflation-indexed 2   67,862 + 266 + 24,884
                Inflation compensation 3   9,798 + 51 + 4,181
            Federal agency debt securities 2   107,668 0 - 42,013
            Mortgage-backed securities 4   849,261 0 - 201,776
        Repurchase agreements 5   0 0 0
        Loans   10,840 - 164 - 36,332
    Net portfolio holdings of Maiden Lane LLC 6   12,971 + 42 - 15,538
    Net portfolio holdings of Maiden Lane II LLC 7   9,336 - 136 - 7,141
    Net portfolio holdings of Maiden Lane III LLC 8   18,031 + 16 - 5,565
    Net portfolio holdings of TALF LLC 9   794 0 + 172
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 10		   0 0 - 26,057
    Items in process of collection (115) 431 + 102 + 119
    Bank premises   2,178 - 8 - 43
    Central bank liquidity swaps 11   1,853 0 + 1,793
    Other assets 12   138,587 + 317 + 41,348
 
Total assets (115) 2,824,683 - 23,692 + 521,288
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
Nov 2, 2011		 Change since
Wednesday
Oct 26, 2011		 Wednesday
Nov 3, 2010
Liabilities  
    Federal Reserve notes, net of F.R. Bank holdings   1,008,443 + 6,869 + 80,712
    Reverse repurchase agreements 13   124,512 + 43,196 + 69,921
    Deposits (0) 1,622,402 - 74,599 + 395,472
        Term deposits held by depository institutions   0 0 - 5,113
        Other deposits held by depository institutions   1,521,759 - 66,283 + 539,037
        U.S. Treasury, General Account   63,901 + 8,714 + 27,883
        U.S. Treasury, Supplementary Financing Account   0 0 - 199,960
        Foreign official   126 - 6 - 2,550
        Other (0) 36,616 - 17,024 + 36,176
    Deferred availability cash items (115) 1,408 + 291 - 1,076
    Other liabilities and accrued dividends 14   15,826 + 515 - 19,051
 
Total liabilities (115) 2,772,591 - 23,728 + 525,978
 
Capital accounts  
    Capital paid in   26,046 + 18 - 668
    Surplus   26,046 + 18 + 142
    Other capital accounts   0 0 - 4,163
 
Total capital   52,092 + 35 - 4,690
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. 
Refer to table 4 and the note on consolidation accompanying table 9.
7. 
Refer to table 5 and the note on consolidation accompanying table 9.
8. 
Refer to table 6 and the note on consolidation accompanying table 9.
9. 
Refer to table 7 and the note on consolidation accompanying table 9.
10. 
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.
11. 
Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
12. 
Includes 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.
13. 
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
14. 
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, November 2, 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 2,301 59 84 162 171 394 210 340 32 59 172 238 379
    Securities, repurchase agreements,
        and loans		 2,621,963 64,198 1,225,040 89,447 70,532 301,558 194,118 155,066 49,423 40,136 69,469 103,331 259,646
        Securities held outright 1 2,611,124 64,198 1,214,285 89,447 70,532 301,558 194,118 155,063 49,421 40,129 69,457 103,270 259,646
            U.S. Treasury securities 1,654,195 40,671 769,272 56,666 44,683 191,043 122,977 98,235 31,309 25,422 44,002 65,424 164,491
                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 1,635,772 40,218 760,704 56,035 44,186 188,915 121,608 97,141 30,960 25,139 43,512 64,695 162,659
            Federal agency debt securities 2 107,668 2,647 50,070 3,688 2,908 12,435 8,004 6,394 2,038 1,655 2,864 4,258 10,706
            Mortgage-backed securities 4 849,261 20,880 394,943 29,092 22,940 98,081 63,136 50,434 16,074 13,052 22,591 33,588 84,449
        Repurchase agreements 5 0 0 0 0 0 0 0 0 0 0 0 0 0
        Loans 10,840 0 10,755 0 0 0 0 3 2 7 11 61 0
    Net portfolio holdings of Maiden
        Lane LLC 6		 12,971 0 12,971 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane II LLC 7		 9,336 0 9,336 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane III LLC 8		 18,031 0 18,031 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of TALF LLC 9 794 0 794 0 0 0 0 0 0 0 0 0 0
    Preferred interests in AIA Aurora LLC
        and ALICO Holdings LLC 10		 0 0 0 0 0 0 0 0 0 0 0 0 0
    Items in process of collection 546 37 0 70 97 7 109 31 5 12 7 19 151
    Bank premises 2,178 122 257 67 126 233 214 205 134 105 259 245 211
    Central bank liquidity swaps 11 1,853 64 537 179 137 380 106 47 15 57 17 28 285
    Other assets 12 138,587 3,700 59,574 6,428 5,016 18,458 9,869 7,306 2,373 2,586 3,224 4,846 15,207
    Interdistrict settlement account 0 + 1,779 + 247,776 - 7,693 - 3,478 - 131,195 - 28,253 - 19,750 - 6,825 - 15,310 - 16,679 + 7,151 - 27,524
 
Total assets 2,824,798 70,545 1,580,085 89,302 73,288 191,119 178,422 144,522 45,627 27,933 56,940 116,869 250,147
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, November 2, 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 1,179,343 43,396 397,186 46,357 54,655 95,546 145,937 90,132 33,836 21,004 34,892 80,827 135,573
        Less: Notes held by F.R. Banks 170,900 5,560 46,902 6,867 9,449 11,884 26,670 12,820 4,430 5,427 3,847 11,330 25,715
            Federal Reserve notes, net 1,008,443 37,837 350,284 39,490 45,207 83,662 119,267 77,312 29,406 15,577 31,046 69,497 109,858
    Reverse repurchase agreements 13 124,512 3,061 57,903 4,265 3,363 14,380 9,257 7,394 2,357 1,914 3,312 4,924 12,381
    Deposits 1,622,402 27,451 1,144,542 40,197 20,252 81,056 46,321 57,751 13,163 9,856 21,788 41,263 118,762
        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		 1,521,759 27,440 1,044,252 40,194 20,249 80,773 46,318 57,721 13,159 9,852 21,787 41,262 118,753
        U.S. Treasury, General Account 63,901 0 63,901 0 0 0 0 0 0 0 0 0 0
        U.S. Treasury, Supplementary
            Financing Account		 0 0 0 0 0 0 0 0 0 0 0 0 0
        Foreign official 126 1 97 4 3 8 2 1 0 1 0 1 6
        Other 36,616 10 36,292 0 0 274 1 29 4 2 1 0 3
    Deferred availability cash items 1,522 103 0 252 213 47 81 99 56 217 75 81 297
    Interest on Federal Reserve notes due
        to U.S. Treasury 14		 -203 19 -851 24 19 146 104 88 28 18 39 56 108
    Other liabilities and accrued
        dividends 15		 16,028 189 12,608 257 268 705 416 355 165 131 162 251 521
 
Total liabilities 2,772,705 68,660 1,564,487 84,486 69,322 179,995 175,446 143,000 45,175 27,713 56,422 116,073 241,927
 
Capital  
    Capital paid in 26,046 943 7,799 2,408 1,983 5,562 1,488 761 226 110 259 398 4,110
    Surplus 26,046 943 7,799 2,408 1,983 5,562 1,488 761 226 110 259 398 4,110
    Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
 
Total liabilities and capital 2,824,798 70,545 1,580,085 89,302 73,288 191,119 178,422 144,522 45,627 27,933 56,940 116,869 250,147
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, November 2, 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. 
Refer to table 4 and the note on consolidation below.
7. 
Refer to table 5 and the note on consolidation below.
8. 
Refer to table 6 and the note on consolidation below.
9. 
Refer to table 7 and the note on consolidation below.
10. 
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.
11. 
Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.
12. 
Includes 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.
13. 
Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
14. 
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.
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 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
Nov 2, 2011
Federal Reserve notes outstanding 1,179,343
    Less: Notes held by F.R. Banks not subject to collateralization 170,900
        Federal Reserve notes to be collateralized 1,008,443
Collateral held against Federal Reserve notes 1,008,443
    Gold certificate account 11,037
    Special drawing rights certificate account 5,200
    U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2 992,206
    Other assets pledged 0
Memo:  
Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2 2,611,124
    Less: Face value of securities under reverse repurchase agreements 107,359
        U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 2,503,764
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: November 3, 2011