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Release Date:   December 15, 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

December 15, 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
Dec 14, 2011
Week ended
Dec 14, 2011		 Change from week ended
Dec 7, 2011 Dec 15, 2010
Reserve Bank credit 2,867,116 + 69,165 + 492,827 2,885,108
    Securities held outright 1 2,617,595 + 12,986 + 487,982 2,637,462
        U.S. Treasury securities 1,671,531 - 118 + 710,735 1,673,475
            Bills 2 18,423 0 0 18,423
            Notes and bonds, nominal 2 1,576,032 + 1,035 + 686,205 1,576,894
            Notes and bonds, inflation-indexed 2 67,484 - 936 + 20,978 68,468
            Inflation compensation 3 9,593 - 216 + 3,552 9,690
        Federal agency debt securities 2 105,909 0 - 42,227 105,909
        Mortgage-backed securities 4 840,154 + 13,102 - 180,527 858,078
    Repurchase agreements 5 0 0 0 0
    Loans 9,981 + 281 - 35,235 9,588
        Primary credit 393 + 380 + 371 42
        Secondary credit 0 0 0 0
        Seasonal credit 24 + 5 - 4 24
        Credit extended to American International
            Group, Inc., net 6		 0 0 - 20,080 0
        Term Asset-Backed Securities Loan Facility 7 9,563 - 104 - 15,524 9,522
        Other credit extensions 0 0 0 0
    Net portfolio holdings of Maiden Lane LLC 8 10,136 - 492 - 17,289 7,211
    Net portfolio holdings of Maiden Lane II LLC 9 9,236 - 20 - 6,887 9,239
    Net portfolio holdings of Maiden Lane III LLC 10 17,900 + 43 - 5,199 17,719
    Net portfolio holdings of TALF LLC 11 803 0 + 156 803
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 6		 0 0 - 26,057 0
    Float -917 - 13 + 817 -1,015
    Central bank liquidity swaps 12 54,335 + 52,034 + 54,275 54,335
    Other Federal Reserve assets 13 148,047 + 4,345 + 40,264 149,767
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding 14 44,222 + 14 + 690 44,222
 
Total factors supplying reserve funds 2,927,579 + 69,179 + 493,517 2,945,571
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
Dec 14, 2011
Week ended
Dec 14, 2011		 Change from week ended
Dec 7, 2011 Dec 15, 2010
Currency in circulation 14 1,064,370 + 3,091 + 85,954 1,066,459
Reverse repurchase agreements 15 84,755 - 2,079 + 34,701 82,472
    Foreign official and international accounts 84,755 - 2,079 + 34,701 82,472
    Others 0 0 0 0
Treasury cash holdings 114 + 6 - 70 116
Deposits with F.R. Banks, other than reserve balances 103,588 + 11,925 - 147,454 112,170
    Term deposits held by depository institutions 5,055 0 - 58 5,055
    U.S. Treasury, General Account 21,484 - 6,798 - 8,609 25,651
    U.S. Treasury, Supplementary Financing Account 0 0 - 199,961 0
    Foreign official 209 + 84 - 2,887 700
    Service-related 2,498 - 1 + 139 2,498
        Required clearing balances 2,498 - 1 + 139 2,498
        Adjustments to compensate for float 0 0 0 0
    Other 74,342 + 18,640 + 63,922 78,267
Funds from American International Group, Inc. asset
    dispositions, held as agent 6		 0 0 - 26,774 0
Other liabilities and capital 16 73,174 + 1,348 - 670 71,684
 
Total factors, other than reserve balances,
    absorbing reserve funds		 1,326,001 + 14,292 - 54,314 1,332,901
 
Reserve balances with Federal Reserve Banks 1,601,578 + 54,887 + 547,830 1,612,669
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
Dec 14, 2011
Week ended
Dec 14, 2011		 Change from week ended
Dec 7, 2011 Dec 15, 2010
Marketable securities held in custody for foreign
    official and international accounts 1		 3,442,669 - 12,282 + 105,626 3,435,368
    U.S. Treasury securities 2,723,189 - 14,265 + 116,420 2,713,972
    Federal agency securities 2 719,481 + 1,984 - 10,793 721,396
Securities lent to dealers 11,831 - 2,335 + 2,415 13,035
    Overnight facility 3 11,831 - 2,335 + 2,415 13,035
        U.S. Treasury securities 10,666 - 2,085 + 2,335 11,857
        Federal agency debt securities 1,164 - 252 + 79 1,178
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, December 14, 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 44 22 4,334 5,188 0 ... 9,588
U.S. Treasury securities 2  
    Holdings 18,420 22,766 94,393 672,064 640,704 225,128 1,673,475
    Weekly changes + 3,867 - 3,867 - 9,801 - 392 + 4,654 + 3,979 - 1,559
Federal agency debt securities 3  
    Holdings 1,915 4,191 20,520 60,790 16,146 2,347 105,909
    Weekly changes + 702 - 702 0 0 0 0 0
Mortgage-backed securities 4  
    Holdings 0 0 0 11 23 858,043 858,078
    Weekly changes 0 0 0 0 0 + 31,027 + 31,026
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 1,627 52,708 0 0 0 0 54,335
   
Reverse repurchase agreements 6 82,472 0 ... ... ... ... 82,472
Term deposits 5,055 0 0 ... ... ... 5,055
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
Dec 14, 2011
Mortgage-backed securities held outright 1 858,078
 
Commitments to buy mortgage-backed securities 2 33,416
Commitments to sell mortgage-backed securities 2 4,750
 
Cash and cash equivalents 3 100
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
Dec 14, 2011
Net portfolio holdings of Maiden Lane LLC 1 7,211
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 4,104
Accrued interest payable to the Federal Reserve Bank of New York 2 754
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. 3 1,382
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
Dec 14, 2011
Net portfolio holdings of Maiden Lane II LLC 1 9,239
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 6,223
Accrued interest payable to the Federal Reserve Bank of New York 2 565
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. 3 1,104
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
Dec 14, 2011
Net portfolio holdings of Maiden Lane III LLC 1 17,719
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 9,134
Accrued interest payable to the Federal Reserve Bank of New York 2 686
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. 3 5,533
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
Dec 14, 2011
Asset-backed securities holdings 1 0
Other investments, net 803
Net portfolio holdings of TALF LLC 803
 
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
Dec 14, 2011		 Change since
Wednesday
Dec 7, 2011		 Wednesday
Dec 15, 2010
Assets  
    Gold certificate account   11,037 0 0
    Special drawing rights certificate account   5,200 0 0
    Coin   2,280 + 12 + 136
    Securities, repurchase agreements, and loans   2,647,050 + 29,430 + 477,016
        Securities held outright 1   2,637,462 + 29,467 + 513,180
            U.S. Treasury securities   1,673,475 - 1,559 + 705,922
                Bills 2   18,423 0 0
                Notes and bonds, nominal 2   1,576,894 - 1,501 + 680,316
                Notes and bonds, inflation-indexed 2   68,468 + 48 + 21,962
                Inflation compensation 3   9,690 - 106 + 3,644
            Federal agency debt securities 2   105,909 0 - 41,975
            Mortgage-backed securities 4   858,078 + 31,026 - 150,767
        Repurchase agreements 5   0 0 0
        Loans   9,588 - 38 - 36,164
    Net portfolio holdings of Maiden Lane LLC 6   7,211 - 3,413 - 19,703
    Net portfolio holdings of Maiden Lane II LLC 7   9,239 + 3 - 6,905
    Net portfolio holdings of Maiden Lane III LLC 8   17,719 - 211 - 5,402
    Net portfolio holdings of TALF LLC 9   803 0 + 155
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 10		   0 0 - 26,057
    Items in process of collection (80) 319 - 9 + 52
    Bank premises   2,184 + 2 - 39
    Central bank liquidity swaps 11   54,335 + 52,034 + 54,275
    Other assets 12   147,584 + 3,906 + 42,882
 
Total assets (80) 2,904,959 + 81,752 + 516,409
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
Dec 14, 2011		 Change since
Wednesday
Dec 7, 2011		 Wednesday
Dec 15, 2010
Liabilities  
    Federal Reserve notes, net of F.R. Bank holdings   1,024,629 + 2,538 + 86,193
    Reverse repurchase agreements 13   82,472 - 2,726 + 31,656
    Deposits (0) 1,724,841 + 81,763 + 427,509
        Term deposits held by depository institutions   5,055 0 - 58
        Other deposits held by depository institutions   1,615,168 + 65,183 + 618,116
        U.S. Treasury, General Account   25,651 + 3,904 - 65,990
        U.S. Treasury, Supplementary Financing Account   0 0 - 199,961
        Foreign official   700 + 574 - 2,461
        Other (0) 78,267 + 12,102 + 77,864
    Deferred availability cash items (80) 1,334 - 73 - 977
    Other liabilities and accrued dividends 14   17,805 + 185 - 25,124
 
Total liabilities (80) 2,851,081 + 81,687 + 519,258
 
Capital accounts  
    Capital paid in   26,939 + 33 + 107
    Surplus   26,939 + 33 + 1,000
    Other capital accounts   0 0 - 3,957
 
Total capital   53,879 + 66 - 2,849
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, December 14, 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 2,280 53 80 160 170 403 199 333 32 59 174 238 379
    Securities, repurchase agreements,
        and loans		 2,647,050 64,846 1,236,056 90,351 71,247 304,600 196,091 156,632 49,924 40,554 70,170 104,312 262,266
        Securities held outright 1 2,637,462 64,846 1,226,533 90,349 71,243 304,600 196,076 156,627 49,919 40,534 70,158 104,312 262,265
            U.S. Treasury securities 1,673,475 41,145 778,238 57,327 45,204 193,269 124,410 99,380 31,674 25,719 44,515 66,186 166,408
                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 1,655,052 40,692 769,670 56,696 44,706 191,142 123,041 98,286 31,325 25,436 44,025 65,457 164,576
            Federal agency debt securities 2 105,909 2,604 49,252 3,628 2,861 12,231 7,874 6,289 2,005 1,628 2,817 4,189 10,531
            Mortgage-backed securities 4 858,078 21,097 399,043 29,394 23,178 99,099 63,792 50,957 16,241 13,187 22,825 33,937 85,326
        Repurchase agreements 5 0 0 0 0 0 0 0 0 0 0 0 0 0
        Loans 9,588 0 9,523 2 4 0 16 6 5 20 12 0 1
    Net portfolio holdings of Maiden
        Lane LLC 6		 7,211 0 7,211 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane II LLC 7		 9,239 0 9,239 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane III LLC 8		 17,719 0 17,719 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of TALF LLC 9 803 0 803 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 399 11 0 92 62 5 25 24 6 13 5 15 140
    Bank premises 2,184 122 262 67 126 232 214 206 134 105 259 245 212
    Central bank liquidity swaps 11 54,335 1,878 15,737 5,263 4,030 11,142 3,114 1,377 443 1,678 489 823 8,361
    Other assets 12 147,584 3,911 63,850 6,713 5,211 19,448 10,559 7,875 2,538 2,706 3,477 5,244 16,053
    Interdistrict settlement account 0 - 1,310 + 266,117 - 22,195 - 860 - 93,171 - 45,967 - 18,833 - 9,248 - 18,342 - 19,023 - 257 - 36,911
 
Total assets 2,905,040 70,096 1,622,757 81,093 80,672 243,943 166,283 148,892 44,298 27,059 56,022 111,630 252,292
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, December 14, 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 1,201,788 44,514 420,255 46,462 54,367 95,100 145,088 89,848 33,948 21,104 34,835 80,431 135,836
        Less: Notes held by F.R. Banks 177,159 4,827 50,082 6,838 10,171 11,675 27,872 12,746 4,107 5,292 3,802 12,620 27,125
            Federal Reserve notes, net 1,024,629 39,687 370,173 39,624 44,196 83,425 117,216 77,102 29,841 15,812 31,033 67,811 108,710
    Reverse repurchase agreements 13 82,472 2,028 38,353 2,825 2,228 9,525 6,131 4,898 1,561 1,267 2,194 3,262 8,201
    Deposits 1,724,841 26,200 1,183,336 33,542 29,825 138,957 39,237 64,831 12,211 9,212 21,992 39,315 126,183
        Term deposits held by depository
            institutions		 5,055 10 2,318 503 0 15 5 1,505 50 65 155 5 425
        Other deposits held by depository
            institutions		 1,615,168 26,176 1,076,597 33,031 29,821 138,826 39,230 63,291 12,161 9,144 21,836 39,307 125,749
        U.S. Treasury, General Account 25,651 0 25,651 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 700 1 672 4 3 8 2 1 0 1 0 1 6
        Other 78,267 12 78,099 5 1 108 0 33 1 2 1 2 3
    Deferred availability cash items 1,414 65 0 149 147 37 80 74 43 395 59 62 303
    Interest on Federal Reserve notes due
        to U.S. Treasury 14		 922 23 506 -4 1 65 78 75 24 7 31 52 64
    Other liabilities and accrued
        dividends 15		 16,884 208 13,047 292 299 806 464 388 177 147 178 278 600
 
Total liabilities 2,851,161 68,210 1,605,416 76,427 76,695 232,815 163,206 147,368 43,858 26,840 55,487 110,779 244,061
 
Capital  
    Capital paid in 26,939 943 8,671 2,333 1,988 5,564 1,539 762 220 110 268 426 4,116
    Surplus 26,939 943 8,671 2,333 1,988 5,564 1,539 762 220 110 268 426 4,116
    Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
 
Total liabilities and capital 2,905,040 70,096 1,622,757 81,093 80,672 243,943 166,283 148,892 44,298 27,059 56,022 111,630 252,292
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, December 14, 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
Dec 14, 2011
Federal Reserve notes outstanding 1,201,788
    Less: Notes held by F.R. Banks not subject to collateralization 177,159
        Federal Reserve notes to be collateralized 1,024,629
Collateral held against Federal Reserve notes 1,024,629
    Gold certificate account 11,037
    Special drawing rights certificate account 5,200
    U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2 1,008,392
    Other assets pledged 0
Memo:  
Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2 2,637,462
    Less: Face value of securities under reverse repurchase agreements 71,502
        U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 2,565,960
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: December 15, 2011