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Release Date:   January 5, 2012
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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

January 5, 2012
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
Jan 4, 2012
Week ended
Jan 4, 2012		 Change from week ended
Dec 28, 2011 Jan 5, 2011
Reserve Bank credit 2,900,719 - 19,597 + 489,869 2,899,143
    Securities held outright 1 2,605,139 - 18,657 + 441,576 2,605,171
        U.S. Treasury securities 1,663,446 - 7,998 + 639,484 1,663,438
            Bills 2 18,423 0 0 18,423
            Notes and bonds, nominal 2 1,566,954 - 7,971 + 615,964 1,566,954
            Notes and bonds, inflation-indexed 2 68,468 0 + 20,112 68,468
            Inflation compensation 3 9,601 - 27 + 3,407 9,593
        Federal agency debt securities 2 103,994 - 602 - 43,466 103,994
        Mortgage-backed securities 4 837,699 - 10,057 - 154,442 837,739
    Repurchase agreements 5 0 0 0 0
    Loans 9,132 + 24 - 35,575 8,980
        Primary credit 106 + 94 + 6 0
        Secondary credit 0 - 1 0 0
        Seasonal credit 20 - 6 + 4 10
        Credit extended to American International
            Group, Inc., net 6		 0 0 - 19,919 0
        Term Asset-Backed Securities Loan Facility 7 9,007 - 62 - 15,666 8,970
        Other credit extensions 0 0 0 0
    Net portfolio holdings of Maiden Lane LLC 8 7,232 - 2 - 19,742 7,239
    Net portfolio holdings of Maiden Lane II LLC 9 9,261 + 12 - 6,864 9,143
    Net portfolio holdings of Maiden Lane III LLC 10 17,749 + 15 - 5,403 17,788
    Net portfolio holdings of TALF LLC 11 811 0 + 146 811
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 6		 0 0 - 26,338 0
    Float -860 - 206 + 836 -1,897
    Central bank liquidity swaps 12 99,823 0 + 99,748 99,823
    Other Federal Reserve assets 13 152,432 - 784 + 41,485 152,086
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding 14 44,264 + 14 + 722 44,264
 
Total factors supplying reserve funds 2,961,223 - 19,584 + 490,590 2,959,648
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
Jan 4, 2012
Week ended
Jan 4, 2012		 Change from week ended
Dec 28, 2011 Jan 5, 2011
Currency in circulation 14 1,075,543 + 1,898 + 92,826 1,074,354
Reverse repurchase agreements 15 96,297 + 5,454 + 36,881 88,111
    Foreign official and international accounts 96,297 + 5,454 + 36,881 88,111
    Others 0 0 0 0
Treasury cash holdings 129 + 8 - 48 132
Deposits with F.R. Banks, other than reserve balances 152,065 - 56,738 - 175,138 147,920
    Term deposits held by depository institutions 0 0 0 0
    U.S. Treasury, General Account 87,058 - 11,594 - 28,328 87,031
    U.S. Treasury, Supplementary Financing Account 0 0 - 199,964 0
    Foreign official 125 - 53 - 3,253 125
    Service-related 2,485 - 3 + 111 2,485
        Required clearing balances 2,485 - 3 + 111 2,485
        Adjustments to compensate for float 0 0 0 0
    Other 62,397 - 45,087 + 56,295 58,279
Funds from American International Group, Inc. asset
    dispositions, held as agent 6		 0 0 - 26,896 0
Other liabilities and capital 16 72,280 - 709 - 150 70,030
 
Total factors, other than reserve balances,
    absorbing reserve funds		 1,396,314 - 50,087 - 72,525 1,380,546
 
Reserve balances with Federal Reserve Banks 1,564,909 + 30,503 + 563,114 1,579,102
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
Jan 4, 2012
Week ended
Jan 4, 2012		 Change from week ended
Dec 28, 2011 Jan 5, 2011
Marketable securities held in custody for foreign
    official and international accounts 1		 3,405,198 - 14,994 + 60,941 3,401,953
    U.S. Treasury securities 2,673,567 - 14,920 + 63,280 2,670,644
    Federal agency securities 2 731,630 - 75 - 2,339 731,309
Securities lent to dealers 14,064 - 2,180 - 5,395 13,739
    Overnight facility 3 14,064 - 2,180 - 5,395 13,739
        U.S. Treasury securities 12,883 - 2,110 - 5,105 12,697
        Federal agency debt securities 1,180 - 71 - 291 1,042
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, January 4, 2012
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 0 10 4,355 4,614 0 ... 8,980
U.S. Treasury securities 2  
    Holdings 16,822 25,675 87,548 651,964 650,850 230,578 1,663,438
    Weekly changes - 1,025 + 169 + 263 + 1,586 - 9,636 - 13 - 8,654
Federal agency debt securities 3  
    Holdings 2,496 5,020 19,695 60,603 13,833 2,347 103,994
    Weekly changes + 745 - 745 0 0 0 0 0
Mortgage-backed securities 4  
    Holdings 0 0 0 13 36 837,690 837,739
    Weekly changes 0 0 0 0 + 2 + 442 + 444
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 43,712 56,111 0 0 0 0 99,823
   
Reverse repurchase agreements 6 88,111 0 ... ... ... ... 88,111
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
Jan 4, 2012
Mortgage-backed securities held outright 1 837,739
 
Commitments to buy mortgage-backed securities 2 43,588
Commitments to sell mortgage-backed securities 2 4,350
 
Cash and cash equivalents 3 78
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
Jan 4, 2012
Net portfolio holdings of Maiden Lane LLC 1 7,239
 
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 2 756
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co. 3 1,386
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
Jan 4, 2012
Net portfolio holdings of Maiden Lane II LLC 1 9,143
 
Outstanding principal amount of loan extended by the Federal Reserve Bank of New York 2 6,084
Accrued interest payable to the Federal Reserve Bank of New York 2 570
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc. 3 1,107
1. 
Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. 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
Jan 4, 2012
Net portfolio holdings of Maiden Lane III LLC 1 17,788
 
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 2 693
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc. 3 5,544
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
Jan 4, 2012
Asset-backed securities holdings 1 0
Other investments, net 811
Net portfolio holdings of TALF LLC 811
 
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
Jan 4, 2012		 Change since
Wednesday
Dec 28, 2011		 Wednesday
Jan 5, 2011
Assets  
    Gold certificate account   11,037 0 0
    Special drawing rights certificate account   5,200 0 0
    Coin   2,316 + 10 + 125
    Securities, repurchase agreements, and loans   2,614,151 - 8,313 + 398,950
        Securities held outright 1   2,605,171 - 8,211 + 434,585
            U.S. Treasury securities   1,663,438 - 8,654 + 632,453
                Bills 2   18,423 0 0
                Notes and bonds, nominal 2   1,566,954 - 8,630 + 610,400
                Notes and bonds, inflation-indexed 2   68,468 0 + 18,725
                Inflation compensation 3   9,593 - 24 + 3,328
            Federal agency debt securities 2   103,994 0 - 43,466
            Mortgage-backed securities 4   837,739 + 444 - 154,402
        Repurchase agreements 5   0 0 0
        Loans   8,980 - 102 - 35,635
    Net portfolio holdings of Maiden Lane LLC 6   7,239 + 11 - 19,770
    Net portfolio holdings of Maiden Lane II LLC 7   9,143 - 138 - 6,799
    Net portfolio holdings of Maiden Lane III LLC 8   17,788 + 49 - 5,414
    Net portfolio holdings of TALF LLC 9   811 0 + 146
    Preferred interests in AIA Aurora LLC and ALICO
        Holdings LLC 10		   0 0 - 26,385
    Items in process of collection (156) 514 + 156 + 234
    Bank premises   2,182 - 6 - 37
    Central bank liquidity swaps 11   99,823 0 + 99,748
    Other assets 12   149,866 - 185 + 40,300
 
Total assets (156) 2,920,069 - 8,416 + 481,097
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
Jan 4, 2012		 Change since
Wednesday
Dec 28, 2011		 Wednesday
Jan 5, 2011
Liabilities  
    Federal Reserve notes, net of F.R. Bank holdings   1,032,534 - 1,986 + 92,229
    Reverse repurchase agreements 13   88,111 - 563 + 30,556
    Deposits (0) 1,726,984 - 4,944 + 384,323
        Term deposits held by depository institutions   0 0 0
        Other deposits held by depository institutions   1,581,549 + 12,282 + 548,380
        U.S. Treasury, General Account   87,031 - 4,387 - 18,682
        U.S. Treasury, Supplementary Financing Account   0 0 - 199,964
        Foreign official   125 - 253 - 3,305
        Other (0) 58,279 - 12,587 + 57,894
    Deferred availability cash items (156) 2,411 + 917 - 73
    Other liabilities and accrued dividends 14   16,230 - 1,841 - 26,688
 
Total liabilities (156) 2,866,269 - 8,417 + 480,345
 
Capital accounts  
    Capital paid in   26,900 0 + 376
    Surplus   26,900 0 + 376
    Other capital accounts   0 0 0
 
Total capital   53,800 + 1 + 752
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, January 4, 2012
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 2,316 52 79 162 172 411 207 340 36 60 175 241 380
    Securities, repurchase agreements,
        and loans		 2,614,151 64,052 1,220,486 89,243 70,371 300,871 193,675 154,709 49,308 40,040 69,306 103,035 259,054
        Securities held outright 1 2,605,171 64,052 1,211,517 89,243 70,371 300,871 193,675 154,709 49,308 40,038 69,299 103,035 259,054
            U.S. Treasury securities 1,663,438 40,898 773,570 56,983 44,933 192,110 123,664 98,784 31,484 25,565 44,248 65,789 165,410
                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 1,645,015 40,445 765,003 56,352 44,435 189,983 122,295 97,690 31,135 25,281 43,758 65,061 163,578
            Federal agency debt securities 2 103,994 2,557 48,362 3,562 2,809 12,010 7,731 6,176 1,968 1,598 2,766 4,113 10,341
            Mortgage-backed securities 4 837,739 20,597 389,585 28,698 22,629 96,750 62,280 49,750 15,856 12,875 22,284 33,133 83,304
        Repurchase agreements 5 0 0 0 0 0 0 0 0 0 0 0 0 0
        Loans 8,980 0 8,970 0 0 0 0 0 0 2 8 0 0
    Net portfolio holdings of Maiden
        Lane LLC 6		 7,239 0 7,239 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane II LLC 7		 9,143 0 9,143 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of Maiden
        Lane III LLC 8		 17,788 0 17,788 0 0 0 0 0 0 0 0 0 0
    Net portfolio holdings of TALF LLC 9 811 0 811 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 670 37 0 96 64 18 153 40 11 11 9 27 203
    Bank premises 2,182 122 261 67 125 232 214 205 134 105 259 245 213
    Central bank liquidity swaps 11 99,823 3,450 28,912 9,669 7,405 20,469 5,720 2,529 814 3,083 899 1,512 15,361
    Other assets 12 149,866 3,971 64,914 6,773 5,286 19,700 10,728 8,006 2,589 2,745 3,540 5,317 16,298
    Interdistrict settlement account 0 + 4,095 + 322,988 - 27,228 - 10,296 - 116,116 - 45,114 - 16,339 - 7,973 - 19,152 - 18,372 - 553 - 65,939
 
Total assets 2,920,225 76,365 1,678,304 79,424 73,814 226,868 167,631 150,769 45,387 27,179 56,288 110,834 227,362
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, January 4, 2012 (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 1,206,149 44,282 427,878 46,149 54,280 94,603 144,555 89,235 33,922 21,020 34,643 80,254 135,327
        Less: Notes held by F.R. Banks 173,615 4,399 51,137 6,265 9,108 11,005 28,898 12,097 4,064 5,110 3,526 12,023 25,983
            Federal Reserve notes, net 1,032,534 39,882 376,741 39,885 45,172 83,598 115,657 77,138 29,858 15,910 31,116 68,231 109,345
    Reverse repurchase agreements 13 88,111 2,166 40,975 3,018 2,380 10,176 6,550 5,232 1,668 1,354 2,344 3,485 8,762
    Deposits 1,726,984 32,104 1,230,379 31,318 21,806 121,220 41,705 66,378 13,161 9,273 22,018 37,710 99,912
        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		 1,581,549 32,079 1,085,175 31,306 21,802 121,148 41,703 66,342 13,161 9,271 22,014 37,709 99,840
        U.S. Treasury, General Account 87,031 0 87,031 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 125 1 96 4 3 8 2 1 0 1 0 1 6
        Other 58,279 23 58,077 8 0 63 0 36 0 0 4 1 66
    Deferred availability cash items 2,567 141 0 311 227 69 201 203 94 288 111 281 642
    Interest on Federal Reserve notes due
        to U.S. Treasury 14		 984 23 497 30 25 104 69 58 16 14 23 35 90
    Other liabilities and accrued
        dividends 15		 15,246 163 12,358 197 227 573 372 323 150 122 140 230 392
 
Total liabilities 2,866,425 74,479 1,660,950 74,758 69,836 215,740 164,555 149,332 44,947 26,960 55,752 109,972 219,143
 
Capital  
    Capital paid in 26,900 943 8,677 2,333 1,989 5,564 1,538 718 220 109 268 431 4,109
    Surplus 26,900 943 8,677 2,333 1,989 5,564 1,538 718 220 109 268 431 4,109
    Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0
 
Total liabilities and capital 2,920,225 76,365 1,678,304 79,424 73,814 226,868 167,631 150,769 45,387 27,179 56,288 110,834 227,362
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, January 4, 2012 (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
Jan 4, 2012
Federal Reserve notes outstanding 1,206,149
    Less: Notes held by F.R. Banks not subject to collateralization 173,615
        Federal Reserve notes to be collateralized 1,032,534
Collateral held against Federal Reserve notes 1,032,534
    Gold certificate account 11,037
    Special drawing rights certificate account 5,200
    U.S. Treasury, agency debt, and mortgage-backed securities pledged 1,2 1,016,297
    Other assets pledged 0
Memo:  
Total U.S. Treasury, agency debt, and mortgage-backed securities 1,2 2,605,171
    Less: Face value of securities under reverse repurchase agreements 76,449
        U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 2,528,722
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: January 5, 2012