FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, November 15, 2012

FEDERAL RESERVE statistical release

For release at
4:30 P.M. EST
November 15, 2012

The Board's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks," has been modified to present more detail on memorandum items in table 1A.

The line item for U.S. Treasury securities held in custody now excludes securities pledged by the Federal Reserve as collateral in reverse repurchase agreements conducted with foreign official and international accounts and includes inflation compensation on Treasury Inflation-Protected Securities (TIPS), which captures the inflation adjustment to original face value of TIPS over time. Prior data included securities pledged as collateral against reverse repurchase agreements with the Federal Reserve and excluded inflation compensation on TIPS. Information on the amount of foreign official and international reverse repurchase agreements is still presented in table 1 and included in total reverse repurchase agreements in table 8 and table 9.

The line item for federal agency securities has been revised to report mortgage-backed securities holdings at current face value, rather than original face value as previously reported.

Additionally, a line item was added for other securities held in custody by the Federal Reserve; this item includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper all reported at face value.

Finally, the footnote corresponding to the overnight facility for securities lent to dealers now notes that these securities are at face value; the underlying data remain the same.

Historical data incorporating these new and revised line items can be accessed through the Data Download Program (DDP) at
http://www.federalreserve.gov/datadownload/Choose.aspx?rel=H41.

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	November 15, 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 Nov 14, 2012
	Week ended Nov 14, 2012	Change from week ended
	Week ended Nov 14, 2012	Nov 7, 2012	Nov 16, 2011
Reserve Bank credit	2,819,338	+ 8,507	− 604	2,858,759
Securities held outright¹	2,590,100	+ 6,248	− 33,959	2,627,755
U.S. Treasury securities	1,650,855	+ 960	− 17,893	1,656,833
Bills²	0	0	− 18,423	0
Notes and bonds, nominal²	1,567,957	+ 432	− 4,681	1,572,814
Notes and bonds, inflation-indexed²	72,344	+ 400	+ 4,422	73,344
Inflation compensation³	10,555	+ 129	+ 789	10,676
Federal agency debt securities²	81,902	0	− 25,717	81,902
Mortgage-backed securities⁴	857,344	+ 5,289	+ 9,652	889,020
Repurchase agreements⁵	0	0	0	0
Loans	1,083	− 89	− 9,437	1,016
Primary credit	13	+ 4	+ 4	12
Secondary credit	0	0	0	0
Seasonal credit	43	− 5	+ 23	39
Term Asset-Backed Securities Loan Facility⁶	1,028	− 86	− 9,463	966
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,572	0	− 10,730	1,573
Net portfolio holdings of Maiden Lane II LLC⁸	61	0	− 9,276	61
Net portfolio holdings of Maiden Lane III LLC⁹	23	0	− 18,037	23
Net portfolio holdings of TALF LLC¹⁰	855	0	+ 61	855
Float	-808	− 21	+ 350	-1,526
Central bank liquidity swaps¹¹	12,121	− 344	+ 9,772	12,121
Other Federal Reserve assets¹²	214,331	+ 2,711	+ 70,653	216,882
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹³	44,732	+ 14	+ 578	44,732

Total factors supplying reserve funds	2,880,311	+ 8,521	− 26	2,919,732

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 14, 2012
	Week ended Nov 14, 2012	Change from week ended
	Week ended Nov 14, 2012	Nov 7, 2012	Nov 16, 2011
Currency in circulation¹³	1,148,640	+ 4,166	+ 91,032	1,149,364
Reverse repurchase agreements¹⁴	94,528	− 1,559	+ 846	93,590
Foreign official and international accounts	94,528	− 1,559	+ 846	93,590
Others	0	0	0	0
Treasury cash holdings	150	+ 3	+ 39	143
Deposits with F.R. Banks, other than reserve balances	83,890	+ 29,798	+ 8,578	93,462
Term deposits held by depository institutions	3,043	+ 3,043	+ 3,043	3,043
U.S. Treasury, General Account	38,664	+ 10,662	+ 8,878	26,859
Foreign official	6,108	+ 207	+ 5,955	6,481
Service-related	0	0	− 2,504	0
Required clearing balances	0	0	− 2,504	0
Adjustments to compensate for float	0	0	0	0
Other	36,074	+ 15,884	− 6,794	57,078
Other liabilities and capital¹⁵	69,772	+ 2,728	− 137	76,390

Total factors, other than reserve balances, absorbing reserve funds	1,396,979	+ 35,134	+ 100,358	1,412,950

Reserve balances with Federal Reserve Banks	1,483,331	− 26,614	− 100,385	1,506,782

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.	Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
7.	Refer to table 4 and the note on consolidation accompanying table 9.
8.	Refer to table 5 and the note on consolidation accompanying table 9.
9.	Refer to table 6 and the note on consolidation accompanying table 9.
10.	Refer to table 7 and the note on consolidation accompanying table 9.
11.	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 FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
13.	Estimated.
14.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
15.	Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury. 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 14, 2012
	Week ended Nov 14, 2012	Change from week ended
	Week ended Nov 14, 2012	Nov 7, 2012	Nov 16, 2011
Securities held in custody for foreign official and international accounts	3,193,581	− 48	+ 105,030	3,192,371
Marketable U.S. Treasury securities¹	2,834,797	+ 205	+ 184,921	2,833,575
Federal agency debt and mortgage-backed securities²	322,507	+ 11	− 82,806	322,622
Other securities³	36,277	− 264	+ 2,915	36,173
Securities lent to dealers	7,767	+ 33	− 3,562	8,584
Overnight facility⁴	7,767	+ 33	− 3,562	8,584
U.S. Treasury securities	7,134	+ 60	− 3,045	7,980
Federal agency debt securities	633	− 27	− 517	604

Note: Components may not sum to totals because of rounding.

1.	Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 8, and 9.
2.	Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the underlying mortgages.
3.	Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.
4.	Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, November 14, 2012

Millions of dollars

Remaining Maturity	Within 15	16 days to	91 days to	Over 1 year	Over 5 years	Over 10	All
Remaining Maturity	days	90 days	1 year	to 5 years	to 10 years	years	All
Loans¹	20	282	47	667	0	...	1,016
U.S. Treasury securities²
Holdings	1	484	16	418,820	836,409	401,103	1,656,833
Weekly changes	0	0	0	+ 2,296	− 145	+ 3,393	+ 5,544
Federal agency debt securities³
Holdings	2,619	4,670	15,533	52,323	4,410	2,347	81,902
Weekly changes	0	+ 498	− 498	0	0	0	0
Mortgage-backed securities⁴
Holdings	0	0	3	1	1,486	887,530	889,020
Weekly changes	0	0	0	0	0	+ 36,958	+ 36,957
Asset-backed securities held by TALF LLC⁵	0	0	0	0	0	0	0
Repurchase agreements⁶	0	0	...	...	...	...	0
Central bank liquidity swaps⁷	3,175	8,946	0	0	0	0	12,121

Reverse repurchase agreements⁶	93,590	0	...	...	...	...	93,590
Term deposits	0	3,043	0	...	...	...	3,043

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
Account name	Nov 14, 2012
Mortgage-backed securities held outright¹	889,020

Commitments to buy mortgage-backed securities²	100,447
Commitments to sell mortgage-backed securities²	1,200

Cash and cash equivalents³	9

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
Account name	Nov 14, 2012
Net portfolio holdings of Maiden Lane LLC¹	1,573

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York²	0
Accrued interest payable to the Federal Reserve Bank of New York²	0
Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.³	134

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, 2012. 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
Account name	Nov 14, 2012
Net portfolio holdings of Maiden Lane II LLC¹	61

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York²	0
Accrued interest payable to the Federal Reserve Bank of New York²	0
Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc.³	0

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, 2012. 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
Account name	Nov 14, 2012
Net portfolio holdings of Maiden Lane III LLC¹	23

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York²	0
Accrued interest payable to the Federal Reserve Bank of New York²	0
Outstanding principal amount and accrued interest on loan payable to American International Group, Inc.³	0

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, 2012. 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
Account name	Nov 14, 2012
Asset-backed securities holdings¹	0
Other investments, net	855
Net portfolio holdings of TALF LLC	855

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York²	0
Accrued interest payable to the Federal Reserve Bank of New York²	0
Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable³	113

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 $1.4 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 14, 2012	Change since
			Wednesday	Wednesday
			Nov 7, 2012	Nov 16, 2011
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		2,144	− 9	− 138
Securities, repurchase agreements, and loans		2,628,771	+ 42,352	− 7,049
Securities held outright¹		2,627,755	+ 42,502	+ 2,439
U.S. Treasury securities		1,656,833	+ 5,544	− 19,003
Bills²		0	0	− 18,423
Notes and bonds, nominal²		1,572,814	+ 3,926	− 6,904
Notes and bonds, inflation-indexed²		73,344	+ 1,400	+ 5,422
Inflation compensation³		10,676	+ 219	+ 902
Federal agency debt securities²		81,902	0	− 25,595
Mortgage-backed securities⁴		889,020	+ 36,957	+ 47,037
Repurchase agreements⁵		0	0	0
Loans		1,016	− 150	− 9,488
Net portfolio holdings of Maiden Lane LLC⁶		1,573	+ 1	− 9,027
Net portfolio holdings of Maiden Lane II LLC⁷		61	0	− 9,280
Net portfolio holdings of Maiden Lane III LLC⁸		23	0	− 17,809
Net portfolio holdings of TALF LLC⁹		855	0	+ 61
Items in process of collection	(0)	177	+ 48	− 24
Bank premises		2,345	+ 2	+ 164
Central bank liquidity swaps¹⁰		12,121	− 344	+ 9,772
Other assets¹¹		214,537	+ 4,384	+ 77,988

Total assets	(0)	2,878,843	+ 46,435	+ 44,657

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 14, 2012	Change since
			Wednesday	Wednesday
			Nov 7, 2012	Nov 16, 2011
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,106,915	+ 2,150	+ 90,543
Reverse repurchase agreements¹²		93,590	+ 610	− 3,239
Deposits	(0)	1,600,244	+ 33,039	− 49,531
Term deposits held by depository institutions		3,043	+ 3,043	+ 3,043
Other deposits held by depository institutions		1,506,782	− 4,514	− 70,785
U.S. Treasury, General Account		26,859	+ 2,889	− 17,923
Foreign official		6,481	+ 550	+ 6,356
Other	(0)	57,078	+ 31,070	+ 29,776
Deferred availability cash items	(0)	1,703	+ 663	+ 137
Other liabilities and accrued dividends¹³		21,249	+ 9,638	+ 3,772

Total liabilities	(0)	2,823,702	+ 46,100	+ 41,682

Capital accounts
Capital paid in		27,570	+ 167	+ 1,487
Surplus		27,570	+ 167	+ 1,487
Other capital accounts		0	0	0

Total capital		55,141	+ 335	+ 2,975

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.	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.
11.	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.
12.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
13.	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.

9. Statement of Condition of Each Federal Reserve Bank, November 14, 2012

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Assets
Gold certificate account	11,037	408	3,824	437	515	890	1,337	839	313	192	315	725	1,242
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	2,144	44	100	148	146	386	200	312	38	52	163	199	356
Securities, repurchase agreements, and loans	2,628,771	63,823	1,474,228	86,868	66,809	187,023	158,437	145,782	41,082	23,913	52,803	102,106	225,897
Securities held outright¹	2,627,755	63,823	1,473,263	86,868	66,809	187,021	158,435	145,776	41,082	23,889	52,793	102,102	225,894
U.S. Treasury securities	1,656,833	40,241	928,911	54,771	42,124	117,919	99,896	91,914	25,903	15,062	33,286	64,377	142,429
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	1,656,833	40,241	928,911	54,771	42,124	117,919	99,896	91,914	25,903	15,062	33,286	64,377	142,429
Federal agency debt securities²	81,902	1,989	45,919	2,708	2,082	5,829	4,938	4,544	1,280	745	1,645	3,182	7,041
Mortgage-backed securities⁴	889,020	21,593	498,433	29,389	22,603	63,273	53,602	49,319	13,899	8,082	17,861	34,543	76,424
Repurchase agreements⁵	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	1,016	0	966	0	0	2	2	5	0	24	10	5	3
Net portfolio holdings of Maiden
Lane LLC⁶	1,573	0	1,573	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Maiden
Lane II LLC⁷	61	0	61	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of Maiden
Lane III LLC⁸	23	0	23	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF LLC⁹	855	0	855	0	0	0	0	0	0	0	0	0	0
Items in process of collection	177	0	0	0	18	0	157	0	1	0	0	0	0
Bank premises	2,345	120	453	69	121	230	213	203	130	103	253	239	209
Central bank liquidity swaps¹⁰	12,121	425	3,910	1,051	896	2,507	693	323	99	49	121	194	1,852
Other assets¹¹	214,537	5,509	113,794	8,579	6,689	18,855	12,899	11,163	3,184	1,871	4,067	7,810	20,117
Interdistrict settlement account	0	+ 4,264	− 62,111	− 18,330	+ 6,088	− 26,515	+ 34,120	− 8,482	+ 1,678	+ 3,579	− 3,689	+ 437	+ 68,962

Total assets	2,878,843	74,789	1,538,527	79,032	81,519	183,788	208,711	150,564	46,676	29,850	54,186	111,992	319,208

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 14, 2012 (continued)

Millions of dollars

Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	Kansas	Dallas	San
Assets, liabilities, and capital	Total	Boston	New York	Philadelphia	Cleveland	Richmond	Atlanta	Chicago	St. Louis	Minneapolis	City	Dallas	Francisco
Liabilities
Federal Reserve notes outstanding	1,328,216	47,074	465,395	47,762	60,883	103,130	177,144	95,259	37,486	22,538	36,350	90,671	144,525
Less: Notes held by F.R. Banks	221,300	5,302	85,903	5,087	8,320	11,643	27,350	13,092	4,280	3,240	5,319	26,109	25,655
Federal Reserve notes, net	1,106,915	41,772	379,492	42,674	52,563	91,487	149,795	82,166	33,205	19,297	31,031	64,562	118,870
Reverse repurchase agreements¹²	93,590	2,273	52,472	3,094	2,379	6,661	5,643	5,192	1,463	851	1,880	3,636	8,045
Deposits	1,600,244	27,571	1,076,241	28,408	21,725	72,777	47,591	60,632	11,209	9,013	20,332	42,198	182,546
Term deposits held by depository institutions	3,043	5	1,564	700	0	40	161	57	0	80	101	5	330
Other deposits held by depository institutions	1,506,782	27,544	984,487	27,696	21,722	72,592	47,421	60,551	11,209	8,933	20,230	42,190	182,209
U.S. Treasury, General Account	26,859	0	26,859	0	0	0	0	0	0	0	0	0	0
Foreign official	6,481	1	6,454	3	3	8	2	1	0	0	0	1	6
Other	57,078	21	56,878	8	0	137	7	22	0	0	1	2	1
Deferred availability cash items	1,703	0	0	0	29	0	1,459	0	0	215	0	0	0
Interest on Federal Reserve notes due to U.S. Treasury¹³	1,470	46	900	51	40	-15	97	96	25	15	28	62	125
Other liabilities and accrued dividends¹⁴	19,779	448	11,951	600	514	1,384	1,015	920	321	230	359	658	1,381

Total liabilities	2,823,702	72,111	1,521,057	74,826	77,250	172,295	205,599	149,005	46,223	29,621	53,631	111,116	310,968

Capital
Capital paid in	27,570	1,339	8,735	2,103	2,135	5,747	1,556	779	226	115	278	438	4,120
Surplus	27,570	1,339	8,735	2,103	2,135	5,747	1,556	779	226	115	278	438	4,120
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	2,878,843	74,789	1,538,527	79,032	81,519	183,788	208,711	150,564	46,676	29,850	54,186	111,992	319,208

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 14, 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.	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.
11.	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.
12.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
13.	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.
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 below.

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
Federal Reserve notes and collateral	Nov 14, 2012
Federal Reserve notes outstanding	1,328,216
Less: Notes held by F.R. Banks not subject to collateralization	221,300
Federal Reserve notes to be collateralized	1,106,915
Collateral held against Federal Reserve notes	1,106,915
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,090,679
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	2,627,755
Less: Face value of securities under reverse repurchase agreements	79,650
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	2,548,105

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.

Statistical releases