FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, December 27, 2012

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	December 27, 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 Dec 26, 2012
	Week ended Dec 26, 2012	Change from week ended
	Week ended Dec 26, 2012	Dec 19, 2012	Dec 28, 2011
Reserve Bank credit	2,905,205	+ 5,495	− 14,840	2,889,644
Securities held outright¹	2,674,860	+ 5,914	+ 51,064	2,660,271
U.S. Treasury securities	1,656,666	− 3,033	− 14,778	1,656,930
Bills²	0	0	− 18,423	0
Notes and bonds, nominal²	1,570,986	− 3,025	− 3,939	1,571,252
Notes and bonds, inflation-indexed²	74,740	0	+ 6,272	74,740
Inflation compensation³	10,941	− 7	+ 1,313	10,938
Federal agency debt securities²	77,140	− 2,143	− 27,456	76,783
Mortgage-backed securities⁴	941,054	+ 11,090	+ 93,298	926,558
Repurchase agreements⁵	0	0	0	0
Loans	640	− 199	− 8,468	613
Primary credit	17	+ 5	+ 5	26
Secondary credit	0	0	− 1	0
Seasonal credit	30	+ 7	+ 4	30
Term Asset-Backed Securities Loan Facility⁶	593	− 210	− 8,476	558
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,428	− 5	− 5,806	1,412
Net portfolio holdings of Maiden Lane II LLC⁸	61	0	− 9,188	61
Net portfolio holdings of Maiden Lane III LLC⁹	22	0	− 17,712	22
Net portfolio holdings of TALF LLC¹⁰	856	0	+ 45	856
Float	-644	+ 120	+ 10	-683
Central bank liquidity swaps¹¹	8,889	− 2,660	− 90,934	8,889
Other Federal Reserve assets¹²	219,092	+ 2,324	+ 66,147	218,201
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹³	44,803	+ 14	+ 610	44,803

Total factors supplying reserve funds	2,966,249	+ 5,509	− 14,231	2,950,688

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 26, 2012
	Week ended Dec 26, 2012	Change from week ended
	Week ended Dec 26, 2012	Dec 19, 2012	Dec 28, 2011
Currency in circulation¹³	1,163,598	+ 6,846	+ 90,009	1,167,122
Reverse repurchase agreements¹⁴	101,360	− 2,822	+ 10,517	99,853
Foreign official and international accounts	101,360	− 2,822	+ 10,517	99,853
Others	0	0	0	0
Treasury cash holdings	148	+ 4	+ 27	150
Deposits with F.R. Banks, other than reserve balances	128,932	+ 15,031	− 79,871	84,570
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	55,563	+ 577	− 43,089	55,679
Foreign official	6,163	+ 156	+ 5,985	6,163
Service-related	0	0	− 2,488	0
Required clearing balances	0	0	− 2,488	0
Adjustments to compensate for float	0	0	0	0
Other	67,206	+ 14,298	− 40,278	22,729
Other liabilities and capital¹⁵	68,730	+ 188	− 4,259	66,343

Total factors, other than reserve balances, absorbing reserve funds	1,462,767	+ 19,246	+ 16,423	1,418,037

Reserve balances with Federal Reserve Banks	1,503,482	− 13,738	− 30,653	1,532,651

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 Dec 26, 2012
	Week ended Dec 26, 2012	Change from week ended
	Week ended Dec 26, 2012	Dec 19, 2012	Dec 28, 2011
Securities held in custody for foreign official and international accounts	3,236,361	+ 6,082	+ 186,777	3,238,440
Marketable U.S. Treasury securities¹	2,887,591	+ 9,230	+ 278,585	2,891,366
Federal agency debt and mortgage-backed securities²	312,758	− 3,251	− 93,034	311,053
Other securities³	36,011	+ 102	+ 1,226	36,020
Securities lent to dealers	8,671	+ 2,790	− 7,573	9,346
Overnight facility⁴	8,671	+ 2,790	− 7,573	9,346
U.S. Treasury securities	7,957	+ 2,849	− 7,036	8,629
Federal agency debt securities	714	− 59	− 537	717

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, December 26, 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 year to 10 years	Over 10 years	All
Loans¹	56	51	0	506	0	...	613
U.S. Treasury securities²
Holdings	382	4	16	365,270	866,016	425,241	1,656,930
Weekly changes	0	0	0	− 7,422	− 2	+ 5,502	− 1,921
Federal agency debt securities³
Holdings	422	3,938	15,202	52,830	2,044	2,347	76,783
Weekly changes	− 2,078	− 13	− 409	0	0	0	− 2,500
Mortgage-backed securities⁴
Holdings	0	0	2	1	2,358	924,197	926,558
Weekly changes	0	0	− 1	0	+ 78	− 6,910	− 6,833
Asset-backed securities held by TALF LLC⁵	0	0	0	0	0	0	0
Repurchase agreements⁶	0	0	...	...	...	...	0
Central bank liquidity swaps⁷	1,742	7,147	0	0	0	0	8,889

Reverse repurchase agreements⁶	99,853	0	...	...	...	...	99,853
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
Account name	Dec 26, 2012
Mortgage-backed securities held outright¹	926,558

Commitments to buy mortgage-backed securities²	106,935
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	125

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	Dec 26, 2012
Net portfolio holdings of Maiden Lane LLC¹	1,412

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	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 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	Dec 26, 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	Dec 26, 2012
Net portfolio holdings of Maiden Lane III LLC¹	22

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	Dec 26, 2012
Asset-backed securities holdings¹	0
Other investments, net	856
Net portfolio holdings of TALF LLC	856

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 Dec 26, 2012	Change since
			Wednesday	Wednesday
			Dec 19, 2012	Dec 28, 2011
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		2,114	− 12	− 192
Securities, repurchase agreements, and loans		2,660,884	− 11,505	+ 38,420
Securities held outright¹		2,660,271	− 11,254	+ 46,889
U.S. Treasury securities		1,656,930	− 1,921	− 15,162
Bills²		0	0	− 18,423
Notes and bonds, nominal²		1,571,252	− 1,914	− 4,332
Notes and bonds, inflation-indexed²		74,740	0	+ 6,272
Inflation compensation³		10,938	− 7	+ 1,321
Federal agency debt securities²		76,783	− 2,500	− 27,211
Mortgage-backed securities⁴		926,558	− 6,833	+ 89,263
Repurchase agreements⁵		0	0	0
Loans		613	− 251	− 8,469
Net portfolio holdings of Maiden Lane LLC⁶		1,412	− 19	− 5,816
Net portfolio holdings of Maiden Lane II LLC⁷		61	0	− 9,220
Net portfolio holdings of Maiden Lane III LLC⁸		22	0	− 17,717
Net portfolio holdings of TALF LLC⁹		856	0	+ 45
Items in process of collection	(0)	146	+ 13	− 212
Bank premises		2,339	+ 2	+ 151
Central bank liquidity swaps¹⁰		8,889	− 2,660	− 90,934
Other assets¹¹		215,898	+ 1,262	+ 65,847

Total assets	(0)	2,908,859	− 12,917	− 19,626

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 26, 2012	Change since
			Wednesday	Wednesday
			Dec 19, 2012	Dec 28, 2011
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,124,578	+ 7,115	+ 90,058
Reverse repurchase agreements¹²		99,853	− 1,111	+ 11,179
Deposits	(0)	1,617,257	− 17,428	− 114,671
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		1,532,687	+ 49,989	− 36,580
U.S. Treasury, General Account		55,679	− 19,338	− 35,739
Foreign official		6,163	+ 163	+ 5,785
Other	(0)	22,729	− 48,242	− 48,137
Deferred availability cash items	(0)	829	− 161	− 665
Other liabilities and accrued dividends¹³		11,615	− 1,330	− 6,456

Total liabilities	(0)	2,854,131	− 12,917	− 20,555

Capital accounts
Capital paid in		27,364	0	+ 464
Surplus		27,364	0	+ 464
Other capital accounts		0	0	0

Total capital		54,728	0	+ 929

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, December 26, 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	2,114	38	93	140	144	376	208	310	36	52	165	195	356
Securities, repurchase agreements, and loans	2,660,884	64,614	1,492,050	87,943	67,636	189,350	160,402	147,583	41,591	24,208	53,450	103,365	228,691
Securities held outright¹	2,660,271	64,613	1,491,493	87,943	67,636	189,335	160,396	147,580	41,591	24,184	53,446	103,365	228,689
U.S. Treasury securities	1,656,930	40,244	928,965	54,774	42,126	117,926	99,901	91,919	25,905	15,063	33,288	64,380	142,437
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	1,656,930	40,244	928,965	54,774	42,126	117,926	99,901	91,919	25,905	15,063	33,288	64,380	142,437
Federal agency debt securities²	76,783	1,865	43,049	2,538	1,952	5,465	4,629	4,260	1,200	698	1,543	2,983	6,601
Mortgage-backed securities⁴	926,558	22,504	519,479	30,630	23,557	65,944	55,865	51,401	14,486	8,423	18,615	36,002	79,651
Repurchase agreements⁵	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	613	2	558	0	0	15	6	3	0	23	4	0	3
Net portfolio holdings of Maiden
Lane LLC⁶	1,412	0	1,412	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	22	0	22	0	0	0	0	0	0	0	0	0	0
Net portfolio holdings of TALF LLC⁹	856	0	856	0	0	0	0	0	0	0	0	0	0
Items in process of collection	146	0	0	1	11	0	125	0	1	8	0	0	0
Bank premises	2,339	119	450	70	115	230	215	203	130	103	253	239	209
Central bank liquidity swaps¹⁰	8,889	312	2,867	771	657	1,839	508	237	73	36	88	142	1,358
Other assets¹¹	215,898	5,542	114,569	8,521	6,724	18,914	12,969	11,277	3,216	1,888	4,099	7,959	20,221
Interdistrict settlement account	0	+ 18,358	− 90,812	− 19,688	+ 1,895	− 23,924	+ 36,886	− 5,090	+ 199	+ 3,235	− 4,501	+ 6,076	+ 77,367

Total assets	2,908,859	89,588	1,527,212	78,406	77,933	188,087	213,304	155,784	45,709	29,811	54,022	118,985	330,019

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 26, 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	1,355,835	47,647	477,817	47,750	60,723	103,444	175,867	95,420	37,354	22,400	36,481	95,686	155,246
Less: Notes held by F.R. Banks	231,257	6,291	93,702	4,594	8,294	11,841	26,209	12,727	3,955	3,189	6,686	28,209	25,560
Federal Reserve notes, net	1,124,578	41,356	384,115	43,156	52,430	91,603	149,658	82,692	33,399	19,211	29,795	67,477	129,686
Reverse repurchase agreements¹²	99,853	2,425	55,983	3,301	2,539	7,107	6,020	5,539	1,561	908	2,006	3,880	8,584
Deposits	1,617,257	42,818	1,063,073	27,326	18,315	76,934	53,173	65,411	10,076	9,181	21,441	46,337	183,171
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	1,532,687	42,813	978,652	27,310	18,313	76,852	53,163	65,391	10,075	9,181	21,439	46,334	183,164
U.S. Treasury, General Account	55,679	0	55,679	0	0	0	0	0	0	0	0	0	0
Foreign official	6,163	1	6,136	3	3	8	2	1	0	0	0	1	6
Other	22,729	4	22,606	13	0	74	7	19	0	0	1	3	1
Deferred availability cash items	829	0	0	0	25	0	690	0	0	114	0	0	0
Interest on Federal Reserve notes due to U.S. Treasury¹³	1,157	24	720	25	19	50	71	70	18	11	27	48	74
Other liabilities and accrued dividends¹⁴	10,458	275	5,830	365	337	901	575	511	199	158	200	366	742

Total liabilities	2,854,131	86,898	1,509,721	74,173	73,664	176,595	210,187	154,224	45,253	29,582	53,468	118,108	322,257

Capital
Capital paid in	27,364	1,345	8,745	2,116	2,134	5,746	1,558	780	228	115	277	439	3,881
Surplus	27,364	1,345	8,745	2,116	2,134	5,746	1,558	780	228	115	277	439	3,881
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	2,908,859	89,588	1,527,212	78,406	77,933	188,087	213,304	155,784	45,709	29,811	54,022	118,985	330,019

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 26, 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	Dec 26, 2012
Federal Reserve notes outstanding	1,355,835
Less: Notes held by F.R. Banks not subject to collateralization	231,257
Federal Reserve notes to be collateralized	1,124,578
Collateral held against Federal Reserve notes	1,124,578
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,108,341
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	2,660,271
Less: Face value of securities under reverse repurchase agreements	85,531
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	2,574,740

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