FRB: H.4.1 Release--Factors Affecting Reserve Balances--November 20, 2014

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and
Condition Statement of Federal Reserve Banks November 20, 2014

1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Nov 19, 2014
Federal Reserve Banks Nov 19, 2014 Nov 12, 2014 Nov 20, 2013

Reserve Bank credit 4,462,332 + 14,768 + 605,134 4,452,372
Securities held outright (1) 4,237,848 + 18,658 + 602,966 4,236,210
U.S. Treasury securities 2,461,614 + 19 + 318,071 2,461,622
Bills (2) 0 0 0 0
Notes and bonds, nominal (2) 2,346,713 0 + 306,851 2,346,713
Notes and bonds, inflation-indexed (2) 98,469 0 + 8,490 98,469
Inflation compensation (3) 16,433 + 20 + 2,730 16,440
Federal agency debt securities (2) 39,700 0 - 18,773 39,700
Mortgage-backed securities (4) 1,736,533 + 18,637 + 303,668 1,734,889
Unamortized premiums on securities held outright (5) 208,826 + 281 + 1,621 208,656
Unamortized discounts on securities held outright (5) -18,610 + 33 - 9,131 -18,597
Repurchase agreements (6) 0 0 0 0
Loans 129 - 5 - 40 131
Primary credit 15 - 2 + 13 14
Secondary credit 0 0 0 0
Seasonal credit 114 - 4 + 47 117
Term Asset-Backed Securities Loan Facility (7) 0 0 - 100 0
Other credit extensions 0 0 0 0
Net portfolio holdings of Maiden Lane LLC (8) 1,679 0 + 162 1,681
Net portfolio holdings of Maiden Lane II LLC (9) 0 0 - 64 0
Net portfolio holdings of Maiden Lane III LLC (9) 0 0 - 22 0
Net portfolio holdings of TALF LLC (10) 0 0 - 110 0
Float -612 + 13 + 76 -587
Central bank liquidity swaps (11) 0 0 - 273 0
Other Federal Reserve assets (12) 33,072 - 4,211 + 9,947 24,878
Foreign currency denominated assets (13) 21,630 - 41 - 2,314 21,609
Gold stock 11,041 0 0 11,041
Special drawing rights certificate account 5,200 0 0 5,200
Treasury currency outstanding (14) 46,258 + 14 + 807 46,258

Total factors supplying reserve funds 4,546,462 + 14,742 + 603,628 4,536,481

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 Averages of daily figures Wednesday
reserve balances of depository institutions at Week ended Change from week ended Nov 19, 2014
Federal Reserve Banks Nov 19, 2014 Nov 12, 2014 Nov 20, 2013

Currency in circulation (14) 1,311,759 + 888 + 91,531 1,311,931
Reverse repurchase agreements (15) 222,710 + 16,336 + 117,976 267,000
Foreign official and international accounts 101,244 + 796 - 1,221 99,623
Others 121,466 + 15,540 + 119,196 167,377
Treasury cash holdings 193 - 4 - 15 184
Deposits with F.R. Banks, other than reserve balances 426,717 + 44,191 + 346,979 408,023
Term deposits held by depository institutions 307,723 + 45,621 + 307,723 307,723
U.S. Treasury, General Account 95,281 - 11,924 + 45,835 79,634
Foreign official 5,261 + 12 - 3,472 5,304
Other (16) 18,452 + 10,481 - 3,107 15,363
Other liabilities and capital (17) 64,911 + 1,257 + 536 63,032

Total factors, other than reserve balances,
absorbing reserve funds 2,026,291 + 62,669 + 557,008 2,050,171

Reserve balances with Federal Reserve Banks 2,520,171 - 47,928 + 46,619 2,486,310

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. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt
securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an
effective-interest basis.
6. Cash value of agreements.
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 6.
9. 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. Refer to the
note on consolidation accompanying table 6.
10. Refer to the note on consolidation accompanying table 6.
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 accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable. Also, includes Reserve Bank premises and equipment net of allowances for
depreciation.
13. Revalued daily at current foreign currency exchange rates.
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 deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, and designated financial market utilities.
17. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

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
Week ended Change from week ended Nov 19, 2014
Nov 19, 2014 Nov 12, 2014 Nov 20, 2013

Securities held in custody for foreign official and
international accounts 3,307,613 - 1,914 - 26,698 3,312,456
Marketable U.S. Treasury securities (1) 2,981,186 - 1,849 + 6,533 2,986,381
Federal agency debt and mortgage-backed securities (2) 284,614 - 190 - 32,219 284,255
Other securities (3) 41,813 + 124 - 1,013 41,821
Securities lent to dealers 9,533 + 408 - 1,440 10,028
Overnight facility (4) 9,533 + 408 - 1,440 10,028
U.S. Treasury securities 8,843 + 368 - 1,022 9,313
Federal agency debt securities 690 + 40 - 418 715

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, 5, and 6.
2. Face value of federal agency securities and current face value of mortgage-backed securities, which
is the remaining principal balance of the securities.
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 19, 2014

Millions of dollars
Remaining Maturity Within 15 16 days to 91 days to Over 1 year Over 5 year Over 10 All
days 90 days 1 year to 5 years to 10 years years

Loans 131 0 0 0 0 ... 131
U.S. Treasury securities (1)
Holdings 0 4 3,517 1,098,897 700,726 658,478 2,461,622
Weekly changes - 88 + 2 + 324 + 34,232 - 29,084 - 5,366 + 20
Federal agency debt securities (2)
Holdings 1,023 1,800 3,933 30,597 0 2,347 39,700
Weekly changes 0 0 + 1,202 - 1,202 0 0 0
Mortgage-backed securities (3)
Holdings 0 0 0 12 5,659 1,729,217 1,734,889
Weekly changes 0 0 0 + 2 + 338 + 16,653 + 16,993
Repurchase agreements (4) 0 0 ... ... ... ... 0
Central bank liquidity swaps (5) 0 0 0 0 0 0 0

Reverse repurchase agreements (4) 267,000 0 ... ... ... ... 267,000
Term deposits 307,723 0 0 ... ... ... 307,723

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

1. 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.
2. Face value.
3. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
4. Cash value of agreements.
5. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used
when the foreign currency is returned to the foreign central bank. This exchange rate equals the
market exchange rate used when the foreign currency was acquired from the foreign central bank.

3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name Wednesday
Nov 19, 2014

Mortgage-backed securities held outright (1) 1,734,889

Commitments to buy mortgage-backed securities (2) 37,144
Commitments to sell mortgage-backed securities (2) 300

Cash and cash equivalents (3) 48

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the
remaining principal balance of the securities.
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 5
and table 6.

4. Information on Principal Accounts of Maiden Lane LLC
Millions of dollars
Account name Wednesday
Nov 19, 2014

Net portfolio holdings of Maiden Lane LLC (1) 1,681

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
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, 2014. 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 6.
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 5 and table 6.

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. The remaining outstanding balances of the senior
loan from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were
repaid in full, with interest.

5. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Nov 19, 2014 Wednesday Wednesday
consolidation Nov 12, 2014 Nov 20, 2013

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 0
Coin 1,859 - 24 - 102
Securities, unamortized premiums and discounts,
repurchase agreements, and loans 4,426,401 + 17,280 + 585,375
Securities held outright (1) 4,236,210 + 17,013 + 592,995
U.S. Treasury securities 2,461,622 + 20 + 310,665
Bills (2) 0 0 0
Notes and bonds, nominal (2) 2,346,713 0 + 299,448
Notes and bonds, inflation-indexed (2) 98,469 0 + 8,490
Inflation compensation (3) 16,440 + 20 + 2,727
Federal agency debt securities (2) 39,700 0 - 18,672
Mortgage-backed securities (4) 1,734,889 + 16,993 + 301,003
Unamortized premiums on securities held outright
(5) 208,656 + 231 + 1,244
Unamortized discounts on securities held outright
(5) -18,597 + 35 - 8,831
Repurchase agreements (6) 0 0 0
Loans 131 0 - 35
Net portfolio holdings of Maiden Lane LLC (7) 1,681 + 2 + 164
Net portfolio holdings of Maiden Lane II LLC (8) 0 0 - 63
Net portfolio holdings of Maiden Lane III LLC (8) 0 0 - 22
Net portfolio holdings of TALF LLC (9) 0 0 - 110
Items in process of collection (0) 91 - 32 + 5
Bank premises 2,265 + 4 - 23
Central bank liquidity swaps (10) 0 0 - 273
Foreign currency denominated assets (11) 21,609 - 55 - 2,304
Other assets (12) 22,617 - 13,311 + 3,493

Total assets (0) 4,492,759 + 3,864 + 586,139

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital Eliminations Wednesday Change since
from Nov 19, 2014 Wednesday Wednesday
consolidation Nov 12, 2014 Nov 20, 2013

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 1,267,712 - 1,233 + 90,770
Reverse repurchase agreements (13) 267,000 + 55,430 + 160,527
Deposits (0) 2,894,338 - 49,509 + 335,082
Term deposits held by depository institutions 307,723 + 45,621 + 307,723
Other deposits held by depository institutions 2,486,314 - 84,382 + 16,134
U.S. Treasury, General Account 79,634 - 15,374 + 31,763
Foreign official 5,304 + 55 - 3,431
Other (14) (0) 15,363 + 4,571 - 17,107
Deferred availability cash items (0) 678 - 503 + 2
Other liabilities and accrued dividends (15) 6,466 - 388 - 1,909

Total liabilities (0) 4,436,193 + 3,797 + 584,472

Capital accounts
Capital paid in 28,283 + 33 + 833
Surplus 28,283 + 33 + 833
Other capital accounts 0 0 0

Total capital 56,566 + 67 + 1,667

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. The current face value shown is the
remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face
value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt
securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an
effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation accompanying table 6.
8. 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. Refer to the
note on consolidation accompanying table 6.
9. Refer to the note on consolidation accompanying table 6.
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. Revalued daily at current foreign currency exchange rates.
12. Includes accrued interest, which represents the daily accumulation of interest earned, and other
accounts receivable.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt
securities, and mortgage-backed securities.
14. Includes deposits held at the Reserve Banks by international and multilateral organizations,
government-sponsored enterprises, and designated financial market utilities.
15. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

6. Statement of Condition of Each Federal Reserve Bank, November 19, 2014
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Assets
Gold certificate account 11,037 352 4,125 338 464 824 1,349 706 278 173 291 880 1,257
Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574
Coin 1,859 31 82 123 118 307 205 276 19 44 149 177 327
Securities, unamortized premiums and
discounts, repurchase agreements,
and loans 4,426,401 89,536 2,716,684 106,040 96,641 247,387 244,696 180,915 54,596 27,200 58,326 134,877 469,504
Securities held outright (1) 4,236,210 85,691 2,600,032 101,487 92,491 236,765 234,175 173,140 52,251 25,961 55,801 129,078 449,339
U.S. Treasury securities 2,461,622 49,794 1,510,854 58,973 53,746 137,582 136,077 100,610 30,362 15,086 32,425 75,006 261,107
Bills (2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Notes and bonds (3) 2,461,622 49,794 1,510,854 58,973 53,746 137,582 136,077 100,610 30,362 15,086 32,425 75,006 261,107
Federal agency debt securities (2) 39,700 803 24,366 951 867 2,219 2,195 1,623 490 243 523 1,210 4,211
Mortgage-backed securities (4) 1,734,889 35,094 1,064,811 41,563 37,879 96,964 95,904 70,907 21,399 10,632 22,853 52,863 184,021
Unamortized premiums on securities held
outright (5) 208,656 4,221 128,066 4,999 4,556 11,662 11,534 8,528 2,574 1,279 2,748 6,358 22,132
Unamortized discounts on securities
held outright (5) -18,597 -376 -11,414 -446 -406 -1,039 -1,028 -760 -229 -114 -245 -567 -1,973
Repurchase agreements (6) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loans 131 0 1 0 0 0 15 7 1 74 21 7 5
Net portfolio holdings of Maiden
Lane LLC (7) 1,681 0 1,681 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane II LLC (8) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of Maiden
Lane III LLC (8) 0 0 0 0 0 0 0 0 0 0 0 0 0
Net portfolio holdings of TALF LLC (9) 0 0 0 0 0 0 0 0 0 0 0 0 0
Items in process of collection 91 0 0 0 0 0 91 0 0 0 0 0 0
Bank premises 2,265 122 440 74 110 221 212 198 123 96 242 224 201
Central bank liquidity swaps (10) 0 0 0 0 0 0 0 0 0 0 0 0 0
Foreign currency denominated
assets (11) 21,609 983 6,951 1,624 1,718 4,505 1,242 597 182 91 227 361 3,126
Other assets (12) 22,617 485 13,569 664 488 1,398 1,229 906 314 164 317 757 2,327
Interdistrict settlement account 0 + 21,674 - 67,820 - 94 + 11,907 - 19,023 + 1,093 - 8,857 - 7,252 + 569 - 2,270 + 12,010 + 58,062

Total assets 4,492,759 113,379 2,677,530 108,980 111,684 236,032 250,771 175,164 48,409 28,428 57,435 149,568 535,378

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, November 19, 2014 (continued)
Millions of dollars
Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas Dallas San
City Francisco

Liabilities
Federal Reserve notes outstanding 1,458,154 44,577 479,669 45,075 68,279 103,207 214,142 99,658 40,229 21,694 36,981 118,963 185,680
Less: Notes held by F.R. Banks 190,442 5,076 65,746 5,412 8,708 11,813 22,594 10,587 4,855 3,592 5,315 19,599 27,146
Federal Reserve notes, net 1,267,712 39,501 413,923 39,663 59,571 91,394 191,548 89,071 35,375 18,102 31,666 99,364 158,534
Reverse repurchase agreements (13) 267,000 5,401 163,875 6,396 5,830 14,923 14,760 10,913 3,293 1,636 3,517 8,136 28,321
Deposits 2,894,338 65,696 2,078,437 59,502 41,570 116,463 40,189 73,295 9,046 8,189 21,502 40,990 339,458
Term deposits held by depository
institutions 307,723 75 229,031 27,300 3,308 26 590 16,365 320 114 3,698 2,605 24,291
Other deposits held by depository
institutions 2,486,314 65,614 1,749,362 32,172 38,258 116,252 39,590 56,922 8,726 8,075 17,802 38,382 315,159
U.S. Treasury, General Account 79,634 0 79,634 0 0 0 0 0 0 0 0 0 0
Foreign official 5,304 2 5,277 3 3 8 2 1 0 0 0 1 6
Other (14) 15,363 6 15,134 28 0 176 7 7 0 0 1 2 2
Deferred availability cash items 678 0 0 0 0 0 548 0 0 130 0 0 0
Interest on Federal Reserve notes due
to U.S. Treasury (15) 1,852 35 1,235 7 36 36 109 79 22 10 22 60 202
Other liabilities and accrued
dividends (16) 4,614 183 1,665 217 231 612 365 277 142 122 127 201 473

Total liabilities 4,436,193 110,816 2,659,134 105,787 107,236 223,427 247,519 173,636 47,879 28,188 56,835 148,751 526,987

Capital
Capital paid in 28,283 1,282 9,198 1,597 2,224 6,302 1,626 764 265 120 300 409 4,195
Surplus 28,283 1,282 9,198 1,597 2,224 6,302 1,626 764 265 120 300 409 4,195
Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,492,759 113,379 2,677,530 108,980 111,684 236,032 250,771 175,164 48,409 28,428 57,435 149,568 535,378

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, November 19, 2014 (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. The current face value shown is the remaining principal balance of the securities.
5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt
securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an effective-interest basis.
6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.
7. Refer to table 4 and the note on consolidation below.
8. 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. Refer
to the note on consolidation below.
9. Refer to 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. Revalued daily at current foreign currency exchange rates.
12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
15. 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.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) 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 June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to Maiden Lane LLC
was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC was repaid in full, with
interest. 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. had written credit default swap contracts. On June 14, 2012, the loan from FRBNY to Maiden Lane III was repaid in full, with interest. 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 March 1, 2012, the loan from FRBNY to Maiden Lane II was repaid in full, with interest. 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. On January 15, 2013 the FRBNY's commitment to extend credit to TALF LLC was eliminated.

The FRBNY was the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY was primarily responsible for directing the
financial activities of TALF LLC. The FRBNY was the primary beneficiary of the other LLCs cited above because it received a majority of any residual returns of the LLCs and absorbed a majority of any
residual losses of the LLCs. Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs were 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 were eliminated, the net
assets of the LLCs appeared as assets on the previous page (and in table 1 and table 5), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to
the portfolio holdings of the LLCs, were included in other liabilities in this table (and table 1 and table 5).

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral Wednesday
Nov 19, 2014

Federal Reserve notes outstanding 1,458,154
Less: Notes held by F.R. Banks not subject to collateralization 190,442
Federal Reserve notes to be collateralized 1,267,712
Collateral held against Federal Reserve notes 1,267,712
Gold certificate account 11,037
Special drawing rights certificate account 5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2) 1,251,475
Other assets pledged 0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2) 4,236,210
Less: Face value of securities under reverse repurchase agreements 250,600
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,985,610

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