FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, December 17, 2015

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	December 17, 2015

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 16, 2015
	Week ended Dec 16, 2015	Change from week ended
	Week ended Dec 16, 2015	Dec 9, 2015	Dec 17, 2014
Reserve Bank credit	4,454,480	+ 12,855	- 9,381	4,451,506
Securities held outright¹	4,250,200	+ 10,871	+ 6,397	4,247,678
U.S. Treasury securities	2,461,582	- 12	+ 63	2,461,578
Bills²	0	0	0	0
Notes and bonds, nominal²	2,346,639	0	- 74	2,346,639
Notes and bonds, inflation-indexed²	98,534	0	+ 65	98,534
Inflation compensation³	16,409	- 12	+ 72	16,405
Federal agency debt securities²	32,944	0	- 5,733	32,944
Mortgage-backed securities⁴	1,755,674	+ 10,883	+ 12,067	1,753,157
Unamortized premiums on securities held outright⁵	190,633	+ 6	- 17,172	190,418
Unamortized discounts on securities held outright⁵	-16,655	+ 31	+ 1,822	-16,641
Repurchase agreements⁶	0	0	0	0
Loans	71	- 5	- 24	74
Primary credit	6	+ 4	- 2	10
Secondary credit	0	0	0	0
Seasonal credit	65	- 9	- 23	64
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,715	- 1	+ 34	1,716
Float	-43	- 327	+ 491	-33
Central bank liquidity swaps⁸	138	+ 2	+ 136	138
Other Federal Reserve assets⁹	28,421	+ 2,277	- 1,064	28,157
Foreign currency denominated assets¹⁰	19,702	+ 198	- 1,790	19,617
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	47,481	+ 14	+ 1,193	47,481

Total factors supplying reserve funds	4,537,904	+ 13,067	- 9,978	4,534,846

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 16, 2015
	Week ended Dec 16, 2015	Change from week ended
	Week ended Dec 16, 2015	Dec 9, 2015	Dec 17, 2014
Currency in circulation¹¹	1,412,564	+ 1,855	+ 89,799	1,414,321
Reverse repurchase agreements¹²	295,102	+ 30,202	+ 59,808	306,718
Foreign official and international accounts	203,894	+ 13,884	+ 106,627	204,714
Others	91,208	+ 16,318	- 46,819	102,004
Treasury cash holdings	246	- 5	+ 59	250
Deposits with F.R. Banks, other than reserve balances	226,553	- 31,304	+ 89,139	287,438
Term deposits held by depository institutions	0	- 43,832	0	0
U.S. Treasury, General Account	196,343	+ 9,719	+ 81,567	266,187
Foreign official	5,321	+ 64	+ 114	5,231
Other¹³	24,889	+ 2,744	+ 7,458	16,020
Other liabilities and capital¹⁴	67,877	+ 626	+ 2,562	66,065

Total factors, other than reserve balances, absorbing reserve funds	2,002,342	+ 1,375	+ 241,367	2,074,793

Reserve balances with Federal Reserve Banks	2,535,562	+ 11,692	- 251,345	2,460,053

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.	Refer to table 4 and the note on consolidation accompanying table 6.
8.	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.
9.	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.
10.	Revalued daily at current foreign currency exchange rates.
11.	Estimated.
12.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
13.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
14.	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 Dec 16, 2015
	Week ended Dec 16, 2015	Change from week ended
	Week ended Dec 16, 2015	Dec 9, 2015	Dec 17, 2014
Securities held in custody for foreign official and international accounts	3,310,245	- 7,688	- 17,913	3,304,844
Marketable U.S. Treasury securities¹	2,991,484	- 8,296	+ 4,824	2,987,062
Federal agency debt and mortgage-backed securities²	272,413	+ 399	- 27,210	271,358
Other securities³	46,348	+ 209	+ 4,473	46,423
Securities lent to dealers	14,078	+ 1,102	+ 2,740	14,606
Overnight facility⁴	14,078	+ 1,102	+ 2,740	14,606
U.S. Treasury securities	13,941	+ 1,095	+ 3,252	14,473
Federal agency debt securities	137	+ 6	- 512	133

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, December 16, 2015

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
Loans	24	50	0	0	0	...	74
U.S. Treasury securities¹
Holdings	0	38,619	165,795	1,124,295	494,990	637,878	2,461,578
Weekly changes	0	0	0	- 2	- 2	- 8	- 11
Federal agency debt securities²
Holdings	0	3,687	11,808	15,102	0	2,347	32,944
Weekly changes	0	+ 2,061	- 1,017	- 1,044	0	0	0
Mortgage-backed securities³
Holdings	0	0	0	481	9,187	1,743,489	1,753,157
Weekly changes	0	0	0	0	+ 50	+ 8,310	+ 8,361
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	138	0	0	0	0	0	138

Reverse repurchase agreements⁴	306,718	0	...	...	...	...	306,718
Term deposits	0	0	0	...	...	...	0

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
Account name	Dec 16, 2015
Mortgage-backed securities held outright¹	1,753,157

Commitments to buy mortgage-backed securities²	23,621
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	0

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
Account name	Dec 16, 2015
Net portfolio holdings of Maiden Lane LLC¹	1,716

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, 2015. 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 from consolidation	Wednesday Dec 16, 2015	Change since
			Wednesday	Wednesday
			Dec 9, 2015	Dec 17, 2014
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,900	+ 13	+ 24
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,421,529	+ 8,276	- 9,860
Securities held outright¹		4,247,678	+ 8,348	+ 5,549
U.S. Treasury securities		2,461,578	- 11	+ 83
Bills²		0	0	0
Notes and bonds, nominal²		2,346,639	0	- 73
Notes and bonds, inflation-indexed²		98,534	0	+ 65
Inflation compensation³		16,405	- 11	+ 91
Federal agency debt securities²		32,944	0	- 5,733
Mortgage-backed securities⁴		1,753,157	+ 8,361	+ 11,200
Unamortized premiums on securities held outright⁵		190,418	- 100	- 17,214
Unamortized discounts on securities held outright⁵		-16,641	+ 34	+ 1,822
Repurchase agreements⁶		0	0	0
Loans		74	- 7	- 16
Net portfolio holdings of Maiden Lane LLC⁷		1,716	+ 1	+ 38
Items in process of collection	(0)	299	- 67	+ 198
Bank premises		2,232	+ 3	- 32
Central bank liquidity swaps⁸		138	+ 2	+ 136
Foreign currency denominated assets⁹		19,617	- 52	- 1,846
Other assets¹⁰		25,925	+ 983	- 1,312

Total assets	(0)	4,489,593	+ 9,157	- 12,654

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 from consolidation	Wednesday Dec 16, 2015	Change since
			Wednesday	Wednesday
			Dec 9, 2015	Dec 17, 2014
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,368,985	+ 1,643	+ 86,423
Reverse repurchase agreements¹¹		306,718	+ 22,888	+ 76,702
Deposits	(0)	2,747,491	- 14,739	- 177,985
Term deposits held by depository institutions		0	- 43,832	0
Other deposits held by depository institutions		2,460,053	- 49,962	- 279,057
U.S. Treasury, General Account		266,187	+ 90,441	+ 94,873
Foreign official		5,231	- 198	+ 25
Other¹²	(0)	16,020	- 11,188	+ 6,174
Deferred availability cash items	(0)	333	+ 10	- 302
Other liabilities and accrued dividends¹³		7,346	- 666	+ 903

Total liabilities	(0)	4,430,874	+ 9,137	- 14,257

Capital accounts
Capital paid in		29,359	+ 9	+ 801
Surplus		29,359	+ 9	+ 801
Other capital accounts		0	0	0

Total capital		58,719	+ 19	+ 1,603

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.	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.
9.	Revalued daily at current foreign currency exchange rates.
10.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
11.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
12.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
13.	Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

6. Statement of Condition of Each Federal Reserve Bank, December 16, 2015

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	347	3,709	340	505	783	1,600	734	299	171	288	891	1,370
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	1,900	47	72	132	137	304	191	278	32	47	150	196	314
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,421,529	112,082	2,654,253	109,969	106,307	240,145	248,981	164,279	46,114	26,937	57,444	142,437	512,581
Securities held outright¹	4,247,678	107,677	2,549,932	105,647	102,124	230,707	239,196	157,820	44,297	25,833	55,180	136,832	492,435
U.S. Treasury securities	2,461,578	62,400	1,477,715	61,224	59,182	133,697	138,617	91,459	25,671	14,970	31,977	79,295	285,372
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,461,578	62,400	1,477,715	61,224	59,182	133,697	138,617	91,459	25,671	14,970	31,977	79,295	285,372
Federal agency debt securities²	32,944	835	19,777	819	792	1,789	1,855	1,224	344	200	428	1,061	3,819
Mortgage-backed securities⁴	1,753,157	44,442	1,052,441	43,604	42,150	95,220	98,724	65,138	18,283	10,662	22,774	56,475	203,244
Unamortized premiums on securities held outright⁵	190,418	4,827	114,310	4,736	4,578	10,342	10,723	7,075	1,986	1,158	2,474	6,134	22,075
Unamortized discounts on securities held outright⁵	-16,641	-422	-9,990	-414	-400	-904	-937	-618	-174	-101	-216	-536	-1,929
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	74	0	0	0	5	0	0	2	5	47	7	8	0
Net portfolio holdings of Maiden
Lane LLC⁷	1,716	0	1,716	0	0	0	0	0	0	0	0	0	0
Items in process of collection	299	0	0	0	0	0	299	0	0	0	0	0	0
Bank premises	2,232	125	437	74	106	212	207	204	118	92	239	220	197
Central bank liquidity swaps⁸	138	6	44	8	11	32	8	4	1	1	1	2	20
Foreign currency denominated
assets⁹	19,617	889	6,324	1,096	1,529	4,501	1,116	527	183	82	206	283	2,880
Other assets¹⁰	25,925	690	14,979	650	628	1,562	1,460	969	482	182	377	935	3,011
Interdistrict settlement account	0	- 9,223	- 177,111	+ 4,822	+ 23,499	+ 33,523	+ 3,751	+ 18,259	+ 11,698	+ 6,052	+ 3,898	+ 19,884	+ 60,948

Total assets	4,489,593	105,161	2,506,242	117,301	132,959	281,474	258,267	185,677	59,077	33,653	62,757	165,129	581,895

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, December 16, 2015 (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	1,551,758	49,452	499,746	49,539	83,088	107,076	219,463	103,396	51,850	26,910	40,894	125,638	194,707
Less: Notes held by F.R. Banks	182,773	5,586	67,989	5,931	8,990	12,158	21,645	10,314	4,662	2,679	4,597	13,809	24,413
Federal Reserve notes, net	1,368,985	43,867	431,757	43,608	74,097	94,918	197,818	93,081	47,188	24,231	36,297	111,829	170,294
Reverse repurchase agreements¹¹	306,718	7,775	184,127	7,629	7,374	16,659	17,272	11,396	3,199	1,865	3,984	9,880	35,558
Deposits	2,747,491	50,687	1,867,401	62,546	46,705	155,994	39,246	79,282	7,942	7,013	21,713	42,291	366,671
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	2,460,053	50,683	1,587,549	62,543	46,702	155,832	39,236	71,901	7,934	7,013	21,711	42,289	366,660
U.S. Treasury, General Account	266,187	0	266,187	0	0	0	0	0	0	0	0	0	0
Foreign official	5,231	2	5,204	2	3	9	2	1	0	0	0	1	6
Other¹²	16,020	2	8,462	0	0	153	7	7,380	8	0	1	2	5
Deferred availability cash items	333	0	0	0	0	0	187	0	0	146	0	0	0
Interest on Federal Reserve notes due to U.S. Treasury¹³	1,870	46	1,180	43	39	80	110	67	11	10	17	62	203
Other liabilities and accrued dividends	5,477	177	2,490	229	247	659	358	270	132	136	133	193	452

Total liabilities	4,430,874	102,552	2,486,955	114,054	128,463	268,310	254,991	184,095	58,472	33,401	62,145	164,256	573,178

Capital
Capital paid in	29,359	1,304	9,644	1,624	2,248	6,582	1,638	791	303	126	306	436	4,359
Surplus	29,359	1,304	9,644	1,624	2,248	6,582	1,638	791	303	126	306	436	4,359
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,489,593	105,161	2,506,242	117,301	132,959	281,474	258,267	185,677	59,077	33,653	62,757	165,129	581,895

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, December 16, 2015 (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.	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.
9.	Revalued daily at current foreign currency exchange rates.
10.	Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.
11.	Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.
12.	Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.
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.

Note on consolidation:

On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous page (and in table 1 and table 5), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, 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
Federal Reserve notes and collateral	Dec 16, 2015
Federal Reserve notes outstanding	1,551,758
Less: Notes held by F.R. Banks not subject to collateralization	182,773
Federal Reserve notes to be collateralized	1,368,985
Collateral held against Federal Reserve notes	1,368,985
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,352,748
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,247,678
Less: Face value of securities under reverse repurchase agreements	295,694
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,951,984

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