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FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks

June 23, 2016

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
Jun 22, 2016

Week ended
Jun 22, 2016

Change from week ended

Jun 15, 2016

Jun 24, 2015

Reserve Bank credit

4,438,233

+    6,549

-   21,898

4,442,347

Securities held outright1

4,242,153

+    5,727

-    4,614

4,245,772

U.S. Treasury securities

2,462,118

+      135

+    1,227

2,462,168

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,339,286

         0

-    7,356

2,339,286

Notes and bonds, inflation-indexed2

   105,939

         0

+    7,405

   105,939

Inflation compensation3

    16,892

+      135

+    1,177

    16,942

Federal agency debt securities2

    25,096

         0

-   10,799

    25,096

Mortgage-backed securities4

1,754,939

+    5,591

+    4,958

1,758,508

Unamortized premiums on securities held outright5

   181,622

-      151

-   17,599

   181,634

Unamortized discounts on securities held outright5

   -15,970

+       37

+    1,592

   -15,958

Repurchase agreements6

         0

         0

         0

         0

Loans

       147

+       43

-       29

       144

Primary credit

        39

+       30

+       16

        22

Secondary credit

         0

         0

         0

         0

Seasonal credit

       108

+       13

-       45

       122

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

     1,713

         0

+       17

     1,713

Float

      -139

+       65

+      195

      -122

Central bank liquidity swaps8

         0

-        6

-      115

         0

Other Federal Reserve assets9

    28,708

+      835

-    1,343

    29,163

Foreign currency denominated assets10

    21,259

+      170

+    1,329

    21,269

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    47,913

+       14

+      942

    47,913

Total factors supplying reserve funds

4,523,646

+    6,734

-   19,628

4,527,770

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
Jun 22, 2016

Week ended
Jun 22, 2016

Change from week ended

Jun 15, 2016

Jun 24, 2015

Currency in circulation11

1,456,060

-      614

+   91,644

1,457,131

Reverse repurchase agreements12

   307,819

+   26,141

-    2,957

   335,070

Foreign official and international accounts

   242,732

-       60

+   91,506

   244,684

Others

    65,087

+   26,201

-   94,464

    90,386

Treasury cash holdings

        90

-        3

-       40

        96

Deposits with F.R. Banks, other than reserve balances

   349,659

+   69,004

+   78,916

   369,599

Term deposits held by depository institutions

         0

         0

         0

         0

U.S. Treasury, General Account

   316,838

+   85,581

+   77,340

   331,412

Foreign official

     5,334

+      117

+       92

     5,196

Other13

    27,487

-   16,694

+    1,484

    32,991

Other liabilities and capital14

    48,120

-      538

-   18,763

    47,279

Total factors, other than reserve balances,
absorbing reserve funds

2,161,748

+   93,989

+  148,799

2,209,175

Reserve balances with Federal Reserve Banks

2,361,897

-   87,256

-  168,427

2,318,595

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.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

14.

Includes the liability for earnings remittances due to the 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
Jun 22, 2016

Week ended
Jun 22, 2016

Change from week ended

Jun 15, 2016

Jun 24, 2015

Securities held in custody for foreign official and international accounts

3,238,493

+      139

-  129,581

3,236,220

Marketable U.S. Treasury securities1

2,925,000

+    2,191

-   96,643

2,923,142

Federal agency debt and mortgage-backed securities2

   263,195

-    1,919

-   38,540

   262,741

Other securities3

    50,298

-      132

+    5,602

    50,337

Securities lent to dealers

    21,153

+       72

+    9,700

    22,898

Overnight facility4

    21,153

+       72

+    9,700

    22,898

U.S. Treasury securities

    21,143

+       69

+    9,832

    22,885

Federal agency debt securities

        10

+        3

-      132

        13

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, June 22, 2016

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

       135

        10

         0

         0

         0

...

       144

U.S. Treasury securities1

Holdings

    13,567

    24,155

   140,391

1,198,015

   449,682

   636,358

2,462,168

Weekly changes

         0

+        4

+        4

+       21

+       24

+       82

+      136

Federal agency debt securities2

Holdings

         0

     4,604

    12,395

     5,750

         0

     2,347

    25,096

Weekly changes

         0

+    2,000

-    2,000

         0

         0

         0

         0

Mortgage-backed securities3

Holdings

         0

         0

         0

       956

     9,812

1,747,740

1,758,508

Weekly changes

         0

         0

         0

+       32

+      699

+    6,453

+    7,184

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

         0

         0

         0

         0

         0

         0

         0

Reverse repurchase agreements4

   335,070

         0

...

...

...

...

   335,070

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

Jun 22, 2016

Mortgage-backed securities held outright1

1,758,508

Commitments to buy mortgage-backed securities2

    24,113

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

        14

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

Jun 22, 2016

Net portfolio holdings of Maiden Lane LLC1

     1,713

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 March 31, 2016. 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
Jun 22, 2016

Change since

Wednesday

Wednesday

Jun 15, 2016

Jun 24, 2015

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,863

+       19

-        4

Securities, unamortized premiums and discounts, repurchase agreements, and loans

4,411,592

+    7,270

-   13,182

Securities held outright1

4,245,772

+    7,319

+    2,573

U.S. Treasury securities

2,462,168

+      136

+    1,257

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,339,286

         0

-    7,356

Notes and bonds, inflation-indexed2

   105,939

         0

+    7,405

Inflation compensation3

    16,942

+      135

+    1,207

Federal agency debt securities2

    25,096

         0

-   10,799

Mortgage-backed securities4

1,758,508

+    7,184

+   12,115

Unamortized premiums on securities held outright5

   181,634

-      105

-   17,284

Unamortized discounts on securities held outright5

   -15,958

+       33

+    1,592

Repurchase agreements6

         0

         0

         0

Loans

       144

+       23

-       63

Net portfolio holdings of Maiden Lane LLC7

     1,713

         0

+       17

Items in process of collection

(0)

       171

+        7

+       99

Bank premises

     2,218

+        1

-       25

Central bank liquidity swaps8

         0

-        6

-      115

Foreign currency denominated assets9

    21,269

+      162

+    1,546

Other assets10

    26,946

+    1,738

-    1,382

Total assets

(0)

4,482,009

+    9,192

-   13,046

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
Jun 22, 2016

Change since

Wednesday

Wednesday

Jun 15, 2016

Jun 24, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings

1,411,173

-      111

+   90,698

Reverse repurchase agreements11

   335,070

+   63,701

+   45,654

Deposits

(0)

2,688,193

-   54,862

-  131,173

Term deposits held by depository institutions

         0

         0

         0

Other deposits held by depository institutions

2,318,595

-   86,306

-  174,934

U.S. Treasury, General Account

   331,412

+   25,889

+   90,650

Foreign official

     5,196

-        1

-       47

Other12

(0)

    32,991

+    5,557

-   46,842

Deferred availability cash items

(0)

       293

-      109

-      132

Other liabilities and accrued dividends13

     7,166

+      569

+       58

Total liabilities

(0)

4,441,895

+    9,189

+    5,104

Capital accounts

Capital paid in

    30,114

+        3

+      982

Surplus

    10,000

         0

-   19,132

Other capital accounts

         0

         0

         0

Total capital

    40,114

+        3

-   18,150

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.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

13.

Includes the liability for earnings remittances due to the U.S. Treasury.


6. Statement of Condition of Each Federal Reserve Bank, June 22, 2016

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

       355

     3,588

       359

       586

       760

     1,541

       753

       360

       193

       296

       875

     1,371

Special drawing rights certificate acct.

     5,200

       196

     1,818

       210

       237

       412

       654

       424

       150

        90

       153

       282

       574

Coin

     1,863

        48

        61

       139

       135

       298

       187

       276

        28

        53

       139

       186

       312

Securities, unamortized premiums and discounts, repurchase agreements,
and loans

4,411,592

   108,368

2,510,410

   119,780

   132,115

   269,600

   246,912

   175,801

    55,719

    32,565

    61,410

   157,026

   541,884

Securities held outright1

4,245,772

   104,298

2,416,129

   115,282

   127,154

   259,475

   237,632

   169,172

    53,585

    31,302

    59,090

   151,127

   521,525

U.S. Treasury securities

2,462,168

    60,484

1,401,139

    66,853

    73,738

   150,472

   137,806

    98,105

    31,075

    18,152

    34,267

    87,640

   302,438

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,462,168

    60,484

1,401,139

    66,853

    73,738

   150,472

   137,806

    98,105

    31,075

    18,152

    34,267

    87,640

   302,438

Federal agency debt securities2

    25,096

       616

    14,281

       681

       752

     1,534

     1,405

     1,000

       317

       185

       349

       893

     3,083

Mortgage-backed securities4

1,758,508

    43,198

1,000,709

    47,747

    52,664

   107,469

    98,422

    70,068

    22,194

    12,965

    24,474

    62,594

   216,004

Unamortized premiums on securities held outright5

   181,634

     4,462

   103,362

     4,932

     5,440

    11,100

    10,166

     7,237

     2,292

     1,339

     2,528

     6,465

    22,311

Unamortized discounts on securities held outright5

   -15,958

      -392

    -9,081

      -433

      -478

      -975

      -893

      -636

      -201

      -118

      -222

      -568

    -1,960

Repurchase agreements6

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Loans

       144

         0

         0

         0

         0

         0

         7

        27

        43

        42

        14

         2

         9

Net portfolio holdings of Maiden

Lane LLC7

     1,713

         0

     1,713

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Items in process of collection

       171

         0

         0

         0

         0

         0

       171

         0

         0

         1

         0

         0

         0

Bank premises

     2,218

       121

       429

        74

       106

       208

       209

       202

       116

        90

       241

       225

       197

Central bank liquidity swaps8

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign currency denominated

assets9

    21,269

       940

     7,019

     1,170

     1,620

     4,743

     1,181

       570

       218

        91

       212

       270

     3,235

Other assets10

    26,946

       694

    14,781

       732

       806

     1,805

     1,510

     1,079

       547

       221

       419

     1,040

     3,311

Interdistrict settlement account

         0

-   19,835

+   33,877

-    2,194

-   10,901

-   15,785

+    3,377

+    1,185

-      299

-    1,167

-    2,632

+    6,963

+    7,412

Total assets

4,482,009

    90,888

2,573,695

   120,271

   124,704

   262,041

   255,742

   180,290

    56,838

    32,137

    60,239

   166,867

   558,298

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, June 22, 2016 (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

1,587,942

    49,787

   509,403

    49,526

    81,529

   110,247

   222,171

   106,611

    50,592

    27,372

    40,439

   132,753

   207,512

Less: Notes held by F.R. Banks

   176,769

     5,578

    55,133

     5,924

     9,368

    12,672

    25,808

    10,834

     5,160

     2,734

     5,110

    14,734

    23,715

Federal Reserve notes, net

1,411,173

    44,209

   454,269

    43,602

    72,161

    97,575

   196,363

    95,777

    45,432

    24,638

    35,329

   118,019

   183,797

Reverse repurchase agreements11

   335,070

     8,231

   190,677

     9,098

    10,035

    20,477

    18,754

    13,351

     4,229

     2,470

     4,663

    11,927

    41,158

Deposits

2,688,193

    36,481

1,912,054

    65,149

    39,196

   134,502

    37,880

    69,333

     6,596

     4,489

    19,699

    36,132

   326,683

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

2,318,595

    36,471

1,549,841

    65,147

    39,193

   134,304

    37,871

    62,194

     6,586

     4,489

    19,698

    36,131

   326,672

U.S. Treasury, General Account

   331,412

         0

   331,412

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,196

         2

     5,169

         2

         3

         9

         2

         1

         0

         0

         0

         1

         6

Other12

    32,991

         9

    25,632

         0

         0

       189

         7

     7,137

        10

         0

         1

         1

         5

Deferred availability cash items

       293

         0

         0

         0

         0

         0

        73

         0

         0

       220

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

     2,063

        58

     1,125

        59

        67

       138

       127

        80

        30

        15

        33

        76

       255

Other liabilities and accrued
dividends

     5,102

       162

     2,418

       201

       206

       537

       326

       261

       132

       134

       122

       204

       398

Total liabilities

4,441,895

    89,141

2,560,543

   118,109

   121,666

   253,230

   253,523

   178,802

    56,420

    31,966

    59,847

   166,358

   552,291

Capital

Capital paid in

    30,114

     1,305

     9,853

     1,612

     2,276

     6,581

     1,664

     1,220

       315

       128

       292

       382

     4,486

Surplus

    10,000

       442

     3,299

       550

       762

     2,230

       555

       268

       103

        43

       100

       127

     1,521

Other capital

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Total liabilities and capital

4,482,009

    90,888

2,573,695

   120,271

   124,704

   262,041

   255,742

   180,290

    56,838

    32,137

    60,239

   166,867

   558,298

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, June 22, 2016 (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.  Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

13.

Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $10 billion surplus.

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

Jun 22, 2016

Federal Reserve notes outstanding

1,587,942

Less: Notes held by F.R. Banks not subject to collateralization

   176,769

Federal Reserve notes to be collateralized

1,411,173

Collateral held against Federal Reserve notes

1,411,173

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2

1,394,936

Other assets pledged

         0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2

4,245,772

Less: Face value of securities under reverse repurchase agreements

   308,453

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged

3,937,319

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

1.

Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.

2.

Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.


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