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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

October 27, 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
Oct 26, 2016

Week ended
Oct 26, 2016

Change from week ended

Oct 19, 2016

Oct 28, 2015

Reserve Bank credit

4,430,035

-    4,640

-   28,274

4,414,796

Securities held outright1

4,231,684

-    7,371

-   14,789

4,217,878

U.S. Treasury securities

2,463,535

+       23

+    1,722

2,463,544

Bills2

         0

         0

         0

         0

Notes and bonds, nominal2

2,340,976

         0

-    5,663

2,340,976

Notes and bonds, inflation-indexed2

   105,224

         0

+    6,690

   105,224

Inflation compensation3

    17,335

+       23

+      695

    17,344

Federal agency debt securities2

    18,493

-    1,428

-   15,653

    18,493

Mortgage-backed securities4

1,749,656

-    5,967

-      857

1,735,841

Unamortized premiums on securities held outright5

   176,603

-      394

-   16,162

   176,056

Unamortized discounts on securities held outright5

   -15,357

+       37

+    1,527

   -15,343

Repurchase agreements6

         0

         0

         0

         0

Loans

        92

-       24

-       87

        76

Primary credit

         6

         0

+        4

         2

Secondary credit

         0

         0

         0

         0

Seasonal credit

        86

-       24

-       91

        74

Other credit extensions

         0

         0

         0

         0

Net portfolio holdings of Maiden Lane LLC7

     1,708

-        1

+        2

     1,705

Float

      -326

+       53

-      545

      -464

Central bank liquidity swaps8

     3,541

+    3,301

+    3,401

     3,541

Other Federal Reserve assets9

    32,090

-      241

-    1,621

    31,347

Foreign currency denominated assets10

    20,869

-      138

+    1,064

    20,871

Gold stock

    11,041

         0

         0

    11,041

Special drawing rights certificate account

     5,200

         0

         0

     5,200

Treasury currency outstanding11

    48,267

+       14

+      838

    48,267

Total factors supplying reserve funds

4,515,412

-    4,764

-   26,373

4,500,175

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
Oct 26, 2016

Week ended
Oct 26, 2016

Change from week ended

Oct 19, 2016

Oct 28, 2015

Currency in circulation11

1,475,912

-    1,095

+   83,339

1,477,577

Reverse repurchase agreements12

   401,309

+    7,687

+   75,356

   384,809

Foreign official and international accounts

   239,422

-    1,024

+   52,135

   242,744

Others

   161,887

+    8,711

+   23,222

   142,065

Treasury cash holdings

       177

+        5

-       49

       181

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

   529,164

+   74,982

+  429,669

   526,849

Term deposits held by depository institutions

    48,601

+   48,601

+   48,601

    48,601

U.S. Treasury, General Account

   429,027

+   37,039

+  381,927

   420,256

Foreign official

     5,170

+        5

-       91

     5,166

Other13

    46,366

-   10,663

-      768

    52,826

Other liabilities and capital14

    47,267

-      710

-   18,510

    45,739

Total factors, other than reserve balances,
absorbing reserve funds

2,453,829

+   80,869

+  569,806

2,435,155

Reserve balances with Federal Reserve Banks

2,061,583

-   85,633

-  596,179

2,065,020

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
Oct 26, 2016

Week ended
Oct 26, 2016

Change from week ended

Oct 19, 2016

Oct 28, 2015

Securities held in custody for foreign official and international accounts

3,125,232

+    2,795

-  167,127

3,120,080

Marketable U.S. Treasury securities1

2,806,250

+    4,913

-  164,064

2,802,246

Federal agency debt and mortgage-backed securities2

   259,666

-    1,688

-   16,425

   258,384

Other securities3

    59,316

-      429

+   13,362

    59,450

Securities lent to dealers

    21,147

-    1,902

+    4,710

    19,893

Overnight facility4

    21,147

-    1,902

+    4,710

    19,893

U.S. Treasury securities

    21,122

-    1,897

+    4,746

    19,869

Federal agency debt securities

        24

-        6

-       37

        24

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, October 26, 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

        70

         6

         0

         0

         0

...

        76

U.S. Treasury securities1

Holdings

     6,529

    38,905

   146,893

1,202,724

   433,465

   635,028

2,463,544

Weekly changes

         0

         0

+        1

+        4

+        4

+       14

+       24

Federal agency debt securities2

Holdings

         0

     2,313

     9,423

     4,410

         0

     2,347

    18,493

Weekly changes

         0

         0

         0

         0

         0

         0

         0

Mortgage-backed securities3

Holdings

         0

         0

         0

     1,390

    11,099

1,723,351

1,735,841

Weekly changes

         0

         0

         0

-      200

-      648

-   14,046

-   14,892

Repurchase agreements4

         0

         0

...

...

...

...

         0

Central bank liquidity swaps5

     3,541

         0

         0

         0

         0

         0

     3,541

Reverse repurchase agreements4

   384,809

         0

...

...

...

...

   384,809

Term deposits

    48,601

         0

         0

...

...

...

    48,601

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

Oct 26, 2016

Mortgage-backed securities held outright1

1,735,841

Commitments to buy mortgage-backed securities2

    38,316

Commitments to sell mortgage-backed securities2

         0

Cash and cash equivalents3

        10

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

Oct 26, 2016

Net portfolio holdings of Maiden Lane LLC1

     1,705

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 June 30, 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
Oct 26, 2016

Change since

Wednesday

Wednesday

Oct 19, 2016

Oct 28, 2015

Assets

Gold certificate account

    11,037

         0

         0

Special drawing rights certificate account

     5,200

         0

         0

Coin

     1,895

-        3

+       11

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

4,378,668

-   15,529

-   37,099

Securities held outright1

4,217,878

-   14,869

-   22,159

U.S. Treasury securities

2,463,544

+       24

+    1,744

Bills2

         0

         0

         0

Notes and bonds, nominal2

2,340,976

         0

-    5,663

Notes and bonds, inflation-indexed2

   105,224

         0

+    6,690

Inflation compensation3

    17,344

+       24

+      718

Federal agency debt securities2

    18,493

         0

-   15,653

Mortgage-backed securities4

1,735,841

-   14,892

-    8,250

Unamortized premiums on securities held outright5

   176,056

-      679

-   16,377

Unamortized discounts on securities held outright5

   -15,343

+       36

+    1,528

Repurchase agreements6

         0

         0

         0

Loans

        76

-       18

-       91

Net portfolio holdings of Maiden Lane LLC7

     1,705

-        4

-       11

Items in process of collection

(0)

        62

-       14

-      397

Bank premises

     2,202

-        1

-       34

Central bank liquidity swaps8

     3,541

+    3,361

+    3,401

Foreign currency denominated assets9

    20,871

-      152

+    1,032

Other assets10

    29,145

-      715

-    1,917

Total assets

(0)

4,454,326

-   13,056

-   35,013

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
Oct 26, 2016

Change since

Wednesday

Wednesday

Oct 19, 2016

Oct 28, 2015

Liabilities

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

1,431,381

+      692

+   81,643

Reverse repurchase agreements11

   384,809

-   46,359

+   39,999

Deposits

(0)

2,591,870

+   33,463

-  137,279

Term deposits held by depository institutions

    48,601

+   48,601

+   48,601

Other deposits held by depository institutions

2,065,020

-   40,791

-  603,167

U.S. Treasury, General Account

   420,256

+   10,563

+  384,670

Foreign official

     5,166

+        1

-      107

Other12

(0)

    52,826

+   15,089

+   32,724

Deferred availability cash items

(0)

       527

+       24

-       44

Other liabilities and accrued dividends13

     5,556

-      880

-      918

Total liabilities

(0)

4,414,143

-   13,060

-   16,599

Capital accounts

Capital paid in

    30,182

+        3

+      884

Surplus

    10,000

         0

-   19,298

Other capital accounts

         0

         0

         0

Total capital

    40,182

+        3

-   18,415

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, October 26, 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

     1,895

        48

        74

       160

       131

       301

       181

       281

        32

        54

       126

       189

       318

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

4,378,668

   107,561

2,491,712

   118,888

   131,131

   267,592

   245,070

   174,470

    55,278

    32,313

    60,947

   155,863

   537,840

Securities held outright1

4,217,878

   103,613

2,400,256

   114,525

   126,318

   257,770

   236,071

   168,061

    53,233

    31,097

    58,702

   150,134

   518,098

U.S. Treasury securities

2,463,544

    60,518

1,401,922

    66,891

    73,779

   150,556

   137,883

    98,160

    31,092

    18,163

    34,286

    87,689

   302,607

Bills2

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Notes and bonds3

2,463,544

    60,518

1,401,922

    66,891

    73,779

   150,556

   137,883

    98,160

    31,092

    18,163

    34,286

    87,689

   302,607

Federal agency debt securities2

    18,493

       454

    10,524

       502

       554

     1,130

     1,035

       737

       233

       136

       257

       658

     2,272

Mortgage-backed securities4

1,735,841

    42,641

   987,810

    47,132

    51,986

   106,084

    97,154

    69,164

    21,908

    12,798

    24,158

    61,787

   213,220

Unamortized premiums on securities held outright5

   176,056

     4,325

   100,188

     4,780

     5,273

    10,759

     9,854

     7,015

     2,222

     1,298

     2,450

     6,267

    21,626

Unamortized discounts on securities held outright5

   -15,343

      -377

    -8,731

      -417

      -459

      -938

      -859

      -611

      -194

      -113

      -214

      -546

    -1,885

Repurchase agreements6

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Loans

        76

         0

         0

         0

         0

         1

         4

         6

        17

        32

         8

         8

         1

Net portfolio holdings of Maiden

Lane LLC7

     1,705

         0

     1,705

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Items in process of collection

        62

         0

         0

         0

         0

         0

        62

         0

         0

         0

         0

         0

         0

Bank premises

     2,202

       118

       430

        72

       105

       204

       207

       201

       114

        90

       240

       224

       196

Central bank liquidity swaps8

     3,541

       157

     1,168

       195

       270

       790

       197

        95

        36

        15

        35

        45

       539

Foreign currency denominated

assets9

    20,871

       922

     6,887

     1,148

     1,590

     4,654

     1,159

       559

       214

        89

       208

       265

     3,175

Other assets10

    29,145

       754

    16,103

       795

       876

     1,938

     1,641

     1,173

       445

       239

       459

     1,135

     3,586

Interdistrict settlement account

         0

-   21,516

+   41,660

-   12,687

-   12,621

-   15,862

+    8,753

+    1,655

+    2,697

+    1,781

-       88

+   18,169

-   11,941

Total assets

4,454,326

    88,594

2,565,145

   109,141

   122,306

   260,789

   259,464

   179,612

    59,327

    34,865

    62,376

   177,047

   535,659

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, October 26, 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

1,616,883

    49,944

   523,869

    51,582

    80,566

   114,020

   223,804

   108,954

    49,809

    28,193

    42,869

   133,928

   209,345

Less: Notes held by F.R. Banks

   185,502

     6,529

    47,519

     6,724

     9,969

    14,735

    27,752

    12,681

     5,797

     3,268

     6,039

    16,321

    28,168

Federal Reserve notes, net

1,431,381

    43,415

   476,350

    44,858

    70,598

    99,285

   196,053

    96,273

    44,012

    24,925

    36,830

   117,607

   181,177

Reverse repurchase agreements11

   384,809

     9,453

   218,982

    10,448

    11,524

    23,517

    21,537

    15,333

     4,857

     2,837

     5,356

    13,697

    47,268

Deposits

2,591,870

    33,800

1,854,228

    51,456

    36,783

   128,629

    39,183

    66,217

     9,869

     6,342

    19,660

    44,974

   300,729

Term deposits held by depository institutions

    48,601

        50

    18,015

    17,000

       650

         6

       100

     4,420

         0

         0

     2,360

         0

     6,000

Other deposits held by depository institutions

2,065,020

    33,743

1,367,337

    34,454

    36,130

   128,317

    39,074

    52,779

     9,855

     6,342

    17,298

    44,973

   294,720

U.S. Treasury, General Account

   420,256

         0

   420,256

         0

         0

         0

         0

         0

         0

         0

         0

         0

         0

Foreign official

     5,166

         2

     5,140

         2

         3

         9

         2

         1

         0

         0

         0

         1

         6

Other12

    52,826

         5

    43,480

         0

         0

       298

         7

     9,017

        14

         0

         1

         1

         3

Deferred availability cash items

       527

         0

         0

         0

         0

         0

        82

         0

         0

       444

         0

         0

         0

Earnings remittances due to the U.S. Treasury13

       689

         7

       465

         4

         9

        21

        41

        20

         8

         5

         9

        35

        65

Other liabilities and accrued
dividends

     4,867

       170

     2,081

       203

       210

       524

       350

       274

       144

       142

       131

       220

       419

Total liabilities

4,414,143

    86,845

2,552,105

   106,970

   119,124

   251,977

   257,246

   178,116

    58,889

    34,696

    61,985

   176,533

   529,657

Capital

Capital paid in

    30,182

     1,307

     9,741

     1,621

     2,420

     6,581

     1,663

     1,228

       335

       127

       291

       388

     4,480

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

4,454,326

    88,594

2,565,145

   109,141

   122,306

   260,789

   259,464

   179,612

    59,327

    34,865

    62,376

   177,047

   535,659

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, October 26, 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

Oct 26, 2016

Federal Reserve notes outstanding

1,616,883

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

   185,502

Federal Reserve notes to be collateralized

1,431,381

Collateral held against Federal Reserve notes

1,431,381

Gold certificate account

    11,037

Special drawing rights certificate account

     5,200

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

1,415,145

Other assets pledged

         0

Memo:

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

4,217,878

Less: Face value of securities under reverse repurchase agreements

   358,240

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

3,859,638

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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