FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, February 1, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	February 1, 2018

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 Jan 31, 2018
	Week ended Jan 31, 2018	Change from week ended
	Week ended Jan 31, 2018	Jan 24, 2018	Feb 1, 2017
Reserve Bank credit	4,388,002	- 12,214	- 27,087	4,377,804
Securities held outright¹	4,210,602	- 11,453	- 13,635	4,201,346
U.S. Treasury securities	2,445,467	- 1,542	- 17,969	2,436,211
Bills²	0	0	0	0
Notes and bonds, nominal²	2,318,485	- 1,816	- 23,486	2,307,591
Notes and bonds, inflation-indexed²	107,776	+ 273	+ 3,434	109,413
Inflation compensation³	19,206	+ 1	+ 2,083	19,206
Federal agency debt securities²	4,391	0	- 11,789	4,391
Mortgage-backed securities⁴	1,760,744	- 9,911	+ 16,123	1,760,743
Unamortized premiums on securities held outright⁵	157,438	- 617	- 13,876	157,337
Unamortized discounts on securities held outright⁵	-14,067	+ 26	+ 993	-14,094
Repurchase agreements⁶	0	0	0	0
Loans	71	+ 6	+ 54	54
Primary credit	63	+ 2	+ 49	46
Secondary credit	0	0	0	0
Seasonal credit	8	+ 4	+ 5	8
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,714	- 1	+ 7	1,715
Float	-384	- 214	+ 237	-1,038
Central bank liquidity swaps⁸	673	+ 601	+ 281	673
Other Federal Reserve assets⁹	31,955	- 562	- 1,149	31,811
Foreign currency denominated assets¹⁰	22,136	+ 304	+ 2,261	22,110
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,438	+ 14	+ 824	49,438

Total factors supplying reserve funds	4,475,817	- 11,896	- 24,002	4,465,593

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 Jan 31, 2018
	Week ended Jan 31, 2018	Change from week ended
	Week ended Jan 31, 2018	Jan 24, 2018	Feb 1, 2017
Currency in circulation¹¹	1,605,764	- 1,927	+ 107,363	1,607,532
Reverse repurchase agreements¹²	266,656	- 167	- 105,061	310,476
Foreign official and international accounts	237,268	- 2,947	- 14,964	244,679
Others	29,388	+ 2,779	- 90,097	65,797
Treasury cash holdings	259	+ 10	+ 40	267
Deposits with F.R. Banks, other than reserve balances	351,409	- 2,706	- 76,114	357,789
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	270,244	+ 1,126	- 104,597	275,794
Foreign official	5,254	+ 1	+ 65	5,255
Other¹³	75,912	- 3,832	+ 28,420	76,740
Other liabilities and capital¹⁴	48,099	+ 208	+ 1,264	47,153

Total factors, other than reserve balances, absorbing reserve funds	2,272,187	- 4,582	- 72,506	2,323,217

Reserve balances with Federal Reserve Banks	2,203,630	- 7,314	+ 48,504	2,142,376

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 securities, Federal agency debt securities, and 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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. 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 Jan 31, 2018
	Week ended Jan 31, 2018	Change from week ended
	Week ended Jan 31, 2018	Jan 24, 2018	Feb 1, 2017
Securities held in custody for foreign official and international accounts	3,366,298	+ 14,420	+ 200,991	3,374,135
Marketable U.S. Treasury securities¹	3,025,996	+ 14,460	+ 178,525	3,032,653
Federal agency debt and mortgage-backed securities²	261,216	- 121	+ 5,181	262,406
Other securities³	79,086	+ 81	+ 17,285	79,076
Securities lent to dealers	23,421	+ 1,365	+ 8,118	26,909
Overnight facility⁴	23,421	+ 1,365	+ 8,118	26,909
U.S. Treasury securities	23,421	+ 1,365	+ 8,173	26,909
Federal agency debt securities	0	0	- 55	0

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, January 31, 2018

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	54	0	0	0	0	...	54
U.S. Treasury securities¹
Holdings	16,563	97,821	297,078	1,081,309	322,166	621,274	2,436,211
Weekly changes	- 11,284	+ 17,783	- 20,155	- 2,592	+ 5,450	+ 1	- 10,798
Federal agency debt securities²
Holdings	0	0	1,982	62	0	2,347	4,391
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	1	174	26,435	1,734,134	1,760,743
Weekly changes	0	0	0	- 5	- 467	- 9,839	- 10,311
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	673	0	0	0	0	0	673

Reverse repurchase agreements⁴	310,476	0	...	...	...	...	310,476
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	Jan 31, 2018
Mortgage-backed securities held outright¹	1,760,743

Commitments to buy mortgage-backed securities²	19,955
Commitments to sell mortgage-backed securities²	0

Cash and cash equivalents³	5

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	Jan 31, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,715

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. Assets are revalued quarterly.
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 Jan 31, 2018	Change since
			Wednesday	Wednesday
			Jan 24, 2018	Feb 1, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,945	+ 22	- 6
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,344,643	- 21,708	- 35,742
Securities held outright¹		4,201,346	- 21,108	- 22,896
U.S. Treasury securities		2,436,211	- 10,798	- 27,215
Bills²		0	0	0
Notes and bonds, nominal²		2,307,591	- 12,710	- 33,791
Notes and bonds, inflation-indexed²		109,413	+ 1,910	+ 4,483
Inflation compensation³		19,206	+ 1	+ 2,092
Federal agency debt securities²		4,391	0	- 11,789
Mortgage-backed securities⁴		1,760,743	- 10,311	+ 16,107
Unamortized premiums on securities held outright⁵		157,337	- 588	- 13,866
Unamortized discounts on securities held outright⁵		-14,094	- 12	+ 976
Repurchase agreements⁶		0	0	0
Loans		54	0	+ 44
Net portfolio holdings of Maiden Lane LLC⁷		1,715	+ 1	+ 10
Items in process of collection	(0)	91	+ 10	+ 9
Bank premises		2,210	+ 3	+ 13
Central bank liquidity swaps⁸		673	+ 601	+ 281
Foreign currency denominated assets⁹		22,110	+ 39	+ 2,114
Other assets¹⁰		29,601	- 1,060	- 1,334

Total assets	(0)	4,419,225	- 22,092	- 34,656

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 Jan 31, 2018	Change since
			Wednesday	Wednesday
			Jan 24, 2018	Feb 1, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,560,302	+ 877	+ 106,580
Reverse repurchase agreements¹¹		310,476	+ 35,773	- 81,303
Deposits	(0)	2,500,165	- 59,480	- 61,140
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,142,376	- 39,844	- 29,717
U.S. Treasury, General Account		275,794	- 169	- 63,435
Foreign official		5,255	+ 1	- 80
Other¹²	(0)	76,740	- 19,468	+ 32,092
Deferred availability cash items	(0)	1,129	+ 830	+ 736
Other liabilities and accrued dividends¹³		5,666	- 170	- 560

Total liabilities	(0)	4,377,738	- 22,169	- 35,688

Capital accounts
Capital paid in		31,487	+ 77	+ 1,032
Surplus		10,000	0	0
Other capital accounts		0	0	0

Total capital		41,487	+ 77	+ 1,032

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 securities, Federal agency debt securities, and 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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. 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, January 31, 2018

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	349	3,592	348	553	776	1,520	737	341	191	292	916	1,422
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	1,945	54	50	195	147	274	201	309	38	51	113	205	310
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,344,643	84,649	2,446,402	112,175	125,989	254,552	255,738	182,754	57,940	33,884	61,627	173,927	555,005
Securities held outright¹	4,201,346	81,858	2,365,743	108,477	121,835	246,159	247,307	176,703	56,024	32,756	59,585	168,192	536,706
U.S. Treasury securities	2,436,211	47,466	1,371,811	62,902	70,648	142,739	143,404	102,464	32,486	18,994	34,551	97,529	311,217
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,436,211	47,466	1,371,811	62,902	70,648	142,739	143,404	102,464	32,486	18,994	34,551	97,529	311,217
Federal agency debt securities²	4,391	86	2,473	113	127	257	258	185	59	34	62	176	561
Mortgage-backed securities⁴	1,760,743	34,306	991,460	45,462	51,060	103,163	103,644	74,055	23,479	13,728	24,971	70,488	224,928
Unamortized premiums on securities held outright⁵	157,337	3,066	88,595	4,062	4,563	9,218	9,261	6,617	2,098	1,227	2,231	6,299	20,099
Unamortized discounts on securities held outright⁵	-14,094	-275	-7,936	-364	-409	-826	-830	-593	-188	-110	-200	-564	-1,800
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	54	0	0	0	0	0	0	26	6	11	11	0	0
Net portfolio holdings of Maiden
Lane LLC⁷	1,715	0	1,715	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	2,210	113	453	73	121	197	203	203	109	87	236	221	192
Central bank liquidity swaps⁸	673	29	215	36	55	145	39	28	7	3	7	9	99
Foreign currency denominated
assets⁹	22,110	958	7,091	1,188	1,800	4,775	1,289	925	242	93	215	282	3,254
Other assets¹⁰	29,601	622	16,197	761	875	1,944	1,766	1,246	506	250	498	1,187	3,749
Interdistrict settlement account	0	- 77	+ 12,993	- 7,382	- 9,989	+ 1,360	+ 9,359	+ 49,337	- 1,855	+ 1,982	+ 3,168	- 8,562	- 50,335

Total assets	4,419,225	86,893	2,490,526	107,605	119,788	264,436	270,860	235,963	57,478	36,631	66,309	168,467	514,270

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, January 31, 2018 (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	1,753,925	57,204	587,494	53,995	83,593	119,007	243,997	115,470	52,396	31,005	47,765	140,549	221,451
Less: Notes held by F.R. Banks	193,623	7,180	45,336	7,373	10,804	16,328	27,136	13,586	6,279	3,788	6,298	19,774	29,739
Federal Reserve notes, net	1,560,302	50,024	542,157	46,621	72,789	102,679	216,861	101,884	46,118	27,216	41,466	120,775	191,712
Reverse repurchase agreements¹¹	310,476	6,049	174,827	8,016	9,004	18,191	18,276	13,058	4,140	2,421	4,403	12,429	39,662
Deposits	2,500,165	28,890	1,757,811	50,416	34,441	134,024	32,896	118,943	6,479	5,613	19,871	34,490	276,291
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	2,142,376	28,883	1,457,471	50,414	34,438	133,759	32,887	61,800	6,469	5,612	19,869	34,489	276,284
U.S. Treasury, General Account	275,794	0	275,794	0	0	0	0	0	0	0	0	0	0
Foreign official	5,255	2	5,228	2	3	9	2	2	0	0	0	1	6
Other¹²	76,740	5	19,318	0	0	256	7	57,141	10	0	1	1	1
Deferred availability cash items	1,129	0	0	0	0	0	76	0	0	1,053	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,264	12	845	16	25	39	81	30	15	7	28	53	112
Other liabilities and accrued dividends	4,402	157	1,833	184	188	487	286	292	127	131	130	207	379

Total liabilities	4,377,738	85,132	2,477,473	105,253	116,447	255,420	268,475	234,207	56,879	36,441	65,898	167,955	508,156

Capital
Capital paid in	31,487	1,335	9,901	1,783	2,534	6,856	1,807	1,332	455	144	311	388	4,642
Surplus	10,000	426	3,152	568	807	2,160	578	424	144	46	99	124	1,472
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,419,225	86,893	2,490,526	107,605	119,788	264,436	270,860	235,963	57,478	36,631	66,309	168,467	514,270

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, January 31, 2018 (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 securities, Federal agency debt securities, and 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, designated financial market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. 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
Federal Reserve notes and collateral	Jan 31, 2018
Federal Reserve notes outstanding	1,753,925
Less: Notes held by F.R. Banks not subject to collateralization	193,623
Federal Reserve notes to be collateralized	1,560,302
Collateral held against Federal Reserve notes	1,560,302
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,544,065
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,201,346
Less: Face value of securities under reverse repurchase agreements	309,813
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,891,533

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