FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, April 19, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	April 19, 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 Apr 18, 2018
	Week ended Apr 18, 2018	Change from week ended
	Week ended Apr 18, 2018	Apr 11, 2018	Apr 19, 2017
Reserve Bank credit	4,348,539	+ 6,362	- 95,112	4,345,288
Securities held outright¹	4,176,513	+ 4,729	- 79,673	4,173,760
U.S. Treasury securities	2,413,097	+ 72	- 51,507	2,413,079
Bills²	0	0	0	0
Notes and bonds, nominal²	2,281,932	+ 47	- 57,545	2,281,995
Notes and bonds, inflation-indexed²	111,029	- 105	+ 3,980	110,907
Inflation compensation³	20,136	+ 131	+ 2,057	20,177
Federal agency debt securities²	4,391	0	- 8,509	4,391
Mortgage-backed securities⁴	1,759,025	+ 4,657	- 19,656	1,756,290
Unamortized premiums on securities held outright⁵	153,963	- 174	- 15,073	153,776
Unamortized discounts on securities held outright⁵	-13,992	+ 28	+ 929	-13,981
Repurchase agreements⁶	0	0	0	0
Loans	35	+ 5	- 5	43
Primary credit	5	+ 4	- 10	10
Secondary credit	0	0	0	0
Seasonal credit	30	+ 1	+ 5	33
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	1,709	+ 1	+ 1	1,710
Float	-175	+ 20	+ 180	-288
Central bank liquidity swaps⁸	82	+ 3	+ 47	82
Other Federal Reserve assets⁹	30,404	+ 1,751	- 1,519	30,185
Foreign currency denominated assets¹⁰	22,154	+ 25	+ 1,927	22,205
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,594	+ 14	+ 779	49,594

Total factors supplying reserve funds	4,436,528	+ 6,400	- 92,405	4,433,328

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 Apr 18, 2018
	Week ended Apr 18, 2018	Change from week ended
	Week ended Apr 18, 2018	Apr 11, 2018	Apr 19, 2017
Currency in circulation¹¹	1,640,479	+ 479	+ 100,374	1,642,295
Reverse repurchase agreements¹²	240,534	- 7,447	- 80,666	247,748
Foreign official and international accounts	235,406	- 8,324	- 19,869	233,727
Others	5,128	+ 878	- 60,797	14,021
Treasury cash holdings	307	- 12	+ 44	298
Deposits with F.R. Banks, other than reserve balances	368,303	- 7,931	+ 92,655	431,175
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	275,246	- 18,837	+ 110,703	350,943
Foreign official	5,254	0	+ 48	5,253
Other¹³	87,803	+ 10,906	- 18,097	74,979
Other liabilities and capital¹⁴	45,515	- 115	- 2,861	44,652

Total factors, other than reserve balances, absorbing reserve funds	2,295,138	- 15,024	+ 109,545	2,366,169

Reserve balances with Federal Reserve Banks	2,141,390	+ 21,425	- 201,950	2,067,159

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 Apr 18, 2018
	Week ended Apr 18, 2018	Change from week ended
	Week ended Apr 18, 2018	Apr 11, 2018	Apr 19, 2017
Securities held in custody for foreign official and international accounts	3,437,043	- 13,174	+ 230,816	3,414,373
Marketable U.S. Treasury securities¹	3,083,169	- 13,598	+ 199,156	3,060,861
Federal agency debt and mortgage-backed securities²	274,252	+ 331	+ 14,421	273,974
Other securities³	79,622	+ 93	+ 17,239	79,538
Securities lent to dealers	17,410	- 3,064	- 2,543	12,275
Overnight facility⁴	17,410	- 3,064	- 2,543	12,275
U.S. Treasury securities	17,410	- 3,064	- 2,496	12,275
Federal agency debt securities	0	0	- 47	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, April 18, 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	43	0	0	0	0	...	43
U.S. Treasury securities¹
Holdings	34,346	86,282	289,430	1,079,919	308,229	614,872	2,413,079
Weekly changes	+ 34,117	- 33,224	- 940	- 110	+ 11,907	- 11,733	+ 19
Federal agency debt securities²
Holdings	0	1,982	62	0	0	2,347	4,391
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	1	76	36,725	1,719,489	1,756,290
Weekly changes	0	0	0	+ 2	+ 115	+ 1,805	+ 1,921
Repurchase agreements⁴	0	0	...	...	...	...	0
Central bank liquidity swaps⁵	82	0	0	0	0	0	82

Reverse repurchase agreements⁴	247,748	0	...	...	...	...	247,748
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	Apr 18, 2018
Mortgage-backed securities held outright¹	1,756,290

Commitments to buy mortgage-backed securities²	10,765
Commitments to sell mortgage-backed securities²	145

Cash and cash equivalents³	23

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	Apr 18, 2018
Net portfolio holdings of Maiden Lane LLC¹	1,710

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 Apr 18, 2018	Change since
			Wednesday	Wednesday
			Apr 11, 2018	Apr 19, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,821	- 2	- 67
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,313,598	+ 1,706	- 93,814
Securities held outright¹		4,173,760	+ 1,940	- 79,624
U.S. Treasury securities		2,413,079	+ 19	- 51,559
Bills²		0	0	0
Notes and bonds, nominal²		2,281,995	+ 110	- 57,745
Notes and bonds, inflation-indexed²		110,907	- 213	+ 4,104
Inflation compensation³		20,177	+ 122	+ 2,082
Federal agency debt securities²		4,391	0	- 7,438
Mortgage-backed securities⁴		1,756,290	+ 1,921	- 20,627
Unamortized premiums on securities held outright⁵		153,776	- 275	- 15,087
Unamortized discounts on securities held outright⁵		-13,981	+ 28	+ 928
Repurchase agreements⁶		0	0	0
Loans		43	+ 13	- 30
Net portfolio holdings of Maiden Lane LLC⁷		1,710	+ 1	+ 2
Items in process of collection	(0)	65	- 13	- 37
Bank premises		2,200	+ 1	+ 1
Central bank liquidity swaps⁸		82	+ 3	+ 47
Foreign currency denominated assets⁹		22,205	- 43	+ 1,947
Other assets¹⁰		27,986	+ 567	- 1,447

Total assets	(0)	4,385,903	+ 2,219	- 93,367

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 Apr 18, 2018	Change since
			Wednesday	Wednesday
			Apr 11, 2018	Apr 19, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,594,816	+ 1,451	+ 100,125
Reverse repurchase agreements¹¹		247,748	+ 2,544	- 114,405
Deposits	(0)	2,498,335	- 675	- 76,265
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		2,067,159	- 61,685	- 189,511
U.S. Treasury, General Account		350,943	+ 63,139	+ 121,458
Foreign official		5,253	0	- 202
Other¹²	(0)	74,979	- 2,131	- 8,012
Deferred availability cash items	(0)	353	+ 96	- 200
Other liabilities and accrued dividends¹³		5,407	- 1,199	- 1,273

Total liabilities	(0)	4,346,658	+ 2,216	- 92,020

Capital accounts
Capital paid in		31,745	+ 3	+ 1,153
Surplus		7,500	0	- 2,500
Other capital accounts		0	0	0

Total capital		39,245	+ 3	- 1,347

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, April 18, 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	364	3,626	350	544	773	1,491	739	334	199	307	905	1,405
Special drawing rights certificate acct.	5,200	196	1,818	210	237	412	654	424	150	90	153	282	574
Coin	1,821	51	51	185	118	265	184	299	28	52	110	185	294
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,313,598	82,384	2,381,423	108,908	122,291	255,260	258,930	231,044	57,432	36,007	67,906	178,365	533,650
Securities held outright¹	4,173,760	79,714	2,304,239	105,379	118,327	246,987	250,537	223,538	55,567	34,830	65,705	172,584	516,353
U.S. Treasury securities	2,413,079	46,087	1,332,207	60,925	68,412	142,797	144,849	129,239	32,126	20,137	37,988	99,780	298,532
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,413,079	46,087	1,332,207	60,925	68,412	142,797	144,849	129,239	32,126	20,137	37,988	99,780	298,532
Federal agency debt securities²	4,391	84	2,424	111	124	260	264	235	58	37	69	182	543
Mortgage-backed securities⁴	1,756,290	33,543	969,608	44,343	49,791	103,930	105,424	94,063	23,382	14,656	27,648	72,622	217,278
Unamortized premiums on securities held outright⁵	153,776	2,937	84,896	3,883	4,360	9,100	9,231	8,236	2,047	1,283	2,421	6,359	19,024
Unamortized discounts on securities held outright⁵	-13,981	-267	-7,718	-353	-396	-827	-839	-749	-186	-117	-220	-578	-1,730
Repurchase agreements⁶	0	0	0	0	0	0	0	0	0	0	0	0	0
Loans	43	0	6	0	0	0	1	19	4	10	0	1	2
Net portfolio holdings of Maiden
Lane LLC⁷	1,710	0	1,710	0	0	0	0	0	0	0	0	0	0
Items in process of collection	65	0	0	0	0	0	64	0	0	0	0	0	0
Bank premises	2,200	112	445	73	120	197	203	201	108	95	235	220	191
Central bank liquidity swaps⁸	82	4	26	5	7	18	5	3	1	0	1	1	12
Foreign currency denominated
assets⁹	22,205	945	7,001	1,261	1,792	4,796	1,283	941	320	102	220	275	3,268
Other assets¹⁰	27,986	571	14,950	706	806	1,883	1,681	1,476	453	274	510	1,237	3,439
Interdistrict settlement account	0	+ 4,071	+ 46,390	- 1,271	- 5,040	+ 21,535	+ 3,917	- 8,388	- 189	- 904	- 902	- 5,996	- 53,222

Total assets	4,385,903	88,698	2,457,438	110,426	120,875	285,139	268,411	226,740	58,637	35,915	68,539	175,474	489,611

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, April 18, 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	1,778,916	59,844	604,750	53,946	88,359	124,547	244,759	114,387	52,127	30,651	47,358	139,078	219,109
Less: Notes held by F.R. Banks	184,100	6,343	46,504	7,243	10,223	14,077	28,776	12,686	5,681	3,624	5,948	17,466	25,529
Federal Reserve notes, net	1,594,816	53,502	558,246	46,703	78,135	110,470	215,983	101,701	46,446	27,027	41,410	121,612	193,581
Reverse repurchase agreements¹¹	247,748	4,732	136,776	6,255	7,024	14,661	14,872	13,269	3,298	2,067	3,900	10,244	30,650
Deposits	2,498,335	28,611	1,747,929	54,957	32,338	150,958	34,840	109,768	8,156	6,200	22,672	42,853	259,053
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	2,067,159	28,581	1,371,362	54,955	32,277	150,674	34,805	55,629	8,150	6,200	22,663	42,818	259,045
U.S. Treasury, General Account	350,943	0	350,943	0	0	0	0	0	0	0	0	0	0
Foreign official	5,253	2	5,226	2	3	9	2	2	1	0	0	0	6
Other¹²	74,979	28	20,397	0	58	275	32	54,137	6	0	9	35	2
Deferred availability cash items	353	0	0	0	0	0	63	0	0	289	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,309	24	710	30	40	48	109	67	22	13	18	69	159
Other liabilities and accrued dividends	4,097	167	1,464	189	196	518	303	282	130	139	142	207	361

Total liabilities	4,346,658	87,036	2,445,125	108,134	117,733	276,655	266,170	225,086	58,053	35,736	68,142	174,986	483,803

Capital
Capital paid in	31,745	1,343	9,949	1,866	2,537	6,864	1,808	1,336	476	145	324	396	4,703
Surplus	7,500	319	2,364	426	605	1,620	433	318	108	34	74	93	1,104
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,385,903	88,698	2,457,438	110,426	120,875	285,139	268,411	226,740	58,637	35,915	68,539	175,474	489,611

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, April 18, 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 $7.5 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	Apr 18, 2018
Federal Reserve notes outstanding	1,778,916
Less: Notes held by F.R. Banks not subject to collateralization	184,100
Federal Reserve notes to be collateralized	1,594,816
Collateral held against Federal Reserve notes	1,594,816
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,578,579
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	4,173,760
Less: Face value of securities under reverse repurchase agreements	244,628
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,929,132

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