FRB: H.4.1 Release-- Factors Affecting Reserve Balances -- Thursday, December 6, 2018

FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks	December 6, 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 Dec 5, 2018
	Week ended Dec 5, 2018	Change from week ended
	Week ended Dec 5, 2018	Nov 28, 2018	Dec 6, 2017
Reserve Bank credit	4,047,767	- 16,059	- 348,785	4,046,978
Securities held outright¹	3,898,205	- 15,555	- 327,762	3,896,430
U.S. Treasury securities	2,242,326	- 10,777	- 212,155	2,240,551
Bills²	0	0	0	0
Notes and bonds, nominal²	2,103,737	- 11,647	- 220,867	2,101,796
Notes and bonds, inflation-indexed²	116,407	+ 828	+ 6,273	116,545
Inflation compensation³	22,183	+ 42	+ 2,440	22,210
Federal agency debt securities²	2,409	0	- 1,982	2,409
Mortgage-backed securities⁴	1,653,470	- 4,777	- 113,625	1,653,470
Unamortized premiums on securities held outright⁵	141,594	- 357	- 18,392	141,473
Unamortized discounts on securities held outright⁵	-13,545	- 22	+ 685	-13,539
Repurchase agreements⁶	19	+ 19	+ 19	66
Loans	55	- 21	+ 13	57
Primary credit	5	- 5	0	10
Secondary credit	0	0	0	0
Seasonal credit	50	- 16	+ 13	46
Other credit extensions	0	0	0	0
Net portfolio holdings of Maiden Lane LLC⁷	7	0	- 1,704	7
Float	-487	- 307	- 96	-446
Central bank liquidity swaps⁸	194	+ 127	+ 159	194
Other Federal Reserve assets⁹	21,724	+ 54	- 1,707	22,736
Foreign currency denominated assets¹⁰	20,626	+ 47	- 656	20,611
Gold stock	11,041	0	0	11,041
Special drawing rights certificate account	5,200	0	0	5,200
Treasury currency outstanding¹¹	49,849	+ 14	+ 523	49,849

Total factors supplying reserve funds	4,134,483	- 15,998	- 348,917	4,133,678

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve Banks	Averages of daily figures			Wednesday Dec 5, 2018
	Week ended Dec 5, 2018	Change from week ended
	Week ended Dec 5, 2018	Nov 28, 2018	Dec 6, 2017
Currency in circulation¹¹	1,704,553	- 1,608	+ 104,981	1,706,179
Reverse repurchase agreements¹²	232,520	- 6,668	- 67,295	235,657
Foreign official and international accounts	229,969	- 914	+ 1,134	232,522
Others	2,551	- 5,754	- 68,429	3,135
Treasury cash holdings	203	- 4	+ 2	202
Deposits with F.R. Banks, other than reserve balances	414,237	- 7,323	+ 203,810	409,997
Term deposits held by depository institutions	0	0	0	0
U.S. Treasury, General Account	337,564	- 3,032	+ 209,978	328,613
Foreign official	5,271	+ 12	+ 103	5,357
Other¹³	71,402	- 4,303	- 6,271	76,027
Other liabilities and capital¹⁴	44,829	+ 123	- 3,466	45,338

Total factors, other than reserve balances, absorbing reserve funds	2,396,342	- 15,480	+ 238,031	2,397,373

Reserve balances with Federal Reserve Banks	1,738,141	- 518	- 586,949	1,736,305

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 Dec 5, 2018
	Week ended Dec 5, 2018	Change from week ended
	Week ended Dec 5, 2018	Nov 28, 2018	Dec 6, 2017
Securities held in custody for foreign official and international accounts	3,403,912	+ 2,107	+ 13,755	3,407,519
Marketable U.S. Treasury securities¹	3,028,922	- 9	- 18,961	3,032,187
Federal agency debt and mortgage-backed securities²	308,343	+ 1,499	+ 44,028	308,498
Other securities³	66,646	+ 617	- 11,313	66,834
Securities lent to dealers	18,989	+ 2,704	- 854	21,855
Overnight facility⁴	18,989	+ 2,704	- 854	21,855
U.S. Treasury securities	18,989	+ 2,704	- 854	21,855
Federal agency debt securities	0	0	0	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, December 5, 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	25	31	0	0	0	...	57
U.S. Treasury securities¹
Holdings	0	90,541	302,120	964,792	264,547	618,551	2,240,551
Weekly changes	- 24,916	+ 12,530	- 4,134	+ 3,112	+ 820	+ 23	- 12,566
Federal agency debt securities²
Holdings	0	0	62	0	0	2,347	2,409
Weekly changes	0	0	0	0	0	0	0
Mortgage-backed securities³
Holdings	0	0	4	210	63,823	1,589,433	1,653,470
Weekly changes	0	0	+ 1	+ 9	+ 2,780	- 2,788	+ 2
Repurchase agreements⁴	66	0	...	...	...	...	66
Central bank liquidity swaps⁵	194	0	0	0	0	0	194

Reverse repurchase agreements⁴	235,657	0	...	...	...	...	235,657
Term deposits	0	0	0	...	...	...	0

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

1.	Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the original face value of such securities.
2.	Face value.
3.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
4.	Cash value of agreements.
5.	Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Account name	Wednesday
Account name	Dec 5, 2018
Mortgage-backed securities held outright¹	1,653,470

Commitments to buy mortgage-backed securities²	292
Commitments to sell mortgage-backed securities²	135

Cash and cash equivalents³	0

1.	Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.
2.	Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.
3.	This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Account name	Wednesday
Account name	Dec 5, 2018
Net portfolio holdings of Maiden Lane LLC¹	7

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.
2.	Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York's statement of condition consistent with consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.
3.	Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Dec 5, 2018	Change since
			Wednesday	Wednesday
			Nov 28, 2018	Dec 6, 2017
Assets
Gold certificate account		11,037	0	0
Special drawing rights certificate account		5,200	0	0
Coin		1,709	+ 18	- 158
Securities, unamortized premiums and discounts, repurchase agreements, and loans		4,024,487	- 12,801	- 347,180
Securities held outright¹		3,896,430	- 12,564	- 329,531
U.S. Treasury securities		2,240,551	- 12,566	- 213,923
Bills²		0	0	0
Notes and bonds, nominal²		2,101,796	- 13,588	- 222,808
Notes and bonds, inflation-indexed²		116,545	+ 966	+ 6,411
Inflation compensation³		22,210	+ 56	+ 2,474
Federal agency debt securities²		2,409	0	- 1,982
Mortgage-backed securities⁴		1,653,470	+ 2	- 113,626
Unamortized premiums on securities held outright⁵		141,473	- 248	- 18,410
Unamortized discounts on securities held outright⁵		-13,539	- 27	+ 680
Repurchase agreements⁶		66	+ 66	+ 66
Loans		57	- 27	+ 14
Net portfolio holdings of Maiden Lane LLC⁷		7	0	- 1,704
Items in process of collection	(0)	62	- 20	- 17
Bank premises		2,192	- 8	- 18
Central bank liquidity swaps⁸		194	+ 126	+ 159
Foreign currency denominated assets⁹		20,611	+ 128	- 563
Other assets¹⁰		20,545	+ 1,431	- 1,624

Total assets	(0)	4,086,044	- 11,126	- 351,104

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Assets, liabilities, and capital	Eliminations from consolidation	Wednesday Dec 5, 2018	Change since
			Wednesday	Wednesday
			Nov 28, 2018	Dec 6, 2017
Liabilities
Federal Reserve notes, net of F.R. Bank holdings		1,658,238	- 267	+ 102,571
Reverse repurchase agreements¹¹		235,657	+ 8,342	- 68,057
Deposits	(0)	2,146,303	- 20,731	- 382,701
Term deposits held by depository institutions		0	0	0
Other deposits held by depository institutions		1,736,307	- 22,374	- 588,987
U.S. Treasury, General Account		328,613	- 3,723	+ 206,486
Foreign official		5,357	+ 100	+ 189
Other¹²	(0)	76,027	+ 5,268	- 389
Deferred availability cash items	(0)	508	+ 41	- 149
Other liabilities and accrued dividends¹³		6,208	+ 1,488	- 579

Total liabilities	(0)	4,046,914	- 11,127	- 348,916

Capital accounts
Capital paid in		32,305	+ 1	+ 987
Surplus		6,825	0	- 3,175
Other capital accounts		0	0	0

Total capital		39,130	+ 1	- 2,188

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, December 5, 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	1,709	40	38	150	121	235	176	286	26	44	110	193	290
Securities, unamortized premiums and discounts, repurchase agreements, and loans	4,024,487	76,863	2,221,798	101,608	114,094	238,150	241,574	215,548	53,594	33,603	63,361	166,409	497,885
Securities held outright¹	3,896,430	74,418	2,151,131	98,377	110,465	230,576	233,890	208,684	51,874	32,516	61,339	161,117	482,043
U.S. Treasury securities	2,240,551	42,792	1,236,958	56,569	63,520	132,587	134,493	119,999	29,829	18,697	35,272	92,646	277,188
Bills²	0	0	0	0	0	0	0	0	0	0	0	0	0
Notes and bonds³	2,240,551	42,792	1,236,958	56,569	63,520	132,587	134,493	119,999	29,829	18,697	35,272	92,646	277,188
Federal agency debt securities²	2,409	46	1,330	61	68	143	145	129	32	20	38	100	298
Mortgage-backed securities⁴	1,653,470	31,580	912,843	41,747	46,876	97,846	99,252	88,556	22,013	13,798	26,030	68,371	204,558
Unamortized premiums on securities held outright⁵	141,473	2,702	78,104	3,572	4,011	8,372	8,492	7,577	1,883	1,181	2,227	5,850	17,502
Unamortized discounts on securities held outright⁵	-13,539	-259	-7,474	-342	-384	-801	-813	-725	-180	-113	-213	-560	-1,675
Repurchase agreements⁶	66	1	36	2	2	4	4	4	1	1	1	3	8
Loans	57	1	0	0	0	0	0	8	15	20	6	0	6
Net portfolio holdings of Maiden
Lane LLC⁷	7	0	7	0	0	0	0	0	0	0	0	0	0
Items in process of collection	62	0	0	0	0	0	61	0	0	1	0	0	0
Bank premises	2,192	108	452	81	117	195	205	193	105	95	232	219	188
Central bank liquidity swaps⁸	194	8	61	11	16	42	11	8	3	1	2	2	29
Foreign currency denominated
assets⁹	20,611	877	6,499	1,171	1,663	4,452	1,191	874	297	95	204	255	3,033
Other assets¹⁰	20,545	422	10,860	511	590	1,399	1,227	1,072	496	228	371	869	2,501
Interdistrict settlement account	0	+ 28,345	- 135,016	- 8,252	+ 13,230	+ 12,627	+ 38,044	+ 11,575	+ 7,370	+ 3,570	- 1,779	+ 12,863	+ 17,422

Total assets	4,086,044	107,224	2,110,142	95,839	130,612	258,286	284,634	230,720	62,374	37,925	62,961	181,998	523,328

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, December 5, 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	1,859,294	58,143	615,550	55,003	88,701	125,727	262,357	121,130	56,257	31,664	50,096	150,976	243,691
Less: Notes held by F.R. Banks	201,056	5,948	61,077	7,259	8,897	13,723	30,363	12,974	5,328	2,726	5,806	17,359	29,596
Federal Reserve notes, net	1,658,238	52,194	554,473	47,744	79,804	112,004	231,994	108,156	50,929	28,938	44,290	133,616	214,096
Reverse repurchase agreements¹¹	235,657	4,501	130,101	5,950	6,681	13,945	14,146	12,621	3,137	1,967	3,710	9,744	29,154
Deposits	2,146,303	48,689	1,410,571	39,638	40,720	123,282	35,728	107,909	7,547	6,234	14,409	37,880	273,696
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	1,736,307	48,674	1,051,021	39,635	40,688	122,585	35,693	59,864	7,537	6,161	14,400	36,361	273,688
U.S. Treasury, General Account	328,613	0	328,613	0	0	0	0	0	0	0	0	0	0
Foreign official	5,357	2	5,329	2	3	9	2	2	1	0	0	0	6
Other¹²	76,027	13	25,607	1	29	688	33	48,044	9	73	9	1,519	2
Deferred availability cash items	508	0	0	0	0	0	66	0	0	441	0	0	0
Earnings remittances due to the U.S. Treasury¹³	1,318	22	704	36	47	76	107	68	21	11	19	58	149
Other liabilities and accrued dividends	4,890	185	1,850	216	229	612	317	325	149	151	152	222	482

Total liabilities	4,046,914	105,590	2,097,699	93,583	127,480	249,920	282,359	229,080	61,783	37,742	62,580	181,522	517,576

Capital
Capital paid in	32,305	1,343	10,293	1,868	2,581	6,891	1,880	1,350	493	152	313	392	4,747
Surplus	6,825	290	2,151	388	551	1,474	394	289	98	31	68	84	1,005
Other capital	0	0	0	0	0	0	0	0	0	0	0	0	0

Total liabilities and capital	4,086,044	107,224	2,110,142	95,839	130,612	258,286	284,634	230,720	62,374	37,925	62,961	181,998	523,328

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.

6. Statement of Condition of Each Federal Reserve Bank, December 5, 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 $6.825 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	Dec 5, 2018
Federal Reserve notes outstanding	1,859,294
Less: Notes held by F.R. Banks not subject to collateralization	201,056
Federal Reserve notes to be collateralized	1,658,238
Collateral held against Federal Reserve notes	1,658,238
Gold certificate account	11,037
Special drawing rights certificate account	5,200
U.S. Treasury, agency debt, and mortgage-backed securities pledged^1,2	1,642,001
Other assets pledged	0
Memo:
Total U.S. Treasury, agency debt, and mortgage-backed securities^1,2	3,896,496
Less: Face value of securities under reverse repurchase agreements	235,471
U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged	3,661,025

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