FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 28, 2016

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Jul 27, 2016 Jul 20, 2016 Jul 29, 2015

Wednesday

Jul 27, 2016

Reserve Bank credit 4,434,957 - 4,324 - 21,657 4,424,751

Securities held outright1 4,235,560 - 4,551 - 4,185 4,226,345

U.S. Treasury securities 2,462,722 + 110 + 1,269 2,462,763

Bills2 0 0 0 0

Notes and bonds, nominal2 2,342,204 + 521 - 4,437 2,342,204

Notes and bonds, inflation-indexed2 103,596 - 439 + 5,062 103,596

Inflation compensation3 16,922 + 28 + 644 16,963

Federal agency debt securities2 22,492 - 1,044 - 12,601 22,492

Mortgage-backed securities4 1,750,346 - 3,617 + 7,148 1,741,091

Unamortized premiums on securities held outright5 179,968 - 389 - 17,110 179,557

Unamortized discounts on securities held outright5 -15,763 + 46 + 1,642 -15,744

Repurchase agreements6 0 0 0 0

Loans 223 - 12 + 21 297

Primary credit 35 - 21 + 30 103

Secondary credit 0 0 0 0

Seasonal credit 189 + 10 - 7 194

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,711 - 1 + 13 1,702

Float -309 + 35 - 236 -535

Central bank liquidity swaps8 180 - 5 - 179 180

Other Federal Reserve assets9 33,386 + 552 - 1,625 32,949

Foreign currency denominated assets10 20,825 - 80 + 1,244 20,851

Gold stock 11,041 0 0 11,041

Special drawing rights certificate account 5,200 0 0 5,200

Treasury currency outstanding11 47,983 + 14 + 880 47,983

Total factors supplying reserve funds 4,520,006 - 4,390 - 19,533 4,509,826

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

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

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Jul 27, 2016 Jul 20, 2016 Jul 29, 2015

Wednesday

Jul 27, 2016

Currency in circulation11 1,461,167 - 1,037 + 90,287 1,462,592

Reverse repurchase agreements12 303,323 - 6,066 + 62,241 309,026

Foreign official and international accounts 247,348 - 5,427 + 92,513 241,339

Others 55,975 - 639 - 30,273 67,687

Treasury cash holdings 80 + 17 - 17 73

Deposits with F.R. Banks, other than reserve balances 386,828 + 9,651 + 149,771 359,737

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 325,499 - 3,651 + 128,674 316,238

Foreign official 5,215 + 15 - 29 5,269

Other13 56,113 + 13,286 + 21,125 38,230

Other liabilities and capital14 46,599 - 1,311 - 19,178 46,160

Total factors, other than reserve balances,

absorbing reserve funds 2,197,997 + 1,255 + 283,104 2,177,588

Reserve balances with Federal Reserve Banks 2,322,008 - 5,646 - 302,638 2,332,237

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.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Jul 27, 2016 Jul 20, 2016 Jul 29, 2015

Wednesday

Jul 27, 2016

Securities held in custody for foreign official and international

accounts 3,220,405 - 8,042 - 107,593 3,219,368

Marketable U.S. Treasury securities1 2,898,112 - 6,987 - 87,748 2,897,222

Federal agency debt and mortgage-backed securities2 264,391 - 2,005 - 33,574 264,057

Other securities3 57,902 + 951 + 13,729 58,089

Securities lent to dealers 21,681 + 526 + 10,792 22,113

Overnight facility4 21,681 + 526 + 10,792 22,113

U.S. Treasury securities 21,667 + 523 + 10,844 22,096

Federal agency debt securities 13 + 2 - 53 17

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, July 27, 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 256 41 0 0 0 ... 297

U.S. Treasury securities1

Holdings 7,193 20,153 147,720 1,197,151 452,309 638,237 2,462,763

Weekly changes 0 0 + 5 + 18 + 19 + 70 + 111

Federal agency debt securities2

Holdings 0 3,999 10,396 5,750 0 2,347 22,492

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 1,023 10,099 1,729,969 1,741,091

Weekly changes 0 0 0 - 35 - 206 - 15,922 - 16,163

Repurchase agreements4 0 0 ... ... ... ... 0

Central bank liquidity swaps5 180 0 0 0 0 0 180

Reverse repurchase agreements4 309,026 0 ... ... ... ... 309,026

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.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Jul 27, 2016

Mortgage-backed securities held outright1 1,741,091

Commitments to buy mortgage-backed securities2 30,652

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 3

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

Wednesday Account name Jul 27, 2016

Net portfolio holdings of Maiden Lane LLC1 1,702

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.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jul 27, 2016 Jul 20, 2016 Jul 29, 2015

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,899 + 3 + 16

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,390,455 - 16,756 - 20,460

Securities held outright1 4,226,345 - 16,053 - 5,084

U.S. Treasury securities 2,462,763 + 111 + 1,261

Bills2 0 0 0

Notes and bonds, nominal2 2,342,204 0 - 4,437

Notes and bonds, inflation-indexed2 103,596 0 + 5,062

Inflation compensation3 16,963 + 111 + 637

Federal agency debt securities2 22,492 0 - 12,601

Mortgage-backed securities4 1,741,091 - 16,163 + 6,257

Unamortized premiums on securities held outright5 179,557 - 842 - 17,122

Unamortized discounts on securities held outright5 -15,744 + 42 + 1,645

Repurchase agreements6 0 0 0

Loans 297 + 97 + 100

Net portfolio holdings of Maiden Lane LLC7 1,702 - 11 + 1

Items in process of collection (0) 225 - 15 - 19

Bank premises 2,214 0 - 28

Central bank liquidity swaps8 180 - 5 - 179

Foreign currency denominated assets9 20,851 + 62 + 1,268

Other assets10 30,735 + 247 - 1,580

Total assets (0) 4,464,498 - 16,475 - 20,982

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

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

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jul 27, 2016 Jul 20, 2016 Jul 29, 2015

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,416,578 - 27 + 88,869

Reverse repurchase agreements11 309,026 - 19,290 + 66,515

Deposits (0) 2,691,974 + 3,727 - 157,954

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,332,237 + 13,986 - 300,593

U.S. Treasury, General Account 316,238 - 10,900 + 112,860

Foreign official 5,269 + 50 + 26

Other12 (0) 38,230 + 591 + 29,754

Deferred availability cash items (0) 760 + 378 + 480

Other liabilities and accrued dividends13 6,068 - 1,264 - 683

Total liabilities (0) 4,424,406 - 16,475 - 2,773

Capital accounts

Capital paid in 30,092 0 + 942

Surplus 10,000 0 - 19,150

Other capital accounts 0 0 0

Total capital 40,092 0 - 18,208

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.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 27, 2016

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificate account 11,037 355 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 1,899 44 66 148 140 302 190 278 31 57 133 192 319

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,390,455 107,845 2,498,294 119,202 131,478 268,299 245,718 174,950 55,472 32,453 61,109 156,273 539,360

Securities held outright1 4,226,345 103,821 2,405,074 114,755 126,572 258,288 236,545 168,398 53,340 31,159 58,820 150,436 519,138

U.S. Treasury securities 2,462,763 60,498 1,401,477 66,869 73,756 150,509 137,839 98,129 31,082 18,157 34,275 87,661 302,511

Bills2 0 0 0 0 0 0 0 0 0 0 0 0 0

Notes and bonds3 2,462,763 60,498 1,401,477 66,869 73,756 150,509 137,839 98,129 31,082 18,157 34,275 87,661 302,511

Federal agency debt securities2 22,492 553 12,799 611 674 1,375 1,259 896 284 166 313 801 2,763

Mortgage-backed securities4 1,741,091 42,770 990,797 47,274 52,143 106,405 97,447 69,374 21,974 12,836 24,231 61,974 213,865

Unamortized premiums on securities 

held outright5 179,557 4,411 102,180 4,875 5,377 10,973 10,050 7,154 2,266 1,324 2,499 6,391 22,056

Unamortized discounts on securities 

held outright5 -15,744 -387 -8,960 -427 -472 -962 -881 -627 -199 -116 -219 -560 -1,934

Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0

Loans 297 0 0 0 0 0 5 25 65 86 10 6 100

Net portfolio holdings of Maiden

Lane LLC7 1,702 0 1,702 0 0 0 0 0 0 0 0 0 0

Items in process of collection 225 0 0 0 0 0 225 0 0 0 0 0 0

Bank premises 2,214 120 429 73 106 206 208 202 115 90 241 225 197

Central bank liquidity swaps8 180 8 59 10 14 40 10 5 2 1 2 2 27

Foreign currency denominated

assets9 20,851 921 6,881 1,147 1,588 4,650 1,158 559 214 89 208 264 3,172

Other assets10 30,735 794 16,971 839 924 2,048 1,731 1,237 466 252 482 1,211 3,780

Interdistrict settlement account 0 - 22,148 + 24,034 - 19,627 - 4,734 - 21,745 + 5,192 - 85 + 33 + 257 - 1,081 + 7,736 + 32,168

Total assets 4,464,498 88,136 2,553,843 102,361 130,338 254,973 256,627 178,323 56,843 33,483 61,542 167,060 580,969

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 27, 2016 (continued)

Millions of dollars

Kansas 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 1,599,272 49,950 517,813 49,991 81,493 111,718 222,016 106,013 50,374 27,760 41,270 133,149 207,725

Less: Notes held by F.R. Banks 182,694 5,909 56,408 5,977 9,129 13,274 27,259 11,670 5,212 2,845 4,951 15,188 24,873

Federal Reserve notes, net 1,416,578 44,041 461,405 44,014 72,364 98,444 194,757 94,343 45,162 24,915 36,318 117,961 182,853

Reverse repurchase agreements11 309,026 7,591 175,857 8,391 9,255 18,886 17,296 12,313 3,900 2,278 4,301 11,000 37,959

Deposits 2,691,974 34,559 1,900,632 47,563 45,440 128,218 41,687 69,860 7,221 5,462 20,388 37,329 353,615

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 2,332,237 34,552 1,547,839 47,560 45,437 128,119 41,678 63,058 7,212 5,462 20,387 37,328 353,606

U.S. Treasury, General Account 316,238 0 316,238 0 0 0 0 0 0 0 0 0 0

Foreign official 5,269 2 5,242 2 3 9 2 1 0 0 0 1 6

Other12 38,230 6 31,313 1 0 90 7 6,801 8 0 1 1 3

Deferred availability cash items 760 0 0 0 0 0 246 0 0 515 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,643 42 929 47 53 101 100 60 17 9 23 61 202

Other liabilities and accrued

dividends 4,425 156 1,868 185 189 516 323 259 125 133 120 203 350

Total liabilities 4,424,406 86,390 2,540,691 100,200 127,301 246,164 254,408 176,835 56,424 33,312 61,150 166,554 574,978

Capital

Capital paid in 30,092 1,305 9,853 1,611 2,276 6,579 1,664 1,221 316 128 292 380 4,469

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 4,464,498 88,136 2,553,843 102,361 130,338 254,973 256,627 178,323 56,843 33,483 61,542 167,060 580,969

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, July 27, 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).
H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Jul 27, 2016

Federal Reserve notes outstanding 1,599,272

Less: Notes held by F.R. Banks not subject to collateralization 182,694

Federal Reserve notes to be collateralized 1,416,578

Collateral held against Federal Reserve notes 1,416,578

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,400,341

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,226,345

Less: Face value of securities under reverse repurchase agreements 283,973

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,942,373

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.