FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 2, 2015

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

Dec 31, 2014 Dec 24, 2014 Jan 1, 2014

Wednesday

Dec 31, 2014

Reserve Bank credit 4,459,689 - 11,879 + 478,177 4,457,837

Securities held outright1 4,238,404 - 11,548 + 482,232 4,236,873

U.S. Treasury securities 2,461,388 - 64 + 252,597 2,461,364

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,712 0 + 242,840 2,346,712

Notes and bonds, inflation-indexed2 98,469 0 + 7,090 98,469

Inflation compensation3 16,207 - 64 + 2,667 16,183

Federal agency debt securities2 38,677 0 - 18,544 38,677

Mortgage-backed securities4 1,738,339 - 11,483 + 248,179 1,736,832

Unamortized premiums on securities held outright5 207,016 - 745 - 1,681 206,835

Unamortized discounts on securities held outright5 -18,406 + 35 - 6,049 -18,394

Repurchase agreements6 0 0 0 0

Loans 135 + 23 - 38 145

Primary credit 50 + 18 + 33 79

Secondary credit 0 0 0 0

Seasonal credit 85 + 5 + 26 67

Term Asset-Backed Securities Loan Facility7 0 0 - 97 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC8 1,678 0 + 137 1,678

Net portfolio holdings of Maiden Lane II LLC9 0 0 - 63 0

Net portfolio holdings of Maiden Lane III LLC9 0 0 - 22 0

Net portfolio holdings of TALF LLC10 0 0 - 109 0

Float -436 + 37 + 133 -555

Central bank liquidity swaps11 672 + 642 + 400 1,528

Other Federal Reserve assets12 30,627 - 323 + 3,240 29,726

Foreign currency denominated assets13 21,049 - 82 - 2,771 21,071

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding14 46,353 + 14 + 860 46,353

Total factors supplying reserve funds 4,543,332 - 11,947 + 476,267 4,541,502

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

Dec 31, 2014 Dec 24, 2014 Jan 1, 2014

Wednesday

Dec 31, 2014

Currency in circulation14 1,341,572 + 8,671 + 101,111 1,343,008

Reverse repurchase agreements15 346,451 + 66,004 + 111,365 509,837

Foreign official and international accounts 104,682 + 6,408 - 11,827 113,132

Others 241,769 + 59,596 + 123,192 396,705

Treasury cash holdings 197 + 6 - 38 201

Deposits with F.R. Banks, other than reserve balances 216,845 + 21,300 + 63,496 249,014

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 192,063 + 16,970 + 86,959 223,452

Foreign official 5,214 + 1 - 2,768 5,242

Other16 19,567 + 4,328 - 20,697 20,320

Other liabilities and capital17 63,481 - 912 + 180 61,447

Total factors, other than reserve balances,

absorbing reserve funds 1,968,546 + 95,068 + 276,114 2,163,507

Reserve balances with Federal Reserve Banks 2,574,784 - 107,017 + 200,151 2,377,995

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. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

8. Refer to table 4 and the note on consolidation accompanying table 6.

9. 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. Refer to the note on consolidation accompanying table 6.

10. Refer to the note on consolidation accompanying table 6.

11. 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.

12. 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.

13. Revalued daily at current foreign currency exchange rates.

14. Estimated.

15. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

16. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated

financial market utilities.

17. Includes the liability for interest on Federal Reserve notes due to 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

Dec 31, 2014 Dec 24, 2014 Jan 1, 2014

Wednesday

Dec 31, 2014

Securities held in custody for foreign official and international

accounts 3,293,152 - 14,979 - 60,689 3,298,372

Marketable U.S. Treasury securities1 2,959,985 - 12,947 - 38,654 2,965,585

Federal agency debt and mortgage-backed securities2 291,350 - 2,038 - 20,439 290,949

Other securities3 41,817 + 6 - 1,596 41,838

Securities lent to dealers 10,835 - 1,541 - 3,935 10,721

Overnight facility4 10,835 - 1,541 - 3,935 10,721

U.S. Treasury securities 10,162 - 1,556 - 3,558 10,105

Federal agency debt securities 673 + 15 - 377 616

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 31, 2014

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 140 5 0 0 0 ... 145

U.S. Treasury securities1

Holdings 0 5 3,516 1,112,927 686,627 658,289 2,461,364

Weekly changes - 1 + 1 0 + 7,074 - 7,089 - 41 - 56

Federal agency debt securities2

Holdings 1,089 711 3,933 30,597 0 2,347 38,677

Weekly changes + 1,089 - 1,089 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 12 6,453 1,730,367 1,736,832

Weekly changes 0 0 0 - 1 - 110 - 10,434 - 10,545

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

Central bank liquidity swaps5 1,528 0 0 0 0 0 1,528

Reverse repurchase agreements4 509,837 0 ... ... ... ... 509,837

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 Dec 31, 2014

Mortgage-backed securities held outright1 1,736,832

Commitments to buy mortgage-backed securities2 27,486

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 29

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 Dec 31, 2014

Net portfolio holdings of Maiden Lane LLC1 1,678

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 September 30, 2014. 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

Dec 31, 2014 Dec 24, 2014 Jan 1, 2014

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,873 + 2 - 82

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,425,460 - 11,174 + 472,873

Securities held outright1 4,236,873 - 10,601 + 480,715

U.S. Treasury securities 2,461,364 - 56 + 252,589

Bills2 0 0 0

Notes and bonds, nominal2 2,346,712 0 + 242,841

Notes and bonds, inflation-indexed2 98,469 0 + 7,090

Inflation compensation3 16,183 - 56 + 2,658

Federal agency debt securities2 38,677 0 - 18,544

Mortgage-backed securities4 1,736,832 - 10,545 + 246,670

Unamortized premiums on securities held outright5 206,835 - 631 - 1,775

Unamortized discounts on securities held outright5 -18,394 + 31 - 6,042

Repurchase agreements6 0 0 0

Loans 145 + 26 - 26

Net portfolio holdings of Maiden Lane LLC7 1,678 0 + 137

Net portfolio holdings of Maiden Lane II LLC8 0 0 - 63

Net portfolio holdings of Maiden Lane III LLC8 0 0 - 22

Net portfolio holdings of TALF LLC9 0 0 - 109

Items in process of collection (0) 86 - 40 - 79

Bank premises 2,264 - 1 - 25

Central bank liquidity swaps10 1,528 + 1,498 + 1,256

Foreign currency denominated assets11 21,071 + 30 - 2,750

Other assets12 27,463 - 2,117 + 2,884

Total assets (0) 4,497,660 - 11,802 + 474,020

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

Dec 31, 2014 Dec 24, 2014 Jan 1, 2014

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,298,725 + 4,478 + 100,805

Reverse repurchase agreements13 509,837 + 211,004 + 193,913

Deposits (0) 2,627,009 - 225,438 + 181,389

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,377,996 - 231,639 + 128,926

U.S. Treasury, General Account 223,452 + 45,541 + 61,053

Foreign official 5,242 + 33 - 2,728

Other14 (0) 20,320 - 39,372 - 5,861

Deferred availability cash items (0) 641 - 17 - 486

Other liabilities and accrued dividends15 4,304 - 1,838 - 3,731

Total liabilities (0) 4,440,516 - 11,811 + 471,889

Capital accounts

Capital paid in 28,572 + 4 + 1,065

Surplus 28,572 + 4 + 1,065

Other capital accounts 0 0 0

Total capital 57,144 + 9 + 2,130

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. 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. Refer to the note on consolidation accompanying table 6.

9. Refer to the note on consolidation accompanying table 6.

10. 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.

11. Revalued daily at current foreign currency exchange rates.

12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated

financial market utilities.

15. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, December 31, 2014

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 11,037 352 4,125 338 464 824 1,349 706 278 173 291 880 1,257

Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574

Coin 1,873 30 79 122 120 307 208 279 23 45 152 188 320

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,425,460 89,527 2,716,101 106,024 96,620 247,335 244,634 180,899 54,583 27,168 58,322 134,841 469,405

Securities held outright1 4,236,873 85,704 2,600,438 101,503 92,506 236,802 234,212 173,167 52,259 25,965 55,809 129,099 449,409

U.S. Treasury securities 2,461,364 49,789 1,510,695 58,967 53,740 137,567 136,063 100,599 30,359 15,084 32,422 74,998 261,079

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

Notes and bonds3 2,461,364 49,789 1,510,695 58,967 53,740 137,567 136,063 100,599 30,359 15,084 32,422 74,998 261,079

Federal agency debt securities2 38,677 782 23,739 927 844 2,162 2,138 1,581 477 237 509 1,178 4,103

Mortgage-backed securities4 1,736,832 35,133 1,066,005 41,609 37,921 97,073 96,011 70,987 21,423 10,644 22,878 52,922 184,228

Unamortized premiums on securities 

held outright5 206,835 4,184 126,948 4,955 4,516 11,560 11,434 8,454 2,551 1,268 2,725 6,302 21,939

Unamortized discounts on securities 

held outright5 -18,394 -372 -11,290 -441 -402 -1,028 -1,017 -752 -227 -113 -242 -560 -1,951

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

Loans 145 11 4 7 0 1 5 30 0 48 31 0 8

Net portfolio holdings of Maiden

Lane LLC7 1,678 0 1,678 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

Lane II LLC8 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

Lane III LLC8 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF LLC9 0 0 0 0 0 0 0 0 0 0 0 0 0

Items in process of collection 86 0 0 0 0 0 85 0 0 0 0 0 0

Bank premises 2,264 125 437 76 110 220 212 201 122 96 241 223 201

Central bank liquidity swaps10 1,528 70 491 115 122 319 88 42 13 6 16 26 221

Foreign currency denominated

assets11 21,071 954 6,836 1,578 1,669 4,376 1,206 579 176 89 221 351 3,036

Other assets12 27,463 587 16,633 658 602 1,676 1,516 1,112 396 199 388 841 2,856

Interdistrict settlement account 0 + 49,256 - 187,135 - 3,978 + 38,310 - 2,866 + 13,822 - 756 - 4,413 + 3,822 + 3,791 + 23,463 + 66,685

Total assets 4,497,660 141,096 2,561,062 105,142 138,253 252,603 263,774 183,488 51,328 31,688 63,576 161,094 544,556

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, December 31, 2014 (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 1,469,554 45,981 475,436 46,584 68,797 103,501 214,071 101,542 41,505 23,234 38,360 120,016 190,528

Less: Notes held by F.R. Banks 170,829 4,688 56,971 4,940 7,811 11,153 22,254 10,427 4,734 3,078 4,537 14,760 25,477

Federal Reserve notes, net 1,298,725 41,292 418,465 41,644 60,986 92,348 191,817 91,115 36,771 20,156 33,822 105,257 165,052

Reverse repurchase agreements13 509,837 10,313 312,919 12,214 11,132 28,495 28,183 20,838 6,288 3,124 6,716 15,535 54,079

Deposits 2,627,009 86,762 1,809,358 47,925 61,516 118,197 39,638 69,740 7,610 7,978 22,333 39,294 316,657

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 2,377,996 86,758 1,560,513 47,897 61,513 118,097 39,629 69,727 7,610 7,978 22,332 39,292 316,649

U.S. Treasury, General Account 223,452 0 223,452 0 0 0 0 0 0 0 0 0 0

Foreign official 5,242 2 5,214 3 3 8 2 1 0 0 0 1 6

Other14 20,320 2 20,178 25 0 92 6 12 0 0 1 1 2

Deferred availability cash items 641 0 3 0 0 0 556 0 0 82 0 0 0

Interest on Federal Reserve notes due

to U.S. Treasury15 1,161 15 769 20 14 65 69 38 9 4 11 26 121

Other liabilities and accrued

dividends16 3,143 123 1,132 146 149 383 260 222 117 104 93 159 255

Total liabilities 4,440,516 138,505 2,542,647 101,949 133,798 239,489 260,523 181,953 50,796 31,448 62,975 160,270 536,164

Capital

Capital paid in 28,572 1,296 9,208 1,597 2,228 6,557 1,626 767 266 120 301 412 4,196

Surplus 28,572 1,296 9,208 1,597 2,228 6,557 1,626 767 266 120 301 412 4,196

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,497,660 141,096 2,561,062 105,142 138,253 252,603 263,774 183,488 51,328 31,688 63,576 161,094 544,556

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, December 31, 2014 (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. 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. Refer to

the note on consolidation below.

9. Refer to the note on consolidation below.

10. 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.

11. Revalued daily at current foreign currency exchange rates.

12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.

15. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank’s net earnings are not sufficient to equate surplus

to capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the

Federal Reserve Bank’s earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy,

which requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends,

and the amount necessary to equate surplus with capital paid-in.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was

extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to Maiden Lane

LLC was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC was repaid in full, with

interest. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the

American International Group, Inc. had written credit default swap contracts. On June 14, 2012, the loan from FRBNY to Maiden Lane III was repaid in full, with interest. On December 12, 2008, a

loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American

International Group, Inc. On March 1, 2012, the loan from FRBNY to Maiden Lane II was repaid in full, with interest. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to

extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan

extended under the Term Asset-Backed Securities Loan Facility. On January 15, 2013 the FRBNY’s commitment to extend credit to TALF LLC was eliminated.

The FRBNY was the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY was primarily responsible for directing the financial activities of

TALF LLC. The FRBNY was the primary beneficiary of the other LLCs cited above because it received a majority of any residual returns of the LLCs and absorbed a majority of any residual losses of the LLCs.

Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs were consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition

shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs were eliminated, the net assets of the LLCs appeared as assets on the previous page (and in

table 1 and table 5), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, 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 Dec 31, 2014

Federal Reserve notes outstanding 1,469,554

Less: Notes held by F.R. Banks not subject to collateralization 170,829

Federal Reserve notes to be collateralized 1,298,725

Collateral held against Federal Reserve notes 1,298,725

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,282,489

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,236,873

Less: Face value of securities under reverse repurchase agreements 473,590

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,763,283

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.