FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                  August 29, 2019


1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and                          Averages of daily figures         Wednesday  
reserve balances of depository institutions at             Week ended    Change from week ended  Aug 28, 2019 
Federal Reserve Banks                                     Aug 28, 2019 Aug 21, 2019 Aug 29, 2018              

Reserve Bank credit                                         3,723,811   -    3,343   -  461,853    3,720,751  
  Securities held outright (1)                              3,589,547   -    3,597   -  439,999    3,587,082  
    U.S. Treasury securities                                2,091,269   +    5,410   -  233,302    2,095,130  
      Bills (2)                                                 3,001            0   +    2,901        3,001  
      Notes and bonds, nominal (2)                          1,947,943   +    5,403   -  240,063    1,951,802  
      Notes and bonds, inflation-indexed (2)                  116,545            0   +    1,953      116,545  
      Inflation compensation (3)                               23,779   +        6   +    1,906       23,782  
    Federal agency debt securities (2)                          2,347            0   -       62        2,347  
    Mortgage-backed securities (4)                          1,495,931   -    9,007   -  206,635    1,489,605  
  Unamortized premiums on securities held outright (5)        127,989   -      487   -   18,795      127,805  
  Unamortized discounts on securities held outright (5)       -13,003   +       51   +      793      -12,923  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                           140   +        8   -      153          110  
    Primary credit                                                 35   +        1   +       11            5  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                               105   +        7   -      165          106  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,720            0  
  Float                                                          -173   -       52   +       43         -319  
  Central bank liquidity swaps (8)                                 69   +       26   -       23           69  
  Other Federal Reserve assets (9)                             19,243   +      709   -    1,999       18,927  
Foreign currency denominated assets (10)                       20,917   +       78   -      168       20,868  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             50,042   +       14   +      379       50,042  
                                                                                                              
Total factors supplying reserve funds                       3,811,012   -    3,251   -  461,641    3,807,903  

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                          Averages of daily figures         Wednesday  
reserve balances of depository institutions at             Week ended    Change from week ended  Aug 28, 2019 
Federal Reserve Banks                                     Aug 28, 2019 Aug 21, 2019 Aug 29, 2018              

Currency in circulation (11)                                 1,751,632   +    2,385   +   75,324    1,754,962 
Reverse repurchase agreements (12)                             288,863   -   21,904   +   46,625      286,720 
  Foreign official and international accounts                  281,544   -   17,283   +   42,115      282,465 
  Others                                                         7,319   -    4,620   +    4,510        4,255 
Treasury cash holdings                                             160   -       11   -       56          157 
Deposits with F.R. Banks, other than reserve balances          226,674   +   33,022   -  197,778      216,901 
  Term deposits held by depository institutions                  1,668   +    1,668   -      819        1,668 
  U.S. Treasury, General Account                               145,957   +   20,232   -  196,586      150,146 
  Foreign official                                               5,256            0            0        5,257 
  Other (13)                                                    73,793   +   11,122   -      372       59,831 
Other liabilities and capital (14)                              45,003   +      622   -      512       44,918 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,312,332   +   14,114   -   76,397    2,303,659 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,498,680   -   17,365   -  385,244    1,504,243 

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 the note on consolidation accompanying table 5.                                                
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  
                                                           Week ended    Change from week ended  Aug 28, 2019 
                                                          Aug 28, 2019 Aug 21, 2019 Aug 29, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,475,359   +    4,013   +   46,303    3,466,570 
  Marketable U.S. Treasury securities (1)                    3,034,269   +      831   -   25,600    3,025,316 
  Federal agency debt and mortgage-backed securities (2)       360,009   +    2,631   +   61,280      359,910 
  Other securities (3)                                          81,082   +      552   +   10,624       81,344 
Securities lent to dealers                                      26,760   +    1,365   +    8,768       28,328 
  Overnight facility (4)                                        26,760   +    1,365   +    8,768       28,328 
    U.S. Treasury securities                                    26,760   +    1,365   +    8,768       28,328 
    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, 4, and 5.     
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, August 28, 2019     

Millions of dollars
Remaining Maturity                     Within 15     16 days to    91 days to   Over 1 year   Over 5 year     Over 10         All      
                                          days        90 days        1 year      to 5 years   to 10 years      years                   

Loans                                           82            29             0             0             0           ...           110 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  14,674        70,603       268,484       830,985       291,712       618,672     2,095,130 
  Weekly changes                                 0             0             0    +    4,103    +    2,104    +        2    +    6,210 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0           486         1,861         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             7           440        77,223     1,411,935     1,489,605 
  Weekly changes                                 0             0    -        1    -       12    -    1,097    -    9,954    -   11,065 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                69             0             0             0             0             0            69 
                                                                                                                                       
Reverse repurchase agreements (4)          286,720             0           ...           ...           ...           ...       286,720 
Term deposits                                1,668             0             0           ...           ...           ...         1,668 

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   
                                                                                                                      Aug 28, 2019  

Mortgage-backed securities held outright (1)                                                                             1,489,605  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                            3,162  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                    8  



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 4       
    and table 5.                                                                                        







4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital                         Eliminations     Wednesday         Change since       
                                                             from       Aug 28, 2019   Wednesday    Wednesday  
                                                        consolidation                Aug 21, 2019 Aug 29, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,722   -        2   -       46  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,702,074   -    5,239   -  454,984  
    Securities held outright (1)                                          3,587,082   -    4,855   -  436,922  
      U.S. Treasury securities                                            2,095,130   +    6,210   -  229,459  
        Bills (2)                                                             3,001            0   +    2,901  
        Notes and bonds, nominal (2)                                      1,951,802   +    6,203   -  236,204  
        Notes and bonds, inflation-indexed (2)                              116,545            0   +    1,953  
        Inflation compensation (3)                                           23,782   +        7   +    1,891  
      Federal agency debt securities (2)                                      2,347            0   -       62  
      Mortgage-backed securities (4)                                      1,489,605   -   11,065   -  207,401  
    Unamortized premiums on securities held outright  
    (5)                                                                     127,805   -      438   -   18,723  
    Unamortized discounts on securities held outright 
    (5)                                                                     -12,923   +      123   +      862  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                       110   -       69   -      201  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,718  
  Items in process of collection                                   (0)           49   -        4   -       27  
  Bank premises                                                               2,191            0   +        8  
  Central bank liquidity swaps (8)                                               69   +       26   -       23  
  Foreign currency denominated assets (9)                                    20,868   +       39   -      230  
  Other assets (10)                                                          16,736   +      259   -    1,949  
                                                                                                               
Total assets                                                       (0)    3,759,946   -    4,920   -  458,968  

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital                         Eliminations     Wednesday         Change since       
                                                             from       Aug 28, 2019   Wednesday    Wednesday  
                                                        consolidation                Aug 21, 2019 Aug 29, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,706,795   +    3,679   +   73,526 
  Reverse repurchase agreements (11)                                         286,720   -   14,498   +   54,288 
  Deposits                                                          (0)    1,721,145   +    4,859   -  586,612 
    Term deposits held by depository institutions                              1,668   +    1,668   -      819 
    Other deposits held by depository institutions                         1,504,244   -   13,576   -  376,263 
    U.S. Treasury, General Account                                           150,146   +   18,699   -  195,109 
    Foreign official                                                           5,257   +        1            0 
    Other (12)                                                      (0)       59,831   -    1,932   -   14,420 
  Deferred availability cash items                                  (0)          368   +      161   -      206 
  Other liabilities and accrued dividends (13)                                 5,619   +      875   -      237 
                                                                                                               
Total liabilities                                                   (0)    3,720,647   -    4,925   -  459,241 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,474   +        5   +      272 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,299   +        5   +      272 

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 the note on consolidation accompanying table 5.                                                
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.                               

 



5. Statement of Condition of Each Federal Reserve Bank, August 28, 2019
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia  Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                         City                 Francisco  

Assets                                                                                                                                                                                                   
  Gold certificate account                        11,037         351       3,707          327         531         754       1,560         711         328         186         292         890       1,400
  Special drawing rights certificate acct.         5,200         196       1,818          210         237         412         654         424         150          90         153         282         574
  Coin                                             1,722          43          50          152         111         219         184         280          35          47         114         199         289
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,702,074      76,802   2,019,684       89,649     108,313     226,547     253,126     194,321      53,230      32,097      54,896     160,747     432,663
    Securities held outright (1)               3,587,082      74,418   1,957,007       86,867     104,949     219,517     245,260     188,291      51,556      31,040      53,191     155,755     419,232
      U.S. Treasury securities                 2,095,130      43,466   1,143,042       50,737      61,298     128,214     143,250     109,976      30,113      18,130      31,067      90,973     244,864
        Bills (2)                                  3,001          62       1,637           73          88         184         205         158          43          26          44         130         351
        Notes and bonds (3)                    2,092,129      43,404   1,141,404       50,664      61,210     128,031     143,045     109,819      30,069      18,104      31,023      90,843     244,513
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,489,605      30,904     812,685       36,073      43,582      91,159     101,849      78,191      21,410      12,890      22,088      64,680     174,094
    Unamortized premiums on securities held 
      outright (5)                               127,805       2,651      69,727        3,095       3,739       7,821       8,738       6,709       1,837       1,106       1,895       5,549      14,937
    Unamortized discounts on securities     
      held outright (5)                          -12,923        -268      -7,051         -313        -378        -791        -884        -678        -186        -112        -192        -561      -1,510
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                            110           0           1            0           3           0          11           0          23          63           2           3           4
  Net portfolio holdings of Maiden                                                                                                                                                                       
     Lane LLC (7)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
  Items in process of collection                      49           0           0            0           0           0          49           0           0           0           0           0           0
  Bank premises                                    2,191         108         458           82         117         191         205         192         103          94         229         222         191
  Central bank liquidity swaps (8)                    69           3          22            4           5          15           4           3           1           0           1           1          10
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,868         899       6,623        1,206       1,666       4,449       1,213         871         318          99         202         258       3,063
  Other assets (10)                               16,736         361       8,623          399         490       1,215       1,120         847         430         190         313         831       1,918
  Interdistrict settlement account                     0  +    9,195  -  220,371   -    9,258  +   12,458  +   15,735  +   41,908  +   25,493  +    8,606  +    7,043  +    6,161  +   28,411  +   74,619
                                                                                                                                                                                                         
Total assets                                   3,759,946      87,957   1,820,614       82,770     123,929     249,537     300,022     223,142      63,201      39,847      62,360     191,841     514,727

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





5. Statement of Condition of Each Federal Reserve Bank, August 28, 2019 (continued)
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                        City                 Francisco  

Liabilities                                                                                                                                                                                             
  Federal Reserve notes outstanding            1,911,010      57,513     634,175      54,996      90,841     131,533     264,113     124,551      56,247      31,286      50,271     159,303     256,184
    Less: Notes held by F.R. Banks               204,215       6,424      48,317       9,036      10,022      16,448      28,231      14,206       6,229       3,456       8,201      20,616      33,030
      Federal Reserve notes, net               1,706,795      51,089     585,858      45,960      80,819     115,085     235,882     110,344      50,018      27,830      42,070     138,687     223,154
  Reverse repurchase agreements (11)             286,720       5,948     156,426       6,943       8,389      17,546      19,604      15,050       4,121       2,481       4,252      12,450      33,510
  Deposits                                     1,721,145      28,935   1,062,718      28,129      31,245     108,133      41,770      95,891       8,312       8,811      15,476      39,943     251,783
    Term deposits held by depository        
        institutions                               1,668          50         606         250           2           0         100         410           0           0           0           0         250
    Other deposits held by depository       
        institutions                           1,504,244      28,870     889,442      27,876      31,215     107,688      41,635      53,659       8,308       8,757      15,443      39,824     251,527
    U.S. Treasury, General Account               150,146           0     150,146           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,257           2       5,229           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    59,831          13      17,294           1          25         436          33      41,820           3          54          32         118           0
  Deferred availability cash items                   368           0           0           0           0           0          56           0           0         312           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   884          19         481          24          31          51          83          37           9           8          14          48          80
  Other liabilities and accrued             
     dividends                                     4,735         178       1,916         186         197         551         310         315         128         148         155         225         426
                                                                                                                                                                                                        
Total liabilities                              3,720,647      86,169   1,807,399      81,242     120,681     241,366     297,705     221,637      62,587      39,590      61,966     191,352     508,953
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,474       1,494      11,049       1,133       2,703       6,716       1,920       1,220         510         225         328         404       4,772
  Surplus                                          6,825         294       2,166         394         545       1,455         397         285         104          32          66          84       1,002
  Other capital                                        0           0           0           0           0           0           0           0           0           0           0           0           0
                                                                                                                                                                                                        
Total liabilities and capital                  3,759,946      87,957   1,820,614      82,770     123,929     249,537     300,022     223,142      63,201      39,847      62,360     191,841     514,727

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





5. Statement of Condition of Each Federal Reserve Bank, August 28, 2019 (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 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 and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. 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 4), 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 4).
                                                                                                                                        



6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral                                                        Wednesday   
                                                                                          Aug 28, 2019  

Federal Reserve notes outstanding                                                            1,911,010  
  Less: Notes held by F.R. Banks not subject to collateralization                              204,215  
    Federal Reserve notes to be collateralized                                               1,706,795  
Collateral held against Federal Reserve notes                                                1,706,795  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,690,558  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,587,082  
  Less: Face value of securities under reverse repurchase agreements                           267,676  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,319,406  

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.