FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 9, 2017

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

Mar 8, 2017 Mar 1, 2017 Mar 9, 2016

Wednesday

Mar 8, 2017

Reserve Bank credit 4,420,645 - 6,010 - 20,713 4,421,367

Securities held outright1 4,240,109 - 5,847 - 4,219 4,240,169

U.S. Treasury securities 2,463,590 + 125 + 2,410 2,463,650

Bills2 0 0 0 0

Notes and bonds, nominal2 2,340,411 - 694 - 4,107 2,340,411

Notes and bonds, inflation-indexed2 105,901 + 693 + 5,021 105,901

Inflation compensation3 17,278 + 125 + 1,497 17,337

Federal agency debt securities2 13,329 0 - 17,989 13,329

Mortgage-backed securities4 1,763,189 - 5,972 + 11,359 1,763,191

Unamortized premiums on securities held outright5 170,257 - 463 - 16,268 170,171

Unamortized discounts on securities held outright5 -15,035 - 8 + 1,383 -15,025

Repurchase agreements6 0 0 0 0

Loans 8 - 43 - 4 15

Primary credit 6 - 43 + 4 13

Secondary credit 0 0 0 0

Seasonal credit 2 0 - 8 3

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,705 0 - 17 1,704

Float -332 + 283 - 145 -565

Central bank liquidity swaps8 491 - 613 + 396 491

Other Federal Reserve assets9 23,443 + 683 - 1,839 24,406

Foreign currency denominated assets10 19,705 - 169 - 555 19,670

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 48,684 + 14 + 1,014 48,684

Total factors supplying reserve funds 4,505,275 - 6,165 - 20,254 4,505,963

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

Mar 8, 2017 Mar 1, 2017 Mar 9, 2016

Wednesday

Mar 8, 2017

Currency in circulation11 1,525,011 + 9,534 + 90,007 1,528,995

Reverse repurchase agreements12 440,692 + 20,406 + 151,336 453,251

Foreign official and international accounts 244,398 - 6,764 + 5,740 241,127

Others 196,294 + 27,170 + 145,595 212,124

Treasury cash holdings 259 + 6 + 19 251

Deposits with F.R. Banks, other than reserve balances 147,638 - 118,084 - 90,708 125,326

Term deposits held by depository institutions 0 - 16,625 0 0

U.S. Treasury, General Account 88,220 - 87,276 - 123,223 66,163

Foreign official 5,165 - 5 - 59 5,165

Other13 54,253 - 14,179 + 32,575 53,998

Other liabilities and capital14 47,768 - 312 + 1,078 47,008

Total factors, other than reserve balances,

absorbing reserve funds 2,161,369 - 88,448 + 151,733 2,154,832

Reserve balances with Federal Reserve Banks 2,343,906 + 82,283 - 171,987 2,351,131

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

Mar 8, 2017 Mar 1, 2017 Mar 9, 2016

Wednesday

Mar 8, 2017

Securities held in custody for foreign official and international

accounts 3,182,730 + 6,950 - 71,721 3,188,509

Marketable U.S. Treasury securities1 2,853,029 + 6,963 - 86,498 2,859,046

Federal agency debt and mortgage-backed securities2 266,505 - 166 + 368 266,050

Other securities3 63,195 + 152 + 14,408 63,414

Securities lent to dealers 23,124 + 3,866 + 5,780 22,038

Overnight facility4 23,124 + 3,866 + 5,780 22,038

U.S. Treasury securities 23,064 + 3,857 + 5,804 21,957

Federal agency debt securities 60 + 9 - 25 81

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, March 8, 2017

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 13 3 0 0 0 ... 15

U.S. Treasury securities1

Holdings 0 60,468 183,351 1,216,815 376,137 626,878 2,463,650

Weekly changes 0 + 11,910 - 11,905 + 26 + 33 + 97 + 162

Federal agency debt securities2

Holdings 0 4,495 4,443 2,044 0 2,347 13,329

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 174 11,446 1,751,571 1,763,191

Weekly changes 0 0 0 + 7 + 353 - 355 + 5

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

Central bank liquidity swaps5 491 0 0 0 0 0 491

Reverse repurchase agreements4 453,251 0 ... ... ... ... 453,251

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 Mar 8, 2017

Mortgage-backed securities held outright1 1,763,191

Commitments to buy mortgage-backed securities2 33,902

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 6

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 Mar 8, 2017

Net portfolio holdings of Maiden Lane LLC1 1,704

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 December 31, 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

Mar 8, 2017 Mar 1, 2017 Mar 9, 2016

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,934 - 8 + 4

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,395,331 - 55 - 19,031

Securities held outright1 4,240,169 + 166 - 4,175

U.S. Treasury securities 2,463,650 + 162 + 2,454

Bills2 0 0 0

Notes and bonds, nominal2 2,340,411 0 - 4,107

Notes and bonds, inflation-indexed2 105,901 0 + 5,021

Inflation compensation3 17,337 + 162 + 1,540

Federal agency debt securities2 13,329 0 - 17,989

Mortgage-backed securities4 1,763,191 + 5 + 11,361

Unamortized premiums on securities held outright5 170,171 - 263 - 16,242

Unamortized discounts on securities held outright5 -15,025 + 27 + 1,381

Repurchase agreements6 0 0 0

Loans 15 + 13 + 3

Net portfolio holdings of Maiden Lane LLC7 1,704 - 1 - 18

Items in process of collection (0) 66 - 13 - 81

Bank premises 2,197 + 1 - 28

Central bank liquidity swaps8 491 - 641 + 396

Foreign currency denominated assets9 19,670 - 85 - 640

Other assets10 22,209 + 2,624 - 1,846

Total assets (0) 4,459,840 + 1,822 - 21,243

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

Mar 8, 2017 Mar 1, 2017 Mar 9, 2016

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,482,492 + 7,380 + 90,618

Reverse repurchase agreements11 453,251 + 48,363 + 169,818

Deposits (0) 2,476,457 - 53,824 - 282,564

Term deposits held by depository institutions 0 - 16,625 0

Other deposits held by depository institutions 2,351,131 + 43,177 - 182,094

U.S. Treasury, General Account 66,163 - 82,222 - 130,134

Foreign official 5,165 + 1 - 6

Other12 (0) 53,998 + 1,844 + 29,671

Deferred availability cash items (0) 631 + 178 + 243

Other liabilities and accrued dividends13 6,464 - 286 - 369

Total liabilities (0) 4,419,296 + 1,812 - 22,252

Capital accounts

Capital paid in 30,544 + 10 + 1,009

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 40,544 + 10 + 1,009

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, March 8, 2017

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 1,934 53 74 165 137 303 190 289 28 53 122 199 318

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,395,331 107,972 2,501,231 119,342 131,632 268,614 246,002 175,133 55,472 32,405 61,172 156,450 539,905

Securities held outright1 4,240,169 104,161 2,412,941 115,130 126,986 259,132 237,319 168,949 53,514 31,261 59,012 150,928 520,836

U.S. Treasury securities 2,463,650 60,520 1,401,982 66,893 73,782 150,563 137,888 98,164 31,093 18,163 34,288 87,693 302,620

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

Notes and bonds3 2,463,650 60,520 1,401,982 66,893 73,782 150,563 137,888 98,164 31,093 18,163 34,288 87,693 302,620

Federal agency debt securities2 13,329 327 7,585 362 399 815 746 531 168 98 186 474 1,637

Mortgage-backed securities4 1,763,191 43,313 1,003,374 47,874 52,805 107,755 98,684 70,254 22,253 12,999 24,539 62,760 216,580

Unamortized premiums on securities 

held outright5 170,171 4,180 96,839 4,621 5,096 10,400 9,524 6,780 2,148 1,255 2,368 6,057 20,903

Unamortized discounts on securities 

held outright5 -15,025 -369 -8,550 -408 -450 -918 -841 -599 -190 -111 -209 -535 -1,846

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

Loans 15 0 1 0 0 0 0 3 0 0 1 0 11

Net portfolio holdings of Maiden

Lane LLC7 1,704 0 1,704 0 0 0 0 0 0 0 0 0 0

Items in process of collection 66 0 0 0 0 0 66 0 0 0 0 0 0

Bank premises 2,197 118 437 71 108 202 205 200 112 89 237 222 195

Central bank liquidity swaps8 491 22 162 27 37 110 27 13 5 2 5 6 75

Foreign currency denominated

assets9 19,670 869 6,491 1,082 1,498 4,387 1,092 527 202 84 196 249 2,992

Other assets10 22,209 576 12,043 607 664 1,539 1,262 890 560 181 355 820 2,712

Interdistrict settlement account 0 - 17,269 - 134,961 + 2,729 + 4,004 - 4,082 + 27,804 + 32,546 + 7,723 + 4,620 + 8,025 + 31,451 + 37,408

Total assets 4,459,840 92,893 2,392,588 124,593 138,905 272,244 278,844 210,776 64,613 37,717 70,563 190,554 585,550

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, March 8, 2017 (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 1,655,974 55,015 531,691 53,513 81,900 119,106 226,103 113,577 49,207 29,401 46,636 138,003 211,823

Less: Notes held by F.R. Banks 173,482 5,875 49,647 6,083 9,552 12,401 24,211 11,563 4,480 3,454 5,433 14,973 25,809

Federal Reserve notes, net 1,482,492 49,140 482,044 47,430 72,347 106,704 201,891 102,015 44,726 25,947 41,203 123,030 186,015

Reverse repurchase agreements11 453,251 11,134 257,930 12,307 13,574 27,700 25,368 18,060 5,720 3,342 6,308 16,133 55,675

Deposits 2,476,457 30,669 1,636,294 62,453 49,448 128,555 48,758 88,685 13,563 7,548 22,513 50,608 337,363

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 2,351,131 30,662 1,535,993 62,451 49,445 128,384 48,749 63,879 13,547 7,548 22,512 50,608 337,355

U.S. Treasury, General Account 66,163 0 66,163 0 0 0 0 0 0 0 0 0 0

Foreign official 5,165 2 5,138 2 3 9 2 1 0 0 0 1 6

Other12 53,998 6 28,999 0 0 163 7 24,805 15 0 1 0 2

Deferred availability cash items 631 0 0 0 0 0 63 0 0 569 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,873 39 1,122 44 54 80 114 69 20 13 25 70 224

Other liabilities and accrued

dividends 4,591 156 2,189 177 181 446 295 253 133 128 119 192 322

Total liabilities 4,419,296 91,139 2,379,579 122,411 135,605 263,485 276,488 209,081 64,162 37,546 70,168 190,033 579,598

Capital

Capital paid in 30,544 1,321 9,806 1,645 2,485 6,598 1,773 1,276 341 129 298 393 4,479

Surplus 10,000 434 3,202 538 815 2,161 583 419 109 42 97 128 1,473

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

Total liabilities and capital 4,459,840 92,893 2,392,588 124,593 138,905 272,244 278,844 210,776 64,613 37,717 70,563 190,554 585,550

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, March 8, 2017 (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 Mar 8, 2017

Federal Reserve notes outstanding 1,655,974

Less: Notes held by F.R. Banks not subject to collateralization 173,482

Federal Reserve notes to be collateralized 1,482,492

Collateral held against Federal Reserve notes 1,482,492

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,466,255

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,240,169

Less: Face value of securities under reverse repurchase agreements 439,285

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,800,885

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.