FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 4, 2014

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 3, 2014 Nov 26, 2014 Dec 4, 2013

Wednesday

Dec 3, 2014

Reserve Bank credit 4,445,998 - 7,582 + 561,608 4,446,176

Securities held outright1 4,230,121 - 7,052 + 567,137 4,230,106

U.S. Treasury securities 2,461,644 + 9 + 296,892 2,461,625

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,713 0 + 285,681 2,346,713

Notes and bonds, inflation-indexed2 98,469 0 + 8,490 98,469

Inflation compensation3 16,463 + 10 + 2,722 16,444

Federal agency debt securities2 38,677 0 - 19,695 38,677

Mortgage-backed securities4 1,729,800 - 7,061 + 289,940 1,729,804

Unamortized premiums on securities held outright5 207,952 - 571 + 356 207,816

Unamortized discounts on securities held outright5 -18,540 + 34 - 8,288 -18,529

Repurchase agreements6 0 0 0 0

Loans 105 - 16 - 61 99

Primary credit 8 - 2 + 4 9

Secondary credit 0 0 0 0

Seasonal credit 97 - 14 + 34 90

Term Asset-Backed Securities Loan Facility7 0 0 - 98 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC8 1,681 0 + 164 1,681

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 - 110 0

Float -716 - 149 + 42 -637

Central bank liquidity swaps11 1 0 - 271 1

Other Federal Reserve assets12 25,394 + 171 + 2,724 25,638

Foreign currency denominated assets13 21,432 - 51 - 2,451 21,206

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding14 46,286 + 14 + 803 46,286

Total factors supplying reserve funds 4,529,957 - 7,619 + 559,960 4,529,909

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 3, 2014 Nov 26, 2014 Dec 4, 2013

Wednesday

Dec 3, 2014

Currency in circulation14 1,317,978 + 4,854 + 89,951 1,318,745

Reverse repurchase agreements15 264,112 + 9,289 + 147,535 261,881

Foreign official and international accounts 100,619 - 66 - 1,956 95,553

Others 163,493 + 9,355 + 149,492 166,328

Treasury cash holdings 189 + 4 - 36 193

Deposits with F.R. Banks, other than reserve balances 434,692 + 15,842 + 365,668 407,308

Term deposits held by depository institutions 334,714 + 16,023 + 321,182 334,714

U.S. Treasury, General Account 87,426 + 7,657 + 49,479 57,606

Foreign official 5,249 - 5 - 3,486 5,249

Other16 7,303 - 7,833 - 1,508 9,739

Other liabilities and capital17 63,542 - 479 + 7 62,329

Total factors, other than reserve balances,

absorbing reserve funds 2,080,514 + 29,512 + 603,126 2,050,456

Reserve balances with Federal Reserve Banks 2,449,444 - 37,130 - 43,165 2,479,454

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 3, 2014 Nov 26, 2014 Dec 4, 2013

Wednesday

Dec 3, 2014

Securities held in custody for foreign official and international

accounts 3,321,748 + 7,805 - 39,427 3,324,443

Marketable U.S. Treasury securities1 2,978,913 + 6,632 - 20,715 2,981,840

Federal agency debt and mortgage-backed securities2 300,311 + 685 - 18,464 300,425

Other securities3 42,524 + 488 - 248 42,178

Securities lent to dealers 9,566 - 79 - 4,054 11,626

Overnight facility4 9,566 - 79 - 4,054 11,626

U.S. Treasury securities 8,922 - 3 - 3,585 10,949

Federal agency debt securities 644 - 76 - 469 677

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 3, 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 29 70 0 0 0 ... 99

U.S. Treasury securities1

Holdings 0 4 3,517 1,105,881 693,743 658,481 2,461,625

Weekly changes 0 0 0 + 6,981 - 6,986 - 14 - 20

Federal agency debt securities2

Holdings 0 1,800 3,933 30,597 0 2,347 38,677

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 13 5,567 1,724,224 1,729,804

Weekly changes 0 0 0 + 2 - 1 + 14 + 14

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

Central bank liquidity swaps5 1 0 0 0 0 0 1

Reverse repurchase agreements4 261,881 0 ... ... ... ... 261,881

Term deposits 334,714 0 0 ... ... ... 334,714

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 3, 2014

Mortgage-backed securities held outright1 1,729,804

Commitments to buy mortgage-backed securities2 38,863

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 22

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 3, 2014

Net portfolio holdings of Maiden Lane LLC1 1,681

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 3, 2014 Nov 26, 2014 Dec 4, 2013

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,839 - 2 - 87

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,419,493 - 308 + 553,952

Securities held outright1 4,230,106 - 6 + 562,082

U.S. Treasury securities 2,461,625 - 20 + 291,837

Bills2 0 0 0

Notes and bonds, nominal2 2,346,713 0 + 280,623

Notes and bonds, inflation-indexed2 98,469 0 + 8,490

Inflation compensation3 16,444 - 19 + 2,725

Federal agency debt securities2 38,677 0 - 19,695

Mortgage-backed securities4 1,729,804 + 14 + 289,940

Unamortized premiums on securities held outright5 207,816 - 317 + 48

Unamortized discounts on securities held outright5 -18,529 + 26 - 8,117

Repurchase agreements6 0 0 0

Loans 99 - 12 - 62

Net portfolio holdings of Maiden Lane LLC7 1,681 0 + 162

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 - 110

Items in process of collection (0) 96 + 8 + 2

Bank premises 2,260 - 5 - 24

Central bank liquidity swaps10 1 0 - 271

Foreign currency denominated assets11 21,206 - 362 - 2,600

Other assets12 23,378 + 929 + 2,625

Total assets (0) 4,486,190 + 259 + 553,564

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 3, 2014 Nov 26, 2014 Dec 4, 2013

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,274,486 + 1,292 + 89,226

Reverse repurchase agreements13 261,881 + 10,408 + 152,289

Deposits (0) 2,886,762 - 10,622 + 312,352

Term deposits held by depository institutions 334,714 0 + 321,182

Other deposits held by depository institutions 2,479,454 + 159 - 31,172

U.S. Treasury, General Account 57,606 - 14,295 + 25,227

Foreign official 5,249 - 1 - 3,485

Other14 (0) 9,739 + 3,515 + 600

Deferred availability cash items (0) 733 - 2 - 105

Other liabilities and accrued dividends15 5,742 - 819 - 1,805

Total liabilities (0) 4,429,604 + 258 + 551,957

Capital accounts

Capital paid in 28,293 + 1 + 803

Surplus 28,293 + 1 + 803

Other capital accounts 0 0 0

Total capital 56,587 + 2 + 1,607

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 3, 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 1,839 29 76 124 114 304 208 268 22 43 151 174 327

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,419,493 89,400 2,712,464 105,875 96,491 247,003 244,316 180,630 54,512 27,127 58,237 134,667 468,772

Securities held outright1 4,230,106 85,568 2,596,285 101,340 92,358 236,424 233,838 172,890 52,175 25,924 55,720 128,892 448,692

U.S. Treasury securities 2,461,625 49,794 1,510,856 58,973 53,746 137,582 136,077 100,610 30,362 15,086 32,425 75,006 261,107

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

Notes and bonds3 2,461,625 49,794 1,510,856 58,973 53,746 137,582 136,077 100,610 30,362 15,086 32,425 75,006 261,107

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 1,729,804 34,991 1,061,691 41,441 37,768 96,680 95,623 70,700 21,336 10,601 22,786 52,708 183,482

Unamortized premiums on securities 

held outright5 207,816 4,204 127,550 4,979 4,537 11,615 11,488 8,494 2,563 1,274 2,737 6,332 22,043

Unamortized discounts on securities 

held outright5 -18,529 -375 -11,372 -444 -405 -1,036 -1,024 -757 -229 -114 -244 -565 -1,965

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

Loans 99 3 1 0 0 0 14 3 2 43 24 7 2

Net portfolio holdings of Maiden

Lane LLC7 1,681 0 1,681 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 96 0 0 0 0 0 95 0 0 1 0 0 0

Bank premises 2,260 123 438 74 110 220 212 199 122 96 242 224 201

Central bank liquidity swaps10 1 0 0 0 0 0 0 0 0 0 0 0 0

Foreign currency denominated

assets11 21,206 964 6,822 1,594 1,686 4,421 1,219 585 178 90 223 354 3,068

Other assets12 23,378 500 14,056 681 505 1,435 1,286 943 334 175 328 728 2,406

Interdistrict settlement account 0 + 16,804 - 118,411 + 761 + 21,693 - 9,805 + 8,158 - 9,275 - 5,462 + 1,826 + 474 + 19,327 + 73,910

Total assets 4,486,190 108,369 2,623,069 109,657 121,300 244,815 257,496 174,481 50,134 29,620 60,099 156,636 550,514

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 3, 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 1,464,786 45,119 478,245 45,767 68,351 103,091 214,667 100,574 40,677 22,286 37,694 119,864 188,451

Less: Notes held by F.R. Banks 190,300 5,184 67,502 5,295 8,863 11,594 22,443 10,764 4,848 3,447 5,202 18,110 27,049

Federal Reserve notes, net 1,274,486 39,935 410,743 40,471 59,488 91,498 192,224 89,810 35,830 18,838 32,493 101,754 161,402

Reverse repurchase agreements13 261,881 5,297 160,733 6,274 5,718 14,637 14,477 10,703 3,230 1,605 3,450 7,980 27,778

Deposits 2,886,762 60,375 2,030,539 59,510 51,424 125,482 46,486 72,133 10,394 8,725 23,418 45,858 352,419

Term deposits held by depository

institutions 334,714 91 232,910 30,338 9,450 10,026 840 18,190 428 181 3,857 3,605 24,799

Other deposits held by depository

institutions 2,479,454 60,281 1,725,373 29,137 41,971 115,194 45,637 53,929 9,966 8,544 19,559 42,250 327,612

U.S. Treasury, General Account 57,606 0 57,606 0 0 0 0 0 0 0 0 0 0

Foreign official 5,249 2 5,222 3 3 8 2 1 0 0 0 1 6

Other14 9,739 1 9,428 32 0 253 6 13 0 0 1 2 2

Deferred availability cash items 733 0 0 0 0 0 646 0 0 87 0 0 0

Interest on Federal Reserve notes due

to U.S. Treasury15 1,407 17 1,007 8 4 15 84 55 16 7 16 48 129

Other liabilities and accrued

dividends16 4,335 166 1,651 201 217 579 328 248 134 117 122 177 396

Total liabilities 4,429,604 105,790 2,604,673 106,464 116,851 232,211 254,244 172,950 49,604 29,380 59,498 155,817 542,123

Capital

Capital paid in 28,293 1,289 9,198 1,597 2,224 6,302 1,626 766 265 120 301 410 4,196

Surplus 28,293 1,289 9,198 1,597 2,224 6,302 1,626 766 265 120 301 410 4,196

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

Total liabilities and capital 4,486,190 108,369 2,623,069 109,657 121,300 244,815 257,496 174,481 50,134 29,620 60,099 156,636 550,514

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 3, 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 3, 2014

Federal Reserve notes outstanding 1,464,786

Less: Notes held by F.R. Banks not subject to collateralization 190,300

Federal Reserve notes to be collateralized 1,274,486

Collateral held against Federal Reserve notes 1,274,486

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,258,249

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,230,106

Less: Face value of securities under reverse repurchase agreements 245,004

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,985,103

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.