FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 23, 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 22, 2017 Mar 15, 2017 Mar 23, 2016

Wednesday

Mar 22, 2017

Reserve Bank credit 4,436,217 + 7,739 - 14,518 4,439,386

Securities held outright1 4,252,020 + 6,735 + 1,263 4,254,947

U.S. Treasury securities 2,463,914 + 162 + 2,647 2,463,974

Bills2 0 0 0 0

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

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

Inflation compensation3 17,602 + 162 + 1,734 17,661

Federal agency debt securities2 13,329 0 - 15,928 13,329

Mortgage-backed securities4 1,774,777 + 6,573 + 14,544 1,777,645

Unamortized premiums on securities held outright5 170,019 - 119 - 16,197 170,019

Unamortized discounts on securities held outright5 -14,986 + 25 + 1,361 -14,976

Repurchase agreements6 0 0 0 0

Loans 9 + 2 - 10 9

Primary credit 3 0 - 1 1

Secondary credit 0 0 0 0

Seasonal credit 5 + 2 - 10 7

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,707 + 2 - 15 1,707

Float -290 + 126 - 62 -437

Central bank liquidity swaps8 1,019 + 102 + 966 1,019

Other Federal Reserve assets9 26,720 + 866 - 1,823 27,097

Foreign currency denominated assets10 20,065 + 301 - 616 20,205

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 48,712 + 14 + 1,014 48,712

Total factors supplying reserve funds 4,521,236 + 8,055 - 14,119 4,524,545

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 22, 2017 Mar 15, 2017 Mar 23, 2016

Wednesday

Mar 22, 2017

Currency in circulation11 1,531,792 + 2,702 + 92,148 1,533,834

Reverse repurchase agreements12 481,409 + 11,294 + 182,277 495,718

Foreign official and international accounts 244,939 + 144 + 7,499 244,705

Others 236,470 + 11,150 + 174,778 251,013

Treasury cash holdings 263 + 10 + 35 266

Deposits with F.R. Banks, other than reserve balances 147,958 + 42,884 - 178,380 132,988

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 70,827 + 32,248 - 226,129 54,245

Foreign official 5,173 + 6 + 1 5,171

Other13 71,957 + 10,629 + 47,747 73,572

Other liabilities and capital14 48,401 - 32 + 923 47,776

Total factors, other than reserve balances,

absorbing reserve funds 2,209,823 + 56,858 + 97,002 2,210,583

Reserve balances with Federal Reserve Banks 2,311,413 - 48,803 - 111,121 2,313,962

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 22, 2017 Mar 15, 2017 Mar 23, 2016

Wednesday

Mar 22, 2017

Securities held in custody for foreign official and international

accounts 3,211,843 + 14,029 - 44,426 3,206,607

Marketable U.S. Treasury securities1 2,887,451 + 18,039 - 54,852 2,882,993

Federal agency debt and mortgage-backed securities2 262,755 - 2,554 - 3,108 261,515

Other securities3 61,637 - 1,456 + 13,534 62,100

Securities lent to dealers 23,827 + 1,535 + 2,950 21,921

Overnight facility4 23,827 + 1,535 + 2,950 21,921

U.S. Treasury securities 23,751 + 1,545 + 2,909 21,853

Federal agency debt securities 77 - 9 + 42 68

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 22, 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 9 0 0 0 0 ... 9

U.S. Treasury securities1

Holdings 13,559 46,910 183,363 1,216,867 376,203 627,071 2,463,974

Weekly changes + 13,559 - 13,559 + 6 + 26 + 33 + 96 + 162

Federal agency debt securities2

Holdings 0 5,232 3,706 2,044 0 2,347 13,329

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 175 11,422 1,766,048 1,777,645

Weekly changes 0 0 0 + 3 + 7 + 6,451 + 6,461

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

Central bank liquidity swaps5 1,019 0 0 0 0 0 1,019

Reverse repurchase agreements4 495,718 0 ... ... ... ... 495,718

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 22, 2017

Mortgage-backed securities held outright1 1,777,645

Commitments to buy mortgage-backed securities2 17,452

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 1

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 22, 2017

Net portfolio holdings of Maiden Lane LLC1 1,707

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 22, 2017 Mar 15, 2017 Mar 23, 2016

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,921 - 8 + 25

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,409,999 + 6,537 - 13,382

Securities held outright1 4,254,947 + 6,622 + 1,474

U.S. Treasury securities 2,463,974 + 162 + 2,691

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 17,661 + 162 + 1,777

Federal agency debt securities2 13,329 0 - 15,928

Mortgage-backed securities4 1,777,645 + 6,461 + 14,712

Unamortized premiums on securities held outright5 170,019 - 107 - 16,206

Unamortized discounts on securities held outright5 -14,976 + 28 + 1,359

Repurchase agreements6 0 0 0

Loans 9 - 6 - 9

Net portfolio holdings of Maiden Lane LLC7 1,707 0 - 15

Items in process of collection (0) 49 - 13 - 99

Bank premises 2,199 + 2 - 28

Central bank liquidity swaps8 1,019 + 102 + 966

Foreign currency denominated assets9 20,205 + 449 - 303

Other assets10 24,898 + 1,586 - 1,788

Total assets (0) 4,478,236 + 8,659 - 14,621

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 22, 2017 Mar 15, 2017 Mar 23, 2016

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,487,305 + 2,810 + 91,509

Reverse repurchase agreements11 495,718 + 18,706 + 188,163

Deposits (0) 2,446,950 - 13,397 - 295,548

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,313,962 - 54,158 - 117,864

U.S. Treasury, General Account 54,245 + 30,829 - 223,462

Foreign official 5,171 + 2 - 2

Other12 (0) 73,572 + 9,930 + 45,779

Deferred availability cash items (0) 486 + 48 + 89

Other liabilities and accrued dividends13 7,211 + 472 + 588

Total liabilities (0) 4,437,670 + 8,640 - 15,199

Capital accounts

Capital paid in 30,565 + 17 + 577

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 40,565 + 17 + 577

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 22, 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 1,921 54 70 173 135 301 186 288 25 53 123 197 316

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,409,999 108,333 2,509,581 119,741 132,072 269,511 246,824 175,720 55,658 32,513 61,379 156,973 541,696

Securities held outright1 4,254,947 104,524 2,421,350 115,531 127,429 260,036 238,146 169,538 53,701 31,370 59,218 151,454 522,652

U.S. Treasury securities 2,463,974 60,528 1,402,166 66,902 73,792 150,583 137,907 98,177 31,097 18,166 34,292 87,704 302,659

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

Notes and bonds3 2,463,974 60,528 1,402,166 66,902 73,792 150,583 137,907 98,177 31,097 18,166 34,292 87,704 302,659

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

Mortgage-backed securities4 1,777,645 43,668 1,011,599 48,267 53,237 108,638 99,493 70,830 22,435 13,106 24,740 63,275 218,355

Unamortized premiums on securities 

held outright5 170,019 4,177 96,752 4,616 5,092 10,390 9,516 6,774 2,146 1,253 2,366 6,052 20,884

Unamortized discounts on securities 

held outright5 -14,976 -368 -8,522 -407 -448 -915 -838 -597 -189 -110 -208 -533 -1,839

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

Loans 9 0 0 0 0 0 0 4 0 0 3 0 0

Net portfolio holdings of Maiden

Lane LLC7 1,707 0 1,707 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 2,199 120 437 72 108 202 205 200 113 89 238 222 195

Central bank liquidity swaps8 1,019 45 336 56 78 227 57 27 10 4 10 13 155

Foreign currency denominated

assets9 20,205 893 6,667 1,112 1,539 4,506 1,122 542 207 86 202 256 3,074

Other assets10 24,898 643 13,538 681 743 1,698 1,402 990 589 202 394 974 3,046

Interdistrict settlement account 0 - 7,055 - 161,282 + 6,456 - 5,107 - 881 + 23,945 + 52,035 + 6,474 + 4,661 + 9,092 + 32,178 + 39,485

Total assets 4,478,236 103,584 2,376,460 128,859 130,390 276,736 275,984 230,979 63,585 37,892 71,887 191,968 589,911

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 22, 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 1,658,971 54,948 530,987 53,491 81,830 118,842 226,004 113,674 50,222 29,281 46,526 139,850 213,317

Less: Notes held by F.R. Banks 171,666 5,574 46,297 5,804 9,653 12,809 25,349 11,759 4,860 3,300 5,360 15,337 25,565

Federal Reserve notes, net 1,487,305 49,374 484,690 47,687 72,177 106,033 200,655 101,915 45,362 25,981 41,166 124,513 187,752

Reverse repurchase agreements11 495,718 12,177 282,097 13,460 14,846 30,295 27,745 19,752 6,256 3,655 6,899 17,645 60,891

Deposits 2,446,950 40,040 1,593,131 65,266 39,786 130,969 44,714 107,258 11,354 7,508 23,266 49,010 334,647

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 2,313,962 40,033 1,506,084 65,264 39,783 130,820 44,706 61,512 11,339 7,508 23,264 49,009 334,641

U.S. Treasury, General Account 54,245 0 54,245 0 0 0 0 0 0 0 0 0 0

Foreign official 5,171 2 5,145 2 3 9 2 1 0 0 0 1 6

Other12 73,572 5 27,658 0 0 140 7 45,745 14 0 1 0 1

Deferred availability cash items 486 0 0 0 0 0 50 0 0 434 2 0 0

Earnings remittances due to the U.S.

Treasury13 2,242 71 1,136 74 91 206 144 84 34 11 35 77 279

Other liabilities and accrued

dividends 4,970 167 2,392 190 191 472 320 272 130 133 124 202 378

Total liabilities 4,437,670 101,829 2,363,446 126,676 127,091 267,975 273,628 229,281 63,136 37,721 71,492 191,447 583,949

Capital

Capital paid in 30,565 1,321 9,812 1,645 2,485 6,600 1,773 1,279 340 129 298 394 4,490

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 4,478,236 103,584 2,376,460 128,859 130,390 276,736 275,984 230,979 63,585 37,892 71,887 191,968 589,911

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 22, 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 22, 2017

Federal Reserve notes outstanding 1,658,971

Less: Notes held by F.R. Banks not subject to collateralization 171,666

Federal Reserve notes to be collateralized 1,487,305

Collateral held against Federal Reserve notes 1,487,305

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,471,068

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,254,947

Less: Face value of securities under reverse repurchase agreements 471,839

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,783,108

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.