FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                   August 1, 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  Jul 31, 2019 
Federal Reserve Banks                                     Jul 31, 2019 Jul 24, 2019  Aug 1, 2018              

Reserve Bank credit                                         3,751,598   -   16,010   -  480,853    3,739,581  
  Securities held outright (1)                              3,606,334   -   14,835   -  458,979    3,594,822  
    U.S. Treasury securities                                2,092,212   -    1,814   -  261,150    2,080,700  
      Bills (2)                                                     2            0   +        2            2  
      Notes and bonds, nominal (2)                          1,952,410   -    1,961   -  265,207    1,940,396  
      Notes and bonds, inflation-indexed (2)                  116,068   +       79   +    1,980      116,545  
      Inflation compensation (3)                               23,731   +       67   +    2,074       23,757  
    Federal agency debt securities (2)                          2,347            0   -       62        2,347  
    Mortgage-backed securities (4)                          1,511,775   -   13,021   -  197,767    1,511,775  
  Unamortized premiums on securities held outright (5)        129,340   -      641   -   18,757      129,256  
  Unamortized discounts on securities held outright (5)       -12,760   +       28   +    1,074      -12,764  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                           129   +        4   -      103          132  
    Primary credit                                                  2            0   -        6            6  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                               126   +        4   -       98          126  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,716            0  
  Float                                                          -340   -      156   +      107         -818  
  Central bank liquidity swaps (8)                                 11            0   -       89           11  
  Other Federal Reserve assets (9)                             28,884   -      411   -    2,390       28,942  
Foreign currency denominated assets (10)                       20,699   -      134   -      420       20,715  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             50,020   +       14   +      373       50,020  
                                                                                                              
Total factors supplying reserve funds                       3,838,558   -   16,129   -  480,900    3,826,557  

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  Jul 31, 2019 
Federal Reserve Banks                                     Jul 31, 2019 Jul 24, 2019  Aug 1, 2018              

Currency in circulation (11)                                 1,745,752   +      465   +   78,004    1,747,776 
Reverse repurchase agreements (12)                             290,068   -      107   +   50,092      308,710 
  Foreign official and international accounts                  286,253   +    9,877   +   48,823      301,343 
  Others                                                         3,815   -    9,985   +    1,270        7,367 
Treasury cash holdings                                             174   +       10   -       33          176 
Deposits with F.R. Banks, other than reserve balances          223,161   -   33,101   -  205,746      234,770 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               163,763   -   29,599   -  187,760      176,662 
  Foreign official                                               5,255   -        1   -        2        5,254 
  Other (13)                                                    54,143   -    3,501   -   17,984       52,854 
Other liabilities and capital (14)                              44,879   +      402   -      193       44,578 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,304,034   -   32,331   -   77,876    2,336,011 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,534,523   +   16,201   -  403,025    1,490,546 

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  Jul 31, 2019 
                                                          Jul 31, 2019 Jul 24, 2019  Aug 1, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,462,859   +    1,927   +   28,650    3,459,477 
  Marketable U.S. Treasury securities (1)                    3,024,715   -    5,187   -   37,363    3,020,886 
  Federal agency debt and mortgage-backed securities (2)       357,370   +    6,354   +   58,606      357,689 
  Other securities (3)                                          80,774   +      760   +    7,407       80,901 
Securities lent to dealers                                      26,563   +    2,026   +    8,784       29,606 
  Overnight facility (4)                                        26,563   +    2,026   +    8,784       29,606 
    U.S. Treasury securities                                    26,563   +    2,026   +    8,784       29,606 
    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, July 31, 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                                          121            11             0             0             0           ...           132 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  54,817        27,659       256,814       863,166       265,728       612,516     2,080,700 
  Weekly changes                        +   35,507    -   54,814    +       28    +    6,891    -      988    +       25    -   13,351 
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             6           327        76,623     1,434,819     1,511,775 
  Weekly changes                                 0             0    -        2    -        8    -    1,075    -    8,682    -    9,767 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                11             0             0             0             0             0            11 
                                                                                                                                       
Reverse repurchase agreements (4)          308,710             0           ...           ...           ...           ...       308,710 
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.     
                                                                                                            






3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name                                                                                                            Wednesday   
                                                                                                                      Jul 31, 2019  

Mortgage-backed securities held outright (1)                                                                             1,511,775  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                            3,421  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                   10  



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       Jul 31, 2019   Wednesday    Wednesday  
                                                        consolidation                Jul 24, 2019  Aug 1, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,682   +        1   -       85  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,711,446   -   23,612   -  471,781  
    Securities held outright (1)                                          3,594,822   -   23,117   -  454,007  
      U.S. Treasury securities                                            2,080,700   -   13,351   -  256,176  
        Bills (2)                                                                 2            0   +        2  
        Notes and bonds, nominal (2)                                      1,940,396   -   13,975   -  260,193  
        Notes and bonds, inflation-indexed (2)                              116,545   +      556   +    1,953  
        Inflation compensation (3)                                           23,757   +       68   +    2,062  
      Federal agency debt securities (2)                                      2,347            0   -       62  
      Mortgage-backed securities (4)                                      1,511,775   -    9,767   -  197,769  
    Unamortized premiums on securities held outright  
    (5)                                                                     129,256   -      511   -   18,747  
    Unamortized discounts on securities held outright 
    (5)                                                                     -12,764   +       13   +    1,069  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                       132   +        3   -       96  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,716  
  Items in process of collection                                   (0)           68   -       40   -      134  
  Bank premises                                                               2,195   +        6   +       16  
  Central bank liquidity swaps (8)                                               11            0   -       89  
  Foreign currency denominated assets (9)                                    20,715   -       37   -      354  
  Other assets (10)                                                          26,746   -      654   -    2,409  
                                                                                                               
Total assets                                                       (0)    3,779,102   -   24,334   -  476,551  

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       Jul 31, 2019   Wednesday    Wednesday  
                                                        consolidation                Jul 24, 2019  Aug 1, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,699,610   +    1,647   +   77,652 
  Reverse repurchase agreements (11)                                         308,710   +   26,314   +   72,951 
  Deposits                                                          (0)    1,725,316   -   53,026   -  627,333 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,490,546   -   34,794   -  475,886 
    U.S. Treasury, General Account                                           176,662   -    1,565   -  133,542 
    Foreign official                                                           5,254   -        1   -        3 
    Other (12)                                                      (0)       52,854   -   16,666   -   17,902 
  Deferred availability cash items                                  (0)          886   +      279   +      266 
  Other liabilities and accrued dividends (13)                                 5,352   +      451   -      411 
                                                                                                               
Total liabilities                                                   (0)    3,739,876   -   24,333   -  476,872 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,401            0   +      322 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,226            0   +      322 

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, July 31, 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                                             1,682          35          46          146         114         213         188         274          32          45         105         198         285
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,711,446      76,996   2,024,785       89,877     108,584     227,119     253,768     194,822      53,352      32,198      55,033     161,154     433,757
    Securities held outright (1)               3,594,822      74,579   1,961,230       87,054     105,175     219,990     245,789     188,697      51,667      31,107      53,305     156,091     420,137
      U.S. Treasury securities                 2,080,700      43,167   1,135,169       50,387      60,876     127,331     142,264     109,219      29,905      18,005      30,853      90,346     243,177
        Bills (2)                                      2           0           1            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,080,698      43,167   1,135,168       50,387      60,876     127,331     142,264     109,219      29,905      18,005      30,853      90,346     243,177
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,511,775      31,364     824,780       36,610      44,231      92,515     103,365      79,355      21,728      13,082      22,417      65,643     176,685
    Unamortized premiums on securities held 
      outright (5)                               129,256       2,682      70,518        3,130       3,782       7,910       8,838       6,785       1,858       1,118       1,917       5,612      15,106
    Unamortized discounts on securities     
      held outright (5)                          -12,764        -265      -6,964         -309        -373        -781        -873        -670        -183        -110        -189        -554      -1,492
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                            132           0           1            2           0           0          15          10          11          84           0           4           6
  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                      68           0           0            0           0           0          68           0           0           0           0           0           0
  Bank premises                                    2,195         107         463           82         117         193         205         192         103          94         228         221         190
  Central bank liquidity swaps (8)                    11           0           4            1           1           2           1           0           0           0           0           0           2
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,715         891       6,587        1,196       1,652       4,413       1,203         864         316          98         200         256       3,038
  Other assets (10)                               26,746         575      14,171          646         798       1,852       1,818       1,379         476         293         481       1,158       3,101
  Interdistrict settlement account                     0  +    9,356  -  198,816   -    8,185  +   17,995  +   10,088  +   35,973  +   20,417  +    8,497  +    5,289  +    5,041  +   24,556  +   69,788
                                                                                                                                                                                                         
Total assets                                   3,779,102      88,507   1,852,764       84,300     130,029     245,046     295,438     219,083      63,255      38,294      61,534     188,715     512,135

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, July 31, 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            1,901,884      57,243     628,758      54,799      90,883     131,183     261,361     124,174      56,411      31,376      50,366     158,924     256,407
    Less: Notes held by F.R. Banks               202,274       6,173      46,766       8,368      10,063      16,067      30,530      13,461       6,190       3,335       8,087      20,576      32,659
      Federal Reserve notes, net               1,699,610      51,070     581,992      46,431      80,820     115,116     230,831     110,713      50,221      28,041      42,279     138,348     223,748
  Reverse repurchase agreements (11)             308,710       6,405     168,423       7,476       9,032      18,892      21,107      16,205       4,437       2,671       4,578      13,405      36,080
  Deposits                                     1,725,316      29,071   1,086,818      28,670      36,751     102,335      40,771      90,261       7,830       6,424      14,132      36,207     246,046
    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                           1,490,546      29,059     889,589      28,667      36,708     102,110      40,735      53,279       7,825       6,361      14,090      36,083     246,040
    U.S. Treasury, General Account               176,662           0     176,662           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,254           2       5,227           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    52,854          10      15,339           1          39         217          33      36,981           4          63          42         124           0
  Deferred availability cash items                   886           0           0           0           0           0          67           0           0         820           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   668          12         360          16          21          22          82          32          15           8           8          44          48
  Other liabilities and accrued             
     dividends                                     4,684         165       1,973         181         192         512         289         298         137         141         143         222         430
                                                                                                                                                                                                        
Total liabilities                              3,739,876      86,722   1,839,566      82,774     126,817     236,877     293,147     217,509      62,640      38,105      61,140     188,226     506,353
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,401       1,491      11,033       1,132       2,667       6,714       1,894       1,289         512         157         328         404       4,779
  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                  3,779,102      88,507   1,852,764      84,300     130,029     245,046     295,438     219,083      63,255      38,294      61,534     188,715     512,135

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, July 31, 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   
                                                                                          Jul 31, 2019  

Federal Reserve notes outstanding                                                            1,901,884  
  Less: Notes held by F.R. Banks not subject to collateralization                              202,274  
    Federal Reserve notes to be collateralized                                               1,699,610  
Collateral held against Federal Reserve notes                                                1,699,610  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,683,374  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,594,822  
  Less: Face value of securities under reverse repurchase agreements                           298,297  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,296,524  

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.