FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 11, 2018

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

Jan 10, 2018 Jan 3, 2018 Jan 11, 2017

Wednesday

Jan 10, 2018

Reserve Bank credit 4,405,234 - 2,400 - 8,409 4,406,127

Securities held outright1 4,217,529 - 4,285 - 3,606 4,217,530

U.S. Treasury securities 2,448,209 - 4,286 - 15,355 2,448,209

Bills2 0 0 0 0

Notes and bonds, nominal2 2,318,404 - 4,286 - 20,699 2,318,404

Notes and bonds, inflation-indexed2 110,134 0 + 3,437 110,134

Inflation compensation3 19,671 0 + 1,907 19,671

Federal agency debt securities2 4,391 0 - 11,789 4,391

Mortgage-backed securities4 1,764,929 0 + 23,537 1,764,930

Unamortized premiums on securities held outright5 158,478 - 271 - 14,130 158,401

Unamortized discounts on securities held outright5 -14,127 - 9 + 937 -14,116

Repurchase agreements6 0 0 0 0

Loans 34 - 83 + 29 109

Primary credit 30 - 67 + 27 107

Secondary credit 0 0 0 0

Seasonal credit 4 - 17 + 2 2

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,713 0 + 7 1,715

Float -216 + 518 + 152 -289

Central bank liquidity swaps8 12,067 + 8 + 9,336 12,067

Other Federal Reserve assets9 29,755 + 1,721 - 1,134 30,711

Foreign currency denominated assets10 21,376 - 47 + 1,808 21,421

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,396 + 14 + 841 49,396

Total factors supplying reserve funds 4,492,248 - 2,431 - 5,759 4,493,186

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

Jan 10, 2018 Jan 3, 2018 Jan 11, 2017

Wednesday

Jan 10, 2018

Currency in circulation11 1,614,585 - 3,427 + 109,161 1,612,650

Reverse repurchase agreements12 312,786 - 177,220 - 142,066 298,290

Foreign official and international accounts 249,074 + 2,703 - 6,842 240,336

Others 63,713 - 179,922 - 135,223 57,954

Treasury cash holdings 225 + 9 + 48 225

Deposits with F.R. Banks, other than reserve balances 284,803 - 7,903 - 137,414 276,897

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 206,215 - 5,351 - 166,277 198,573

Foreign official 5,255 0 + 50 5,253

Other13 73,332 - 2,552 + 28,812 73,072

Other liabilities and capital14 46,952 - 857 - 208 47,230

Total factors, other than reserve balances,

absorbing reserve funds 2,259,351 - 189,398 - 170,478 2,235,292

Reserve balances with Federal Reserve Banks 2,232,897 + 186,967 + 164,719 2,257,894

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 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, 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.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Jan 10, 2018 Jan 3, 2018 Jan 11, 2017

Wednesday

Jan 10, 2018

Securities held in custody for foreign official and international

accounts 3,351,565 - 4,193 + 169,814 3,358,298

Marketable U.S. Treasury securities1 3,011,206 - 3,986 + 149,529 3,017,693

Federal agency debt and mortgage-backed securities2 261,970 - 772 + 1,250 261,840

Other securities3 78,390 + 566 + 19,036 78,765

Securities lent to dealers 22,651 - 2,541 + 5,572 20,094

Overnight facility4 22,651 - 2,541 + 5,572 20,094

U.S. Treasury securities 22,651 - 2,541 + 5,620 20,094

Federal agency debt securities 0 0 - 48 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, 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, January 10, 2018

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 107 2 0 0 0 ... 109

U.S. Treasury securities1

Holdings 3,098 107,658 315,420 1,085,113 314,035 622,884 2,448,209

Weekly changes 0 0 0 0 0 0 + 1

Federal agency debt securities2

Holdings 0 0 1,982 62 0 2,347 4,391

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 1 177 27,007 1,737,745 1,764,930

Weekly changes 0 0 0 0 0 + 1 + 1

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

Central bank liquidity swaps5 12,067 0 0 0 0 0 12,067

Reverse repurchase agreements4 298,290 0 ... ... ... ... 298,290

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 Jan 10, 2018

Mortgage-backed securities held outright1 1,764,930

Commitments to buy mortgage-backed securities2 28,034

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 5

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 Jan 10, 2018

Net portfolio holdings of Maiden Lane LLC1 1,715

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. Assets are revalued quarterly.

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

Jan 10, 2018 Jan 3, 2018 Jan 11, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,902 + 7 + 12

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,361,924 - 142 - 16,672

Securities held outright1 4,217,530 + 2 - 3,595

U.S. Treasury securities 2,448,209 + 1 - 15,339

Bills2 0 0 0

Notes and bonds, nominal2 2,318,404 0 - 20,699

Notes and bonds, inflation-indexed2 110,134 0 + 3,437

Inflation compensation3 19,671 + 1 + 1,923

Federal agency debt securities2 4,391 0 - 11,789

Mortgage-backed securities4 1,764,930 + 1 + 23,532

Unamortized premiums on securities held outright5 158,401 - 239 - 14,119

Unamortized discounts on securities held outright5 -14,116 + 30 + 938

Repurchase agreements6 0 0 0

Loans 109 + 65 + 104

Net portfolio holdings of Maiden Lane LLC7 1,715 + 2 + 11

Items in process of collection (0) 85 - 84 - 13

Bank premises 2,204 + 1 + 1

Central bank liquidity swaps8 12,067 0 + 9,441

Foreign currency denominated assets9 21,421 - 19 + 1,916

Other assets10 28,507 + 2,580 - 1,144

Total assets (0) 4,446,062 + 2,344 - 6,447

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

Jan 10, 2018 Jan 3, 2018 Jan 11, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,565,377 - 5,895 + 107,776

Reverse repurchase agreements11 298,290 - 85,700 - 116,635

Deposits (0) 2,534,791 + 93,528 + 2,720

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,257,894 + 63,243 + 146,967

U.S. Treasury, General Account 198,573 + 28,616 - 170,437

Foreign official 5,253 0 + 87

Other12 (0) 73,072 + 1,670 + 26,104

Deferred availability cash items (0) 374 + 49 - 312

Other liabilities and accrued dividends13 5,844 + 363 - 936

Total liabilities (0) 4,404,677 + 2,347 - 7,386

Capital accounts

Capital paid in 31,385 - 2 + 938

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 41,385 - 2 + 938

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 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, 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.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 10, 2018

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 11,037 349 3,592 348 553 776 1,520 737 341 191 292 916 1,422

Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574

Coin 1,902 47 46 188 147 270 199 302 35 53 109 201 304

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,361,924 85,004 2,456,105 112,620 126,489 255,561 256,752 183,487 58,164 34,009 61,861 174,667 557,206

Securities held outright1 4,217,530 82,173 2,374,857 108,895 122,305 247,107 248,259 177,384 56,240 32,882 59,814 168,840 538,774

U.S. Treasury securities 2,448,209 47,700 1,378,567 63,212 70,996 143,442 144,111 102,969 32,646 19,087 34,721 98,009 312,750

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

Notes and bonds3 2,448,209 47,700 1,378,567 63,212 70,996 143,442 144,111 102,969 32,646 19,087 34,721 98,009 312,750

Federal agency debt securities2 4,391 86 2,473 113 127 257 258 185 59 34 62 176 561

Mortgage-backed securities4 1,764,930 34,387 993,818 45,570 51,181 103,408 103,890 74,231 23,535 13,760 25,031 70,655 225,463

Unamortized premiums on securities 

held outright5 158,401 3,086 89,194 4,090 4,593 9,281 9,324 6,662 2,112 1,235 2,246 6,341 20,235

Unamortized discounts on securities 

held outright5 -14,116 -275 -7,948 -364 -409 -827 -831 -594 -188 -110 -200 -565 -1,803

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

Loans 109 20 2 0 0 0 0 34 0 2 0 50 0

Net portfolio holdings of Maiden

Lane LLC7 1,715 0 1,715 0 0 0 0 0 0 0 0 0 0

Items in process of collection 85 0 0 0 0 0 84 0 0 1 0 0 0

Bank premises 2,204 114 446 72 122 197 204 203 109 88 236 219 193

Central bank liquidity swaps8 12,067 523 3,864 649 983 2,608 704 505 132 51 117 154 1,777

Foreign currency denominated

assets9 21,421 929 6,861 1,152 1,745 4,629 1,249 897 234 90 208 274 3,154

Other assets10 28,507 595 15,585 733 840 1,874 1,708 1,202 466 239 472 1,179 3,615

Interdistrict settlement account 0 + 2,966 - 22,416 - 4,964 - 5,233 + 9,725 + 11,052 + 41,746 - 1,586 + 1,653 + 6,527 - 936 - 38,533

Total assets 4,446,062 90,724 2,467,615 111,007 125,881 276,052 274,128 229,503 58,045 36,464 69,976 176,955 529,712

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, January 10, 2018 (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 1,748,224 57,333 580,586 54,162 83,643 119,273 244,081 115,892 52,284 31,132 47,947 140,672 221,220

Less: Notes held by F.R. Banks 182,847 6,287 47,239 6,595 9,693 14,396 25,148 11,737 5,593 3,434 6,064 18,202 28,459

Federal Reserve notes, net 1,565,377 51,046 533,347 47,567 73,950 104,876 218,933 104,155 46,692 27,698 41,883 122,470 192,761

Reverse repurchase agreements11 298,290 5,812 167,965 7,702 8,650 17,477 17,558 12,546 3,978 2,326 4,230 11,941 38,105

Deposits 2,534,791 31,920 1,750,486 53,201 39,705 144,211 34,750 110,723 6,659 5,825 23,312 41,758 292,241

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 2,257,894 31,913 1,527,074 53,199 39,702 144,048 34,741 57,438 6,652 5,825 23,310 41,757 292,234

U.S. Treasury, General Account 198,573 0 198,573 0 0 0 0 0 0 0 0 0 0

Foreign official 5,253 2 5,226 2 3 9 2 2 0 0 0 1 6

Other12 73,072 5 19,613 0 0 154 7 53,284 6 0 1 1 1

Deferred availability cash items 374 0 0 0 0 0 89 0 0 285 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,471 29 795 37 48 76 112 56 25 13 19 72 189

Other liabilities and accrued

dividends 4,374 148 1,920 178 180 470 296 276 132 130 124 198 323

Total liabilities 4,404,677 88,955 2,454,512 108,686 122,533 267,110 271,737 227,754 57,485 36,277 69,568 176,440 523,619

Capital

Capital paid in 31,385 1,335 9,901 1,783 2,534 6,781 1,807 1,331 451 144 311 387 4,620

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 4,446,062 90,724 2,467,615 111,007 125,881 276,052 274,128 229,503 58,045 36,464 69,976 176,955 529,712

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, January 10, 2018 (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 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, 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 $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 Jan 10, 2018

Federal Reserve notes outstanding 1,748,224

Less: Notes held by F.R. Banks not subject to collateralization 182,847

Federal Reserve notes to be collateralized 1,565,377

Collateral held against Federal Reserve notes 1,565,377

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,549,140

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,217,530

Less: Face value of securities under reverse repurchase agreements 295,605

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,921,925

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.