FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 29, 2014

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Dec 24, 2014 Dec 17, 2014 Dec 25, 2013

Wednesday

Dec 24, 2014

Reserve Bank credit 4,471,568 + 7,707 + 485,979 4,469,654

Securities held outright1 4,249,952 + 6,149 + 490,697 4,247,474

U.S. Treasury securities 2,461,452 - 67 + 256,522 2,461,420

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,712 - 1 + 246,760 2,346,712

Notes and bonds, inflation-indexed2 98,469 0 + 7,090 98,469

Inflation compensation3 16,271 - 66 + 2,672 16,239

Federal agency debt securities2 38,677 0 - 18,544 38,677

Mortgage-backed securities4 1,749,822 + 6,215 + 252,717 1,747,377

Unamortized premiums on securities held outright5 207,761 - 44 - 1,447 207,466

Unamortized discounts on securities held outright5 -18,441 + 36 - 6,329 -18,425

Repurchase agreements6 0 0 0 0

Loans 112 + 17 - 81 119

Primary credit 32 + 24 + 5 32

Secondary credit 0 0 0 0

Seasonal credit 80 - 8 + 11 87

Term Asset-Backed Securities Loan Facility7 0 0 - 97 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC8 1,678 - 3 + 153 1,678

Net portfolio holdings of Maiden Lane II LLC9 0 0 - 63 0

Net portfolio holdings of Maiden Lane III LLC9 0 0 - 22 0

Net portfolio holdings of TALF LLC10 0 0 - 109 0

Float -473 + 61 + 154 -533

Central bank liquidity swaps11 30 + 28 - 243 30

Other Federal Reserve assets12 30,950 + 1,465 + 3,271 31,845

Foreign currency denominated assets13 21,131 - 361 - 2,666 21,041

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding14 46,339 + 14 + 849 46,339

Total factors supplying reserve funds 4,555,279 + 7,360 + 484,161 4,553,276

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Dec 24, 2014 Dec 17, 2014 Dec 25, 2013

Wednesday

Dec 24, 2014

Currency in circulation14 1,332,901 + 10,099 + 97,043 1,338,522

Reverse repurchase agreements15 280,447 + 45,153 + 146,107 298,833

Foreign official and international accounts 98,274 + 1,007 - 6,321 96,096

Others 182,173 + 44,146 + 152,428 202,737

Treasury cash holdings 191 + 4 - 39 197

Deposits with F.R. Banks, other than reserve balances 195,545 + 58,131 + 33,066 242,812

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 175,093 + 60,317 + 75,971 177,911

Foreign official 5,213 + 6 - 2,776 5,209

Other16 15,239 - 2,192 - 40,129 59,692

Other liabilities and capital17 64,393 - 922 + 337 63,277

Total factors, other than reserve balances,

absorbing reserve funds 1,873,478 + 112,466 + 276,515 1,943,641

Reserve balances with Federal Reserve Banks 2,681,801 - 105,106 + 207,646 2,609,634

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of

the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities,

amortization is on an effective-interest basis.

6. Cash value of agreements.

7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

8. Refer to table 4 and the note on consolidation accompanying table 6.

9. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an

orderly market on the measurement date. Refer to the note on consolidation accompanying table 6.

10. Refer to the note on consolidation accompanying table 6.

11. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also, includes Reserve Bank

premises and equipment net of allowances for depreciation.

13. Revalued daily at current foreign currency exchange rates.

14. Estimated.

15. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

16. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated

financial market utilities.

17. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Dec 24, 2014 Dec 17, 2014 Dec 25, 2013

Wednesday

Dec 24, 2014

Securities held in custody for foreign official and international

accounts 3,308,131 - 20,027 - 66,114 3,298,867

Marketable U.S. Treasury securities1 2,972,932 - 13,728 - 44,992 2,965,047

Federal agency debt and mortgage-backed securities2 293,388 - 6,235 - 19,534 292,021

Other securities3 41,811 - 64 - 1,588 41,799

Securities lent to dealers 12,376 + 1,038 - 721 12,315

Overnight facility4 12,376 + 1,038 - 721 12,315

U.S. Treasury securities 11,718 + 1,029 - 343 11,639

Federal agency debt securities 658 + 9 - 379 676

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, December 24, 2014

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 119 0 0 0 0 ... 119

U.S. Treasury securities1

Holdings 1 4 3,516 1,105,853 693,716 658,330 2,461,420

Weekly changes 0 0 0 - 10 - 10 - 55 - 75

Federal agency debt securities2

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

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 13 6,563 1,740,801 1,747,377

Weekly changes 0 0 0 0 0 + 5,419 + 5,420

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

Central bank liquidity swaps5 30 0 0 0 0 0 30

Reverse repurchase agreements4 298,833 0 ... ... ... ... 298,833

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 Dec 24, 2014

Mortgage-backed securities held outright1 1,747,377

Commitments to buy mortgage-backed securities2 27,500

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 46

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Dec 24, 2014

Net portfolio holdings of Maiden Lane LLC1 1,678

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0

Accrued interest payable to the Federal Reserve Bank of New York2 0

Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3 0

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an

orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of September 30, 2014. Any assets purchased after

this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with

consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.

3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in

table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of

the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time

to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan

from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Dec 24, 2014 Dec 17, 2014 Dec 25, 2013

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,871 - 5 - 92

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,436,634 + 5,245 + 476,720

Securities held outright1 4,247,474 + 5,345 + 484,481

U.S. Treasury securities 2,461,420 - 75 + 252,591

Bills2 0 0 0

Notes and bonds, nominal2 2,346,712 0 + 242,840

Notes and bonds, inflation-indexed2 98,469 0 + 7,090

Inflation compensation3 16,239 - 75 + 2,661

Federal agency debt securities2 38,677 0 - 18,544

Mortgage-backed securities4 1,747,377 + 5,420 + 250,434

Unamortized premiums on securities held outright5 207,466 - 166 - 1,636

Unamortized discounts on securities held outright5 -18,425 + 38 - 6,053

Repurchase agreements6 0 0 0

Loans 119 + 29 - 73

Net portfolio holdings of Maiden Lane LLC7 1,678 0 + 137

Net portfolio holdings of Maiden Lane II LLC8 0 0 - 63

Net portfolio holdings of Maiden Lane III LLC8 0 0 - 22

Net portfolio holdings of TALF LLC9 0 0 - 109

Items in process of collection (0) 126 + 25 - 35

Bank premises 2,265 + 1 - 25

Central bank liquidity swaps10 30 + 28 - 243

Foreign currency denominated assets11 21,041 - 422 - 2,745

Other assets12 29,580 + 2,343 + 3,364

Total assets (0) 4,509,462 + 7,215 + 476,887

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Dec 24, 2014 Dec 17, 2014 Dec 25, 2013

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,294,247 + 11,685 + 99,046

Reverse repurchase agreements13 298,833 + 68,817 + 147,576

Deposits (0) 2,852,447 - 73,029 + 232,110

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,609,635 - 129,475 + 158,902

U.S. Treasury, General Account 177,911 + 6,597 + 84,018

Foreign official 5,209 + 3 - 2,771

Other14 (0) 59,692 + 49,846 - 8,039

Deferred availability cash items (0) 658 + 23 - 556

Other liabilities and accrued dividends15 6,142 - 301 - 3,407

Total liabilities (0) 4,452,327 + 7,196 + 474,770

Capital accounts

Capital paid in 28,568 + 10 + 1,059

Surplus 28,568 + 10 + 1,059

Other capital accounts 0 0 0

Total capital 57,135 + 19 + 2,117

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities,

amortization is on an effective-interest basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Refer to table 4 and the note on consolidation accompanying table 6.

8. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an

orderly market on the measurement date. Refer to the note on consolidation accompanying table 6.

9. Refer to the note on consolidation accompanying table 6.

10. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

11. Revalued daily at current foreign currency exchange rates.

12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated

financial market utilities.

15. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, December 24, 2014

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificate account 11,037 352 4,125 338 464 824 1,349 706 278 173 291 880 1,257

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

Coin 1,871 30 77 122 119 308 208 279 22 44 152 187 323

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,436,634 89,744 2,722,973 106,285 96,865 247,960 245,260 181,337 54,725 27,233 58,481 135,186 470,586

Securities held outright1 4,247,474 85,919 2,606,945 101,757 92,737 237,394 234,798 173,600 52,390 26,030 55,949 129,422 450,534

U.S. Treasury securities 2,461,420 49,790 1,510,730 58,968 53,741 137,570 136,066 100,602 30,360 15,084 32,423 75,000 261,085

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

Notes and bonds3 2,461,420 49,790 1,510,730 58,968 53,741 137,570 136,066 100,602 30,360 15,084 32,423 75,000 261,085

Federal agency debt securities2 38,677 782 23,739 927 844 2,162 2,138 1,581 477 237 509 1,178 4,103

Mortgage-backed securities4 1,747,377 35,346 1,072,476 41,862 38,151 97,662 96,594 71,418 21,553 10,709 23,017 53,243 185,346

Unamortized premiums on securities 

held outright5 207,466 4,197 127,335 4,970 4,530 11,595 11,469 8,479 2,559 1,271 2,733 6,322 22,006

Unamortized discounts on securities 

held outright5 -18,425 -373 -11,309 -441 -402 -1,030 -1,019 -753 -227 -113 -243 -561 -1,954

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

Loans 119 1 2 0 0 0 12 10 4 44 41 4 0

Net portfolio holdings of Maiden

Lane LLC7 1,678 0 1,678 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

Lane II LLC8 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

Lane III LLC8 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF LLC9 0 0 0 0 0 0 0 0 0 0 0 0 0

Items in process of collection 126 0 0 0 0 0 95 0 0 30 0 0 0

Bank premises 2,265 124 438 75 110 219 213 200 122 96 242 224 201

Central bank liquidity swaps10 30 1 10 2 2 6 2 1 0 0 0 1 4

Foreign currency denominated

assets11 21,041 957 6,769 1,582 1,673 4,387 1,210 581 177 89 221 352 3,044

Other assets12 29,580 627 17,778 827 642 1,776 1,617 1,189 411 208 410 1,043 3,053

Interdistrict settlement account 0 + 25,990 - 84,803 - 9,924 + 26,967 - 9,074 - 280 - 6,289 - 6,641 + 2,641 + 189 + 14,598 + 46,626

Total assets 4,509,462 118,021 2,670,863 99,517 127,080 246,818 250,327 178,427 49,245 30,605 60,138 152,752 525,668

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, December 24, 2014 (continued)

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Liabilities

Federal Reserve notes outstanding 1,471,865 46,052 476,358 46,632 68,887 103,615 214,356 101,678 41,553 23,257 38,415 120,194 190,867

Less: Notes held by F.R. Banks 177,618 4,926 59,902 5,231 8,228 11,454 22,720 10,785 4,792 3,191 4,666 15,485 26,238

Federal Reserve notes, net 1,294,247 41,126 416,456 41,401 60,658 92,162 191,637 90,893 36,762 20,065 33,750 104,709 164,629

Reverse repurchase agreements13 298,833 6,045 183,413 7,159 6,525 16,702 16,519 12,214 3,686 1,831 3,936 9,106 31,698

Deposits 2,852,447 68,063 2,049,883 47,529 55,199 124,154 37,892 73,447 8,109 8,253 21,709 37,873 320,337

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 2,609,635 68,059 1,807,258 47,500 55,196 124,036 37,883 73,434 8,108 8,253 21,707 37,871 320,329

U.S. Treasury, General Account 177,911 0 177,911 0 0 0 0 0 0 0 0 0 0

Foreign official 5,209 2 5,182 3 3 8 2 1 0 0 0 1 6

Other14 59,692 2 59,532 26 0 109 6 12 0 0 1 2 2

Deferred availability cash items 658 0 0 0 0 0 574 0 0 84 0 0 0

Interest on Federal Reserve notes due

to U.S. Treasury15 1,853 19 1,266 18 15 39 111 75 28 12 35 65 170

Other liabilities and accrued

dividends16 4,289 180 1,430 217 227 648 342 267 129 119 108 179 444

Total liabilities 4,452,327 115,433 2,652,447 96,324 122,625 233,704 247,075 176,896 48,713 30,365 59,537 151,932 517,276

Capital

Capital paid in 28,568 1,294 9,208 1,597 2,228 6,557 1,626 766 266 120 301 410 4,196

Surplus 28,568 1,294 9,208 1,597 2,228 6,557 1,626 766 266 120 301 410 4,196

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

Total liabilities and capital 4,509,462 118,021 2,670,863 99,517 127,080 246,818 250,327 178,427 49,245 30,605 60,138 152,752 525,668

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, December 24, 2014 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.

4. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury and Federal agency debt

securities, amortization is on a straight-line basis. For mortgage-backed securities, amortization is on an effective-interest basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Refer to table 4 and the note on consolidation below.

8. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Refer to

the note on consolidation below.

9. Refer to the note on consolidation below.

10. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

11. Revalued daily at current foreign currency exchange rates.

12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.

15. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank’s net earnings are not sufficient to equate surplus

to capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the

Federal Reserve Bank’s earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy,

which requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends,

and the amount necessary to equate surplus with capital paid-in.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was

extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to Maiden Lane

LLC was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC was repaid in full, with

interest. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the

American International Group, Inc. had written credit default swap contracts. On June 14, 2012, the loan from FRBNY to Maiden Lane III was repaid in full, with interest. On December 12, 2008, a

loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American

International Group, Inc. On March 1, 2012, the loan from FRBNY to Maiden Lane II was repaid in full, with interest. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to

extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan

extended under the Term Asset-Backed Securities Loan Facility. On January 15, 2013 the FRBNY’s commitment to extend credit to TALF LLC was eliminated.

The FRBNY was the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY was primarily responsible for directing the financial activities of

TALF LLC. The FRBNY was the primary beneficiary of the other LLCs cited above because it received a majority of any residual returns of the LLCs and absorbed a majority of any residual losses of the LLCs.

Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs were consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition

shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs were eliminated, the net assets of the LLCs appeared as assets on the previous page (and in

table 1 and table 5), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, were included in other liabilities in this table (and table

1 and table 5).
H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Dec 24, 2014

Federal Reserve notes outstanding 1,471,865

Less: Notes held by F.R. Banks not subject to collateralization 177,618

Federal Reserve notes to be collateralized 1,294,247

Collateral held against Federal Reserve notes 1,294,247

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,278,010

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,247,474

Less: Face value of securities under reverse repurchase agreements 277,086

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,970,388

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.