FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 8, 2015

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 7, 2015 Dec 31, 2014 Jan 8, 2014

Wednesday

Jan 7, 2015

Reserve Bank credit 4,459,122 - 567 + 476,437 4,459,910

Securities held outright1 4,236,793 - 1,611 + 480,316 4,236,740

U.S. Treasury securities 2,461,278 - 110 + 251,741 2,461,224

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,712 0 + 242,042 2,346,712

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

Inflation compensation3 16,098 - 109 + 2,610 16,043

Federal agency debt securities2 38,677 0 - 18,097 38,677

Mortgage-backed securities4 1,736,838 - 1,501 + 246,672 1,736,839

Unamortized premiums on securities held outright5 206,609 - 407 - 1,734 206,465

Unamortized discounts on securities held outright5 -18,375 + 31 - 5,972 -18,363

Repurchase agreements6 0 0 0 0

Loans 59 - 76 - 71 23

Primary credit 41 - 9 + 29 17

Secondary credit 0 0 0 0

Seasonal credit 17 - 68 - 4 6

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 0 + 137 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 - 108 0

Float -575 - 139 + 79 -632

Central bank liquidity swaps11 1,528 + 856 + 1,267 1,528

Other Federal Reserve assets12 31,405 + 778 + 2,609 32,471

Foreign currency denominated assets13 20,872 - 177 - 2,838 20,702

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding14 46,367 + 14 + 833 46,367

Total factors supplying reserve funds 4,542,602 - 730 + 474,432 4,543,220

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 7, 2015 Dec 31, 2014 Jan 8, 2014

Wednesday

Jan 7, 2015

Currency in circulation14 1,341,157 - 415 + 103,742 1,337,992

Reverse repurchase agreements15 344,153 - 2,298 + 170,156 241,437

Foreign official and international accounts 107,320 + 2,638 - 4,557 97,688

Others 236,833 - 4,936 + 174,713 143,749

Treasury cash holdings 202 + 5 - 35 204

Deposits with F.R. Banks, other than reserve balances 193,850 - 22,995 + 52,209 190,740

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 176,817 - 15,246 + 57,559 176,363

Foreign official 5,216 + 2 - 2,847 5,211

Other16 11,817 - 7,750 - 2,503 9,166

Other liabilities and capital17 62,644 - 837 + 803 62,574

Total factors, other than reserve balances,

absorbing reserve funds 1,942,004 - 26,542 + 326,873 1,832,947

Reserve balances with Federal Reserve Banks 2,600,598 + 25,814 + 147,559 2,710,273

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

Jan 7, 2015 Dec 31, 2014 Jan 8, 2014

Wednesday

Jan 7, 2015

Securities held in custody for foreign official and international

accounts 3,300,823 + 7,671 - 51,722 3,297,796

Marketable U.S. Treasury securities1 2,968,179 + 8,194 - 29,023 2,965,405

Federal agency debt and mortgage-backed securities2 290,906 - 444 - 21,003 290,849

Other securities3 41,738 - 79 - 1,696 41,542

Securities lent to dealers 10,719 - 116 - 2,099 11,005

Overnight facility4 10,719 - 116 - 2,099 11,005

U.S. Treasury securities 10,099 - 63 - 1,621 10,411

Federal agency debt securities 619 - 54 - 479 594

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 7, 2015

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 18 5 0 0 0 ... 23

U.S. Treasury securities1

Holdings 0 5 3,516 1,112,908 686,609 658,187 2,461,224

Weekly changes 0 0 0 - 19 - 18 - 102 - 140

Federal agency debt securities2

Holdings 1,089 711 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 14 6,531 1,730,294 1,736,839

Weekly changes 0 0 0 + 2 + 78 - 73 + 7

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

Central bank liquidity swaps5 1,528 0 0 0 0 0 1,528

Reverse repurchase agreements4 241,437 0 ... ... ... ... 241,437

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 7, 2015

Mortgage-backed securities held outright1 1,736,839

Commitments to buy mortgage-backed securities2 32,119

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 7

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 7, 2015

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

Jan 7, 2015 Dec 31, 2014 Jan 8, 2014

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,876 + 3 - 93

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,424,865 - 595 + 470,389

Securities held outright1 4,236,740 - 133 + 477,992

U.S. Treasury securities 2,461,224 - 140 + 248,300

Bills2 0 0 0

Notes and bonds, nominal2 2,346,712 0 + 238,637

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

Inflation compensation3 16,043 - 140 + 2,573

Federal agency debt securities2 38,677 0 - 16,980

Mortgage-backed securities4 1,736,839 + 7 + 246,672

Unamortized premiums on securities held outright5 206,465 - 370 - 1,784

Unamortized discounts on securities held outright5 -18,363 + 31 - 5,721

Repurchase agreements6 0 0 0

Loans 23 - 122 - 98

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 - 107

Items in process of collection (0) 167 + 81 + 35

Bank premises 2,260 - 4 - 26

Central bank liquidity swaps10 1,528 0 + 1,269

Foreign currency denominated assets11 20,702 - 369 - 2,939

Other assets12 30,211 + 2,748 + 2,760

Total assets (0) 4,499,524 + 1,864 + 471,339

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 7, 2015 Dec 31, 2014 Jan 8, 2014

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,293,701 - 5,024 + 102,941

Reverse repurchase agreements13 241,437 - 268,400 + 90,711

Deposits (0) 2,901,013 + 274,004 + 278,036

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,710,273 + 332,277 + 220,141

U.S. Treasury, General Account 176,363 - 47,089 + 65,605

Foreign official 5,211 - 31 - 2,836

Other14 (0) 9,166 - 11,154 - 4,874

Deferred availability cash items (0) 798 + 157 + 33

Other liabilities and accrued dividends15 5,426 + 1,122 - 2,509

Total liabilities (0) 4,442,376 + 1,860 + 469,213

Capital accounts

Capital paid in 28,574 + 2 + 1,063

Surplus 28,574 + 2 + 1,063

Other capital accounts 0 0 0

Total capital 57,148 + 4 + 2,126

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, January 7, 2015

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 1,876 30 79 121 120 306 207 280 23 45 153 189 322

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,424,865 89,507 2,715,808 106,006 96,610 247,307 244,603 180,864 54,577 27,122 58,287 134,826 469,348

Securities held outright1 4,236,740 85,702 2,600,357 101,499 92,503 236,794 234,205 173,161 52,257 25,964 55,808 129,095 449,395

U.S. Treasury securities 2,461,224 49,786 1,510,610 58,963 53,737 137,559 136,055 100,594 30,357 15,083 32,420 74,994 261,065

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

Notes and bonds3 2,461,224 49,786 1,510,610 58,963 53,737 137,559 136,055 100,594 30,357 15,083 32,420 74,994 261,065

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 1,736,839 35,133 1,066,008 41,609 37,921 97,073 96,011 70,987 21,423 10,644 22,878 52,922 184,228

Unamortized premiums on securities 

held outright5 206,465 4,176 126,721 4,946 4,508 11,539 11,413 8,439 2,547 1,265 2,720 6,291 21,900

Unamortized discounts on securities 

held outright5 -18,363 -371 -11,271 -440 -401 -1,026 -1,015 -751 -226 -113 -242 -560 -1,948

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

Loans 23 1 1 0 0 0 0 14 0 5 2 0 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 167 0 0 1 0 0 165 0 0 0 0 0 0

Bank premises 2,260 125 436 75 110 219 212 199 122 96 241 223 201

Central bank liquidity swaps10 1,528 70 491 115 122 319 88 42 13 6 16 26 221

Foreign currency denominated

assets11 20,702 941 6,660 1,556 1,646 4,316 1,190 572 174 88 218 346 2,995

Other assets12 30,211 642 18,305 722 663 1,828 1,671 1,224 429 216 424 940 3,146

Interdistrict settlement account 0 + 20,214 - 82,017 - 8,170 + 23,455 - 361 - 1,617 - 13,414 - 6,072 + 2,645 + 1,922 + 12,839 + 50,576

Total assets 4,499,524 112,078 2,667,383 100,975 123,427 255,170 248,522 170,897 49,695 30,481 61,706 150,550 528,640

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 7, 2015 (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 1,470,343 46,310 474,838 46,726 69,137 103,744 213,676 101,512 41,827 23,403 38,495 120,247 190,426

Less: Notes held by F.R. Banks 176,641 4,854 57,761 5,442 8,394 11,700 23,114 10,825 4,942 3,133 4,715 15,410 26,353

Federal Reserve notes, net 1,293,701 41,456 417,078 41,285 60,743 92,044 190,562 90,688 36,885 20,270 33,780 104,838 164,073

Reverse repurchase agreements13 241,437 4,884 148,185 5,784 5,271 13,494 13,347 9,868 2,978 1,480 3,180 7,357 25,609

Deposits 2,901,013 62,989 2,080,960 50,535 52,778 136,070 40,385 68,503 9,159 8,182 24,026 37,312 330,114

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 2,710,273 62,985 1,890,383 50,508 52,774 135,979 40,376 68,490 9,158 8,182 24,024 37,309 330,104

U.S. Treasury, General Account 176,363 0 176,363 0 0 0 0 0 0 0 0 0 0

Foreign official 5,211 2 5,184 3 3 8 2 1 0 0 0 1 6

Other14 9,166 2 9,031 24 0 83 6 12 0 0 1 3 4

Deferred availability cash items 798 0 0 0 0 0 605 0 0 193 0 0 0

Interest on Federal Reserve notes due

to U.S. Treasury15 1,769 27 1,185 27 18 48 101 75 22 10 22 59 173

Other liabilities and accrued

dividends16 3,658 131 1,559 151 156 399 271 229 118 106 98 161 279

Total liabilities 4,442,376 109,487 2,648,968 97,782 118,966 242,056 245,270 169,363 49,162 30,241 61,106 149,727 520,249

Capital

Capital paid in 28,574 1,296 9,208 1,597 2,230 6,557 1,626 767 266 120 300 412 4,196

Surplus 28,574 1,296 9,208 1,597 2,230 6,557 1,626 767 266 120 300 412 4,196

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

Total liabilities and capital 4,499,524 112,078 2,667,383 100,975 123,427 255,170 248,522 170,897 49,695 30,481 61,706 150,550 528,640

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 7, 2015 (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 Jan 7, 2015

Federal Reserve notes outstanding 1,470,343

Less: Notes held by F.R. Banks not subject to collateralization 176,641

Federal Reserve notes to be collateralized 1,293,701

Collateral held against Federal Reserve notes 1,293,701

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,277,464

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,236,740

Less: Face value of securities under reverse repurchase agreements 218,016

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,018,724

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.