FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks January 5, 2017

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Jan 4, 2017 Dec 28, 2016 Jan 6, 2016

Wednesday

Jan 4, 2017

Reserve Bank credit 4,414,390 - 12,834 - 32,811 4,414,621

Securities held outright1 4,221,179 - 12,212 - 20,764 4,221,162

U.S. Treasury securities 2,463,609 + 18 + 2,074 2,463,591

Bills2 0 0 0 0

Notes and bonds, nominal2 2,339,103 0 - 7,536 2,339,103

Notes and bonds, inflation-indexed2 106,697 0 + 8,163 106,697

Inflation compensation3 17,808 + 17 + 1,445 17,791

Federal agency debt securities2 16,180 0 - 16,764 16,180

Mortgage-backed securities4 1,741,391 - 12,229 - 6,073 1,741,391

Unamortized premiums on securities held outright5 172,934 - 650 - 16,439 172,789

Unamortized discounts on securities held outright5 -15,081 + 23 + 1,480 -15,083

Repurchase agreements6 0 0 0 0

Loans 54 + 10 - 50 40

Primary credit 35 + 20 - 30 35

Secondary credit 1 + 1 + 1 0

Seasonal credit 18 - 11 - 21 5

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,701 - 6 - 16 1,707

Float -846 - 560 - 753 -798

Central bank liquidity swaps8 5,458 + 632 + 4,461 5,563

Other Federal Reserve assets9 28,991 - 70 - 729 29,242

Foreign currency denominated assets10 19,524 + 157 - 115 19,401

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 48,552 + 14 + 985 48,552

Total factors supplying reserve funds 4,498,707 - 12,662 - 31,941 4,498,816

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 4, 2017 Dec 28, 2016 Jan 6, 2016

Wednesday

Jan 4, 2017

Currency in circulation11 1,509,362 + 3,286 + 85,059 1,509,068

Reverse repurchase agreements12 652,825 + 112,276 + 80,612 523,213

Foreign official and international accounts 256,597 + 9,317 + 26,418 256,745

Others 396,228 + 102,959 + 54,194 266,468

Treasury cash holdings 167 + 3 - 101 176

Deposits with F.R. Banks, other than reserve balances 444,009 - 21,062 + 77,622 422,158

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 387,989 + 7,310 + 54,769 371,833

Foreign official 5,165 - 1 - 67 5,164

Other13 50,855 - 28,372 + 22,920 45,161

Other liabilities and capital14 46,948 - 6 + 1,125 46,036

Total factors, other than reserve balances,

absorbing reserve funds 2,653,311 + 94,497 + 244,317 2,500,651

Reserve balances with Federal Reserve Banks 1,845,396 - 107,159 - 276,258 1,998,165

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

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

2. Face value of the securities.

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

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

the securities.

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

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

amortization is on an effective-interest basis.

6. Cash value of agreements.

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

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

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

foreign central bank.

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

Bank premises and equipment net of allowances for depreciation.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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

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

financial market utilities. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve

Banks as fiscal agents of the United States.

14. Includes the liability for earnings remittances due to the U.S. Treasury.

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Jan 4, 2017 Dec 28, 2016 Jan 6, 2016

Wednesday

Jan 4, 2017

Securities held in custody for foreign official and international

accounts 3,181,964 + 2,087 - 129,822 3,179,198

Marketable U.S. Treasury securities1 2,861,157 + 2,214 - 135,314 2,858,265

Federal agency debt and mortgage-backed securities2 261,401 - 138 - 7,296 261,493

Other securities3 59,406 + 11 + 12,789 59,440

Securities lent to dealers 23,486 + 1,499 + 6,558 21,295

Overnight facility4 23,486 + 1,499 + 6,558 21,295

U.S. Treasury securities 23,442 + 1,471 + 6,650 21,251

Federal agency debt securities 45 + 29 - 90 44

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 4, 2017

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 35 5 0 0 0 ... 40

U.S. Treasury securities1

Holdings 3,105 41,249 150,766 1,232,322 402,996 633,154 2,463,591

Weekly changes - 8,597 + 10,454 + 3,944 - 9,527 + 3,721 - 6 - 10

Federal agency debt securities2

Holdings 0 2,851 8,938 2,044 0 2,347 16,180

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 84 10,895 1,730,411 1,741,391

Weekly changes 0 0 0 + 7 + 311 - 315 + 4

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

Central bank liquidity swaps5 5,563 0 0 0 0 0 5,563

Reverse repurchase agreements4 523,213 0 ... ... ... ... 523,213

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 4, 2017

Mortgage-backed securities held outright1 1,741,391

Commitments to buy mortgage-backed securities2 40,064

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 6

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 4, 2017

Net portfolio holdings of Maiden Lane LLC1 1,707

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

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

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

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

orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of September 30, 2016. Any assets purchased after

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

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

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

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

table 5 and table 6.

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

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

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

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

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jan 4, 2017 Dec 28, 2016 Jan 6, 2016

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,875 + 1 - 18

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,378,908 - 325 - 35,786

Securities held outright1 4,221,162 - 6 - 20,754

U.S. Treasury securities 2,463,591 - 10 + 2,086

Bills2 0 0 0

Notes and bonds, nominal2 2,339,103 0 - 7,536

Notes and bonds, inflation-indexed2 106,697 0 + 8,163

Inflation compensation3 17,791 - 10 + 1,458

Federal agency debt securities2 16,180 0 - 16,764

Mortgage-backed securities4 1,741,391 + 4 - 6,076

Unamortized premiums on securities held outright5 172,789 - 320 - 16,381

Unamortized discounts on securities held outright5 -15,083 + 9 + 1,461

Repurchase agreements6 0 0 0

Loans 40 - 7 - 111

Net portfolio holdings of Maiden Lane LLC7 1,707 0 - 10

Items in process of collection (0) 168 + 74 - 13

Bank premises 2,202 - 8 - 33

Central bank liquidity swaps8 5,563 + 737 + 4,566

Foreign currency denominated assets9 19,401 + 113 - 266

Other assets10 27,041 + 1,058 - 1,943

Total assets (0) 4,453,101 + 1,650 - 33,505

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 4, 2017 Dec 28, 2016 Jan 6, 2016

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,462,563 - 11 + 86,062

Reverse repurchase agreements11 523,213 - 50,544 + 178,248

Deposits (0) 2,420,324 + 52,385 - 298,820

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,998,166 + 55,183 - 355,335

U.S. Treasury, General Account 371,833 - 992 + 34,096

Foreign official 5,164 - 1 - 77

Other12 (0) 45,161 - 1,805 + 22,496

Deferred availability cash items (0) 966 + 181 + 622

Other liabilities and accrued dividends13 5,594 - 359 - 553

Total liabilities (0) 4,412,659 + 1,651 - 34,442

Capital accounts

Capital paid in 30,442 - 1 + 937

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 40,442 - 1 + 937

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

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

2. Face value of the securities.

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

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

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

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

amortization is on an effective-interest basis.

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

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

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

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

central bank.

9. Revalued daily at current foreign currency exchange rates.

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

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

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

financial market utilities. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the

Reserve Banks as fiscal agents of the United States.

13. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, January 4, 2017

Millions of dollars

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

Assets

Gold certificate account 11,037 355 3,588 359 586 760 1,541 753 360 193 296 875 1,371

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

Coin 1,875 47 67 159 137 306 186 281 29 51 113 192 307

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,378,908 107,568 2,491,870 118,896 131,140 267,639 245,083 174,476 55,265 32,284 60,946 155,865 537,877

Securities held outright1 4,221,162 103,694 2,402,124 114,614 126,417 257,971 236,255 168,192 53,274 31,121 58,748 150,251 518,502

U.S. Treasury securities 2,463,591 60,519 1,401,949 66,892 73,780 150,559 137,885 98,162 31,093 18,163 34,287 87,691 302,612

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

Notes and bonds3 2,463,591 60,519 1,401,949 66,892 73,780 150,559 137,885 98,162 31,093 18,163 34,287 87,691 302,612

Federal agency debt securities2 16,180 397 9,208 439 485 989 906 645 204 119 225 576 1,987

Mortgage-backed securities4 1,741,391 42,778 990,968 47,283 52,152 106,423 97,464 69,386 21,978 12,839 24,236 61,984 213,902

Unamortized premiums on securities 

held outright5 172,789 4,245 98,328 4,692 5,175 10,560 9,671 6,885 2,181 1,274 2,405 6,150 21,224

Unamortized discounts on securities 

held outright5 -15,083 -371 -8,583 -410 -452 -922 -844 -601 -190 -111 -210 -537 -1,853

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

Loans 40 0 0 0 0 30 1 0 0 1 4 0 4

Net portfolio holdings of Maiden

Lane LLC7 1,707 0 1,707 0 0 0 0 0 0 0 0 0 0

Items in process of collection 168 0 0 0 0 0 167 0 0 1 0 0 0

Bank premises 2,202 118 435 72 107 203 206 200 114 89 239 223 196

Central bank liquidity swaps8 5,563 246 1,835 306 424 1,241 309 149 57 24 56 71 846

Foreign currency denominated

assets9 19,401 857 6,403 1,067 1,478 4,326 1,077 520 199 83 194 246 2,951

Other assets10 27,041 701 14,949 741 817 1,819 1,542 1,088 421 223 428 980 3,332

Interdistrict settlement account 0 - 21,882 - 48,116 - 7,846 - 3,399 - 6,777 + 20,265 + 18,080 + 3,912 + 3,948 + 4,245 + 22,985 + 14,584

Total assets 4,453,101 88,206 2,474,556 113,965 131,527 269,929 271,030 195,970 60,506 36,986 66,669 181,718 562,039

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 4, 2017 (continued)

Millions of dollars

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

Liabilities

Federal Reserve notes outstanding 1,637,946 52,700 534,554 51,924 80,444 117,625 224,189 108,957 49,503 28,332 44,751 135,700 209,268

Less: Notes held by F.R. Banks 175,384 5,599 50,477 6,280 8,467 12,730 24,881 10,798 5,161 2,913 5,572 16,250 26,256

Federal Reserve notes, net 1,462,563 47,101 484,077 45,644 71,976 104,895 199,308 98,159 44,342 25,419 39,180 119,449 183,012

Reverse repurchase agreements11 523,213 12,853 297,743 14,206 15,669 31,975 29,284 20,847 6,603 3,857 7,282 18,624 64,268

Deposits 2,420,324 26,323 1,676,976 51,726 40,431 123,759 39,371 75,118 8,978 6,804 19,685 42,875 308,276

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 1,998,166 26,316 1,271,233 51,724 40,428 123,598 39,362 58,921 8,957 6,804 19,681 42,874 308,267

U.S. Treasury, General Account 371,833 0 371,833 0 0 0 0 0 0 0 0 0 0

Foreign official 5,164 2 5,137 2 3 9 2 1 0 0 0 1 6

Other12 45,161 5 28,773 0 0 153 7 16,196 21 0 4 0 2

Deferred availability cash items 966 0 0 0 0 0 369 0 0 596 0 0 0

Earnings remittances due to the U.S.

Treasury13 960 21 581 22 25 34 60 38 12 7 13 38 108

Other liabilities and accrued

dividends 4,635 146 2,132 179 183 455 308 266 134 131 113 216 370

Total liabilities 4,412,659 86,444 2,461,509 111,778 128,285 261,119 268,701 194,428 60,071 36,814 66,274 181,202 556,035

Capital

Capital paid in 30,442 1,320 9,748 1,637 2,480 6,580 1,774 1,274 333 129 296 389 4,483

Surplus 10,000 442 3,299 550 762 2,230 555 268 103 43 100 127 1,521

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

Total liabilities and capital 4,453,101 88,206 2,474,556 113,965 131,527 269,929 271,030 195,970 60,506 36,986 66,669 181,718 562,039

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 4, 2017 (continued)

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

2. Face value of the securities.

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

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

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

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

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

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

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

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

9. Revalued daily at current foreign currency exchange rates.

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

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

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

deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after

providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $10 billion surplus.

Note on consolidation:

On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain

assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of

the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any

residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation

of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous

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

and table 5).
H.4.1

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Jan 4, 2017

Federal Reserve notes outstanding 1,637,946

Less: Notes held by F.R. Banks not subject to collateralization 175,384

Federal Reserve notes to be collateralized 1,462,563

Collateral held against Federal Reserve notes 1,462,563

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,446,326

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,221,162

Less: Face value of securities under reverse repurchase agreements 501,668

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,719,494

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.