FEDERAL RESERVE statistical release

For Release at

4:30 P.M. EST

March 1, 2018

Publication Note

The Board’s H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository

Institutions and Condition Statement of Federal Reserve Banks,” has been modified to reflect the

policies under which Federal Reserve Banks make payments of their residual net earnings to the

U.S. Treasury. The “Bipartisan Budget Act of 2018” (“Budget Act”), which was enacted on

February 9, 2018, requires that aggregate Federal Reserve Bank capital surplus not exceed $7.5

billion. Therefore, any amount of aggregate Federal Reserve Bank capital surplus that exceeds

this limit will be remitted to the U.S. Treasury. 

The amounts of the line items “Other liabilities and capital” on table 1, and “Surplus” on tables 5

and 6 reflect the lump-sum payment of approximately $2.5 billion to the Treasury on February

22, 2018, which was necessary to reduce aggregate Reserve Bank capital surplus to the $7.5

billion limitation in the Budget Act.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 1, 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

Feb 28, 2018 Feb 21, 2018 Mar 1, 2017

Wednesday

Feb 28, 2018

Reserve Bank credit 4,366,093 - 3,060 - 60,562 4,352,250

Securities held outright1 4,200,714 - 2,999 - 45,242 4,188,604

U.S. Treasury securities 2,431,015 - 1,056 - 32,450 2,424,242

Bills2 0 0 0 0

Notes and bonds, nominal2 2,302,129 - 1,374 - 38,976 2,293,885

Notes and bonds, inflation-indexed2 109,743 + 330 + 4,535 111,220

Inflation compensation3 19,143 - 12 + 1,990 19,137

Federal agency debt securities2 4,391 0 - 8,938 4,391

Mortgage-backed securities4 1,765,308 - 1,942 - 3,853 1,759,972

Unamortized premiums on securities held outright5 156,309 - 396 - 14,411 156,044

Unamortized discounts on securities held outright5 -14,093 + 21 + 934 -14,128

Repurchase agreements6 0 0 0 0

Loans 23 0 - 28 27

Primary credit 8 + 1 - 41 13

Secondary credit 0 0 0 0

Seasonal credit 14 - 2 + 12 14

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,710 - 5 + 5 1,708

Float -371 - 232 + 244 -807

Central bank liquidity swaps8 72 + 5 - 1,032 72

Other Federal Reserve assets9 21,731 + 547 - 1,029 20,729

Foreign currency denominated assets10 22,136 - 173 + 2,262 22,089

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,493 + 14 + 810 49,493

Total factors supplying reserve funds 4,453,964 - 3,218 - 57,489 4,440,074

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

Feb 28, 2018 Feb 21, 2018 Mar 1, 2017

Wednesday

Feb 28, 2018

Currency in circulation11 1,623,177 + 3,820 + 107,687 1,627,259

Reverse repurchase agreements12 255,334 - 3,168 - 164,952 277,458

Foreign official and international accounts 232,828 - 1,531 - 18,334 232,948

Others 22,506 - 1,638 - 146,618 44,510

Treasury cash holdings 295 + 14 + 42 304

Deposits with F.R. Banks, other than reserve balances 297,149 - 10,933 + 31,427 281,688

Term deposits held by depository institutions 0 0 - 16,625 0

U.S. Treasury, General Account 202,620 - 12,057 + 27,124 199,390

Foreign official 5,254 0 + 84 5,255

Other13 89,275 + 1,124 + 20,843 77,043

Other liabilities and capital14 45,062 - 2,518 - 3,018 45,057

Total factors, other than reserve balances,

absorbing reserve funds 2,221,017 - 12,785 - 28,813 2,231,766

Reserve balances with Federal Reserve Banks 2,232,947 + 9,567 - 28,676 2,208,308

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

Feb 28, 2018 Feb 21, 2018 Mar 1, 2017

Wednesday

Feb 28, 2018

Securities held in custody for foreign official and international

accounts 3,418,332 + 5,881 + 242,552 3,423,019

Marketable U.S. Treasury securities1 3,074,405 + 4,703 + 228,339 3,078,504

Federal agency debt and mortgage-backed securities2 263,472 + 1,366 - 3,199 264,291

Other securities3 80,455 - 188 + 17,412 80,223

Securities lent to dealers 26,485 - 405 + 7,227 25,925

Overnight facility4 26,485 - 405 + 7,227 25,925

U.S. Treasury securities 26,485 - 405 + 7,278 25,925

Federal agency debt securities 0 0 - 51 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, February 28, 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 27 0 0 0 0 ... 27

U.S. Treasury securities1

Holdings 0 92,002 326,901 1,081,426 297,846 626,067 2,424,242

Weekly changes - 32,047 0 + 12,529 + 12,261 - 2,369 + 1,802 - 7,824

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 1 170 36,089 1,723,712 1,759,972

Weekly changes 0 0 0 - 6 - 627 - 8,693 - 9,326

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

Central bank liquidity swaps5 72 0 0 0 0 0 72

Reverse repurchase agreements4 277,458 0 ... ... ... ... 277,458

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 Feb 28, 2018

Mortgage-backed securities held outright1 1,759,972

Commitments to buy mortgage-backed securities2 13,714

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 10

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

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

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

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Feb 28, 2018

Net portfolio holdings of Maiden Lane LLC1 1,708

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

Feb 28, 2018 Feb 21, 2018 Mar 1, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,919 - 15 - 23

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,330,547 - 17,741 - 64,839

Securities held outright1 4,188,604 - 17,151 - 51,399

U.S. Treasury securities 2,424,242 - 7,824 - 39,246

Bills2 0 0 0

Notes and bonds, nominal2 2,293,885 - 9,618 - 46,526

Notes and bonds, inflation-indexed2 111,220 + 1,807 + 5,319

Inflation compensation3 19,137 - 12 + 1,962

Federal agency debt securities2 4,391 0 - 8,938

Mortgage-backed securities4 1,759,972 - 9,326 - 3,214

Unamortized premiums on securities held outright5 156,044 - 561 - 14,390

Unamortized discounts on securities held outright5 -14,128 - 23 + 924

Repurchase agreements6 0 0 0

Loans 27 - 6 + 25

Net portfolio holdings of Maiden Lane LLC7 1,708 - 2 + 3

Items in process of collection (0) 99 - 31 + 20

Bank premises 2,206 + 3 + 10

Central bank liquidity swaps8 72 + 5 - 1,060

Foreign currency denominated assets9 22,089 - 17 + 2,334

Other assets10 18,523 - 461 - 1,062

Total assets (0) 4,393,401 - 18,259 - 64,617

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

Feb 28, 2018 Feb 21, 2018 Mar 1, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,579,985 + 5,589 + 104,873

Reverse repurchase agreements11 277,458 - 2,712 - 127,430

Deposits (0) 2,489,995 - 19,919 - 40,286

Term deposits held by depository institutions 0 0 - 16,625

Other deposits held by depository institutions 2,208,308 - 7,031 - 99,646

U.S. Treasury, General Account 199,390 - 9,427 + 51,005

Foreign official 5,255 0 + 91

Other12 (0) 77,043 - 3,459 + 24,889

Deferred availability cash items (0) 906 + 597 + 453

Other liabilities and accrued dividends13 5,893 + 603 - 857

Total liabilities (0) 4,354,237 - 15,842 - 63,247

Capital accounts

Capital paid in 31,664 + 83 + 1,130

Surplus 7,500 - 2,500 - 2,500

Other capital accounts 0 0 0

Total capital 39,164 - 2,417 - 1,370

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, February 28, 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 1,919 57 49 196 130 275 196 306 37 52 113 202 307

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,330,547 84,375 2,438,481 111,812 125,581 253,732 254,910 182,148 57,747 33,766 61,426 173,364 553,208

Securities held outright1 4,188,604 81,610 2,358,569 108,148 121,466 245,413 246,557 176,167 55,854 32,656 59,404 167,682 535,079

U.S. Treasury securities 2,424,242 47,233 1,365,071 62,593 70,301 142,038 142,700 101,960 32,327 18,901 34,381 97,050 309,688

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

Notes and bonds3 2,424,242 47,233 1,365,071 62,593 70,301 142,038 142,700 101,960 32,327 18,901 34,381 97,050 309,688

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

Mortgage-backed securities4 1,759,972 34,291 991,026 45,442 51,038 103,118 103,598 74,022 23,469 13,722 24,960 70,457 224,830

Unamortized premiums on securities 

held outright5 156,044 3,040 87,867 4,029 4,525 9,143 9,185 6,563 2,081 1,217 2,213 6,247 19,934

Unamortized discounts on securities 

held outright5 -14,128 -275 -7,955 -365 -410 -828 -832 -594 -188 -110 -200 -566 -1,805

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

Loans 27 0 0 0 0 4 0 12 0 3 9 0 0

Net portfolio holdings of Maiden

Lane LLC7 1,708 0 1,708 0 0 0 0 0 0 0 0 0 0

Items in process of collection 99 0 0 0 0 0 99 0 0 0 0 0 0

Bank premises 2,206 112 452 74 121 197 203 203 109 87 235 221 192

Central bank liquidity swaps8 72 3 23 4 6 16 4 3 1 0 1 1 11

Foreign currency denominated

assets9 22,089 957 7,085 1,187 1,798 4,770 1,288 924 241 93 214 282 3,250

Other assets10 18,523 392 9,874 472 543 1,279 1,105 777 538 157 324 737 2,326

Interdistrict settlement account 0 + 4,232 - 50,470 - 272 - 3,578 + 15,598 + 16,345 + 46,936 + 170 + 2,638 + 4,989 + 514 - 37,101

Total assets 4,393,401 90,673 2,412,612 114,031 125,390 277,054 276,323 232,457 59,333 37,075 67,747 176,519 524,188

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, February 28, 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 1,765,751 56,881 602,335 53,950 83,992 119,139 243,141 114,974 52,262 30,842 47,562 139,985 220,686

Less: Notes held by F.R. Banks 185,766 6,968 49,824 6,958 9,843 14,750 25,815 12,693 5,258 3,648 6,294 17,514 26,201

Federal Reserve notes, net 1,579,985 49,913 552,511 46,992 74,148 104,389 217,326 102,281 47,004 27,194 41,268 122,471 194,485

Reverse repurchase agreements11 277,458 5,406 156,234 7,164 8,046 16,256 16,332 11,670 3,700 2,163 3,935 11,107 35,444

Deposits 2,489,995 33,513 1,688,922 57,363 39,818 147,361 39,928 116,512 7,896 6,573 22,005 42,182 287,921

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 2,208,308 33,507 1,462,589 57,361 39,815 147,149 39,919 61,407 7,890 6,573 22,003 42,181 287,915

U.S. Treasury, General Account 199,390 0 199,390 0 0 0 0 0 0 0 0 0 0

Foreign official 5,255 2 5,228 2 3 9 2 2 0 0 0 1 6

Other12 77,043 5 21,715 0 0 204 7 55,104 6 0 2 0 1

Deferred availability cash items 906 0 0 0 0 0 87 0 0 819 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,435 29 776 34 46 68 115 52 24 12 20 73 187

Other liabilities and accrued

dividends 4,458 157 1,824 190 192 502 293 292 131 134 133 209 401

Total liabilities 4,354,237 89,018 2,400,268 111,743 122,250 268,577 274,082 230,806 58,755 36,896 67,361 176,042 518,439

Capital

Capital paid in 31,664 1,336 9,980 1,861 2,535 6,856 1,808 1,332 470 145 312 384 4,645

Surplus 7,500 319 2,364 426 605 1,620 433 318 108 34 74 93 1,104

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

Total liabilities and capital 4,393,401 90,673 2,412,612 114,031 125,390 277,054 276,323 232,457 59,333 37,075 67,747 176,519 524,188

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, February 28, 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 $7.5 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 Feb 28, 2018

Federal Reserve notes outstanding 1,765,751

Less: Notes held by F.R. Banks not subject to collateralization 185,766

Federal Reserve notes to be collateralized 1,579,985

Collateral held against Federal Reserve notes 1,579,985

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,563,748

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,188,604

Less: Face value of securities under reverse repurchase agreements 278,733

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,909,871

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.