FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                December 26, 2019


1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and                          Averages of daily figures         Wednesday  
reserve balances of depository institutions at             Week ended    Change from week ended  Dec 25, 2019 
Federal Reserve Banks                                     Dec 25, 2019 Dec 18, 2019 Dec 26, 2018              

Reserve Bank credit                                         4,120,362   +   32,769   +   76,380    4,126,954  
  Securities held outright (1)                              3,744,909   +   29,001   -  141,699    3,751,189  
    U.S. Treasury securities                                2,321,676   +   34,429   +   80,978    2,328,862  
      Bills (2)                                               164,167   +   27,861   +  164,167      169,525  
      Notes and bonds, nominal (2)                          2,006,161   +    6,490   -   95,635    2,007,961  
      Notes and bonds, inflation-indexed (2)                  125,973            0   +    9,428      125,973  
      Inflation compensation (3)                               25,376   +       79   +    3,019       25,403  
    Federal agency debt securities (2)                          2,347            0   -       62        2,347  
    Mortgage-backed securities (4)                          1,420,886   -    5,428   -  222,615    1,419,980  
  Unamortized premiums on securities held outright (5)        125,170   -      402   -   15,355      125,080  
  Unamortized discounts on securities held outright (5)       -13,316   -      166   +      143      -13,316  
  Repurchase agreements (6)                                   235,212   -       80   +  235,212      234,969  
  Loans                                                            14   -       10   -       88           13  
    Primary credit                                                  2   -       13   -       36            1  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                11   +        2   -       53           12  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0            0            0  
  Float                                                          -110   -        4   +      128          -64  
  Central bank liquidity swaps (8)                              3,729   +    3,650   -      478        3,729  
  Other Federal Reserve assets (9)                             24,753   +      779   -    1,483       25,353  
Foreign currency denominated assets (10)                       20,575   -       43   -      272       20,571  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             50,124   +       14   +      366       50,124  
                                                                                                              
Total factors supplying reserve funds                       4,207,302   +   32,739   +   76,474    4,213,891  

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and                          Averages of daily figures         Wednesday  
reserve balances of depository institutions at             Week ended    Change from week ended  Dec 25, 2019 
Federal Reserve Banks                                     Dec 25, 2019 Dec 18, 2019 Dec 26, 2018              

Currency in circulation (11)                                 1,799,163   +    6,297   +   86,739    1,802,362 
Reverse repurchase agreements (12)                             258,723   -      988   +    6,780      253,490 
  Foreign official and international accounts                  249,497   -    7,912   +    5,106      249,067 
  Others                                                         9,227   +    6,925   +    1,675        4,423 
Treasury cash holdings                                             171   -        4   -       35          171 
Deposits with F.R. Banks, other than reserve balances          452,621   +   36,421   -    7,471      464,342 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               367,820   +   35,228   -    6,265      351,934 
  Foreign official                                               5,182            0   -      197        5,182 
  Other (13)                                                    79,619   +    1,193   -    1,009      107,226 
Other liabilities and capital (14)                              44,696   -      667   -      244       45,287 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,555,375   +   41,061   +   85,770    2,565,653 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,651,927   -    8,322   -    9,296    1,648,238 

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 the note on consolidation accompanying table 5.                                                
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.





1A. Memorandum Items
Millions of dollars
Memorandum item                                                  Averages of daily figures         Wednesday  
                                                           Week ended    Change from week ended  Dec 25, 2019 
                                                          Dec 25, 2019 Dec 18, 2019 Dec 26, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,409,201   +    3,769   +   12,293    3,407,159 
  Marketable U.S. Treasury securities (1)                    2,964,044   +    7,430   -   59,123    2,962,826 
  Federal agency debt and mortgage-backed securities (2)       362,049   -    3,408   +   54,485      361,256 
  Other securities (3)                                          83,109   -      251   +   16,932       83,077 
Securities lent to dealers                                      33,051   +    2,282   +   10,338       36,565 
  Overnight facility (4)                                        33,051   +    2,282   +   10,338       36,565 
    U.S. Treasury securities                                    33,051   +    2,282   +   10,338       36,565 
    Federal agency debt securities                                   0            0            0            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, 4, and 5.     
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 25, 2019   

Millions of dollars
Remaining Maturity                     Within 15     16 days to    91 days to   Over 1 year   Over 5 year     Over 10         All      
                                          days        90 days        1 year      to 5 years   to 10 years      years                   

Loans                                           13             0             0             0             0           ...            13 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  18,371       114,373       345,124       888,264       322,208       640,522     2,328,862 
  Weekly changes                        -    3,808    +    9,907    +   16,408    +    5,612    +       36    +       29    +   28,184 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0           486         1,861         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             1            14         1,175        75,162     1,343,629     1,419,980 
  Weekly changes                                 0             0             0             0    -        1    -    2,454    -    2,456 
Repurchase agreements (4)                  159,969        75,000           ...           ...           ...           ...       234,969 
Central bank liquidity swaps (5)                 1         3,728             0             0             0             0         3,729 
                                                                                                                                       
Reverse repurchase agreements (4)          253,490             0           ...           ...           ...           ...       253,490 
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.     
                                                                                                            






3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name                                                                                                            Wednesday   
                                                                                                                      Dec 25, 2019  

Mortgage-backed securities held outright (1)                                                                             1,419,980  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                            4,129  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                    0  



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 4       
    and table 5.                                                                                        







4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital                         Eliminations     Wednesday         Change since       
                                                             from       Dec 25, 2019   Wednesday    Wednesday  
                                                        consolidation                Dec 18, 2019 Dec 26, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,661   -       12   -       65  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     4,097,936   +   23,603   +   90,801  
    Securities held outright (1)                                          3,751,189   +   25,728   -  129,060  
      U.S. Treasury securities                                            2,328,862   +   28,184   +   88,145  
        Bills (2)                                                           169,525   +   22,503   +  169,525  
        Notes and bonds, nominal (2)                                      2,007,961   +    5,603   -   93,835  
        Notes and bonds, inflation-indexed (2)                              125,973            0   +    9,428  
        Inflation compensation (3)                                           25,403   +       78   +    3,027  
      Federal agency debt securities (2)                                      2,347            0   -       62  
      Mortgage-backed securities (4)                                      1,419,980   -    2,456   -  217,143  
    Unamortized premiums on securities held outright  
    (5)                                                                     125,080   -      318   -   15,177  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,316   -       79   +      132  
    Repurchase agreements (6)                                               234,969   -    1,693   +  234,969  
    Loans                                                                        13   -       35   -       64  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0            0  
  Items in process of collection                                   (0)          103   +       49   -      136  
  Bank premises                                                               2,207   +       12   +        1  
  Central bank liquidity swaps (8)                                            3,729   +    3,650   -      478  
  Foreign currency denominated assets (9)                                    20,571   -       16   -      303  
  Other assets (10)                                                          23,146   +    1,251   +      135  
                                                                                                               
Total assets                                                       (0)    4,165,591   +   28,539   +   89,955  

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital                         Eliminations     Wednesday         Change since       
                                                             from       Dec 25, 2019   Wednesday    Wednesday  
                                                        consolidation                Dec 18, 2019 Dec 26, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,754,066   +    6,332   +   85,860 
  Reverse repurchase agreements (11)                                         253,490   -   10,491   +    8,670 
  Deposits                                                          (0)    2,112,580   +   31,892   -    5,140 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,648,238   +   16,790   -   12,694 
    U.S. Treasury, General Account                                           351,934   -   26,639   -   16,302 
    Foreign official                                                           5,182            0   -    1,009 
    Other (12)                                                      (0)      107,226   +   41,741   +   24,865 
  Deferred availability cash items                                  (0)          167   +       19   -      284 
  Other liabilities and accrued dividends (13)                                 6,765   +      780   +    1,485 
                                                                                                               
Total liabilities                                                   (0)    4,127,069   +   28,534   +   90,593 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             31,697   +        5   -      638 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 38,522   +        5   -      638 

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 the note on consolidation accompanying table 5.                                                
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.                               

 



5. Statement of Condition of Each Federal Reserve Bank, December 25, 2019
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia  Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                         City                 Francisco  

Assets                                                                                                                                                                                                   
  Gold certificate account                        11,037         351       3,707          327         531         754       1,560         711         328         186         292         890       1,400
  Special drawing rights certificate acct.         5,200         196       1,818          210         237         412         654         424         150          90         153         282         574
  Coin                                             1,661          39          43          146         100         221         171         276          31          47         113         192         282
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 4,097,936      85,016   2,235,707       99,238     119,895     250,778     280,188     215,106      58,899      35,470      60,766     177,937     478,935
    Securities held outright (1)               3,751,189      77,823   2,046,539       90,841     109,750     229,559     256,480     196,905      53,914      32,460      55,624     162,881     438,412
      U.S. Treasury securities                 2,328,862      48,315   1,270,559       56,397      68,137     142,518     159,231     122,245      33,472      20,152      34,533     101,122     272,181
        Bills (2)                                169,525       3,517      92,488        4,105       4,960      10,374      11,591       8,899       2,437       1,467       2,514       7,361      19,813
        Notes and bonds (3)                    2,159,337      44,798   1,178,071       52,292      63,177     132,144     147,640     113,347      31,035      18,685      32,019      93,761     252,368
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,419,980      29,459     774,700       34,387      41,545      86,898      97,088      74,537      20,409      12,287      21,056      61,657     165,957
    Unamortized premiums on securities held 
      outright (5)                               125,080       2,595      68,240        3,029       3,660       7,654       8,552       6,566       1,798       1,082       1,855       5,431      14,618
    Unamortized discounts on securities     
      held outright (5)                          -13,316        -276      -7,265         -322        -390        -815        -910        -699        -191        -115        -197        -578      -1,556
    Repurchase agreements (6)                    234,969       4,875     128,192        5,690       6,875      14,379      16,066      12,334       3,377       2,033       3,484      10,203      27,461
    Loans                                             13           0           0            1           0           0           1           1           1          10           1           0           0
  Net portfolio holdings of Maiden                                                                                                                                                                       
     Lane LLC (7)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
  Items in process of collection                     103           0           0            0           0           0         103           0           0           0           0           0           0
  Bank premises                                    2,207         107         465           90         116         192         203         194         102          93         228         225         193
  Central bank liquidity swaps (8)                 3,729         161       1,183          215         298         795         217         156          57          18          36          46         548
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,571         886       6,529        1,188       1,642       4,386       1,196         859         314          98         199         254       3,020
  Other assets (10)                               23,146         495      12,140          555         683       1,636       1,564       1,183         391         244         417       1,172       2,667
  Interdistrict settlement account                     0  +    6,789  -  109,722   -   15,729  +   15,301  +   22,759  +   20,194  +   16,082  +    8,844  +    5,008  +    6,091  +   16,706  +    7,677
                                                                                                                                                                                                         
Total assets                                   4,165,591      94,040   2,151,870       86,241     138,803     281,932     306,051     234,992      69,115      41,252      68,296     197,703     495,295

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





5. Statement of Condition of Each Federal Reserve Bank, December 25, 2019 (continued)
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                        City                 Francisco  

Liabilities                                                                                                                                                                                             
  Federal Reserve notes outstanding            1,957,034      60,926     639,685      57,703      94,193     134,183     273,247     126,776      59,630      31,984      54,198     164,310     260,199
    Less: Notes held by F.R. Banks               202,968       5,875      53,168       8,225       8,678      16,003      30,394      12,160       4,979       2,988       6,903      19,208      34,388
      Federal Reserve notes, net               1,754,066      55,051     586,517      49,478      85,516     118,180     242,853     114,616      54,652      28,996      47,295     145,101     225,812
  Reverse repurchase agreements (11)             253,490       5,259     138,297       6,139       7,416      15,513      17,332      13,306       3,643       2,194       3,759      11,007      29,626
  Deposits                                     2,112,580      31,708   1,411,292      28,848      42,347     139,387      43,301     105,156      10,029       9,530      16,655      40,792     233,535
    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                           1,648,238      31,696     992,838      28,846      42,298     139,251      43,264      59,710      10,021       9,437      16,624      40,725     233,529
    U.S. Treasury, General Account               351,934           0     351,934           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,182           2       5,155           2           3           9           2           2           1           0           0           0           6
    Other (12)                                   107,226          11      61,366           0          46         128          35      45,444           7          92          31          66           1
  Deferred availability cash items                   167           0           0           0           0           0          85           0           0          82           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 2,604          46       1,477          61          68         120         213         121          31          17          39         131         278
  Other liabilities and accrued             
     dividends                                     4,161         176       1,468         181         203         586         298         277         137         153         148         211         322
                                                                                                                                                                                                        
Total liabilities                              4,127,069      92,241   2,139,052      84,706     135,550     273,786     304,082     233,476      68,492      40,972      67,896     197,242     489,573
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 31,697       1,505      10,653       1,141       2,709       6,690       1,572       1,231         520         248         334         376       4,720
  Surplus                                          6,825         294       2,166         394         545       1,455         397         285         104          32          66          84       1,002
  Other capital                                        0           0           0           0           0           0           0           0           0           0           0           0           0
                                                                                                                                                                                                        
Total liabilities and capital                  4,165,591      94,040   2,151,870      86,241     138,803     281,932     306,051     234,992      69,115      41,252      68,296     197,703     495,295

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





5. Statement of Condition of Each Federal Reserve Bank, December 25, 2019 (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 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 $6.825 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 and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. 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 4), 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 4).
                                                                                                                                        



6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral                                                        Wednesday   
                                                                                          Dec 25, 2019  

Federal Reserve notes outstanding                                                            1,957,034  
  Less: Notes held by F.R. Banks not subject to collateralization                              202,968  
    Federal Reserve notes to be collateralized                                               1,754,066  
Collateral held against Federal Reserve notes                                                1,754,066  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,737,829  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,986,158  
  Less: Face value of securities under reverse repurchase agreements                           246,738  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,739,421  

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.