FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                February 27, 2020


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  Feb 26, 2020 
Federal Reserve Banks                                     Feb 26, 2020 Feb 19, 2020 Feb 27, 2019              

Reserve Bank credit                                         4,119,491   -   25,347   +  179,698    4,119,718  
  Securities held outright (1)                              3,846,566   +    9,362   +   50,635    3,848,250  
    U.S. Treasury securities                                2,465,213   +   20,244   +  283,081    2,474,060  
      Bills (2)                                               276,255   +   16,074   +  276,255      280,541  
      Notes and bonds, nominal (2)                          2,032,508   +    4,202   -   13,594    2,037,082  
      Notes and bonds, inflation-indexed (2)                  131,052            0   +   16,283      131,052  
      Inflation compensation (3)                               25,398   -       32   +    4,137       25,385  
    Federal agency debt securities (2)                          2,347            0   -       62        2,347  
    Mortgage-backed securities (4)                          1,379,007   -   10,882   -  232,383    1,371,843  
  Unamortized premiums on securities held outright (5)        123,508   -      540   -   13,794      123,303  
  Unamortized discounts on securities held outright (5)       -13,492   -      191   -      262      -13,447  
  Repurchase agreements (6)                                   143,843   -   23,571   +  143,843      143,440  
  Loans                                                             2            0   -       21           13  
    Primary credit                                                  2            0   -       11           13  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 0            0   -       10            0  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0            0            0  
  Float                                                          -183   -       69   +       90         -591  
  Central bank liquidity swaps (8)                                 45   -       23   -       43           44  
  Other Federal Reserve assets (9)                             19,202   -   10,314   -      750       18,705  
Foreign currency denominated assets (10)                       20,176   -       67   -      604       20,275  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             50,183   +       14   +      361       50,183  
                                                                                                              
Total factors supplying reserve funds                       4,206,091   -   25,401   +  179,455    4,206,417  

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  Feb 26, 2020 
Federal Reserve Banks                                     Feb 26, 2020 Feb 19, 2020 Feb 27, 2019              

Currency in circulation (11)                                 1,798,942   +      803   +   88,110    1,800,040 
Reverse repurchase agreements (12)                             221,747   -    4,017   -   31,785      219,968 
  Foreign official and international accounts                  218,861   -    4,753   -   30,839      217,668 
  Others                                                         2,886   +      736   -      946        2,300 
Treasury cash holdings                                             272   +       21   -       28          287 
Deposits with F.R. Banks, other than reserve balances          514,165   +    5,105   +  137,872      461,918 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               439,365   +   10,560   +  128,791      387,615 
  Foreign official                                               5,187   +        2   -       57        5,186 
  Other (13)                                                    69,613   -    5,457   +    9,138       69,117 
Other liabilities and capital (14)                              44,496   +      336   -      433       44,134 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,579,622   +    2,248   +  193,736    2,526,347 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,626,469   -   27,649   -   14,281    1,680,070 

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  Feb 26, 2020 
                                                          Feb 26, 2020 Feb 19, 2020 Feb 27, 2019              

Securities held in custody for foreign official and       
     international accounts                                  3,460,325   -    2,182   +   18,010    3,463,805 
  Marketable U.S. Treasury securities (1)                    3,000,338   +    2,909   -   46,616    3,004,655 
  Federal agency debt and mortgage-backed securities (2)       377,957   -    4,833   +   53,950      377,183 
  Other securities (3)                                          82,029   -      260   +   10,676       81,968 
Securities lent to dealers                                      29,319   +    3,550   +    6,751       29,152 
  Overnight facility (4)                                        29,319   +    3,550   +    6,751       29,152 
    U.S. Treasury securities                                    29,319   +    3,550   +    6,751       29,152 
    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, February 26, 2020   

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                                  34,812       188,784       355,980       913,398       325,382       655,702     2,474,060 
  Weekly changes                        +    3,574    +   17,976    -    5,964    +    6,810    -       14    -       13    +   22,372 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0         1,151         1,196         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             3         1,486        70,196     1,300,157     1,371,843 
  Weekly changes                                 0             0    -        1    -       65    -    1,043    -   12,832    -   13,941 
Repurchase agreements (4)                  143,440             0           ...           ...           ...           ...       143,440 
Central bank liquidity swaps (5)                44             0             0             0             0             0            44 
                                                                                                                                       
Reverse repurchase agreements (4)          219,968             0           ...           ...           ...           ...       219,968 
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   
                                                                                                                      Feb 26, 2020  

Mortgage-backed securities held outright (1)                                                                             1,371,843  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                            2,686  
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       Feb 26, 2020   Wednesday    Wednesday  
                                                        consolidation                Feb 19, 2020 Feb 27, 2019 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,770   -        4   -       12  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     4,101,559   -   12,533   +  185,556  
    Securities held outright (1)                                          3,848,250   +    8,431   +   56,141  
      U.S. Treasury securities                                            2,474,060   +   22,372   +  291,968  
        Bills (2)                                                           280,541   +   15,002   +  280,541  
        Notes and bonds, nominal (2)                                      2,037,082   +    7,404   -    9,020  
        Notes and bonds, inflation-indexed (2)                              131,052            0   +   16,283  
        Inflation compensation (3)                                           25,385   -       34   +    4,164  
      Federal agency debt securities (2)                                      2,347            0   -       62  
      Mortgage-backed securities (4)                                      1,371,843   -   13,941   -  235,766  
    Unamortized premiums on securities held outright  
    (5)                                                                     123,303   -      563   -   13,796  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,447   +       52   -      229  
    Repurchase agreements (6)                                               143,440   -   20,460   +  143,440  
    Loans                                                                        13   +        8   +        1  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0            0  
  Items in process of collection                                   (0)           47   -       24   -        5  
  Bank premises                                                               2,202   +        3   -        3  
  Central bank liquidity swaps (8)                                               44   -       23   -       44  
  Foreign currency denominated assets (9)                                    20,275   +      163   -      517  
  Other assets (10)                                                          16,503   -      515   -      929  
                                                                                                               
Total assets                                                       (0)    4,158,637   -   12,933   +  184,047  

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       Feb 26, 2020   Wednesday    Wednesday  
                                                        consolidation                Feb 19, 2020 Feb 27, 2019 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,751,909   +      319   +   87,337 
  Reverse repurchase agreements (11)                                         219,968   -    6,996   -   31,380 
  Deposits                                                          (0)    2,141,988   -    7,216   +  129,060 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,680,070   +   21,049   -    2,140 
    U.S. Treasury, General Account                                           387,615   -   33,436   +  121,591 
    Foreign official                                                           5,186   -        1   -       57 
    Other (12)                                                      (0)       69,117   +    5,172   +    9,666 
  Deferred availability cash items                                  (0)          638   +      451   -      310 
  Other liabilities and accrued dividends (13)                                 5,583   +      504   -       51 
                                                                                                               
Total liabilities                                                   (0)    4,120,086   -   12,939   +  184,655 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             31,726   +        6   -      609 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 38,551   +        6   -      609 

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, February 26, 2020
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                                             1,770          43          56          158         100         236         173         288          38          53         119         203         303
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 4,101,559      85,092   2,237,683       99,325     120,001     251,000     280,435     215,296      58,950      35,492      60,820     178,094     479,370
    Securities held outright (1)               3,848,250      79,836   2,099,492       93,192     112,590     235,499     263,117     202,000      55,309      33,300      57,063     167,096     449,756
      U.S. Treasury securities                 2,474,060      51,327   1,349,775       59,913      72,385     151,404     169,159     129,867      35,559      21,409      36,686     107,427     289,150
        Bills (2)                                280,541       5,820     153,055        6,794       8,208      17,168      19,181      14,726       4,032       2,428       4,160      12,181      32,788
        Notes and bonds (3)                    2,193,519      45,507   1,196,720       53,120      64,177     134,236     149,978     115,141      31,527      18,981      32,526      95,245     256,363
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,371,843      28,460     748,437       33,221      40,137      83,952      93,797      72,010      19,717      11,871      20,342      59,567     160,331
    Unamortized premiums on securities held 
      outright (5)                               123,303       2,558      67,270        2,986       3,608       7,546       8,431       6,472       1,772       1,067       1,828       5,354      14,411
    Unamortized discounts on securities     
      held outright (5)                          -13,447        -279      -7,336         -326        -393        -823        -919        -706        -193        -116        -199        -584      -1,572
    Repurchase agreements (6)                    143,440       2,976      78,257        3,474       4,197       8,778       9,807       7,529       2,062       1,241       2,127       6,228      16,764
    Loans                                             13           1           0            0           0           0           0           0           0           0           1           0          11
  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                      47           0           0            0           0           0          46           0           0           0           0           0           0
  Bank premises                                    2,202         105         457           95         117         191         202         193         102          93         228         223         196
  Central bank liquidity swaps (8)                    44           2          14            3           4           9           3           2           1           0           0           1           7
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,275         873       6,435        1,171       1,618       4,323       1,179         846         309          96         196         251       2,976
  Other assets (10)                               16,503         351       8,369          391         482       1,216       1,096         835         521         183         312         856       1,891
  Interdistrict settlement account                     0  +    9,441  -  134,456   -    5,340  +    7,349  +    4,540  +   27,471  +   19,230  +   10,741  +    6,725  +    8,645  +   25,326  +   20,327
                                                                                                                                                                                                         
Total assets                                   4,158,637      96,454   2,124,083       96,341     130,440     262,681     312,820     237,825      71,140      42,918      70,766     206,125     507,044

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, February 26, 2020 (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            1,963,622      60,946     647,168      57,305      93,609     134,174     274,376     126,719      59,375      32,065      54,136     163,741     260,007
    Less: Notes held by F.R. Banks               211,713       6,311      54,613       8,691       9,673      16,605      32,548      13,626       5,173       2,971       7,158      19,842      34,501
      Federal Reserve notes, net               1,751,909      54,635     592,556      48,614      83,936     117,569     241,828     113,093      54,202      29,095      46,978     143,898     225,506
  Reverse repurchase agreements (11)             219,968       4,563     120,008       5,327       6,436      13,461      15,040      11,546       3,162       1,903       3,262       9,551      25,708
  Deposits                                     2,141,988      35,230   1,396,261      40,803      36,545     122,892      53,630     111,318      12,998      10,869      19,931      51,958     249,554
    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                           1,680,070      35,215     978,502      40,801      36,504     122,479      53,596      67,890      12,994      10,816      19,893      51,832     249,547
    U.S. Treasury, General Account               387,615           0     387,615           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,186           2       5,159           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    69,117          13      24,985           0          38         404          31      43,427           3          52          37         125           1
  Deferred availability cash items                   638           0           0           0           0           0          41           0           0         597           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,000          22         514          29          38          90          83          47           6           4          11          45         112
  Other liabilities and accrued             
     dividends                                     4,583         175       1,773         181         193         538         301         322         141         150         175         215         419
                                                                                                                                                                                                        
Total liabilities                              4,120,086      94,625   2,111,111      94,954     127,147     254,550     310,923     236,327      70,508      42,617      70,356     205,668     501,299
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 31,726       1,505      10,678       1,141       2,710       6,691       1,558       1,233         520         248         337         377       4,729
  Surplus                                          6,825         324       2,294         246         583       1,441         338         265         112          53          72          81       1,016
  Other capital                                        0           0           0           0           0           0           0           0           0           0           0           0           0
                                                                                                                                                                                                        
Total liabilities and capital                  4,158,637      96,454   2,124,083      96,341     130,440     262,681     312,820     237,825      71,140      42,918      70,766     206,125     507,044

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, February 26, 2020 (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   
                                                                                          Feb 26, 2020  

Federal Reserve notes outstanding                                                            1,963,622  
  Less: Notes held by F.R. Banks not subject to collateralization                              211,713  
    Federal Reserve notes to be collateralized                                               1,751,909  
Collateral held against Federal Reserve notes                                                1,751,909  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,735,672  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,991,690  
  Less: Face value of securities under reverse repurchase agreements                           215,542  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,776,147  

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.