FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks September 25, 2014

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

Sep 24, 2014 Sep 17, 2014 Sep 25, 2013

Wednesday

Sep 24, 2014

Reserve Bank credit 4,417,733 + 10,118 + 722,718 4,417,726

Securities held outright1 4,195,219 + 8,673 + 724,835 4,194,913

U.S. Treasury securities 2,447,066 + 3,368 + 390,282 2,448,625

Bills2 0 0 0 0

Notes and bonds, nominal2 2,332,304 + 3,379 + 376,056 2,333,867

Notes and bonds, inflation-indexed2 98,188 0 + 10,979 98,188

Inflation compensation3 16,574 - 10 + 3,247 16,570

Federal agency debt securities2 40,006 - 1,111 - 23,646 40,006

Mortgage-backed securities4 1,708,147 + 6,416 + 358,198 1,706,282

Unamortized premiums on securities held outright5 209,901 + 158 + 5,598 209,711

Unamortized discounts on securities held outright5 -18,685 - 42 - 11,999 -18,705

Repurchase agreements6 0 0 0 0

Loans 330 + 28 + 58 331

Primary credit 35 + 32 + 15 31

Secondary credit 0 0 0 0

Seasonal credit 263 - 2 + 112 268

Term Asset-Backed Securities Loan Facility7 32 - 2 - 69 32

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC8 1,664 0 + 168 1,664

Net portfolio holdings of Maiden Lane II LLC9 0 - 36 - 64 0

Net portfolio holdings of Maiden Lane III LLC9 0 - 12 - 22 0

Net portfolio holdings of TALF LLC10 44 0 - 68 44

Float -494 + 122 + 78 -574

Central bank liquidity swaps11 23 - 52 - 240 23

Other Federal Reserve assets12 29,731 + 1,280 + 4,374 30,320

Foreign currency denominated assets13 22,560 - 259 - 1,500 22,500

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding14 46,131 + 14 + 814 46,131

Total factors supplying reserve funds 4,502,665 + 9,873 + 722,032 4,502,598

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

Sep 24, 2014 Sep 17, 2014 Sep 25, 2013

Wednesday

Sep 24, 2014

Currency in circulation14 1,288,293 - 1,051 + 83,795 1,289,158

Reverse repurchase agreements15 270,542 + 19,731 + 170,808 261,724

Foreign official and international accounts 100,289 - 90 + 4,949 99,407

Others 170,254 + 19,823 + 165,859 162,317

Treasury cash holdings 164 0 + 10 159

Deposits with F.R. Banks, other than reserve balances 147,430 + 57,841 + 15,063 181,770

Term deposits held by depository institutions 0 0 - 11,662 0

U.S. Treasury, General Account 114,828 + 48,411 + 69,837 118,905

Foreign official 5,244 - 2 - 3,633 5,243

Other16 27,359 + 9,433 - 39,478 57,623

Other liabilities and capital17 63,656 - 1,232 - 1,621 62,601

Total factors, other than reserve balances,

absorbing reserve funds 1,770,085 + 75,289 + 268,055 1,795,413

Reserve balances with Federal Reserve Banks 2,732,580 - 65,416 + 453,977 2,707,185

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

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

2. Face value of the securities.

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

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

the securities.

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

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

amortization is on an effective-interest basis.

6. Cash value of agreements.

7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

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

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

orderly market on the measurement date. Refer to the note on consolidation accompanying table 7.

10. Refer to table 5 and the note on consolidation accompanying table 7.

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

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

foreign central bank.

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

premises and equipment net of allowances for depreciation.

13. Revalued daily at current foreign currency exchange rates.

14. Estimated.

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

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

financial market utilities.

17. Includes the liabilities of TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the

portfolio holdings of this LLC. Refer to table 5 and the note on consolidation accompanying table 7. Also includes the liability for interest on Federal

Reserve notes due to U.S. Treasury. Refer to table 6 and table 7.

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

Sep 24, 2014 Sep 17, 2014 Sep 25, 2013

Wednesday

Sep 24, 2014

Securities held in custody for foreign official and international

accounts 3,359,602 + 12,461 + 70,529 3,352,365

Marketable U.S. Treasury securities1 3,023,574 + 1,686 + 92,566 3,017,608

Federal agency debt and mortgage-backed securities2 293,094 + 10,401 - 27,010 291,797

Other securities3 42,934 + 375 + 4,972 42,960

Securities lent to dealers 13,101 + 2,856 - 9,517 12,668

Overnight facility4 13,101 + 2,856 - 9,517 12,668

U.S. Treasury securities 12,318 + 2,800 - 9,503 11,926

Federal agency debt securities 783 + 55 - 14 742

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, 6, and 7.

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, September 24, 2014

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 296 35 0 0 0 ... 331

U.S. Treasury securities1

Holdings 1 89 3,194 1,038,753 746,893 659,695 2,448,625

Weekly changes 0 0 0 + 1,593 + 179 + 281 + 2,053

Federal agency debt securities2

Holdings 0 1,329 3,584 32,746 0 2,347 40,006

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 10 4,797 1,701,475 1,706,282

Weekly changes 0 0 0 0 + 24 + 5,761 + 5,785

Asset-backed securities held by

TALF LLC4 0 0 0 0 0 0 0

Repurchase agreements5 0 0 ... ... ... ... 0

Central bank liquidity swaps6 23 0 0 0 0 0 23

Reverse repurchase agreements5 261,724 0 ... ... ... ... 261,724

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. Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets.

5. Cash value of agreements.

6. 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 Sep 24, 2014

Mortgage-backed securities held outright1 1,706,282

Commitments to buy mortgage-backed securities2 58,194

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 69

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 6 and table 7.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Sep 24, 2014

Net portfolio holdings of Maiden Lane LLC1 1,664

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

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

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

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

orderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2014. Any assets purchased after

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

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

consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 7.

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 6 and table 7.

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. Information on Principal Accounts of TALF LLC

Millions of dollars

Wednesday Account name Sep 24, 2014

Asset-backed securities holdings1 0

Other investments, net 44

Net portfolio holdings of TALF LLC 44

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

Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable3 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.

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 7.

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 6

and table 7.

Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility (TALF) under the authority of

section 13(3) of the Federal Reserve Act. The TALF is a facility under which the Federal Reserve Bank of New York (FRBNY) extended loans with a term of up

to five years to holders of eligible asset-backed securities. The Federal Reserve closed the TALF for new loan extensions in 2010. The loans provided through

the TALF to eligible borrowers are non-recourse, meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY.

TALF LLC is a limited liability company formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of

a borrower not to repay a TALF loan. TALF LLC has committed, for a fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a

TALF loan at a price equal to the TALF loan plus accrued but unpaid interest. Prior to January 15, 2013, the U.S. Treasury's Troubled Asset Relief Program

(TARP) committed backup funding to TALF LLC, providing credit protection to the FRBNY. However, the accumulated fees and income collected through the

TALF and held by TALF LLC now exceed the remaining amount of TALF loans outstanding. Accordingly, the TARP credit protection commitment has been

terminated, and TALF LLC has begun to distribute excess proceeds to the Treasury and the FRBNY. Any remaining funds will be shared by the FRBNY and

the U.S. Treasury.
H.4.1

6. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Sep 24, 2014 Sep 17, 2014 Sep 25, 2013

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,935 + 2 - 64

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,386,250 + 7,863 + 721,161

Securities held outright1 4,194,913 + 7,838 + 727,253

U.S. Treasury securities 2,448,625 + 2,053 + 386,621

Bills2 0 0 0

Notes and bonds, nominal2 2,333,867 + 2,064 + 372,402

Notes and bonds, inflation-indexed2 98,188 0 + 10,979

Inflation compensation3 16,570 - 11 + 3,240

Federal agency debt securities2 40,006 0 - 23,646

Mortgage-backed securities4 1,706,282 + 5,785 + 364,278

Unamortized premiums on securities held outright5 209,711 + 17 + 5,628

Unamortized discounts on securities held outright5 -18,705 - 5 - 11,783

Repurchase agreements6 0 0 0

Loans 331 + 14 + 63

Net portfolio holdings of Maiden Lane LLC7 1,664 0 + 171

Net portfolio holdings of Maiden Lane II LLC8 0 0 - 64

Net portfolio holdings of Maiden Lane III LLC8 0 0 - 22

Net portfolio holdings of TALF LLC9 44 0 - 68

Items in process of collection (0) 79 - 5 - 14

Bank premises 2,260 + 1 - 30

Central bank liquidity swaps10 23 - 52 - 240

Foreign currency denominated assets11 22,500 - 290 - 1,622

Other assets12 28,060 + 1,945 + 5,826

Total assets (0) 4,459,050 + 9,462 + 725,032

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. 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

Sep 24, 2014 Sep 17, 2014 Sep 25, 2013

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,245,118 + 159 + 82,316

Reverse repurchase agreements13 261,724 + 9,500 + 158,554

Deposits (0) 2,888,956 + 157 + 485,969

Term deposits held by depository institutions 0 0 - 11,662

Other deposits held by depository institutions 2,707,185 - 44,723 + 400,172

U.S. Treasury, General Account 118,905 - 5,060 + 72,888

Foreign official 5,243 - 1 - 3,634

Other14 (0) 57,623 + 49,941 + 28,205

Deferred availability cash items (0) 652 0 - 33

Other liabilities and accrued dividends15 6,232 - 375 - 3,259

Total liabilities (0) 4,402,681 + 9,440 + 723,545

Capital accounts

Capital paid in 28,185 + 12 + 744

Surplus 28,185 + 12 + 744

Other capital accounts 0 0 0

Total capital 56,370 + 23 + 1,488

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

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

2. Face value of the securities.

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

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

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

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

amortization is on an effective-interest basis.

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

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

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

orderly market on the measurement date. Refer to the note on consolidation accompanying table 7.

9. Refer to table 5 and the note on consolidation accompanying table 7.

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

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

central bank.

11. Revalued daily at current foreign currency exchange rates.

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

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

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

financial market utilities.

15. Includes the liabilities of TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the

portfolio holdings of this LLC. Refer to table 5 and the note on consolidation accompanying table 7. Also includes the liability for interest on Federal

Reserve notes due to U.S. Treasury.
H.4.1

7. Statement of Condition of Each Federal Reserve Bank, September 24, 2014

Millions of dollars

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

Assets

Gold certificate account 11,037 352 4,125 338 464 824 1,349 706 278 173 291 880 1,257

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

Coin 1,935 34 95 123 123 319 225 275 23 46 152 183 336

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,386,250 88,719 2,691,949 105,073 95,761 245,132 242,484 179,273 54,163 27,023 57,793 133,658 465,221

Securities held outright1 4,194,913 84,856 2,574,685 100,497 91,590 234,457 231,892 171,452 51,741 25,708 55,257 127,820 444,959

U.S. Treasury securities 2,448,625 49,531 1,502,877 58,662 53,462 136,855 135,359 100,079 30,202 15,006 32,254 74,610 259,728

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

Notes and bonds3 2,448,625 49,531 1,502,877 58,662 53,462 136,855 135,359 100,079 30,202 15,006 32,254 74,610 259,728

Federal agency debt securities2 40,006 809 24,554 958 873 2,236 2,212 1,635 493 245 527 1,219 4,243

Mortgage-backed securities4 1,706,282 34,515 1,047,254 40,877 37,254 95,365 94,322 69,738 21,046 10,457 22,476 51,991 180,987

Unamortized premiums on securities 

held outright5 209,711 4,242 128,713 5,024 4,579 11,721 11,593 8,571 2,587 1,285 2,762 6,390 22,244

Unamortized discounts on securities 

held outright5 -18,705 -378 -11,481 -448 -408 -1,045 -1,034 -765 -231 -115 -246 -570 -1,984

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

Loans 331 0 32 0 1 0 33 15 65 145 20 18 3

Net portfolio holdings of Maiden

Lane LLC7 1,664 0 1,664 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

Lane II LLC8 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

Lane III LLC8 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF LLC9 44 0 44 0 0 0 0 0 0 0 0 0 0

Items in process of collection 79 0 0 0 0 0 78 0 0 0 0 0 0

Bank premises 2,260 120 437 74 110 222 209 199 124 97 243 224 200

Central bank liquidity swaps10 23 1 7 2 2 5 1 1 0 0 0 0 3

Foreign currency denominated

assets11 22,500 1,023 7,238 1,691 1,789 4,691 1,293 621 189 95 237 376 3,255

Other assets12 28,060 602 16,892 673 614 1,734 1,531 1,135 395 239 392 951 2,902

Interdistrict settlement account 0 + 16,782 + 27,623 + 2,841 + 1,323 - 41,754 + 1,221 - 15,672 - 11,362 - 3,091 - 2,995 + 1,676 + 23,408

Total assets 4,459,050 107,830 2,751,891 111,025 100,422 211,584 249,047 166,963 43,960 24,673 56,266 138,232 497,157

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

7. Statement of Condition of Each Federal Reserve Bank, September 24, 2014 (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 1,444,434 44,600 486,754 43,204 65,722 103,296 213,672 94,784 38,060 21,002 36,645 116,378 180,316

Less: Notes held by F.R. Banks 199,316 5,704 64,845 6,332 9,380 11,634 22,034 11,510 5,003 4,132 5,381 24,171 29,190

Federal Reserve notes, net 1,245,118 38,896 421,909 36,872 56,342 91,662 191,638 83,274 33,057 16,871 31,264 92,206 151,126

Reverse repurchase agreements13 261,724 5,294 160,636 6,270 5,714 14,628 14,468 10,697 3,228 1,604 3,448 7,975 27,761

Deposits 2,888,956 60,875 2,148,220 63,449 33,689 93,129 38,752 71,100 7,005 5,667 20,815 36,834 309,422

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 2,707,185 60,868 1,966,658 63,410 33,685 93,001 38,743 71,093 7,005 5,666 20,813 36,830 309,413

U.S. Treasury, General Account 118,905 0 118,905 0 0 0 0 0 0 0 0 0 0

Foreign official 5,243 2 5,216 3 3 8 2 1 0 0 0 1 6

Other14 57,623 5 57,441 37 0 119 7 6 0 0 1 3 3

Deferred availability cash items 652 0 0 0 0 0 488 0 0 165 0 0 0

Interest on Federal Reserve notes due

to U.S. Treasury15 1,681 25 1,134 26 19 49 86 67 23 9 26 54 163

Other liabilities and accrued

dividends16 4,551 177 1,606 221 217 570 385 297 142 122 125 214 476

Total liabilities 4,402,681 105,267 2,733,505 106,838 95,981 200,037 245,816 165,434 43,455 24,438 55,678 137,283 488,948

Capital

Capital paid in 28,185 1,282 9,193 2,093 2,220 5,774 1,615 764 252 118 294 474 4,105

Surplus 28,185 1,282 9,193 2,093 2,220 5,774 1,615 764 252 118 294 474 4,105

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

Total liabilities and capital 4,459,050 107,830 2,751,891 111,025 100,422 211,584 249,047 166,963 43,960 24,673 56,266 138,232 497,157

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

7. Statement of Condition of Each Federal Reserve Bank, September 24, 2014 (continued)

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

2. Face value of the securities.

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

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

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

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

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

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

8. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderly market on the measurement date. Refer to

the note on consolidation below.

9. Refer to table 5 and the note on consolidation below.

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

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

11. Revalued daily at current foreign currency exchange rates.

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

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

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

15. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank’s net earnings are not sufficient to equate surplus

to capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the

Federal Reserve Bank’s earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy,

which requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends,

and the amount necessary to equate surplus with capital paid-in.

16. Includes the liabilities of TALF LLC to entities other than the Federal Reserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of this LLC. Refer to table 5 and

the note on consolidation below.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was

extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to Maiden Lane

LLC was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC was repaid in full, with

interest. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the

American International Group, Inc. had written credit default swap contracts. On June 14, 2012, the loan from FRBNY to Maiden Lane III was repaid in full, with interest. On December 12, 2008, a

loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American

International Group, Inc. On March 1, 2012, the loan from FRBNY to Maiden Lane II was repaid in full, with interest. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to

extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan

extended under the Term Asset-Backed Securities Loan Facility. On January 15, 2013 the FRBNY’s commitment to extend credit to TALF LLC was eliminated.

The FRBNY is the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY is primarily responsible for directing the financial activities of

TALF LLC. The FRBNY is the primary beneficiary of the other LLCs cited above because it will receive a majority of any residual returns of the LLCs and absorb a majority of any residual losses of the LLCs.

Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs have been consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of

condition shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs are eliminated, the net assets of the LLCs appear as assets on the previous page

(and in table 1 and table 6), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, are included in other liabilities in this table

(and table 1 and table 6).
H.4.1

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Sep 24, 2014

Federal Reserve notes outstanding 1,444,434

Less: Notes held by F.R. Banks not subject to collateralization 199,316

Federal Reserve notes to be collateralized 1,245,118

Collateral held against Federal Reserve notes 1,245,118

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,228,881

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,194,913

Less: Face value of securities under reverse repurchase agreements 252,814

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,942,100

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.