FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks June 21, 2018

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Jun 20, 2018 Jun 13, 2018 Jun 21, 2017

Wednesday

Jun 20, 2018

Reserve Bank credit 4,279,498 - 2,135 - 150,748 4,276,580

Securities held outright1 4,114,537 - 2,851 - 134,846 4,112,021

U.S. Treasury securities 2,378,078 + 126 - 86,848 2,378,124

Bills2 0 0 0 0

Notes and bonds, nominal2 2,242,161 0 - 96,055 2,242,161

Notes and bonds, inflation-indexed2 114,860 0 + 6,734 114,860

Inflation compensation3 21,057 + 126 + 2,474 21,103

Federal agency debt securities2 2,409 - 1,699 - 5,688 2,409

Mortgage-backed securities4 1,734,050 - 1,278 - 42,310 1,731,488

Unamortized premiums on securities held outright5 150,557 - 359 - 16,056 150,291

Unamortized discounts on securities held outright5 -13,965 + 24 + 811 -13,954

Repurchase agreements6 0 0 0 0

Loans 135 + 12 + 34 162

Primary credit 8 - 9 - 10 21

Secondary credit 0 0 0 0

Seasonal credit 127 + 21 + 44 141

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,713 0 + 4 1,713

Float -160 + 19 + 103 -99

Central bank liquidity swaps8 95 + 4 + 53 95

Other Federal Reserve assets9 26,586 + 1,015 - 849 26,351

Foreign currency denominated assets10 21,111 - 239 + 511 21,113

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,671 + 14 + 713 49,671

Total factors supplying reserve funds 4,366,521 - 2,360 - 149,524 4,363,606

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

Jun 20, 2018 Jun 13, 2018 Jun 21, 2017

Wednesday

Jun 20, 2018

Currency in circulation11 1,660,921 - 42 + 106,188 1,661,714

Reverse repurchase agreements12 248,257 + 4,172 - 160,577 243,725

Foreign official and international accounts 247,596 + 6,833 + 5,181 243,405

Others 661 - 2,661 - 165,759 320

Treasury cash holdings 231 - 4 + 29 216

Deposits with F.R. Banks, other than reserve balances 438,918 + 78,343 + 144,955 459,869

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 352,777 + 71,589 + 140,502 380,090

Foreign official 5,255 0 + 79 5,255

Other13 80,885 + 6,753 + 4,373 74,523

Other liabilities and capital14 46,211 + 457 - 2,282 45,939

Total factors, other than reserve balances,

absorbing reserve funds 2,394,538 + 82,926 + 88,313 2,411,463

Reserve balances with Federal Reserve Banks 1,971,983 - 85,286 - 237,837 1,952,143

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

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

2. Face value of the securities.

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

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

the securities.

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

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

6. Cash value of agreements.

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

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

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

foreign central bank.

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

Bank premises and equipment net of allowances for depreciation.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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

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

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment

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

as fiscal agents of the United States.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Jun 20, 2018 Jun 13, 2018 Jun 21, 2017

Wednesday

Jun 20, 2018

Securities held in custody for foreign official and international

accounts 3,403,688 + 2,150 + 113,660 3,400,875

Marketable U.S. Treasury securities1 3,041,908 + 3,350 + 75,862 3,040,352

Federal agency debt and mortgage-backed securities2 289,576 + 1,452 + 27,362 288,683

Other securities3 72,205 - 2,651 + 10,438 71,840

Securities lent to dealers 20,048 - 1,943 - 5,563 19,960

Overnight facility4 20,048 - 1,943 - 5,563 19,960

U.S. Treasury securities 20,048 - 1,943 - 5,562 19,960

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, 5, and 6.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, June 20, 2018

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 144 18 0 0 0 ... 162

U.S. Treasury securities1

Holdings 30,454 75,434 305,419 1,051,152 296,261 619,404 2,378,124

Weekly changes + 30,454 - 30,452 + 2 + 18 + 44 + 60 + 126

Federal agency debt securities2

Holdings 0 0 62 0 0 2,347 2,409

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 147 39,881 1,691,459 1,731,488

Weekly changes 0 0 0 + 4 - 137 - 8,113 - 8,245

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

Central bank liquidity swaps5 95 0 0 0 0 0 95

Reverse repurchase agreements4 243,725 0 ... ... ... ... 243,725

Term deposits 0 0 0 ... ... ... 0

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

...Not applicable.

1. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the

original face value of such securities.

2. Face value.

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

4. Cash value of agreements.

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

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

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Jun 20, 2018

Mortgage-backed securities held outright1 1,731,488

Commitments to buy mortgage-backed securities2 7,241

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 1

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

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

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

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Jun 20, 2018

Net portfolio holdings of Maiden Lane LLC1 1,713

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

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

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

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

orderly market on the measurement date. Assets are revalued quarterly.

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

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

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

table 5 and table 6.

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

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

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

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

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jun 20, 2018 Jun 13, 2018 Jun 21, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,776 + 5 - 43

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,248,519 - 8,706 - 157,641

Securities held outright1 4,112,021 - 8,120 - 142,133

U.S. Treasury securities 2,378,124 + 126 - 86,834

Bills2 0 0 0

Notes and bonds, nominal2 2,242,161 0 - 96,055

Notes and bonds, inflation-indexed2 114,860 0 + 6,734

Inflation compensation3 21,103 + 126 + 2,488

Federal agency debt securities2 2,409 0 - 5,688

Mortgage-backed securities4 1,731,488 - 8,245 - 49,611

Unamortized premiums on securities held outright5 150,291 - 610 - 16,372

Unamortized discounts on securities held outright5 -13,954 + 31 + 811

Repurchase agreements6 0 0 0

Loans 162 - 6 + 55

Net portfolio holdings of Maiden Lane LLC7 1,713 0 + 4

Items in process of collection (0) 91 - 7 + 30

Bank premises 2,189 + 1 - 9

Central bank liquidity swaps8 95 + 4 + 53

Foreign currency denominated assets9 21,113 - 189 + 576

Other assets10 24,163 - 118 - 1,332

Total assets (0) 4,315,896 - 9,010 - 158,361

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

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Jun 20, 2018 Jun 13, 2018 Jun 21, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,614,030 - 85 + 105,257

Reverse repurchase agreements11 243,725 + 4,067 - 202,511

Deposits (0) 2,412,012 - 12,795 - 58,455

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,952,143 - 110,895 - 212,473

U.S. Treasury, General Account 380,090 + 97,122 + 154,964

Foreign official 5,255 0 + 90

Other12 (0) 74,523 + 977 - 1,037

Deferred availability cash items (0) 189 - 125 - 244

Other liabilities and accrued dividends13 6,363 - 73 - 1,130

Total liabilities (0) 4,276,319 - 9,012 - 157,082

Capital accounts

Capital paid in 32,076 0 + 1,220

Surplus 7,500 0 - 2,500

Other capital accounts 0 0 0

Total capital 39,576 0 - 1,280

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

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

2. Face value of the securities.

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

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

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

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

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

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

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

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

central bank.

9. Revalued daily at current foreign currency exchange rates.

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

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

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

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment

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

as fiscal agents of the United States.

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

6. Statement of Condition of Each Federal Reserve Bank, June 20, 2018

Millions of dollars

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

Assets

Gold certificate account 11,037 364 3,626 350 544 773 1,491 739 334 199 307 905 1,405

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

Coin 1,776 39 46 172 116 253 187 291 25 46 104 190 305

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,248,519 81,139 2,345,423 107,262 120,457 251,401 255,031 227,564 56,607 35,498 66,881 175,669 525,586

Securities held outright1 4,112,021 78,535 2,270,154 103,820 116,577 243,333 246,831 220,231 54,745 34,315 64,733 170,031 508,715

U.S. Treasury securities 2,378,124 45,420 1,312,909 60,043 67,421 140,728 142,751 127,367 31,661 19,845 37,437 98,335 294,207

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

Notes and bonds3 2,378,124 45,420 1,312,909 60,043 67,421 140,728 142,751 127,367 31,661 19,845 37,437 98,335 294,207

Federal agency debt securities2 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298

Mortgage-backed securities4 1,731,488 33,070 955,916 43,716 49,088 102,463 103,936 92,735 23,052 14,449 27,258 71,597 214,210

Unamortized premiums on securities 

held outright5 150,291 2,870 82,972 3,795 4,261 8,894 9,021 8,049 2,001 1,254 2,366 6,214 18,593

Unamortized discounts on securities 

held outright5 -13,954 -267 -7,704 -352 -396 -826 -838 -747 -186 -116 -220 -577 -1,726

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

Loans 162 0 0 0 15 0 16 31 47 46 2 0 5

Net portfolio holdings of Maiden

Lane LLC7 1,713 0 1,713 0 0 0 0 0 0 0 0 0 0

Items in process of collection 91 0 0 0 0 0 90 0 0 1 0 0 0

Bank premises 2,189 110 443 74 119 197 202 199 107 95 234 220 190

Central bank liquidity swaps8 95 4 30 5 8 21 6 4 1 0 1 1 14

Foreign currency denominated

assets9 21,113 898 6,657 1,199 1,704 4,561 1,220 895 305 97 209 261 3,107

Other assets10 24,163 492 12,796 605 691 1,632 1,444 1,270 531 242 441 1,064 2,955

Interdistrict settlement account 0 - 266 + 104,735 - 6,737 - 3,531 - 12,098 + 20,192 - 23,075 - 2,678 - 1,991 - 4,438 - 7,994 - 62,119

Total assets 4,315,896 82,977 2,477,287 103,140 120,345 247,152 280,516 208,312 55,382 34,277 63,892 170,598 472,018

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

6. Statement of Condition of Each Federal Reserve Bank, June 20, 2018 (continued)

Millions of dollars

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

Liabilities

Federal Reserve notes outstanding 1,788,315 59,071 605,096 53,892 87,393 125,154 258,048 113,125 51,926 30,389 47,059 139,151 218,013

Less: Notes held by F.R. Banks 174,286 5,865 43,421 6,637 9,589 14,153 27,086 11,899 5,358 3,135 5,584 16,080 25,480

Federal Reserve notes, net 1,614,030 53,206 561,675 47,255 77,804 111,000 230,962 101,226 46,567 27,254 41,475 123,071 192,533

Reverse repurchase agreements11 243,725 4,655 134,555 6,154 6,910 14,423 14,630 13,053 3,245 2,034 3,837 10,078 30,152

Deposits 2,412,012 23,245 1,765,706 47,194 32,218 112,611 32,150 91,971 4,811 4,519 18,035 36,658 242,893

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 1,952,143 23,212 1,355,841 47,191 32,156 112,141 32,107 42,817 4,806 4,465 18,017 36,502 242,886

U.S. Treasury, General Account 380,090 0 380,090 0 0 0 0 0 0 0 0 0 0

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

Other12 74,523 31 24,547 1 59 461 40 49,153 4 54 18 155 2

Deferred availability cash items 189 0 0 0 0 0 58 0 0 132 0 0 0

Earnings remittances due to the U.S.

Treasury13 830 12 446 14 22 13 83 51 17 11 9 56 98

Other liabilities and accrued

dividends 5,533 198 2,330 229 233 600 362 355 146 148 154 246 532

Total liabilities 4,276,319 81,315 2,464,713 100,846 117,186 238,647 278,244 206,657 54,785 34,097 63,511 170,109 466,209

Capital

Capital paid in 32,076 1,343 10,210 1,868 2,553 6,885 1,838 1,337 489 145 308 396 4,705

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

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

Total liabilities and capital 4,315,896 82,977 2,477,287 103,140 120,345 247,152 280,516 208,312 55,382 34,277 63,892 170,598 472,018

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

6. Statement of Condition of Each Federal Reserve Bank, June 20, 2018 (continued)

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

2. Face value of the securities.

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

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

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

agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

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

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

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

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

9. Revalued daily at current foreign currency exchange rates.

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

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

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

depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury,

General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

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

providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $7.5 billion surplus.

Note on consolidation:

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

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

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

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

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

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

and table 5).
H.4.1

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Jun 20, 2018

Federal Reserve notes outstanding 1,788,315

Less: Notes held by F.R. Banks not subject to collateralization 174,286

Federal Reserve notes to be collateralized 1,614,030

Collateral held against Federal Reserve notes 1,614,030

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,597,793

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,112,021

Less: Face value of securities under reverse repurchase agreements 237,976

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,874,044

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.