FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                 January 10, 2019


1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and                          Averages of daily figures         Wednesday  
reserve balances of depository institutions at             Week ended    Change from week ended   Jan 9, 2019 
Federal Reserve Banks                                      Jan 9, 2019  Jan 2, 2019 Jan 10, 2018              

Reserve Bank credit                                         4,016,827   -   12,183   -  388,407    4,017,051  
  Securities held outright (1)                              3,861,983   -   10,489   -  355,546    3,861,944  
    U.S. Treasury securities                                2,222,450   -   10,490   -  225,759    2,222,412  
      Bills (2)                                                     0            0            0            0  
      Notes and bonds, nominal (2)                          2,083,586   -   10,406   -  234,818    2,083,586  
      Notes and bonds, inflation-indexed (2)                  116,545            0   +    6,411      116,545  
      Inflation compensation (3)                               22,319   -       84   +    2,648       22,281  
    Federal agency debt securities (2)                          2,409            0   -    1,982        2,409  
    Mortgage-backed securities (4)                          1,637,123            0   -  127,806    1,637,123  
  Unamortized premiums on securities held outright (5)        139,856   -      250   -   18,622      139,789  
  Unamortized discounts on securities held outright (5)       -13,398   +       32   +      729      -13,387  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                             7   -       57   -       27            7  
    Primary credit                                                  7   -        7   -       23            7  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 0   -       50   -        4            0  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,713            0  
  Float                                                          -197   +      406   +       19         -182  
  Central bank liquidity swaps (8)                                675   -    3,532   -   11,392           86  
  Other Federal Reserve assets (9)                             27,902   +    1,709   -    1,853       28,794  
Foreign currency denominated assets (10)                       21,068   +      121   -      308       21,159  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,887   +       14   +      491       49,887  
                                                                                                              
Total factors supplying reserve funds                       4,104,023   -   12,048   -  388,225    4,104,339  

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   Jan 9, 2019 
Federal Reserve Banks                                      Jan 9, 2019  Jan 2, 2019 Jan 10, 2018              

Currency in circulation (11)                                 1,715,564   -    3,587   +  100,979    1,711,945 
Reverse repurchase agreements (12)                             262,017   -    4,603   -   50,769      260,441 
  Foreign official and international accounts                  258,601   +    8,540   +    9,527      257,904 
  Others                                                         3,416   -   13,142   -   60,297        2,537 
Treasury cash holdings                                             215   +        1   -       10          221 
Deposits with F.R. Banks, other than reserve balances          432,458   -   30,718   +  147,655      423,506 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               356,698   -   23,204   +  150,483      349,443 
  Foreign official                                               5,264   +       20   +        9        5,245 
  Other (13)                                                    70,495   -    7,536   -    2,837       68,819 
Other liabilities and capital (14)                              43,383   -    1,672   -    3,569       44,040 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,453,636   -   40,579   +  194,285    2,440,153 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,650,387   +   28,531   -  582,510    1,664,186 

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   Jan 9, 2019 
                                                           Jan 9, 2019  Jan 2, 2019 Jan 10, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,395,644   +    6,663   +   44,079    3,401,421 
  Marketable U.S. Treasury securities (1)                    3,022,329   +    6,549   +   11,123    3,027,513 
  Federal agency debt and mortgage-backed securities (2)       307,151   +       25   +   45,181      307,248 
  Other securities (3)                                          66,165   +       90   -   12,225       66,659 
Securities lent to dealers                                      24,475   -       30   +    1,824       23,059 
  Overnight facility (4)                                        24,475   -       30   +    1,824       23,059 
    U.S. Treasury securities                                    24,475   -       30   +    1,824       23,059 
    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, January 9, 2019     

Millions of dollars
Remaining Maturity                     Within 15     16 days to    91 days to   Over 1 year   Over 5 year     Over 10         All      
                                          days        90 days        1 year      to 5 years   to 10 years      years                   

Loans                                            7             0             0             0             0           ...             7 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                   2,090        92,622       290,222       958,045       260,849       618,585     2,222,412 
  Weekly changes                        -        1             0             0    -       16    -       38    -       49    -      105 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0            62             0             0             0         2,347         2,409 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             4           218        65,626     1,571,275     1,637,123 
  Weekly changes                                 0             0             0             0    +    2,925    -    2,924             0 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                86             0             0             0             0             0            86 
                                                                                                                                       
Reverse repurchase agreements (4)          260,441             0           ...           ...           ...           ...       260,441 
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   
                                                                                                                       Jan 9, 2019  

Mortgage-backed securities held outright (1)                                                                             1,637,123  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              397  
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        Jan 9, 2019   Wednesday    Wednesday  
                                                        consolidation                 Jan 2, 2019 Jan 10, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,745   +       23   -      157  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,988,353   -      292   -  373,571  
    Securities held outright (1)                                          3,861,944   -      105   -  355,586  
      U.S. Treasury securities                                            2,222,412   -      105   -  225,797  
        Bills (2)                                                                 0            0            0  
        Notes and bonds, nominal (2)                                      2,083,586            0   -  234,818  
        Notes and bonds, inflation-indexed (2)                              116,545            0   +    6,411  
        Inflation compensation (3)                                           22,281   -      105   +    2,610  
      Federal agency debt securities (2)                                      2,409            0   -    1,982  
      Mortgage-backed securities (4)                                      1,637,123            0   -  127,807  
    Unamortized premiums on securities held outright  
    (5)                                                                     139,789   -      219   -   18,612  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,387   +       31   +      729  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                         7   +        1   -      102  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,715  
  Items in process of collection                                   (0)          189   -       20   +      104  
  Bank premises                                                               2,202            0   -        2  
  Central bank liquidity swaps (8)                                               86   -    4,121   -   11,981  
  Foreign currency denominated assets (9)                                    21,159   +      160   -      262  
  Other assets (10)                                                          26,592   +    2,434   -    1,915  
                                                                                                               
Total assets                                                       (0)    4,056,563   -    1,815   -  389,499  

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        Jan 9, 2019   Wednesday    Wednesday  
                                                        consolidation                 Jan 2, 2019 Jan 10, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,664,020   -    8,089   +   98,643 
  Reverse repurchase agreements (11)                                         260,441   -   15,953   -   37,849 
  Deposits                                                          (0)    2,087,693   +   21,776   -  447,098 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,664,186   +   56,850   -  593,708 
    U.S. Treasury, General Account                                           349,443   -   33,173   +  150,870 
    Foreign official                                                           5,245   +        1   -        8 
    Other (12)                                                      (0)       68,819   -    1,901   -    4,253 
  Deferred availability cash items                                  (0)          370   +       21   -        4 
  Other liabilities and accrued dividends (13)                                 4,907   +      430   -      937 
                                                                                                               
Total liabilities                                                   (0)    4,017,430   -    1,815   -  387,247 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,308            0   +      923 
  Surplus                                                                      6,825            0   -    3,175 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,133            0   -    2,252 

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, January 9, 2019
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia  Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                         City                 Francisco  

Assets                                                                                                                                                                                                   
  Gold certificate account                        11,037         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                                             1,745          42          40          152         125         235         187         288          27          46         111         199         292
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,988,353      76,173   2,201,877      100,697     113,071     236,015     239,407     213,612      53,098      33,283      62,786     164,917     493,416
    Securities held outright (1)               3,861,944      73,759   2,132,093       97,506     109,487     228,535     231,820     206,837      51,415      32,228      60,796     159,691     477,777
      U.S. Treasury securities                 2,222,412      42,446   1,226,944       56,111      63,006     131,514     133,404     119,028      29,588      18,546      34,986      91,896     274,944
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,222,412      42,446   1,226,944       56,111      63,006     131,514     133,404     119,028      29,588      18,546      34,986      91,896     274,944
      Federal agency debt securities (2)           2,409          46       1,330           61          68         143         145         129          32          20          38         100         298
      Mortgage-backed securities (4)           1,637,123      31,267     903,819       41,334      46,413      96,879      98,271      87,681      21,796      13,662      25,772      67,695     202,535
    Unamortized premiums on securities held 
      outright (5)                               139,789       2,670      77,174        3,529       3,963       8,272       8,391       7,487       1,861       1,167       2,201       5,780      17,294
    Unamortized discounts on securities     
      held outright (5)                          -13,387        -256      -7,391         -338        -380        -792        -804        -717        -178        -112        -211        -554      -1,656
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                              7           0           1            0           0           0           0           5           0           0           0           0           1
  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                     189           0           0            0           0           0         188           0           0           0           0           0           0
  Bank premises                                    2,202         110         455           81         118         195         206         193         106          95         232         220         192
  Central bank liquidity swaps (8)                    86           4          27            5           7          19           5           4           1           0           1           1          13
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   21,159         900       6,672        1,202       1,708       4,571       1,223         897         305          97         210         262       3,114
  Other assets (10)                               26,592         537      14,216          665         769       1,804       1,598       1,399         433         284         482       1,151       3,255
  Interdistrict settlement account                     0  +    5,373  -  101,293   +      395  +    3,040  +   18,590  +   39,699  +      325  +    9,666  +    3,196  -      698  +   11,051  +   10,658
                                                                                                                                                                                                         
Total assets                                   4,056,563      83,699   2,127,439      103,757     119,619     262,613     284,658     217,880      64,120      37,290      63,583     178,988     512,918

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, January 9, 2019 (continued)
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                        City                 Francisco  

Liabilities                                                                                                                                                                                             
  Federal Reserve notes outstanding            1,861,737      57,943     616,223      54,923      89,024     126,119     261,463     121,930      56,039      31,523      49,944     150,703     245,902
    Less: Notes held by F.R. Banks               197,717       6,192      54,451       6,731       8,877      13,840      29,626      14,373       5,393       2,747       6,026      18,021      31,438
      Federal Reserve notes, net               1,664,020      51,750     561,772      48,192      80,147     112,279     231,837     107,558      50,646      28,776      43,918     132,682     214,464
  Reverse repurchase agreements (11)             260,441       4,974     143,783       6,576       7,384      15,412      15,633      13,949       3,467       2,173       4,100      10,769      32,220
  Deposits                                     2,087,693      25,110   1,407,632      46,528      28,730     125,994      34,339      94,397       9,261       5,826      15,048      34,802     260,026
    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                           1,664,186      25,092   1,031,097      46,525      28,704     125,476      34,303      48,202       9,254       5,773      15,015      34,726     260,019
    U.S. Treasury, General Account               349,443           0     349,443           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,245           2       5,217           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    68,819          16      21,875           1          23         509          34      46,193           6          53          33          75           1
  Deferred availability cash items                   370           0           0           0           0           0         189           0           0         181           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,224          23         628          32          52          72         102          58          21          10          21          60         144
  Other liabilities and accrued             
     dividends                                     3,683         159       1,211         174         174         487         284         280         133         138         129         202         311
                                                                                                                                                                                                        
Total liabilities                              4,017,430      82,016   2,115,027     101,501     116,486     254,243     282,383     216,241      63,528      37,105      63,216     178,516     507,166
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,308       1,393      10,260       1,868       2,581       6,895       1,881       1,350         493         154         299         388       4,747
  Surplus                                          6,825         290       2,151         388         551       1,474         394         289          98          31          68          84       1,005
  Other capital                                        0           0           0           0           0           0           0           0           0           0           0           0           0
                                                                                                                                                                                                        
Total liabilities and capital                  4,056,563      83,699   2,127,439     103,757     119,619     262,613     284,658     217,880      64,120      37,290      63,583     178,988     512,918

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, January 9, 2019 (continued)


1.  Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.                                                                                                 
2.  Face value of the securities.                                                                                                                                                                           
3.  Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.                               
4.  Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.                                                               
5.  Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency     
    debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.                                                                                                    
6.  Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.                                                                                                      
7.  Refer to the note on consolidation below.                                                                                                                                                               
8.  Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals        
    the market exchange rate used when the foreign currency was acquired from the foreign central bank.                                                                                                 
9.  Revalued daily at current foreign currency exchange rates.                                                                                                                                              
10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.                                                                                   
11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.                                                         
12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by              
    depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General
    Account, for services provided by the Reserve Banks as fiscal agents of the United States.                                                                                                          
13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after          
    providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $6.825 billion surplus.                                                                         
                                                                                                                                                                                                            


Note on consolidation:


On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to
acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. On June 14, 2012, the
remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan
Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they
have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the
statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the
previous page (and in table 1 and table 4), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were included in other
liabilities in this table (and table 1 and table 4).
                                                                                                                                        



6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral                                                        Wednesday   
                                                                                           Jan 9, 2019  

Federal Reserve notes outstanding                                                            1,861,737  
  Less: Notes held by F.R. Banks not subject to collateralization                              197,717  
    Federal Reserve notes to be collateralized                                               1,664,020  
Collateral held against Federal Reserve notes                                                1,664,020  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,647,783  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,861,944  
  Less: Face value of securities under reverse repurchase agreements                           256,155  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,605,789  

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.