FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 30, 2017

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

Mar 29, 2017 Mar 22, 2017 Mar 30, 2016

Wednesday

Mar 29, 2017

Reserve Bank credit 4,436,371 + 154 - 8,216 4,430,526

Securities held outright1 4,251,603 - 417 + 6,546 4,246,783

U.S. Treasury securities 2,464,276 + 362 + 2,966 2,464,335

Bills2 0 0 0 0

Notes and bonds, nominal2 2,340,611 + 200 - 3,907 2,340,611

Notes and bonds, inflation-indexed2 105,901 0 + 5,021 105,901

Inflation compensation3 17,763 + 161 + 1,851 17,823

Federal agency debt securities2 13,329 0 - 15,928 13,329

Mortgage-backed securities4 1,773,998 - 779 + 19,508 1,769,118

Unamortized premiums on securities held outright5 169,752 - 267 - 16,111 169,503

Unamortized discounts on securities held outright5 -14,960 + 26 + 1,354 -14,948

Repurchase agreements6 0 0 0 0

Loans 11 + 2 - 25 11

Primary credit 3 0 - 20 0

Secondary credit 0 0 0 0

Seasonal credit 8 + 3 - 6 10

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,707 0 - 15 1,707

Float -351 - 61 + 49 -719

Central bank liquidity swaps8 1,007 - 12 + 959 1,007

Other Federal Reserve assets9 27,602 + 882 - 973 27,184

Foreign currency denominated assets10 20,232 + 167 - 277 20,158

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 48,726 + 14 + 1,014 48,726

Total factors supplying reserve funds 4,521,570 + 334 - 7,479 4,515,652

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

Mar 29, 2017 Mar 22, 2017 Mar 30, 2016

Wednesday

Mar 29, 2017

Currency in circulation11 1,534,102 + 2,310 + 92,829 1,536,334

Reverse repurchase agreements12 468,923 - 12,486 + 164,714 510,897

Foreign official and international accounts 249,997 + 5,058 + 14,231 250,540

Others 218,926 - 17,544 + 150,483 260,357

Treasury cash holdings 266 + 3 + 49 267

Deposits with F.R. Banks, other than reserve balances 160,621 + 12,663 - 166,644 150,725

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 65,187 - 5,640 - 219,473 63,101

Foreign official 5,168 - 5 - 42 5,164

Other13 90,266 + 18,309 + 52,871 82,460

Other liabilities and capital14 48,726 + 325 + 1,057 47,445

Total factors, other than reserve balances,

absorbing reserve funds 2,212,639 + 2,816 + 92,006 2,245,668

Reserve balances with Federal Reserve Banks 2,308,932 - 2,481 - 99,485 2,269,984

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. 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, and designated

financial market utilities. 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

Mar 29, 2017 Mar 22, 2017 Mar 30, 2016

Wednesday

Mar 29, 2017

Securities held in custody for foreign official and international

accounts 3,207,011 - 4,832 - 53,431 3,206,297

Marketable U.S. Treasury securities1 2,883,738 - 3,713 - 62,928 2,883,579

Federal agency debt and mortgage-backed securities2 261,066 - 1,689 - 4,820 260,589

Other securities3 62,208 + 571 + 14,318 62,129

Securities lent to dealers 24,768 + 941 + 2,115 23,376

Overnight facility4 24,768 + 941 + 2,115 23,376

U.S. Treasury securities 24,696 + 945 + 2,086 23,293

Federal agency debt securities 73 - 4 + 31 83

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, March 29, 2017

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 11 0 0 0 0 ... 11

U.S. Treasury securities1

Holdings 13,559 46,911 183,368 1,216,893 376,236 627,368 2,464,335

Weekly changes 0 + 1 + 5 + 26 + 33 + 297 + 361

Federal agency debt securities2

Holdings 0 5,232 3,706 2,044 0 2,347 13,329

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 57 11,038 1,758,023 1,769,118

Weekly changes 0 0 0 - 118 - 384 - 8,025 - 8,527

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

Central bank liquidity swaps5 1,007 0 0 0 0 0 1,007

Reverse repurchase agreements4 510,897 0 ... ... ... ... 510,897

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 Mar 29, 2017

Mortgage-backed securities held outright1 1,769,118

Commitments to buy mortgage-backed securities2 21,546

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 7

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 Mar 29, 2017

Net portfolio holdings of Maiden Lane LLC1 1,707

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 December 31, 2016. 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 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

Mar 29, 2017 Mar 22, 2017 Mar 30, 2016

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,912 - 9 + 36

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,401,348 - 8,651 - 11,605

Securities held outright1 4,246,783 - 8,164 + 3,117

U.S. Treasury securities 2,464,335 + 361 + 3,009

Bills2 0 0 0

Notes and bonds, nominal2 2,340,611 + 200 - 3,907

Notes and bonds, inflation-indexed2 105,901 0 + 5,021

Inflation compensation3 17,823 + 162 + 1,895

Federal agency debt securities2 13,329 0 - 15,928

Mortgage-backed securities4 1,769,118 - 8,527 + 16,036

Unamortized premiums on securities held outright5 169,503 - 516 - 16,054

Unamortized discounts on securities held outright5 -14,948 + 28 + 1,353

Repurchase agreements6 0 0 0

Loans 11 + 2 - 21

Net portfolio holdings of Maiden Lane LLC7 1,707 0 - 15

Items in process of collection (0) 65 + 16 - 77

Bank premises 2,200 + 1 - 26

Central bank liquidity swaps8 1,007 - 12 + 959

Foreign currency denominated assets9 20,158 - 47 - 523

Other assets10 24,984 + 86 - 1,972

Total assets (0) 4,469,618 - 8,618 - 13,222

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

Mar 29, 2017 Mar 22, 2017 Mar 30, 2016

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,489,783 + 2,478 + 92,141

Reverse repurchase agreements11 510,897 + 15,179 + 141,209

Deposits (0) 2,420,709 - 26,241 - 246,512

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,269,985 - 43,977 - 66,101

U.S. Treasury, General Account 63,101 + 8,856 - 228,811

Foreign official 5,164 - 7 - 8

Other12 (0) 82,460 + 8,888 + 48,410

Deferred availability cash items (0) 783 + 297 - 607

Other liabilities and accrued dividends13 6,850 - 361 + 27

Total liabilities (0) 4,429,023 - 8,647 - 13,740

Capital accounts

Capital paid in 30,595 + 30 + 518

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 40,595 + 30 + 518

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 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, and designated

financial market utilities. 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, March 29, 2017

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 11,037 355 3,588 359 586 760 1,541 753 360 193 296 875 1,371

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

Coin 1,912 53 66 174 134 298 187 289 24 55 122 195 315

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,401,348 108,122 2,504,656 119,506 131,813 268,982 246,339 175,375 55,548 32,449 61,259 156,664 540,633

Securities held outright1 4,246,783 104,323 2,416,704 115,309 127,184 259,537 237,689 169,213 53,598 31,310 59,104 151,163 521,649

U.S. Treasury securities 2,464,335 60,537 1,402,372 66,912 73,803 150,605 137,927 98,191 31,102 18,168 34,297 87,717 302,704

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

Notes and bonds3 2,464,335 60,537 1,402,372 66,912 73,803 150,605 137,927 98,191 31,102 18,168 34,297 87,717 302,704

Federal agency debt securities2 13,329 327 7,585 362 399 815 746 531 168 98 186 474 1,637

Mortgage-backed securities4 1,769,118 43,459 1,006,747 48,035 52,982 108,117 99,016 70,490 22,328 13,043 24,621 62,971 217,308

Unamortized premiums on securities 

held outright5 169,503 4,164 96,458 4,602 5,076 10,359 9,487 6,754 2,139 1,250 2,359 6,033 20,821

Unamortized discounts on securities 

held outright5 -14,948 -367 -8,507 -406 -448 -914 -837 -596 -189 -110 -208 -532 -1,836

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

Loans 11 2 0 0 0 0 0 4 0 0 4 0 0

Net portfolio holdings of Maiden

Lane LLC7 1,707 0 1,707 0 0 0 0 0 0 0 0 0 0

Items in process of collection 65 0 0 0 0 0 64 0 0 0 0 0 0

Bank premises 2,200 120 439 72 108 201 204 200 113 89 238 222 195

Central bank liquidity swaps8 1,007 45 332 55 77 225 56 27 10 4 10 13 153

Foreign currency denominated

assets9 20,158 891 6,652 1,109 1,535 4,496 1,119 540 207 86 201 256 3,067

Other assets10 24,984 651 13,687 689 751 1,704 1,421 1,003 379 207 398 1,016 3,075

Interdistrict settlement account 0 - 4,370 - 178,815 + 5,844 - 5,994 + 2,687 + 24,843 + 60,794 + 7,200 + 5,224 + 7,690 + 33,028 + 41,868

Total assets 4,469,618 106,062 2,354,130 128,019 129,247 279,765 276,429 239,406 63,991 38,398 70,368 192,551 591,252

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, March 29, 2017 (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 1,663,111 54,904 530,715 53,550 82,269 118,799 225,684 113,888 51,663 29,260 46,492 140,647 215,241

Less: Notes held by F.R. Banks 173,328 5,551 45,811 6,556 9,816 13,241 24,839 11,669 5,244 3,223 5,684 15,770 25,922

Federal Reserve notes, net 1,489,783 49,352 484,904 46,994 72,452 105,558 200,845 102,219 46,419 26,037 40,808 124,877 189,319

Reverse repurchase agreements11 510,897 12,550 290,735 13,872 15,300 31,223 28,594 20,357 6,448 3,767 7,110 18,185 62,755

Deposits 2,420,709 42,190 1,562,052 64,729 37,948 133,606 44,148 114,756 10,533 7,549 21,903 48,695 332,600

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 2,269,985 42,183 1,464,806 64,727 37,945 133,462 44,137 61,474 10,518 7,549 21,902 48,689 332,592

U.S. Treasury, General Account 63,101 0 63,101 0 0 0 0 0 0 0 0 0 0

Foreign official 5,164 2 5,137 2 3 9 2 1 0 0 0 1 6

Other12 82,460 5 29,008 0 0 135 9 53,280 14 0 1 6 1

Deferred availability cash items 783 0 0 0 0 0 59 0 0 725 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,562 37 905 41 50 89 97 54 9 12 19 62 187

Other liabilities and accrued

dividends 5,288 178 2,521 201 197 527 332 294 133 138 131 209 428

Total liabilities 4,429,023 104,308 2,341,116 125,836 125,947 271,003 274,075 237,679 63,542 38,227 69,971 192,028 585,289

Capital

Capital paid in 30,595 1,321 9,812 1,645 2,485 6,601 1,771 1,308 340 129 300 395 4,491

Surplus 10,000 434 3,202 538 815 2,161 583 419 109 42 97 128 1,473

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

Total liabilities and capital 4,469,618 106,062 2,354,130 128,019 129,247 279,765 276,429 239,406 63,991 38,398 70,368 192,551 591,252

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, March 29, 2017 (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. 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, and designated financial market utilities. 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 $10 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 Mar 29, 2017

Federal Reserve notes outstanding 1,663,111

Less: Notes held by F.R. Banks not subject to collateralization 173,328

Federal Reserve notes to be collateralized 1,489,783

Collateral held against Federal Reserve notes 1,489,783

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,473,546

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,246,783

Less: Face value of securities under reverse repurchase agreements 490,201

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,756,582

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.