FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 19, 2015

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 18, 2015 Mar 11, 2015 Mar 19, 2014

Wednesday

Mar 18, 2015

Reserve Bank credit 4,461,128 + 10,744 + 287,491 4,457,778

Securities held outright1 4,245,736 + 8,678 + 294,980 4,242,578

U.S. Treasury securities 2,459,831 - 121 + 158,069 2,459,787

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,711 0 + 153,286 2,346,710

Notes and bonds, inflation-indexed2 98,469 0 + 3,904 98,469

Inflation compensation3 14,652 - 120 + 881 14,608

Federal agency debt securities2 36,877 0 - 10,466 36,877

Mortgage-backed securities4 1,749,027 + 8,798 + 147,376 1,745,914

Unamortized premiums on securities held outright5 203,991 - 55 - 5,973 203,778

Unamortized discounts on securities held outright5 -18,038 + 34 - 1,710 -18,023

Repurchase agreements6 0 0 0 0

Loans 15 - 3 - 94 10

Primary credit 7 - 5 - 1 0

Secondary credit 0 0 0 0

Seasonal credit 8 + 2 + 2 10

Term Asset-Backed Securities Loan Facility7 0 0 - 95 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC8 1,692 + 5 + 107 1,692

Net portfolio holdings of Maiden Lane II LLC9 0 0 - 63 0

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

Net portfolio holdings of TALF LLC10 0 0 - 105 0

Float -395 + 98 + 219 -336

Central bank liquidity swaps11 2 0 - 456 2

Other Federal Reserve assets12 28,125 + 1,986 + 607 28,078

Foreign currency denominated assets13 19,243 - 275 - 5,067 19,337

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding14 46,455 + 14 + 738 46,455

Total factors supplying reserve funds 4,543,067 + 10,482 + 283,162 4,539,812

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 18, 2015 Mar 11, 2015 Mar 19, 2014

Wednesday

Mar 18, 2015

Currency in circulation14 1,355,504 + 691 + 90,353 1,356,260

Reverse repurchase agreements15 251,918 - 12,039 + 92,943 289,615

Foreign official and international accounts 138,116 + 5,742 + 41,492 138,191

Others 113,802 - 17,781 + 51,451 151,424

Treasury cash holdings 208 - 4 - 70 197

Deposits with F.R. Banks, other than reserve balances 87,150 - 73,366 - 38,999 102,759

Term deposits held by depository institutions 0 - 107,229 - 15,183 0

U.S. Treasury, General Account 60,686 + 21,255 - 27,659 87,560

Foreign official 5,237 + 14 - 1,392 5,222

Other16 21,228 + 12,595 + 5,235 9,978

Other liabilities and capital17 65,353 + 523 + 894 64,661

Total factors, other than reserve balances,

absorbing reserve funds 1,760,133 - 84,195 + 145,121 1,813,493

Reserve balances with Federal Reserve Banks 2,782,935 + 94,678 + 138,042 2,726,319

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

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

2. Face value of the securities.

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

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

the securities.

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

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

amortization is on an effective-interest basis.

6. Cash value of agreements.

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

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

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

orderly market on the measurement date. Refer to the note on consolidation accompanying table 6.

10. Refer to the note on consolidation accompanying table 6.

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

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

foreign central bank.

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

premises and equipment net of allowances for depreciation.

13. Revalued daily at current foreign currency exchange rates.

14. Estimated.

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

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

financial market utilities.

17. Includes the liability for interest on Federal Reserve notes due to 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 18, 2015 Mar 11, 2015 Mar 19, 2014

Wednesday

Mar 18, 2015

Securities held in custody for foreign official and international

accounts 3,223,453 - 24,485 + 17,470 3,227,101

Marketable U.S. Treasury securities1 2,896,115 - 23,455 + 36,192 2,900,127

Federal agency debt and mortgage-backed securities2 283,750 - 1,053 - 17,819 283,250

Other securities3 43,588 + 24 - 903 43,724

Securities lent to dealers 12,731 + 596 - 1,150 13,137

Overnight facility4 12,731 + 596 - 1,150 13,137

U.S. Treasury securities 12,263 + 607 - 347 12,700

Federal agency debt securities 468 - 11 - 803 437

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 18, 2015

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 10 0 0 0 0 ... 10

U.S. Treasury securities1

Holdings 1 1,899 40,235 1,125,187 649,255 643,209 2,459,787

Weekly changes 0 - 1 0 - 18 - 23 - 80 - 121

Federal agency debt securities2

Holdings 0 982 6,638 26,910 0 2,347 36,877

Weekly changes 0 0 + 2,061 - 2,061 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 15 8,497 1,737,401 1,745,914

Weekly changes 0 0 0 - 1 - 13 + 5,675 + 5,662

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

Central bank liquidity swaps5 2 0 0 0 0 0 2

Reverse repurchase agreements4 289,615 0 ... ... ... ... 289,615

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 18, 2015

Mortgage-backed securities held outright1 1,745,914

Commitments to buy mortgage-backed securities2 26,329

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 Mar 18, 2015

Net portfolio holdings of Maiden Lane LLC1 1,692

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, 2014. Any assets purchased after

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

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

consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 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 18, 2015 Mar 11, 2015 Mar 19, 2014

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,848 - 12 - 105

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,428,343 + 5,437 + 278,598

Securities held outright1 4,242,578 + 5,541 + 286,456

U.S. Treasury securities 2,459,787 - 121 + 153,992

Bills2 0 0 0

Notes and bonds, nominal2 2,346,710 - 1 + 149,285

Notes and bonds, inflation-indexed2 98,469 0 + 3,904

Inflation compensation3 14,608 - 120 + 803

Federal agency debt securities2 36,877 0 - 10,466

Mortgage-backed securities4 1,745,914 + 5,662 + 142,930

Unamortized premiums on securities held outright5 203,778 - 143 - 6,179

Unamortized discounts on securities held outright5 -18,023 + 38 - 1,567

Repurchase agreements6 0 0 0

Loans 10 + 1 - 112

Net portfolio holdings of Maiden Lane LLC7 1,692 0 + 107

Net portfolio holdings of Maiden Lane II LLC8 0 0 - 63

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

Net portfolio holdings of TALF LLC9 0 0 - 105

Items in process of collection (0) 352 + 150 + 267

Bank premises 2,248 0 - 28

Central bank liquidity swaps10 2 0 - 456

Foreign currency denominated assets11 19,337 + 111 - 4,964

Other assets12 25,829 + 924 + 579

Total assets (0) 4,495,888 + 6,609 + 273,807

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 18, 2015 Mar 11, 2015 Mar 19, 2014

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,311,845 + 172 + 88,662

Reverse repurchase agreements13 289,615 + 24,316 + 117,735

Deposits (0) 2,829,078 - 18,652 + 65,485

Term deposits held by depository institutions 0 - 107,229 - 15,183

Other deposits held by depository institutions 2,726,319 + 33,626 + 112,323

U.S. Treasury, General Account 87,560 + 60,323 - 30,473

Foreign official 5,222 - 14 - 1,756

Other14 (0) 9,978 - 5,356 + 575

Deferred availability cash items (0) 688 - 108 - 51

Other liabilities and accrued dividends15 7,076 + 873 + 478

Total liabilities (0) 4,438,303 + 6,601 + 272,309

Capital accounts

Capital paid in 28,792 + 4 + 748

Surplus 28,792 + 4 + 748

Other capital accounts 0 0 0

Total capital 57,585 + 8 + 1,498

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

orderly market on the measurement date. Refer to the note on consolidation accompanying table 6.

9. Refer to the note on consolidation accompanying table 6.

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

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

central bank.

11. Revalued daily at current foreign currency exchange rates.

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

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

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

financial market utilities.

15. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 18, 2015

Millions of dollars

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

Assets

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

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

Coin 1,848 42 68 131 119 305 187 276 19 46 152 180 323

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,428,343 89,582 2,717,949 106,089 96,686 247,503 244,796 180,992 54,620 27,141 58,333 134,932 469,718

Securities held outright1 4,242,578 85,820 2,603,940 101,639 92,630 237,121 234,527 173,400 52,329 26,000 55,885 129,272 450,015

U.S. Treasury securities 2,459,787 49,757 1,509,727 58,929 53,706 137,479 135,976 100,535 30,340 15,074 32,401 74,950 260,912

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

Notes and bonds3 2,459,787 49,757 1,509,727 58,929 53,706 137,479 135,976 100,535 30,340 15,074 32,401 74,950 260,912

Federal agency debt securities2 36,877 746 22,634 883 805 2,061 2,039 1,507 455 226 486 1,124 3,912

Mortgage-backed securities4 1,745,914 35,317 1,071,578 41,827 38,119 97,580 96,513 71,358 21,535 10,700 22,998 53,198 185,191

Unamortized premiums on securities 

held outright5 203,778 4,122 125,071 4,882 4,449 11,389 11,265 8,329 2,513 1,249 2,684 6,209 21,615

Unamortized discounts on securities 

held outright5 -18,023 -365 -11,062 -432 -393 -1,007 -996 -737 -222 -110 -237 -549 -1,912

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

Loans 10 5 0 0 0 0 0 0 0 3 2 0 0

Net portfolio holdings of Maiden

Lane LLC7 1,692 0 1,692 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

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

Net portfolio holdings of Maiden

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

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

Items in process of collection 352 0 0 0 0 0 351 0 0 0 0 0 0

Bank premises 2,248 124 432 75 110 219 210 201 121 95 240 222 200

Central bank liquidity swaps10 2 0 1 0 0 0 0 0 0 0 0 0 0

Foreign currency denominated

assets11 19,337 877 6,235 1,080 1,507 4,437 1,100 519 180 81 203 279 2,839

Other assets12 25,829 564 15,274 626 574 1,610 1,437 1,055 526 186 372 867 2,738

Interdistrict settlement account 0 + 21,688 - 184,621 + 16,564 + 28,853 + 9,121 + 4,860 - 10,549 - 976 + 6,454 + 9,305 + 26,524 + 72,777

Total assets 4,495,888 113,425 2,562,973 125,114 128,551 264,430 254,944 173,624 54,917 34,267 69,050 164,166 550,427

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 18, 2015 (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 1,495,938 50,602 473,247 49,951 72,806 105,060 211,035 106,585 44,830 26,706 42,191 121,894 191,032

Less: Notes held by F.R. Banks 184,093 5,210 65,350 5,604 9,973 12,291 22,854 11,489 4,848 3,438 5,298 13,861 23,878

Federal Reserve notes, net 1,311,845 45,392 407,897 44,347 62,833 92,769 188,182 95,096 39,982 23,267 36,893 108,033 167,155

Reverse repurchase agreements13 289,615 5,858 177,755 6,938 6,323 16,187 16,010 11,837 3,572 1,775 3,815 8,825 30,720

Deposits 2,829,078 59,409 1,954,775 70,374 54,691 141,732 46,552 64,822 10,674 8,664 27,600 46,239 343,546

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 2,726,319 59,404 1,852,204 70,346 54,688 141,619 46,541 64,807 10,674 8,664 27,599 46,237 343,536

U.S. Treasury, General Account 87,560 0 87,560 0 0 0 0 0 0 0 0 0 0

Foreign official 5,222 2 5,194 2 3 9 2 1 0 0 0 1 6

Other14 9,978 3 9,817 25 0 103 9 13 0 0 1 1 4

Deferred availability cash items 688 0 0 0 0 0 507 0 0 181 0 0 0

Interest on Federal Reserve notes due

to U.S. Treasury15 1,848 34 1,148 40 37 96 109 75 21 8 23 57 201

Other liabilities and accrued

dividends16 5,228 149 2,693 193 204 517 317 249 124 130 115 177 361

Total liabilities 4,438,303 110,842 2,544,268 121,892 124,087 251,300 251,676 172,079 54,373 34,025 68,447 163,331 541,982

Capital

Capital paid in 28,792 1,291 9,352 1,611 2,232 6,565 1,634 773 272 121 302 418 4,222

Surplus 28,792 1,291 9,352 1,611 2,232 6,565 1,634 773 272 121 302 418 4,222

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

Total liabilities and capital 4,495,888 113,425 2,562,973 125,114 128,551 264,430 254,944 173,624 54,917 34,267 69,050 164,166 550,427

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 18, 2015 (continued)

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

2. Face value of the securities.

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

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

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

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

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

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

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

the note on consolidation below.

9. Refer to the note on consolidation below.

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

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

11. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

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

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

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

Note on consolidation:

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

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

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

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

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

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

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

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

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

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

TALF LLC. The FRBNY was the primary beneficiary of the other LLCs cited above because it received a majority of any residual returns of the LLCs and absorbed a majority of any residual losses of the LLCs.

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

shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs were eliminated, the net assets of the LLCs appeared as assets on the previous page (and in

table 1 and table 5), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, 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 18, 2015

Federal Reserve notes outstanding 1,495,938

Less: Notes held by F.R. Banks not subject to collateralization 184,093

Federal Reserve notes to be collateralized 1,311,845

Collateral held against Federal Reserve notes 1,311,845

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,295,609

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,242,578

Less: Face value of securities under reverse repurchase agreements 273,143

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,969,434

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.