FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                    April 4, 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   Apr 3, 2019 
Federal Reserve Banks                                      Apr 3, 2019 Mar 27, 2019  Apr 4, 2018              

Reserve Bank credit                                         3,908,872   -   12,447   -  442,941    3,896,410  
  Securities held outright (1)                              3,761,121   -   13,476   -  417,466    3,748,378  
    U.S. Treasury securities                                2,166,052   -    9,523   -  253,776    2,153,308  
      Bills (2)                                                     0            0            0            0  
      Notes and bonds, nominal (2)                          2,029,420   -    9,591   -  259,322    2,016,632  
      Notes and bonds, inflation-indexed (2)                  115,154            0   +    3,934      115,154  
      Inflation compensation (3)                               21,478   +       68   +    1,612       21,523  
    Federal agency debt securities (2)                          2,347   -       53   -    2,044        2,347  
    Mortgage-backed securities (4)                          1,592,723   -    3,900   -  161,645    1,592,723  
  Unamortized premiums on securities held outright (5)        135,554   -      350   -   18,839      135,468  
  Unamortized discounts on securities held outright (5)       -13,104   +       30   +      906      -13,093  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            58   +       43   +       29           11  
    Primary credit                                                 51   +       43   +       41            3  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 7            0   -       12            8  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,708            0  
  Float                                                          -579   -      403   -       47         -490  
  Central bank liquidity swaps (8)                              1,365   +    1,299   -    3,646        1,365  
  Other Federal Reserve assets (9)                             24,456   +      410   -    2,170       24,771  
Foreign currency denominated assets (10)                       20,643   -      122   -    1,626       20,606  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,909   +       14   +      392       49,909  
                                                                                                              
Total factors supplying reserve funds                       3,995,666   -   12,555   -  444,174    3,983,167  

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   Apr 3, 2019 
Federal Reserve Banks                                      Apr 3, 2019 Mar 27, 2019  Apr 4, 2018              

Currency in circulation (11)                                 1,724,790   +    2,962   +   87,071    1,727,490 
Reverse repurchase agreements (12)                             250,307   +    8,454   -   19,756      249,365 
  Foreign official and international accounts                  249,914   +   10,393   +      938      249,349 
  Others                                                           393   -    1,938   -   20,694           16 
Treasury cash holdings                                             336   +        2   +       17          336 
Deposits with F.R. Banks, other than reserve balances          375,454   -    1,023   -   17,600      330,868 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               310,188   -      680   +    6,272      270,470 
  Foreign official                                               5,243            0   -       12        5,243 
  Other (13)                                                    60,024   -      342   -   23,859       55,155 
Other liabilities and capital (14)                              44,380   -    1,067   -      259       44,120 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,395,268   +    9,329   +   49,473    2,352,180 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,600,398   -   21,884   -  493,647    1,630,987 

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   Apr 3, 2019 
                                                           Apr 3, 2019 Mar 27, 2019  Apr 4, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,459,775   -   10,322   +   21,938    3,463,341 
  Marketable U.S. Treasury securities (1)                    3,062,186   -    9,735   -   21,954    3,067,283 
  Federal agency debt and mortgage-backed securities (2)       325,719   -      206   +   51,614      325,721 
  Other securities (3)                                          71,870   -      381   -    7,722       70,337 
Securities lent to dealers                                      28,951   +    4,413   +    2,033       26,193 
  Overnight facility (4)                                        28,951   +    4,413   +    2,033       26,193 
    U.S. Treasury securities                                    28,951   +    4,413   +    2,033       26,193 
    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, April 3, 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                                            3             8             0             0             0           ...            11 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                     180       111,741       265,650       908,908       249,157       617,673     2,153,308 
  Weekly changes                        -   22,199    +   21,283    -    4,878    -   13,180    -    3,356    +       43    -   22,288 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0             0         2,347         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0            10           262        72,647     1,519,804     1,592,723 
  Weekly changes                                 0             0    +        3    +       62    -       65    +        1             0 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)             1,365             0             0             0             0             0         1,365 
                                                                                                                                       
Reverse repurchase agreements (4)          249,365             0           ...           ...           ...           ...       249,365 
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   
                                                                                                                       Apr 3, 2019  

Mortgage-backed securities held outright (1)                                                                             1,592,723  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              387  
Commitments to sell mortgage-backed securities (2)                                                                              20  
                                                                                                                                    
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        Apr 3, 2019   Wednesday    Wednesday  
                                                        consolidation                Mar 27, 2019  Apr 4, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,719   -       10   -      103  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,870,764   -   22,511   -  441,291  
    Securities held outright (1)                                          3,748,378   -   22,288   -  423,412  
      U.S. Treasury securities                                            2,153,308   -   22,288   -  259,723  
        Bills (2)                                                                 0            0            0  
        Notes and bonds, nominal (2)                                      2,016,632   -   22,379   -  265,253  
        Notes and bonds, inflation-indexed (2)                              115,154            0   +    3,934  
        Inflation compensation (3)                                           21,523   +       92   +    1,597  
      Federal agency debt securities (2)                                      2,347            0   -    2,044  
      Mortgage-backed securities (4)                                      1,592,723            0   -  161,645  
    Unamortized premiums on securities held outright  
    (5)                                                                     135,468   -      237   -   18,811  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,093   +       29   +      945  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        11   -       16   -       13  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,708  
  Items in process of collection                                   (0)           46   -       12   -       29  
  Bank premises                                                               2,199   -        8   +        1  
  Central bank liquidity swaps (8)                                            1,365   +    1,299   -    3,646  
  Foreign currency denominated assets (9)                                    20,606   -       94   -    1,560  
  Other assets (10)                                                          22,572   +    1,225   -    2,259  
                                                                                                               
Total assets                                                       (0)    3,935,509   -   20,108   -  450,595  

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        Apr 3, 2019   Wednesday    Wednesday  
                                                        consolidation                Mar 27, 2019  Apr 4, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,679,632   +    3,713   +   86,463 
  Reverse repurchase agreements (11)                                         249,365   +    7,765   -   15,892 
  Deposits                                                          (0)    1,961,855   -   30,611   -  521,167 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,630,987   -    1,801   -  467,744 
    U.S. Treasury, General Account                                           270,470   -   25,123   -   30,134 
    Foreign official                                                           5,243            0   -       11 
    Other (12)                                                      (0)       55,155   -    3,687   -   23,279 
  Deferred availability cash items                                  (0)          537   +      128   +       84 
  Other liabilities and accrued dividends (13)                                 4,782   -    1,097   -      224 
                                                                                                               
Total liabilities                                                   (0)    3,896,170   -   20,102   -  450,738 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,514   -        6   +      818 
  Surplus                                                                      6,825            0   -      675 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,339   -        6   +      143 

Note: Components may not sum to totals because of rounding.


1.  Includes securities lent to dealers under the overnight securities lending facility; refer to table     
    1A.                                                                                                 
2.  Face value of the securities.                                                                           
3.  Compensation that adjusts for the effect of inflation on the original face value of                     
    inflation-indexed securities.                                                                       
4.  Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the              
    remaining principal balance of the securities.                                                      
5.  Reflects the premium or discount, which is the difference between the purchase price and the face       
    value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt
    securities, and mortgage-backed securities, amortization is on an effective-interest basis.         
6.  Cash value of agreements, 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, April 3, 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                                             1,719          46          44          152         112         224         178         289          28          48         111         193         293
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,870,764      73,927   2,136,956       97,728     109,737     229,056     232,352     207,317      51,533      32,302      60,935     160,055     478,867
    Securities held outright (1)               3,748,378      71,590   2,069,395       94,639     106,268     221,815     225,003     200,755      49,903      31,280      59,008     154,995     463,727
      U.S. Treasury securities                 2,153,308      41,126   1,188,793       54,367      61,047     127,424     129,256     115,327      28,668      17,969      33,898      89,039     266,395
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,153,308      41,126   1,188,793       54,367      61,047     127,424     129,256     115,327      28,668      17,969      33,898      89,039     266,395
      Federal agency debt securities (2)           2,347          45       1,296           59          67         139         141         126          31          20          37          97         290
      Mortgage-backed securities (4)           1,592,723      30,419     879,306       40,213      45,154      94,251      95,606      85,303      21,204      13,291      25,073      65,859     197,042
    Unamortized premiums on securities held 
      outright (5)                               135,468       2,587      74,789        3,420       3,841       8,016       8,132       7,255       1,804       1,130       2,133       5,602      16,759
    Unamortized discounts on securities     
      held outright (5)                          -13,093        -250      -7,229         -331        -371        -775        -786        -701        -174        -109        -206        -541      -1,620
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             11           0           0            0           0           0           3           8           0           0           0           0           0
  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                      46           0           0            0           0           0          46           0           0           0           0           0           0
  Bank premises                                    2,199         108         458           80         118         193         208         191         105          95         230         221         191
  Central bank liquidity swaps (8)                 1,365          59         433           79         109         291          79          57          21           6          13          17         200
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,606         887       6,541        1,190       1,645       4,393       1,198         860         314          98         199         255       3,025
  Other assets (10)                               22,572         457      12,006          569         654       1,567       1,359       1,186         376         251         424         954       2,769
  Interdistrict settlement account                     0  +   14,060  -  205,446   +    3,362  +   11,600  +   12,141  +   56,035  +    3,544  +   11,750  +    5,570  +    2,799  +   34,440  +   50,144
                                                                                                                                                                                                         
Total assets                                   3,935,509      90,105   1,956,436      103,721     124,756     249,051     293,600     214,608      64,611      38,660      65,171     197,323     537,468

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, April 3, 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            1,870,351      57,304     619,246      54,348      89,454     126,028     260,047     120,806      55,522      31,157      49,423     156,162     250,854
    Less: Notes held by F.R. Banks               190,719       5,876      50,441       7,473       9,407      13,984      30,482      12,940       4,999       2,986       6,571      17,753      27,807
      Federal Reserve notes, net               1,679,632      51,428     568,806      46,874      80,047     112,044     229,564     107,866      50,523      28,171      42,852     138,409     223,047
  Reverse repurchase agreements (11)             249,365       4,763     137,669       6,296       7,070      14,756      14,969      13,355       3,320       2,081       3,926      10,311      30,850
  Deposits                                     1,961,855      32,057   1,235,477      48,103      34,312     113,381      46,385      91,442       9,998       7,588      17,856      47,859     277,398
    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                           1,630,987      32,047     941,351      48,100      34,282     112,939      46,349      55,440       9,990       7,533      17,842      47,722     277,392
    U.S. Treasury, General Account               270,470           0     270,470           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,243           2       5,216           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    55,155           8      18,440           1          26         433          33      36,001           7          54          14         137           0
  Deferred availability cash items                   537           0           0           0           0           0          56           0           0         481           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   773           7         485           3           9          -1          74          44          23           9          16          52          53
  Other liabilities and accrued             
     dividends                                     4,008         162       1,511         181         186         489         276         260         131         144         130         205         332
                                                                                                                                                                                                        
Total liabilities                              3,896,170      88,417   1,943,947     101,458     121,623     240,670     291,323     212,968      63,995      38,473      64,780     196,835     531,680
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,514       1,394      10,323       1,869       2,587       6,925       1,880       1,355         512         154         325         403       4,787
  Surplus                                          6,825         294       2,166         394         545       1,455         397         285         104          32          66          84       1,002
  Other capital                                        0           0           0           0           0           0           0           0           0           0           0           0           0
                                                                                                                                                                                                        
Total liabilities and capital                  3,935,509      90,105   1,956,436     103,721     124,756     249,051     293,600     214,608      64,611      38,660      65,171     197,323     537,468

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, April 3, 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   
                                                                                           Apr 3, 2019  

Federal Reserve notes outstanding                                                            1,870,351  
  Less: Notes held by F.R. Banks not subject to collateralization                              190,719  
    Federal Reserve notes to be collateralized                                               1,679,632  
Collateral held against Federal Reserve notes                                                1,679,632  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,663,395  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,748,378  
  Less: Face value of securities under reverse repurchase agreements                           247,458  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,500,920  

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.