FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks February 8, 2018

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Feb 7, 2018 Jan 31, 2018 Feb 8, 2017

Wednesday

Feb 7, 2018

Reserve Bank credit 4,379,459 - 8,543 - 37,265 4,380,349

Securities held outright1 4,201,334 - 9,268 - 22,918 4,201,327

U.S. Treasury securities 2,436,199 - 9,268 - 27,233 2,436,192

Bills2 0 0 0 0

Notes and bonds, nominal2 2,307,591 - 10,894 - 33,791 2,307,591

Notes and bonds, inflation-indexed2 109,413 + 1,637 + 4,483 109,413

Inflation compensation3 19,194 - 12 + 2,074 19,187

Federal agency debt securities2 4,391 0 - 11,789 4,391

Mortgage-backed securities4 1,760,743 - 1 + 16,103 1,760,743

Unamortized premiums on securities held outright5 157,162 - 276 - 13,857 157,078

Unamortized discounts on securities held outright5 -14,074 - 7 + 977 -14,063

Repurchase agreements6 0 0 0 0

Loans 17 - 54 0 31

Primary credit 8 - 55 - 6 19

Secondary credit 0 0 0 0

Seasonal credit 9 + 1 + 6 13

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,715 + 1 + 10 1,715

Float -146 + 238 + 135 -138

Central bank liquidity swaps8 39 - 634 - 226 39

Other Federal Reserve assets9 33,413 + 1,458 - 1,384 34,360

Foreign currency denominated assets10 22,047 - 89 + 1,964 21,920

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,451 + 14 + 820 49,451

Total factors supplying reserve funds 4,467,198 - 8,618 - 34,481 4,467,962

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

Feb 7, 2018 Jan 31, 2018 Feb 8, 2017

Wednesday

Feb 7, 2018

Currency in circulation11 1,609,051 + 3,288 + 106,747 1,612,559

Reverse repurchase agreements12 277,155 + 10,499 - 97,947 280,540

Foreign official and international accounts 231,446 - 5,822 - 23,163 232,420

Others 45,709 + 16,321 - 74,785 48,120

Treasury cash holdings 268 + 9 + 36 273

Deposits with F.R. Banks, other than reserve balances 288,919 - 62,490 - 66,896 287,935

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 203,936 - 66,308 - 101,799 202,221

Foreign official 5,254 0 + 88 5,253

Other13 79,729 + 3,817 + 34,816 80,460

Other liabilities and capital14 46,961 - 1,138 - 544 46,641

Total factors, other than reserve balances,

absorbing reserve funds 2,222,354 - 49,833 - 58,604 2,227,948

Reserve balances with Federal Reserve Banks 2,244,845 + 41,215 + 24,124 2,240,014

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

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

2. Face value of the securities.

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

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

the securities.

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

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

basis.

6. Cash value of agreements.

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

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

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

foreign central bank.

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

Bank premises and equipment net of allowances for depreciation.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

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

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

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

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

as fiscal agents of the United States.

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

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

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Feb 7, 2018 Jan 31, 2018 Feb 8, 2017

Wednesday

Feb 7, 2018

Securities held in custody for foreign official and international

accounts 3,387,544 + 21,246 + 218,447 3,385,164

Marketable U.S. Treasury securities1 3,045,938 + 19,942 + 194,924 3,043,397

Federal agency debt and mortgage-backed securities2 262,406 + 1,190 + 6,629 262,406

Other securities3 79,200 + 114 + 16,894 79,361

Securities lent to dealers 26,491 + 3,070 + 10,714 24,799

Overnight facility4 26,491 + 3,070 + 10,714 24,799

U.S. Treasury securities 26,491 + 3,070 + 10,762 24,799

Federal agency debt securities 0 0 - 48 0

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

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

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

securities.

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

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

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, February 7, 2018

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 19 13 0 0 0 ... 31

U.S. Treasury securities1

Holdings 16,563 97,821 297,077 1,081,307 322,161 621,263 2,436,192

Weekly changes 0 0 - 1 - 2 - 5 - 11 - 19

Federal agency debt securities2

Holdings 0 0 1,982 62 0 2,347 4,391

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 1 177 36,828 1,723,737 1,760,743

Weekly changes 0 0 0 + 3 + 10,393 - 10,397 0

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

Central bank liquidity swaps5 39 0 0 0 0 0 39

Reverse repurchase agreements4 280,540 0 ... ... ... ... 280,540

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 Feb 7, 2018

Mortgage-backed securities held outright1 1,760,743

Commitments to buy mortgage-backed securities2 23,547

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 Feb 7, 2018

Net portfolio holdings of Maiden Lane LLC1 1,715

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

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

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

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

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

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

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

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

table 5 and table 6.

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

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

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

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

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Feb 7, 2018 Jan 31, 2018 Feb 8, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,957 + 12 - 4

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,344,373 - 270 - 35,786

Securities held outright1 4,201,327 - 19 - 22,931

U.S. Treasury securities 2,436,192 - 19 - 27,244

Bills2 0 0 0

Notes and bonds, nominal2 2,307,591 0 - 33,791

Notes and bonds, inflation-indexed2 109,413 0 + 4,483

Inflation compensation3 19,187 - 19 + 2,063

Federal agency debt securities2 4,391 0 - 11,789

Mortgage-backed securities4 1,760,743 0 + 16,101

Unamortized premiums on securities held outright5 157,078 - 259 - 13,853

Unamortized discounts on securities held outright5 -14,063 + 31 + 977

Repurchase agreements6 0 0 0

Loans 31 - 23 + 20

Net portfolio holdings of Maiden Lane LLC7 1,715 0 + 10

Items in process of collection (0) 144 + 53 + 63

Bank premises 2,199 - 11 0

Central bank liquidity swaps8 39 - 634 - 226

Foreign currency denominated assets9 21,920 - 190 + 1,864

Other assets10 32,162 + 2,561 - 1,411

Total assets (0) 4,420,745 + 1,520 - 35,491

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

Feb 7, 2018 Jan 31, 2018 Feb 8, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,565,333 + 5,031 + 106,433

Reverse repurchase agreements11 280,540 - 29,936 - 93,810

Deposits (0) 2,527,948 + 27,783 - 47,137

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,240,014 + 97,638 + 2,554

U.S. Treasury, General Account 202,221 - 73,573 - 84,814

Foreign official 5,253 - 2 + 88

Other12 (0) 80,460 + 3,720 + 35,036

Deferred availability cash items (0) 282 - 847 - 102

Other liabilities and accrued dividends13 5,138 - 528 - 1,878

Total liabilities (0) 4,379,242 + 1,504 - 36,492

Capital accounts

Capital paid in 31,503 + 16 + 1,000

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 41,503 + 16 + 1,000

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

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

2. Face value of the securities.

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

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

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

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

basis.

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

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

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

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

central bank.

9. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

as fiscal agents of the United States.

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

6. Statement of Condition of Each Federal Reserve Bank, February 7, 2018

Millions of dollars

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

Assets

Gold certificate account 11,037 349 3,592 348 553 776 1,520 737 341 191 292 916 1,422

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

Coin 1,957 54 52 196 145 274 200 310 38 51 113 208 314

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,344,373 84,644 2,446,264 112,169 125,982 254,537 255,724 182,727 57,931 33,874 61,613 173,921 554,986

Securities held outright1 4,201,327 81,857 2,365,733 108,476 121,835 246,158 247,306 176,702 56,024 32,756 59,585 168,192 536,704

U.S. Treasury securities 2,436,192 47,466 1,371,800 62,901 70,647 142,738 143,403 102,463 32,486 18,994 34,551 97,528 311,214

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

Notes and bonds3 2,436,192 47,466 1,371,800 62,901 70,647 142,738 143,403 102,463 32,486 18,994 34,551 97,528 311,214

Federal agency debt securities2 4,391 86 2,473 113 127 257 258 185 59 34 62 176 561

Mortgage-backed securities4 1,760,743 34,306 991,460 45,462 51,060 103,163 103,644 74,055 23,479 13,728 24,971 70,488 224,928

Unamortized premiums on securities 

held outright5 157,078 3,060 88,449 4,056 4,555 9,203 9,246 6,607 2,095 1,225 2,228 6,288 20,066

Unamortized discounts on securities 

held outright5 -14,063 -274 -7,919 -363 -408 -824 -828 -591 -188 -110 -199 -563 -1,797

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

Loans 31 0 1 0 0 0 0 10 0 3 0 4 13

Net portfolio holdings of Maiden

Lane LLC7 1,715 0 1,715 0 0 0 0 0 0 0 0 0 0

Items in process of collection 144 0 0 0 0 0 143 0 0 0 0 0 0

Bank premises 2,199 113 445 72 121 197 203 202 109 87 236 220 192

Central bank liquidity swaps8 39 2 12 2 3 8 2 2 0 0 0 0 6

Foreign currency denominated

assets9 21,920 950 7,021 1,178 1,785 4,737 1,279 917 240 93 213 280 3,227

Other assets10 32,162 671 17,616 827 947 2,095 1,919 1,354 539 269 534 1,318 4,072

Interdistrict settlement account 0 - 63 + 9,110 - 6,023 - 9,530 - 13,059 + 11,433 + 46,502 - 2,173 + 982 + 5,370 - 3,417 - 39,131

Total assets 4,420,745 86,917 2,487,646 108,978 120,244 249,978 273,076 233,176 57,176 35,638 68,525 173,728 525,663

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, February 7, 2018 (continued)

Millions of dollars

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

Liabilities

Federal Reserve notes outstanding 1,756,751 57,149 591,302 53,955 83,615 119,060 243,717 115,428 52,348 30,986 47,719 140,363 221,109

Less: Notes held by F.R. Banks 191,417 7,085 45,832 7,132 10,707 16,049 26,522 13,555 6,138 3,786 6,334 19,400 28,877

Federal Reserve notes, net 1,565,333 50,063 545,470 46,823 72,907 103,011 217,195 101,873 46,211 27,200 41,385 120,963 192,232

Reverse repurchase agreements11 280,540 5,466 157,970 7,243 8,135 16,437 16,514 11,799 3,741 2,187 3,979 11,231 35,838

Deposits 2,527,948 29,449 1,768,999 52,345 35,645 121,018 36,503 117,437 6,474 5,725 22,604 40,752 290,999

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 2,240,014 29,442 1,539,942 52,343 35,641 120,777 36,494 58,840 6,466 5,725 22,602 40,750 290,992

U.S. Treasury, General Account 202,221 0 202,221 0 0 0 0 0 0 0 0 0 0

Foreign official 5,253 2 5,226 2 3 9 2 2 0 0 0 1 6

Other12 80,460 5 21,610 0 0 233 7 58,595 7 0 1 1 1

Deferred availability cash items 282 0 0 0 0 0 93 0 0 189 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,287 23 718 29 36 40 103 47 23 13 20 71 163

Other liabilities and accrued

dividends 3,851 155 1,436 170 180 455 287 265 128 133 129 198 315

Total liabilities 4,379,242 85,156 2,474,594 106,612 116,904 240,962 270,695 231,421 56,577 35,447 68,115 173,214 519,547

Capital

Capital paid in 31,503 1,335 9,901 1,799 2,534 6,856 1,804 1,332 455 145 310 390 4,644

Surplus 10,000 426 3,152 568 807 2,160 578 424 144 46 99 124 1,472

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

Total liabilities and capital 4,420,745 86,917 2,487,646 108,978 120,244 249,978 273,076 233,176 57,176 35,638 68,525 173,728 525,663

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, February 7, 2018 (continued)

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

2. Face value of the securities.

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

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

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

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

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

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

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

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

9. Revalued daily at current foreign currency exchange rates.

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

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

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

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

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

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

providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $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 Feb 7, 2018

Federal Reserve notes outstanding 1,756,751

Less: Notes held by F.R. Banks not subject to collateralization 191,417

Federal Reserve notes to be collateralized 1,565,333

Collateral held against Federal Reserve notes 1,565,333

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,549,096

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,201,327

Less: Face value of securities under reverse repurchase agreements 280,396

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,920,931

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.