FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                   March 28, 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  Mar 27, 2019 
Federal Reserve Banks                                     Mar 27, 2019 Mar 20, 2019 Mar 28, 2018              

Reserve Bank credit                                         3,921,319   -    6,888   -  436,034    3,916,543  
  Securities held outright (1)                              3,774,597   -    6,773   -  414,017    3,770,666  
    U.S. Treasury securities                                2,175,575   +       59   -  249,249    2,175,596  
      Bills (2)                                                     0            0            0            0  
      Notes and bonds, nominal (2)                          2,039,011            0   -  254,874    2,039,011  
      Notes and bonds, inflation-indexed (2)                  115,154            0   +    3,934      115,154  
      Inflation compensation (3)                               21,410   +       59   +    1,691       21,431  
    Federal agency debt securities (2)                          2,400   -        9   -    1,991        2,347  
    Mortgage-backed securities (4)                          1,596,623   -    6,822   -  162,775    1,592,723  
  Unamortized premiums on securities held outright (5)        135,904   -      474   -   18,907      135,705  
  Unamortized discounts on securities held outright (5)       -13,134   +       30   +      889      -13,122  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            15   +        5   -        4           27  
    Primary credit                                                  8   +        7   +        3           21  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 7   -        2   -        7            6  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,708            0  
  Float                                                          -176   -        4   +       32         -352  
  Central bank liquidity swaps (8)                                 66   -        2   -       13           66  
  Other Federal Reserve assets (9)                             24,046   +      329   -    2,308       23,553  
Foreign currency denominated assets (10)                       20,765   +       63   -    1,597       20,700  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,895   +       14   +      393       49,895  
                                                                                                              
Total factors supplying reserve funds                       4,008,221   -    6,810   -  437,237    4,003,378  

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  Mar 27, 2019 
Federal Reserve Banks                                     Mar 27, 2019 Mar 20, 2019 Mar 28, 2018              

Currency in circulation (11)                                 1,721,828   +    1,191   +   86,577    1,723,754 
Reverse repurchase agreements (12)                             241,853   -    4,100   +    1,565      241,600 
  Foreign official and international accounts                  239,521   -    5,523   +   10,144      241,434 
  Others                                                         2,331   +    1,422   -    8,581          166 
Treasury cash holdings                                             334   -        1   +       17          336 
Deposits with F.R. Banks, other than reserve balances          376,477   +    2,785   -   34,144      359,678 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               310,868   +    7,245   -    7,990      295,593 
  Foreign official                                               5,243   -        1   -       66        5,243 
  Other (13)                                                    60,366   -    4,459   -   26,088       58,842 
Other liabilities and capital (14)                              45,447   +      764   -      211       45,223 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,385,939   +      639   +   53,803    2,370,591 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,622,282   -    7,449   -  491,039    1,632,788 

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  Mar 27, 2019 
                                                          Mar 27, 2019 Mar 20, 2019 Mar 28, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,470,097   -    9,287   +   25,874    3,462,340 
  Marketable U.S. Treasury securities (1)                    3,071,921   -   10,848   -   19,015    3,064,343 
  Federal agency debt and mortgage-backed securities (2)       325,925   +      614   +   53,319      325,744 
  Other securities (3)                                          72,251   +      948   -    8,430       72,253 
Securities lent to dealers                                      24,538   +    1,563   +       80       26,796 
  Overnight facility (4)                                        24,538   +    1,563   +       80       26,796 
    U.S. Treasury securities                                    24,538   +    1,563   +       80       26,796 
    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, March 27, 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                                           27             0             0             0             0           ...            27 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  22,379        90,458       270,528       922,088       252,513       617,630     2,175,596 
  Weekly changes                                 0             0    +        1    +        8    +       21    +       28    +       59 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0             0         2,347         2,347 
  Weekly changes                        -       62             0             0             0             0             0    -       62 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             7           200        72,712     1,519,803     1,592,723 
  Weekly changes                                 0             0    -        1    -        7    -      907    -    5,834    -    6,749 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                66             0             0             0             0             0            66 
                                                                                                                                       
Reverse repurchase agreements (4)          241,600             0           ...           ...           ...           ...       241,600 
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   
                                                                                                                      Mar 27, 2019  

Mortgage-backed securities held outright (1)                                                                             1,592,723  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              260  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                    0  



1.  Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the              
    remaining principal balance of the securities.                                                      
2.  Current face value. Generally settle within 180 days and include commitments associated with            
    outright transactions, dollar rolls, and coupon swaps.                                              
3.  This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4       
    and table 5.                                                                                        







4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital                         Eliminations     Wednesday         Change since       
                                                             from       Mar 27, 2019   Wednesday    Wednesday  
                                                        consolidation                Mar 20, 2019 Mar 28, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,729   -       16   -      106  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,893,275   -    7,139   -  430,934  
    Securities held outright (1)                                          3,770,666   -    6,752   -  412,976  
      U.S. Treasury securities                                            2,175,596   +       59   -  249,287  
        Bills (2)                                                                 0            0            0  
        Notes and bonds, nominal (2)                                      2,039,011            0   -  254,874  
        Notes and bonds, inflation-indexed (2)                              115,154            0   +    3,934  
        Inflation compensation (3)                                           21,431   +       58   +    1,653  
      Federal agency debt securities (2)                                      2,347   -       62   -    2,044  
      Mortgage-backed securities (4)                                      1,592,723   -    6,749   -  161,645  
    Unamortized premiums on securities held outright  
    (5)                                                                     135,705   -      433   -   18,841  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,122   +       31   +      873  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        27   +       16   +       11  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,709  
  Items in process of collection                                   (0)           58   +        3   -       15  
  Bank premises                                                               2,207   +        3   +       10  
  Central bank liquidity swaps (8)                                               66   -        2   -       13  
  Foreign currency denominated assets (9)                                    20,700   -       33   -    1,555  
  Other assets (10)                                                          21,347   +       53   -    2,258  
                                                                                                               
Total assets                                                       (0)    3,955,617   -    7,131   -  436,581  

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       Mar 27, 2019   Wednesday    Wednesday  
                                                        consolidation                Mar 20, 2019 Mar 28, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,675,919   +    1,422   +   86,384 
  Reverse repurchase agreements (11)                                         241,600   +      728   -   13,840 
  Deposits                                                          (0)    1,992,466   -   10,407   -  508,876 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,632,788   +    8,976   -  486,217 
    U.S. Treasury, General Account                                           295,593   -   19,156   -    4,762 
    Foreign official                                                           5,243   -        1   -       11 
    Other (12)                                                      (0)       58,842   -      227   -   17,886 
  Deferred availability cash items                                  (0)          409   +      175   -      194 
  Other liabilities and accrued dividends (13)                                 5,879   +      925   -      238 
                                                                                                               
Total liabilities                                                   (0)    3,916,272   -    7,159   -  436,765 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,520   +       27   +      859 
  Surplus                                                                      6,825            0   -      675 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,345   +       27   +      184 

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, March 27, 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                                             1,729          47          46          152         114         227         177         289          29          48         112         193         295
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,893,275      74,357   2,149,376       98,296     110,380     230,387     233,699     208,532      51,832      32,492      61,289     160,985     481,650
    Securities held outright (1)               3,770,666      72,016   2,081,700       95,201     106,900     223,133     226,341     201,949      50,200      31,466      59,359     155,916     466,485
      U.S. Treasury securities                 2,175,596      41,552   1,201,098       54,929      61,679     128,743     130,594     116,520      28,964      18,155      34,249      89,960     269,152
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,175,596      41,552   1,201,098       54,929      61,679     128,743     130,594     116,520      28,964      18,155      34,249      89,960     269,152
      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)                               135,705       2,592      74,919        3,426       3,847       8,030       8,146       7,268       1,807       1,132       2,136       5,611      16,789
    Unamortized discounts on securities     
      held outright (5)                          -13,122        -251      -7,245         -331        -372        -777        -788        -703        -175        -110        -207        -543      -1,623
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             27           0           1            0           5           0           0          18           0           3           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                      58           0           0            0           0           0          57           0           0           0           0           0           0
  Bank premises                                    2,207         109         460           81         119         193         207         193         106          95         231         221         192
  Central bank liquidity swaps (8)                    66           3          21            4           5          14           4           3           1           0           1           1          10
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,700         881       6,526        1,176       1,671       4,471       1,196         877         299          95         205         256       3,047
  Other assets (10)                               21,347         434      11,293          537         614       1,484       1,283       1,118         338         225         403       1,005       2,614
  Interdistrict settlement account                     0  +   10,703  -  173,467   +    4,313  +   12,659  +   12,330  +   48,988  +    7,086  +   11,131  +    4,481  +    1,300  +   27,754  +   32,723
                                                                                                                                                                                                         
Total assets                                   3,955,617      87,093   1,999,699      105,118     126,343     250,292     287,757     219,261      64,219      37,724      64,000     191,602     522,509

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, March 27, 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            1,869,641      57,342     618,978      54,397      89,323     125,869     260,444     120,880      55,551      31,175      49,462     155,142     251,078
    Less: Notes held by F.R. Banks               193,722       6,012      51,617       7,403       9,374      14,278      31,162      13,315       4,993       3,076       6,620      17,334      28,538
      Federal Reserve notes, net               1,675,919      51,331     567,361      46,993      79,949     111,591     229,282     107,565      50,558      28,099      42,842     137,808     222,540
  Reverse repurchase agreements (11)             241,600       4,614     133,382       6,100       6,849      14,297      14,502      12,940       3,216       2,016       3,803       9,990      29,889
  Deposits                                     1,992,466      29,261   1,283,908      49,531      36,182     115,404      41,243      96,754       9,693       6,913      16,806      43,043     263,727
    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                           1,632,788      29,247     963,543      49,528      36,147     115,058      41,213      58,067       9,685       6,860      16,791      42,929     263,720
    U.S. Treasury, General Account               295,593           0     295,593           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)                                    58,842          13      19,556           1          32         337          28      38,685           8          53          15         113           2
  Deferred availability cash items                   409           0           0           0           0           0          52           0           0         357           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   972          13         538          15          31          70          84          46           7           9          15          50          93
  Other liabilities and accrued             
     dividends                                     4,907         185       2,022         215         200         550         304         317         129         143         145         225         471
                                                                                                                                                                                                        
Total liabilities                              3,916,272      85,405   1,987,211     102,855     123,211     241,911     285,468     217,622      63,603      37,538      63,612     191,117     516,721
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,520       1,394      10,323       1,869       2,587       6,925       1,892       1,355         512         154         322         401       4,786
  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                  3,955,617      87,093   1,999,699     105,118     126,343     250,292     287,757     219,261      64,219      37,724      64,000     191,602     522,509

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, March 27, 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   
                                                                                          Mar 27, 2019  

Federal Reserve notes outstanding                                                            1,869,641  
  Less: Notes held by F.R. Banks not subject to collateralization                              193,722  
    Federal Reserve notes to be collateralized                                               1,675,919  
Collateral held against Federal Reserve notes                                                1,675,919  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,659,682  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,770,666  
  Less: Face value of securities under reverse repurchase agreements                           239,405  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,531,261  

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.