FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                   March 14, 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 13, 2019 
Federal Reserve Banks                                     Mar 13, 2019  Mar 6, 2019 Mar 14, 2018              

Reserve Bank credit                                         3,931,692   +    2,450   -  427,729    3,932,640  
  Securities held outright (1)                              3,785,498   +       82   -  405,843    3,785,655  
    U.S. Treasury securities                                2,175,457   +       58   -  249,047    2,175,479  
      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)                               21,293   +       59   +    1,894       21,314  
    Federal agency debt securities (2)                          2,409            0   -    1,982        2,409  
    Mortgage-backed securities (4)                          1,607,631   +       22   -  154,815    1,607,767  
  Unamortized premiums on securities held outright (5)        136,742   -      203   -   18,938      136,656  
  Unamortized discounts on securities held outright (5)       -13,195   +       28   +      890      -13,184  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            11   -        1   +        1           11  
    Primary credit                                                  3   -        3   +        1            0  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 9   +        3            0           10  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,708            0  
  Float                                                          -157   +      176   +       32         -172  
  Central bank liquidity swaps (8)                                 67   +        2   +        3           67  
  Other Federal Reserve assets (9)                             22,726   +    2,365   -    2,166       23,607  
Foreign currency denominated assets (10)                       20,635   -       84   -    1,587       20,701  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,867   +       14   +      396       49,867  
                                                                                                              
Total factors supplying reserve funds                       4,018,435   +    2,379   -  428,920    4,019,449  

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 13, 2019 
Federal Reserve Banks                                     Mar 13, 2019  Mar 6, 2019 Mar 14, 2018              

Currency in circulation (11)                                 1,719,913   +    5,117   +   86,638    1,721,355 
Reverse repurchase agreements (12)                             236,914   -   13,186   +   10,587      239,483 
  Foreign official and international accounts                  236,796   -   10,788   +   14,125      239,467 
  Others                                                           118   -    2,398   -    3,538           16 
Treasury cash holdings                                             331   +       16   +       15          335 
Deposits with F.R. Banks, other than reserve balances          311,745   +   26,922   -   24,617      305,760 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               245,972   +   25,927   -    3,957      238,381 
  Foreign official                                               5,243   -        1   -       11        5,243 
  Other (13)                                                    60,529   +      995   -   20,649       62,135 
Other liabilities and capital (14)                              45,585   +    1,177   -      661       45,391 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,314,488   +   20,046   +   71,962    2,312,324 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,703,948   -   17,666   -  500,881    1,707,125 

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 13, 2019 
                                                          Mar 13, 2019  Mar 6, 2019 Mar 14, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,472,172   +    6,219   +   19,966    3,473,058 
  Marketable U.S. Treasury securities (1)                    3,076,067   +    5,445   -   32,995    3,075,526 
  Federal agency debt and mortgage-backed securities (2)       324,252   +      533   +   61,760      325,743 
  Other securities (3)                                          71,854   +      242   -    8,798       71,789 
Securities lent to dealers                                      23,657   -    2,823   -      778       23,309 
  Overnight facility (4)                                        23,657   -    2,823   -      778       23,309 
    U.S. Treasury securities                                    23,657   -    2,823   -      778       23,309 
    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 13, 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                                            0            10             0             0             0           ...            11 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                       0       112,837       270,527       922,071       252,470       617,574     2,175,479 
  Weekly changes                                 0             0    +        1    +        8    +       21    +       28    +       59 
Federal agency debt securities (2)                                                                                                     
  Holdings                                      62             0             0             0             0         2,347         2,409 
  Weekly changes                        +       62    -       62             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             8           211        73,989     1,533,559     1,607,767 
  Weekly changes                                 0             0             0             0             0    +      158    +      158 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                67             0             0             0             0             0            67 
                                                                                                                                       
Reverse repurchase agreements (4)          239,483             0           ...           ...           ...           ...       239,483 
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 13, 2019  

Mortgage-backed securities held outright (1)                                                                             1,607,767  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              257  
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 13, 2019   Wednesday    Wednesday  
                                                        consolidation                 Mar 6, 2019 Mar 14, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,763   -        7   -      114  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,909,137   +       49   -  430,013  
    Securities held outright (1)                                          3,785,655   +      217   -  411,886  
      U.S. Treasury securities                                            2,175,479   +       59   -  249,083  
        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)                                           21,314   +       59   +    1,857  
      Federal agency debt securities (2)                                      2,409            0   -    1,982  
      Mortgage-backed securities (4)                                      1,607,767   +      158   -  160,821  
    Unamortized premiums on securities held outright  
    (5)                                                                     136,656   -      200   -   19,018  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,184   +       29   +      896  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        11   +        5   -        4  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,708  
  Items in process of collection                                   (0)           48   -       16   -       26  
  Bank premises                                                               2,202   +        3   +        6  
  Central bank liquidity swaps (8)                                               67   +        2   +        3  
  Foreign currency denominated assets (9)                                    20,701   +       22   -    1,575  
  Other assets (10)                                                          21,405   +    2,372   -    2,270  
                                                                                                               
Total assets                                                       (0)    3,971,559   +    2,425   -  435,699  

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 13, 2019   Wednesday    Wednesday  
                                                        consolidation                 Mar 6, 2019 Mar 14, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,673,581   +    1,928   +   85,921 
  Reverse repurchase agreements (11)                                         239,483   +    2,351   +    2,204 
  Deposits                                                          (0)    2,012,885   -    2,392   -  523,380 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,707,125   -   29,422   -  483,018 
    U.S. Treasury, General Account                                           238,381   +   24,770   +    2,221 
    Foreign official                                                           5,243   -        1   -       11 
    Other (12)                                                      (0)       62,135   +    2,261   -   42,572 
  Deferred availability cash items                                  (0)          219   -      439   -      135 
  Other liabilities and accrued dividends (13)                                 6,156   +      930   -      385 
                                                                                                               
Total liabilities                                                   (0)    3,932,324   +    2,378   -  435,774 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,411   +       48   +      751 
  Surplus                                                                      6,825            0   -      675 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,236   +       48   +       76 

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 13, 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                                             1,763          47          49          154         118         233         183         293          28          47         112         197         301
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,909,137      74,660   2,158,141       98,697     110,825     231,327     234,652     209,372      52,043      32,624      61,539     161,642     483,614
    Securities held outright (1)               3,785,655      72,302   2,089,975       95,580     107,325     224,020     227,241     202,751      50,400      31,591      59,595     156,536     468,339
      U.S. Treasury securities                 2,175,479      41,549   1,201,033       54,926      61,676     128,736     130,587     116,514      28,963      18,154      34,247      89,956     269,137
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,175,479      41,549   1,201,033       54,926      61,676     128,736     130,587     116,514      28,963      18,154      34,247      89,956     269,137
      Federal agency debt securities (2)           2,409          46       1,330           61          68         143         145         129          32          20          38         100         298
      Mortgage-backed securities (4)           1,607,767      30,707     887,612       40,593      45,581      95,141      96,509      86,109      21,405      13,417      25,310      66,481     198,903
    Unamortized premiums on securities held 
      outright (5)                               136,656       2,610      75,445        3,450       3,874       8,087       8,203       7,319       1,819       1,140       2,151       5,651      16,906
    Unamortized discounts on securities     
      held outright (5)                          -13,184        -252      -7,279         -333        -374        -780        -791        -706        -176        -110        -208        -545      -1,631
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             11           0           0            0           0           0           0           8           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                      48           0           0            0           0           0          47           0           0           0           0           0           0
  Bank premises                                    2,202         109         456           81         119         194         207         192         106          95         230         221         192
  Central bank liquidity swaps (8)                    67           3          21            4           5          14           4           3           1           0           1           1          10
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,701         881       6,527        1,176       1,671       4,472       1,196         877         299          95         205         256       3,047
  Other assets (10)                               21,405         427      11,241          533         611       1,484       1,276       1,111         554         239         400         927       2,603
  Interdistrict settlement account                     0  +    6,180  -  178,053   +    7,878  +   13,537  +    8,195  +   48,516  +    2,874  +   11,666  +    5,027  +      795  +   27,303  +   46,082
                                                                                                                                                                                                         
Total assets                                   3,971,559      82,866   2,003,825      109,083     127,668     247,104     288,226     215,886      65,181      38,416      63,743     191,734     537,828

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 13, 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            1,870,563      57,464     618,969      54,551      89,473     126,101     260,565     121,183      55,639      31,266      49,583     154,820     250,949
    Less: Notes held by F.R. Banks               196,982       6,142      54,233       7,222       9,341      14,073      31,501      13,637       4,630       2,924       6,363      16,975      29,941
      Federal Reserve notes, net               1,673,581      51,322     564,736      47,329      80,131     112,028     229,064     107,546      51,010      28,342      43,221     137,845     221,008
  Reverse repurchase agreements (11)             239,483       4,574     132,213       6,046       6,789      14,172      14,375      12,826       3,188       1,998       3,770       9,903      29,627
  Deposits                                     2,012,885      25,083   1,291,672      53,207      37,372     111,913      42,040      93,497      10,218       7,568      16,220      43,224     280,871
    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                           1,707,125      25,073   1,027,546      53,204      37,344     111,540      42,005      52,519      10,209       7,515      16,206      43,100     280,863
    U.S. Treasury, General Account               238,381           0     238,381           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)                                    62,135           8      20,529           1          24         364          33      40,977           8          53          14         123           2
  Deferred availability cash items                   219           0           0           0           0           0          52           0           0         168           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,212          24         650          26          39          74         101          62          20          12          20          61         122
  Other liabilities and accrued             
     dividends                                     4,944         175       2,066         211         205         538         304         315         133         142         149         228         477
                                                                                                                                                                                                        
Total liabilities                              3,932,324      81,179   1,991,337     106,819     124,537     238,724     285,937     214,247      64,569      38,230      63,380     191,261     532,105
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,411       1,394      10,323       1,869       2,586       6,925       1,892       1,354         507         154         297         388       4,721
  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                  3,971,559      82,866   2,003,825     109,083     127,668     247,104     288,226     215,886      65,181      38,416      63,743     191,734     537,828

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 13, 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 13, 2019  

Federal Reserve notes outstanding                                                            1,870,563  
  Less: Notes held by F.R. Banks not subject to collateralization                              196,982  
    Federal Reserve notes to be collateralized                                               1,673,581  
Collateral held against Federal Reserve notes                                                1,673,581  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,657,344  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,785,655  
  Less: Face value of securities under reverse repurchase agreements                           239,192  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,546,462  

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.