FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                   March 21, 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 20, 2019 
Federal Reserve Banks                                     Mar 20, 2019 Mar 13, 2019 Mar 21, 2018              

Reserve Bank credit                                         3,928,207   -    3,485   -  433,327    3,923,800  
  Securities held outright (1)                              3,781,370   -    4,128   -  411,689    3,777,418  
    U.S. Treasury securities                                2,175,516   +       59   -  249,148    2,175,537  
      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)                               21,351   +       58   +    1,792       21,373  
    Federal agency debt securities (2)                          2,409            0   -    1,982        2,409  
    Mortgage-backed securities (4)                          1,603,445   -    4,186   -  160,560    1,599,472  
  Unamortized premiums on securities held outright (5)        136,378   -      364   -   18,936      136,138  
  Unamortized discounts on securities held outright (5)       -13,164   +       31   +      899      -13,153  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            10   -        1   -        6           11  
    Primary credit                                                  1   -        2   -        4            5  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 9            0   -        2            6  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,708            0  
  Float                                                          -172   -       15   -       19         -179  
  Central bank liquidity swaps (8)                                 68   +        1   -        9           68  
  Other Federal Reserve assets (9)                             23,717   +      991   -    1,859       23,497  
Foreign currency denominated assets (10)                       20,702   +       67   -    1,499       20,733  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,881   +       14   +      395       49,881  
                                                                                                              
Total factors supplying reserve funds                       4,015,031   -    3,404   -  434,432    4,010,655  

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 20, 2019 
Federal Reserve Banks                                     Mar 20, 2019 Mar 13, 2019 Mar 21, 2018              

Currency in circulation (11)                                 1,720,637   +      724   +   86,484    1,722,303 
Reverse repurchase agreements (12)                             245,953   +    9,039   +    4,207      240,872 
  Foreign official and international accounts                  245,044   +    8,248   +   14,004      240,255 
  Others                                                           909   +      791   -    9,797          617 
Treasury cash holdings                                             335   +        4   +       19          334 
Deposits with F.R. Banks, other than reserve balances          373,692   +   61,947   -   30,493      379,062 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               303,623   +   57,651   -   12,831      314,749 
  Foreign official                                               5,244   +        1   -       10        5,244 
  Other (13)                                                    64,825   +    4,296   -   17,652       59,069 
Other liabilities and capital (14)                              44,683   -      902   -      793       44,272 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,385,300   +   70,812   +   59,423    2,386,843 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,629,731   -   74,217   -  493,856    1,623,812 

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 20, 2019 
                                                          Mar 20, 2019 Mar 13, 2019 Mar 21, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,479,384   +    7,212   +   39,349    3,476,205 
  Marketable U.S. Treasury securities (1)                    3,082,769   +    6,702   -   14,698    3,080,163 
  Federal agency debt and mortgage-backed securities (2)       325,311   +    1,059   +   62,175      323,624 
  Other securities (3)                                          71,303   -      551   -    8,129       72,418 
Securities lent to dealers                                      22,975   -      682   +      275       24,152 
  Overnight facility (4)                                        22,975   -      682   +      275       24,152 
    U.S. Treasury securities                                    22,975   -      682   +      275       24,152 
    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 20, 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                                           11             0             0             0             0           ...            11 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  22,379        90,458       270,527       922,080       252,492       617,602     2,175,537 
  Weekly changes                        +   22,379    -   22,379             0    +        9    +       22    +       28    +       58 
Federal agency debt securities (2)                                                                                                     
  Holdings                                      62             0             0             0             0         2,347         2,409 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             8           207        73,619     1,525,637     1,599,472 
  Weekly changes                                 0             0             0    -        4    -      370    -    7,922    -    8,295 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                68             0             0             0             0             0            68 
                                                                                                                                       
Reverse repurchase agreements (4)          240,872             0           ...           ...           ...           ...       240,872 
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 20, 2019  

Mortgage-backed securities held outright (1)                                                                             1,599,472  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              276  
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 20, 2019   Wednesday    Wednesday  
                                                        consolidation                Mar 13, 2019 Mar 21, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,745   -       18   -      114  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,900,414   -    8,723   -  432,935  
    Securities held outright (1)                                          3,777,418   -    8,237   -  414,867  
      U.S. Treasury securities                                            2,175,537   +       58   -  249,186  
        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)                                           21,373   +       59   +    1,755  
      Federal agency debt securities (2)                                      2,409            0   -    1,982  
      Mortgage-backed securities (4)                                      1,599,472   -    8,295   -  163,699  
    Unamortized premiums on securities held outright  
    (5)                                                                     136,138   -      518   -   18,967  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,153   +       31   +      901  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        11            0   -        3  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,708  
  Items in process of collection                                   (0)           55   +        7   -       33  
  Bank premises                                                               2,204   +        2   +        7  
  Central bank liquidity swaps (8)                                               68   +        1   -        9  
  Foreign currency denominated assets (9)                                    20,733   +       32   -    1,430  
  Other assets (10)                                                          21,294   -      111   -    2,250  
                                                                                                               
Total assets                                                       (0)    3,962,748   -    8,811   -  438,474  

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 20, 2019   Wednesday    Wednesday  
                                                        consolidation                Mar 13, 2019 Mar 21, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,674,497   +      916   +   87,106 
  Reverse repurchase agreements (11)                                         240,872   +    1,389   -    8,277 
  Deposits                                                          (0)    2,002,873   -   10,012   -  517,289 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,623,812   -   83,313   -  511,256 
    U.S. Treasury, General Account                                           314,749   +   76,368   +   15,776 
    Foreign official                                                           5,244   +        1   -       10 
    Other (12)                                                      (0)       59,069   -    3,066   -   21,798 
  Deferred availability cash items                                  (0)          234   +       15   -        5 
  Other liabilities and accrued dividends (13)                                 4,954   -    1,202   -      156 
                                                                                                               
Total liabilities                                                   (0)    3,923,431   -    8,893   -  438,620 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,493   +       82   +      823 
  Surplus                                                                      6,825            0   -      675 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,318   +       82   +      148 

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 20, 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                                             1,745          49          47          154         114         231         177         291          29          48         111         194         300
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,900,414      74,494   2,153,325       98,477     110,578     230,811     234,129     208,900      51,932      32,552      61,402     161,281     482,535
    Securities held outright (1)               3,777,418      72,145   2,085,428       95,372     107,091     223,533     226,746     202,310      50,290      31,523      59,466     156,195     467,320
      U.S. Treasury securities                 2,175,537      41,550   1,201,065       54,928      61,677     128,740     130,590     116,517      28,964      18,155      34,248      89,958     269,145
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,175,537      41,550   1,201,065       54,928      61,677     128,740     130,590     116,517      28,964      18,155      34,248      89,958     269,145
      Federal agency debt securities (2)           2,409          46       1,330           61          68         143         145         129          32          20          38         100         298
      Mortgage-backed securities (4)           1,599,472      30,548     883,032       40,383      45,346      94,651      96,011      85,664      21,294      13,348      25,179      66,138     197,877
    Unamortized premiums on securities held 
      outright (5)                               136,138       2,600      75,159        3,437       3,860       8,056       8,172       7,291       1,812       1,136       2,143       5,629      16,842
    Unamortized discounts on securities     
      held outright (5)                          -13,153        -251      -7,261         -332        -373        -778        -790        -704        -175        -110        -207        -544      -1,627
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             11           0           0            0           0           0           0           3           5           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                      55           0           0            0           0           0          54           0           0           1           0           0           0
  Bank premises                                    2,204         109         457           81         119         194         207         193         106          95         230         221         192
  Central bank liquidity swaps (8)                    68           3          21            4           5          15           4           3           1           0           1           1          10
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,733         882       6,537        1,178       1,673       4,478       1,198         879         299          95         205         257       3,051
  Other assets (10)                               21,294         429      11,170          530         608       1,478       1,269       1,107         549         210         399         958       2,586
  Interdistrict settlement account                     0  +   13,056  -  168,118   +    5,518  +    4,771  +   19,500  +   47,088  -      165  +   10,846  +    4,510  +    1,796  +   25,719  +   35,477
                                                                                                                                                                                                         
Total assets                                   3,962,748      89,581   2,008,883      106,502     118,650     257,892     286,271     212,371      64,247      37,800      64,603     189,818     526,131

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 20, 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            1,869,688      57,469     618,950      54,511      89,426     126,032     260,191     121,117      55,615      31,247      49,551     154,693     250,887
    Less: Notes held by F.R. Banks               195,190       6,053      52,434       7,280       9,339      14,080      31,394      13,511       4,852       2,968       6,593      17,199      29,489
      Federal Reserve notes, net               1,674,497      51,416     566,517      47,231      80,087     111,952     228,797     107,607      50,763      28,279      42,958     137,494     221,398
  Reverse repurchase agreements (11)             240,872       4,600     132,980       6,082       6,829      14,254      14,459      12,901       3,207       2,010       3,792       9,960      29,799
  Deposits                                     2,002,873      31,694   1,294,853      50,722      28,389     122,776      40,312      89,909       9,524       7,003      17,340      41,629     268,721
    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                           1,623,812      31,684     953,038      50,719      28,355     122,540      40,278      53,198       9,515       6,949      17,330      41,492     268,714
    U.S. Treasury, General Account               314,749           0     314,749           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,244           2       5,216           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    59,069           9      21,850           1          31         228          32      36,709           8          54           9         137           2
  Deferred availability cash items                   234           0           0           0           0           0          55           0           0         179           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   931          17         507          19          32          46          82          49          13           9          17          50          89
  Other liabilities and accrued             
     dividends                                     4,023         165       1,538         185         181         483         277         267         123         134         133         200         337
                                                                                                                                                                                                        
Total liabilities                              3,923,431      87,893   1,996,395     104,238     115,518     249,511     283,982     210,732      63,631      37,614      64,240     189,334     520,344
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,493       1,394      10,323       1,869       2,587       6,925       1,892       1,354         512         154         297         400       4,785
  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                  3,962,748      89,581   2,008,883     106,502     118,650     257,892     286,271     212,371      64,247      37,800      64,603     189,818     526,131

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 20, 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 20, 2019  

Federal Reserve notes outstanding                                                            1,869,688  
  Less: Notes held by F.R. Banks not subject to collateralization                              195,190  
    Federal Reserve notes to be collateralized                                               1,674,497  
Collateral held against Federal Reserve notes                                                1,674,497  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,658,260  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,777,418  
  Less: Face value of securities under reverse repurchase agreements                           240,211  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,537,207  

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.