FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                    March 7, 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 6, 2019 
Federal Reserve Banks                                      Mar 6, 2019 Feb 27, 2019  Mar 7, 2018              

Reserve Bank credit                                         3,929,242   -   10,551   -  425,085    3,929,790  
  Securities held outright (1)                              3,785,416   -   10,515   -  403,309    3,785,438  
    U.S. Treasury securities                                2,175,399   -    6,733   -  248,944    2,175,420  
      Bills (2)                                                     0            0            0            0  
      Notes and bonds, nominal (2)                          2,039,011   -    7,091   -  254,874    2,039,011  
      Notes and bonds, inflation-indexed (2)                  115,154   +      385   +    3,934      115,154  
      Inflation compensation (3)                               21,234   -       27   +    1,996       21,255  
    Federal agency debt securities (2)                          2,409            0   -    1,982        2,409  
    Mortgage-backed securities (4)                          1,607,609   -    3,781   -  152,382    1,607,609  
  Unamortized premiums on securities held outright (5)        136,945   -      357   -   18,933      136,856  
  Unamortized discounts on securities held outright (5)       -13,223   +        7   +      888      -13,213  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            12   -       11   -        1            6  
    Primary credit                                                  6   -        7   +        3            0  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 6   -        4   -        4            6  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,708            0  
  Float                                                          -333   -       60   -       48         -594  
  Central bank liquidity swaps (8)                                 65   -       23            0           65  
  Other Federal Reserve assets (9)                             20,361   +      409   -    1,972       21,232  
Foreign currency denominated assets (10)                       20,719   -       61   -    1,550       20,679  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,888   +       14   +      433       49,888  
                                                                                                              
Total factors supplying reserve funds                       4,016,091   -   10,597   -  426,202    4,016,598  

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 6, 2019 
Federal Reserve Banks                                      Mar 6, 2019 Feb 27, 2019  Mar 7, 2018              

Currency in circulation (11)                                 1,714,830   +    3,946   +   85,358    1,719,446 
Reverse repurchase agreements (12)                             250,100   -    3,432   +   12,661      237,132 
  Foreign official and international accounts                  247,584   -    2,116   +   24,715      235,017 
  Others                                                         2,516   -    1,316   -   12,054        2,115 
Treasury cash holdings                                             315   +       15   +        9          330 
Deposits with F.R. Banks, other than reserve balances          284,823   -   91,470   +    7,038      278,730 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               220,045   -   90,529   +   24,974      213,611 
  Foreign official                                               5,244            0   -       11        5,244 
  Other (13)                                                    59,534   -      941   -   17,925       59,874 
Other liabilities and capital (14)                              44,408   -      521   -      868       44,413 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,294,477   -   91,461   +  104,200    2,280,051 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,721,614   +   80,864   -  530,402    1,736,547 

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 6, 2019 
                                                           Mar 6, 2019 Feb 27, 2019  Mar 7, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,465,953   +   23,638   +   25,574    3,467,068 
  Marketable U.S. Treasury securities (1)                    3,070,622   +   23,668   -   25,015    3,071,735 
  Federal agency debt and mortgage-backed securities (2)       323,719   -      288   +   59,524      323,711 
  Other securities (3)                                          71,612   +      259   -    8,936       71,622 
Securities lent to dealers                                      26,480   +    3,912   -      128       23,488 
  Overnight facility (4)                                        26,480   +    3,912   -      128       23,488 
    U.S. Treasury securities                                    26,480   +    3,912   -      128       23,488 
    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 6, 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             6             0             0             0           ...             6 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                       0       112,837       270,526       922,063       252,449       617,546     2,175,420 
  Weekly changes                        -   12,529    +   20,057    -    3,591    -    8,679    -    2,330    +      401    -    6,672 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0            62             0             0             0         2,347         2,409 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             8           211        73,989     1,533,401     1,607,609 
  Weekly changes                                 0             0    +        4    +        7    +   10,218    -   10,230             0 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                65             0             0             0             0             0            65 
                                                                                                                                       
Reverse repurchase agreements (4)          237,132             0           ...           ...           ...           ...       237,132 
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 6, 2019  

Mortgage-backed securities held outright (1)                                                                             1,607,609  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              357  
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 6, 2019   Wednesday    Wednesday  
                                                        consolidation                Feb 27, 2019  Mar 7, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,770   -       12   -      130  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,909,088   -    6,915   -  421,405  
    Securities held outright (1)                                          3,785,438   -    6,671   -  403,346  
      U.S. Treasury securities                                            2,175,420   -    6,672   -  248,982  
        Bills (2)                                                                 0            0            0  
        Notes and bonds, nominal (2)                                      2,039,011   -    7,091   -  254,874  
        Notes and bonds, inflation-indexed (2)                              115,154   +      385   +    3,934  
        Inflation compensation (3)                                           21,255   +       34   +    1,958  
      Federal agency debt securities (2)                                      2,409            0   -    1,982  
      Mortgage-backed securities (4)                                      1,607,609            0   -  152,382  
    Unamortized premiums on securities held outright  
    (5)                                                                     136,856   -      243   -   18,943  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,213   +        5   +      887  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                         6   -        6   -        5  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,708  
  Items in process of collection                                   (0)           64   +       12   -       22  
  Bank premises                                                               2,199   -        6   +        5  
  Central bank liquidity swaps (8)                                               65   -       23            0  
  Foreign currency denominated assets (9)                                    20,679   -      113   -    1,655  
  Other assets (10)                                                          19,033   +    1,601   -    2,047  
                                                                                                               
Total assets                                                       (0)    3,969,134   -    5,456   -  426,963  

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 6, 2019   Wednesday    Wednesday  
                                                        consolidation                Feb 27, 2019  Mar 7, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,671,653   +    7,081   +   85,864 
  Reverse repurchase agreements (11)                                         237,132   -   14,216   +    3,666 
  Deposits                                                          (0)    2,015,277   +    2,349   -  516,035 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,736,547   +   54,337   -  524,806 
    U.S. Treasury, General Account                                           213,611   -   52,413   +   26,096 
    Foreign official                                                           5,244   +        1   -       10 
    Other (12)                                                      (0)       59,874   +      423   -   17,316 
  Deferred availability cash items                                  (0)          658   -      290   +       87 
  Other liabilities and accrued dividends (13)                                 5,226   -      408   -      556 
                                                                                                               
Total liabilities                                                   (0)    3,929,946   -    5,485   -  426,975 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,363   +       28   +      686 
  Surplus                                                                      6,825            0   -      675 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,188   +       28   +       11 

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 6, 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                                             1,770          47          48          153         119         233         187         292          31          46         113         197         303
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,909,088      74,659   2,158,116       98,696     110,824     231,324     234,649     209,368      52,043      32,621      61,538     161,640     483,609
    Securities held outright (1)               3,785,438      72,298   2,089,855       95,574     107,318     224,008     227,228     202,740      50,397      31,589      59,592     156,527     468,312
      U.S. Treasury securities                 2,175,420      41,548   1,201,001       54,925      61,674     128,733     130,583     116,511      28,962      18,154      34,246      89,953     269,130
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,175,420      41,548   1,201,001       54,925      61,674     128,733     130,583     116,511      28,962      18,154      34,246      89,953     269,130
      Federal agency debt securities (2)           2,409          46       1,330           61          68         143         145         129          32          20          38         100         298
      Mortgage-backed securities (4)           1,607,609      30,704     887,525       40,589      45,576      95,132      96,500      86,100      21,403      13,415      25,308      66,474     198,884
    Unamortized premiums on securities held 
      outright (5)                               136,856       2,614      75,555        3,455       3,880       8,099       8,215       7,330       1,822       1,142       2,154       5,659      16,931
    Unamortized discounts on securities     
      held outright (5)                          -13,213        -252      -7,294         -334        -375        -782        -793        -708        -176        -110        -208        -546      -1,635
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                              6           0           0            0           0           0           0           6           0           0           0           0           0
  Net portfolio holdings of Maiden                                                                                                                                                                       
     Lane LLC (7)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
  Items in process of collection                      64           0           0            0           0           0          63           0           0           0           0           0           0
  Bank premises                                    2,199         109         456           81         118         194         207         192         106          95         230         221         191
  Central bank liquidity swaps (8)                    65           3          20            4           5          14           4           3           1           0           1           1           9
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,679         880       6,520        1,174       1,669       4,467       1,195         877         298          95         205         256       3,043
  Other assets (10)                               19,033         384       9,957          472         545       1,337       1,137         988         528         211         359         800       2,315
  Interdistrict settlement account                     0  +    4,280  -  157,949   +    5,102  +   15,989  -    2,018  +   48,300  -    1,202  +   11,662  +    5,186  +      374  +   27,290  +   42,985
                                                                                                                                                                                                         
Total assets                                   3,969,134      80,921   2,022,613      106,243     130,051     236,736     287,887     211,681      65,152      38,543      63,281     191,591     534,433

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 6, 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            1,870,806      57,486     618,448      54,593      89,458     126,034     260,932     121,253      55,673      31,280      49,607     154,844     251,198
    Less: Notes held by F.R. Banks               199,153       6,336      55,382       7,058       9,344      14,057      31,800      13,831       4,516       2,998       6,410      16,986      30,435
      Federal Reserve notes, net               1,671,653      51,150     563,067      47,535      80,114     111,976     229,132     107,423      51,158      28,282      43,196     137,857     220,764
  Reverse repurchase agreements (11)             237,132       4,529     130,915       5,987       6,723      14,033      14,234      12,700       3,157       1,979       3,733       9,805      29,337
  Deposits                                     2,015,277      23,376   1,313,950      50,256      39,875     101,838      41,776      89,583      10,067       7,367      15,836      43,190     278,162
    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                           1,736,547      23,366   1,076,278      50,253      39,845     101,418      41,741      49,225      10,058       7,307      15,828      43,073     278,155
    U.S. Treasury, General Account               213,611           0     213,611           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)                                    59,874           8      18,844           1          26         411          33      40,356           8          60           8         117           2
  Deferred availability cash items                   658           0           0           0           0           0          77           0           0         581           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,270          21         723          22          30          42         102          77          31          12          23          64         123
  Other liabilities and accrued             
     dividends                                     3,956         157       1,513         180         180         467         276         259         129         136         127         202         328
                                                                                                                                                                                                        
Total liabilities                              3,929,946      79,233   2,010,168     103,980     126,922     228,356     285,598     210,043      64,542      38,357      62,915     191,119     528,713
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,363       1,394      10,279       1,869       2,583       6,925       1,892       1,354         507         154         299         388       4,718
  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                  3,969,134      80,921   2,022,613     106,243     130,051     236,736     287,887     211,681      65,152      38,543      63,281     191,591     534,433

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 6, 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 6, 2019  

Federal Reserve notes outstanding                                                            1,870,806  
  Less: Notes held by F.R. Banks not subject to collateralization                              199,153  
    Federal Reserve notes to be collateralized                                               1,671,653  
Collateral held against Federal Reserve notes                                                1,671,653  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,655,417  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,785,438  
  Less: Face value of securities under reverse repurchase agreements                           237,240  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,548,198  

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.