FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                    July 18, 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  Jul 17, 2019 
Federal Reserve Banks                                     Jul 17, 2019 Jul 10, 2019 Jul 18, 2018              

Reserve Bank credit                                         3,773,459   -    1,707   -  482,808    3,769,117  
  Securities held outright (1)                              3,627,486   -    3,012   -  460,572    3,623,424  
    U.S. Treasury securities                                2,094,834   -      591   -  265,380    2,093,984  
      Bills (2)                                                     2   -        2   +        2            2  
      Notes and bonds, nominal (2)                          1,954,885   -      385   -  269,391    1,954,371  
      Notes and bonds, inflation-indexed (2)                  116,290   -      226   +    1,847      115,989  
      Inflation compensation (3)                               23,657   +       23   +    2,161       23,622  
    Federal agency debt securities (2)                          2,347            0   -       62        2,347  
    Mortgage-backed securities (4)                          1,530,305   -    2,421   -  195,130    1,527,093  
  Unamortized premiums on securities held outright (5)        130,401   -      269   -   18,763      130,223  
  Unamortized discounts on securities held outright (5)       -12,826   +       34   +    1,064      -12,807  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                           115   -        5   -      143          120  
    Primary credit                                                  8   -       10   -       46            6  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                               107   +        5   -       96          115  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,711            0  
  Float                                                          -197   +       13   -       14         -148  
  Central bank liquidity swaps (8)                                 38   -        1   -       53           38  
  Other Federal Reserve assets (9)                             28,441   +    1,532   -    2,618       28,267  
Foreign currency denominated assets (10)                       20,866   +       51   -      156       20,849  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,992   +       14   +      360       49,992  
                                                                                                              
Total factors supplying reserve funds                       3,860,558   -    1,641   -  482,603    3,856,198  

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  Jul 17, 2019 
Federal Reserve Banks                                     Jul 17, 2019 Jul 10, 2019 Jul 18, 2018              

Currency in circulation (11)                                 1,747,393   -    3,599   +   78,761    1,747,158 
Reverse repurchase agreements (12)                             279,879   -   15,489   +   30,140      282,596 
  Foreign official and international accounts                  275,461   -   13,529   +   27,604      280,636 
  Others                                                         4,418   -    1,959   +    2,535        1,960 
Treasury cash holdings                                             161   -        7   -       35          162 
Deposits with F.R. Banks, other than reserve balances          272,331   +    1,136   -  140,020      266,310 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               197,005   -   14,110   -  127,452      206,203 
  Foreign official                                               5,255   +        2   -        3        5,255 
  Other (13)                                                    70,071   +   15,244   -   12,564       54,852 
Other liabilities and capital (14)                              45,130   +      459   +        5       44,906 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,344,894   -   17,499   -   31,148    2,341,132 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,515,664   +   15,858   -  451,455    1,515,067 

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  Jul 17, 2019 
                                                          Jul 17, 2019 Jul 10, 2019 Jul 18, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,465,554   +    7,326   +   57,854    3,461,448 
  Marketable U.S. Treasury securities (1)                    3,040,611   +    6,673   -    1,791    3,036,249 
  Federal agency debt and mortgage-backed securities (2)       346,214   +        7   +   54,113      346,169 
  Other securities (3)                                          78,730   +      648   +    5,533       79,030 
Securities lent to dealers                                      25,295   -    4,641   +    7,826       24,120 
  Overnight facility (4)                                        25,295   -    4,641   +    7,826       24,120 
    U.S. Treasury securities                                    25,295   -    4,641   +    7,826       24,120 
    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, July 17, 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                                          105            15             0             0             0           ...           120 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  19,308        82,476       256,783       856,268       266,685       612,465     2,093,984 
  Weekly changes                        +   17,112    -   19,308    +    5,819    -    5,480    +      231    +      162    -    1,464 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0           486         1,861         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             8           331        77,691     1,449,064     1,527,093 
  Weekly changes                                 0             0             0    -        6    -      516    -    5,111    -    5,633 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                38             0             0             0             0             0            38 
                                                                                                                                       
Reverse repurchase agreements (4)          282,596             0           ...           ...           ...           ...       282,596 
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   
                                                                                                                      Jul 17, 2019  

Mortgage-backed securities held outright (1)                                                                             1,527,093  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                            2,464  
Commitments to sell mortgage-backed securities (2)                                                                              83  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                   14  



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       Jul 17, 2019   Wednesday    Wednesday  
                                                        consolidation                Jul 10, 2019 Jul 18, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,674   +        4   -       84  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,740,960   -    7,445   -  478,818  
    Securities held outright (1)                                          3,623,424   -    7,097   -  461,042  
      U.S. Treasury securities                                            2,093,984   -    1,464   -  265,782  
        Bills (2)                                                                 2            0   +        2  
        Notes and bonds, nominal (2)                                      1,954,371   -      899   -  270,058  
        Notes and bonds, inflation-indexed (2)                              115,989   -      527   +    2,103  
        Inflation compensation (3)                                           23,622   -       37   +    2,171  
      Federal agency debt securities (2)                                      2,347            0   -       62  
      Mortgage-backed securities (4)                                      1,527,093   -    5,633   -  195,198  
    Unamortized premiums on securities held outright  
    (5)                                                                     130,223   -      394   -   18,744  
    Unamortized discounts on securities held outright 
    (5)                                                                     -12,807   +       43   +    1,072  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                       120   +        3   -      104  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,711  
  Items in process of collection                                   (0)           84   -        6   -      123  
  Bank premises                                                               2,187   +        1   +        2  
  Central bank liquidity swaps (8)                                               38   -        5   -       53  
  Foreign currency denominated assets (9)                                    20,849   -        4   -      118  
  Other assets (10)                                                          26,082   +      526   -    2,600  
                                                                                                               
Total assets                                                       (0)    3,808,110   -    6,928   -  483,505  

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       Jul 17, 2019   Wednesday    Wednesday  
                                                        consolidation                Jul 10, 2019 Jul 18, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,698,998   -    3,180   +   78,334 
  Reverse repurchase agreements (11)                                         282,596   -    5,899   +   18,137 
  Deposits                                                          (0)    1,781,378   +    1,320   -  580,089 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,515,069   -   10,283   -  434,877 
    U.S. Treasury, General Account                                           206,203   +   10,977   -  129,598 
    Foreign official                                                           5,255   +        1   -        2 
    Other (12)                                                      (0)       54,852   +      627   -   15,611 
  Deferred availability cash items                                  (0)          231   -       39   -      158 
  Other liabilities and accrued dividends (13)                                 5,679   +      868   -       53 
                                                                                                               
Total liabilities                                                   (0)    3,768,882   -    6,930   -  483,829 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,402            0   +      322 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,227            0   +      322 

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, July 17, 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         351       3,707          327         531         754       1,560         711         328         186         292         890       1,400
  Special drawing rights certificate acct.         5,200         196       1,818          210         237         412         654         424         150          90         153         282         574
  Coin                                             1,674          38          42          147         113         218         183         276          31          44         107         195         281
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,740,960      77,608   2,040,892       90,591     109,447     228,926     255,785     196,373      53,777      32,445      55,471     162,434     437,210
    Securities held outright (1)               3,623,424      75,172   1,976,834       87,747     106,012     221,741     247,745     190,198      52,078      31,354      53,730     157,333     423,480
      U.S. Treasury securities                 2,093,984      43,442   1,142,416       50,709      61,265     128,144     143,172     109,916      30,096      18,120      31,050      90,923     244,730
        Bills (2)                                      2           0           1            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,093,981      43,442   1,142,415       50,709      61,265     128,144     143,172     109,916      30,096      18,120      31,050      90,923     244,729
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,527,093      31,681     833,137       36,981      44,679      93,453     104,412      80,159      21,948      13,214      22,644      66,308     178,476
    Unamortized premiums on securities held 
      outright (5)                               130,223       2,702      71,046        3,154       3,810       7,969       8,904       6,836       1,872       1,127       1,931       5,654      15,219
    Unamortized discounts on securities     
      held outright (5)                          -12,807        -266      -6,987         -310        -375        -784        -876        -672        -184        -111        -190        -556      -1,497
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                            120           0           0            0           0           0          13          11          11          74           1           3           8
  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                      84           0           0            0           0           0          83           0           0           0           0           0           0
  Bank premises                                    2,187         106         456           81         117         191         207         191         104          94         229         220         190
  Central bank liquidity swaps (8)                    38           2          12            2           3           8           2           2           1           0           0           0           6
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,849         898       6,617        1,204       1,664       4,445       1,212         870         318          99         202         258       3,061
  Other assets (10)                               26,082         562      13,783          629         775       1,814       1,773       1,342         444         263         469       1,205       3,024
  Interdistrict settlement account                     0  +    5,759  -  211,691   -    5,597  +   15,259  +    3,269  +   30,842  +   22,262  +    8,515  +    3,853  +    8,432  +   27,295  +   91,803
                                                                                                                                                                                                         
Total assets                                   3,808,110      85,519   1,855,637       87,594     128,146     240,037     292,301     222,451      63,667      37,075      65,355     192,780     537,548

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, July 17, 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            1,898,863      57,310     627,830      54,781      90,823     131,096     259,242     124,124      56,544      31,412      50,387     158,999     256,314
    Less: Notes held by F.R. Banks               199,866       6,051      46,800       8,267      10,097      15,341      30,687      12,841       6,073       3,442       8,045      20,926      31,296
      Federal Reserve notes, net               1,698,998      51,259     581,030      46,515      80,727     115,755     228,555     111,283      50,471      27,970      42,342     138,073     225,018
  Reverse repurchase agreements (11)             282,596       5,863     154,176       6,844       8,268      17,294      19,322      14,834       4,062       2,445       4,190      12,271      33,028
  Deposits                                     1,781,378      26,422   1,104,748      32,502      35,717      98,258      41,659      94,411       8,366       6,170      18,261      41,670     273,194
    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                           1,515,069      26,413     877,651      32,500      35,681      98,006      41,623      55,751       8,360       6,100      18,233      41,564     273,188
    U.S. Treasury, General Account               206,203           0     206,203           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,255           2       5,227           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    54,852           8      15,667           1          33         244          33      38,658           5          70          28         105           1
  Deferred availability cash items                   231           0           0           0           0           0          83           0           0         149           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,008          21         562          24          32          50          93          47          21          10          16          55          77
  Other liabilities and accrued             
     dividends                                     4,670         170       1,922         183         190         509         297         303         132         142         152         222         447
                                                                                                                                                                                                        
Total liabilities                              3,768,882      83,734   1,842,438      86,067     124,934     231,867     290,009     220,878      63,051      36,886      64,961     192,292     531,764
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,402       1,491      11,033       1,132       2,667       6,714       1,894       1,288         512         157         328         404       4,782
  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                  3,808,110      85,519   1,855,637      87,594     128,146     240,037     292,301     222,451      63,667      37,075      65,355     192,780     537,548

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, July 17, 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   
                                                                                          Jul 17, 2019  

Federal Reserve notes outstanding                                                            1,898,863  
  Less: Notes held by F.R. Banks not subject to collateralization                              199,866  
    Federal Reserve notes to be collateralized                                               1,698,998  
Collateral held against Federal Reserve notes                                                1,698,998  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,682,761  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,623,424  
  Less: Face value of securities under reverse repurchase agreements                           277,743  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,345,681  

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.