FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                     July 5, 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 3, 2019 
Federal Reserve Banks                                      Jul 3, 2019 Jun 26, 2019  Jul 4, 2018              

Reserve Bank credit                                         3,781,695   -   13,878   -  478,240    3,773,783  
  Securities held outright (1)                              3,638,998   -   13,498   -  455,293    3,630,466  
    U.S. Treasury securities                                2,103,925   -    6,268   -  266,685    2,095,393  
      Bills (2)                                                     5            0   +        5            5  
      Notes and bonds, nominal (2)                          1,963,841   -    6,429   -  270,606    1,955,270  
      Notes and bonds, inflation-indexed (2)                  116,516            0   +    1,656      116,516  
      Inflation compensation (3)                               23,562   +      161   +    2,258       23,601  
    Federal agency debt securities (2)                          2,347            0   -       62        2,347  
    Mortgage-backed securities (4)                          1,532,726   -    7,230   -  188,546    1,532,726  
  Unamortized premiums on securities held outright (5)        130,872   -      446   -   18,708      130,759  
  Unamortized discounts on securities held outright (5)       -12,883   +       34   +    1,040      -12,874  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                           101   +        1   -      107          105  
    Primary credit                                                 18   -        4   -       20            8  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                83   +        5   -       87           97  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,711            0  
  Float                                                          -601   -      437   -      144         -486  
  Central bank liquidity swaps (8)                                 17   -        1   -    1,074           17  
  Other Federal Reserve assets (9)                             25,192   +      470   -    2,241       25,796  
Foreign currency denominated assets (10)                       20,999   -       32   -      150       20,917  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             50,023   +       14   +      406       50,023  
                                                                                                              
Total factors supplying reserve funds                       3,868,959   -   13,895   -  477,983    3,860,965  

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 3, 2019 
Federal Reserve Banks                                      Jul 3, 2019 Jun 26, 2019  Jul 4, 2018              

Currency in circulation (11)                                 1,745,369   +    7,070   +   76,803    1,750,954 
Reverse repurchase agreements (12)                             311,697   +   33,287   +   11,481      296,852 
  Foreign official and international accounts                  285,903   +   24,184   +   36,140      290,003 
  Others                                                        25,794   +    9,103   -   24,659        6,849 
Treasury cash holdings                                             182   -       13   -       15          169 
Deposits with F.R. Banks, other than reserve balances          309,887   -    6,388   -  104,934      282,601 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               245,306   -    2,996   -   90,720      220,911 
  Foreign official                                               5,245   -        8   -       32        5,245 
  Other (13)                                                    59,336   -    3,384   -   14,182       56,445 
Other liabilities and capital (14)                              45,328   +      389   +      174       45,177 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,412,463   +   34,345   -   16,492    2,375,752 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,456,496   -   48,241   -  461,491    1,485,213 

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 3, 2019 
                                                           Jul 3, 2019 Jun 26, 2019  Jul 4, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,448,954   -   18,392   +   53,129    3,455,925 
  Marketable U.S. Treasury securities (1)                    3,025,020   -   18,511   -    7,252    3,031,696 
  Federal agency debt and mortgage-backed securities (2)       346,013   -      209   +   54,721      346,171 
  Other securities (3)                                          77,921   +      328   +    5,660       78,058 
Securities lent to dealers                                      31,357   +    2,586   +   10,374       31,001 
  Overnight facility (4)                                        31,357   +    2,586   +   10,374       31,001 
    U.S. Treasury securities                                    31,357   +    2,586   +   10,374       31,001 
    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 3, 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                                           20            86             0             0             0           ...           105 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                   2,198       101,784       250,963       861,740       266,427       612,281     2,095,393 
  Weekly changes                        -   19,267    +   10,791    +    4,118    -    9,047    -    1,510    +       52    -   14,863 
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           337        70,858     1,461,524     1,532,726 
  Weekly changes                                 0             0    +        1    +       45    -       45             0             0 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                17             0             0             0             0             0            17 
                                                                                                                                       
Reverse repurchase agreements (4)          296,852             0           ...           ...           ...           ...       296,852 
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 3, 2019  

Mortgage-backed securities held outright (1)                                                                             1,532,726  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                            2,140  
Commitments to sell mortgage-backed securities (2)                                                                             143  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                    1  



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 3, 2019   Wednesday    Wednesday  
                                                        consolidation                Jun 26, 2019  Jul 4, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,676   -        8   -       80  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,748,455   -   15,179   -  471,316  
    Securities held outright (1)                                          3,630,466   -   14,863   -  453,592  
      U.S. Treasury securities                                            2,095,393   -   14,863   -  264,984  
        Bills (2)                                                                 5            0   +        5  
        Notes and bonds, nominal (2)                                      1,955,270   -   15,000   -  268,891  
        Notes and bonds, inflation-indexed (2)                              116,516            0   +    1,656  
        Inflation compensation (3)                                           23,601   +      136   +    2,245  
      Federal agency debt securities (2)                                      2,347            0   -       62  
      Mortgage-backed securities (4)                                      1,532,726            0   -  188,546  
    Unamortized premiums on securities held outright  
    (5)                                                                     130,759   -      267   -   18,717  
    Unamortized discounts on securities held outright 
    (5)                                                                     -12,874   +       31   +    1,058  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                       105   -       79   -       64  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,711  
  Items in process of collection                                   (0)           99   +       31   -      137  
  Bank premises                                                               2,185   -        6   +        3  
  Central bank liquidity swaps (8)                                               17   -        1   -    1,074  
  Foreign currency denominated assets (9)                                    20,917   -      143   -      230  
  Other assets (10)                                                          23,611   +    1,687   -    2,023  
                                                                                                               
Total assets                                                       (0)    3,813,198   -   13,619   -  476,566  

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 3, 2019   Wednesday    Wednesday  
                                                        consolidation                Jun 26, 2019  Jul 4, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,702,771   +    8,767   +   78,354 
  Reverse repurchase agreements (11)                                         296,852   +   24,663   +   32,247 
  Deposits                                                          (0)    1,767,813   -   47,800   -  586,517 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,485,213   -   23,238   -  468,997 
    U.S. Treasury, General Account                                           220,911   -   19,998   -  104,632 
    Foreign official                                                           5,245   -        4   -        9 
    Other (12)                                                      (0)       56,445   -    4,559   -   12,878 
  Deferred availability cash items                                  (0)          584   +      245   +      150 
  Other liabilities and accrued dividends (13)                                 5,950   +      498   -    1,126 
                                                                                                               
Total liabilities                                                   (0)    3,773,971   -   13,626   -  476,892 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,402   +        7   +      326 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,227   +        7   +      326 

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 3, 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                                             1,676          38          41          148         111         218         184         277          30          45         107         191         286
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,748,455      77,764   2,044,990       90,772     109,667     229,386     256,298     196,772      53,880      32,502      55,582     162,760     438,082
    Securities held outright (1)               3,630,466      75,318   1,980,676       87,918     106,218     222,172     248,226     190,568      52,179      31,415      53,834     157,639     424,303
      U.S. Treasury securities                 2,095,393      43,471   1,143,185       50,743      61,306     128,231     143,268     109,990      30,116      18,132      31,071      90,984     244,894
        Bills (2)                                      5           0           3            0           0           0           0           0           0           0           0           0           1
        Notes and bonds (3)                    2,095,388      43,471   1,143,182       50,743      61,306     128,230     143,268     109,990      30,116      18,132      31,071      90,984     244,894
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,532,726      31,798     836,211       37,117      44,844      93,797     104,797      80,455      22,029      13,263      22,728      66,553     179,134
    Unamortized premiums on securities held 
      outright (5)                               130,759       2,713      71,338        3,167       3,826       8,002       8,940       6,864       1,879       1,131       1,939       5,678      15,282
    Unamortized discounts on securities     
      held outright (5)                          -12,874        -267      -7,024         -312        -377        -788        -880        -676        -185        -111        -191        -559      -1,505
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                            105           0           0            0           0           0          12          16           6          67           0           2           2
  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                      99           0           0            0           0           0          98           0           0           0           0           0           0
  Bank premises                                    2,185         106         456           81         117         191         207         190         104          94         229         220         191
  Central bank liquidity swaps (8)                    17           1           5            1           1           4           1           1           0           0           0           0           2
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,917         901       6,639        1,208       1,670       4,460       1,216         873         319          99         202         259       3,070
  Other assets (10)                               23,611         509      12,466          571         705       1,654       1,607       1,216         412         262         426       1,043       2,741
  Interdistrict settlement account                     0  +   11,511  -  236,249   -    2,211  +   15,639  +    5,412  +   33,640  +   16,861  +    9,628  +    5,249  +    6,419  +   29,676  +  104,425
                                                                                                                                                                                                         
Total assets                                   3,813,198      91,377   1,833,873       91,107     128,678     242,489     295,465     217,325      64,851      38,530      63,411     195,321     550,771

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 3, 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            1,895,813      57,376     625,030      54,546      90,748     131,009     259,249     123,978      56,594      31,450      50,363     159,021     256,449
    Less: Notes held by F.R. Banks               193,042       5,747      48,013       8,039       9,719      14,336      30,009      12,059       5,933       3,333       7,826      19,424      28,606
      Federal Reserve notes, net               1,702,771      51,630     577,017      46,507      81,029     116,673     229,240     111,919      50,661      28,117      42,537     139,597     227,844
  Reverse repurchase agreements (11)             296,852       6,159     161,954       7,189       8,685      18,166      20,297      15,582       4,267       2,569       4,402      12,890      34,694
  Deposits                                     1,767,813      31,616   1,078,993      35,678      35,529      98,951      43,121      87,887       9,140       7,013      15,916      42,058     281,911
    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                           1,485,213      31,606     835,603      35,675      35,495      98,440      43,085      49,462       9,134       6,956      15,887      41,965     281,904
    U.S. Treasury, General Account               220,911           0     220,911           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,245           2       5,218           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    56,445           8      17,261           1          32         502          33      38,423           5          57          29          93           1
  Deferred availability cash items                   584           0           0           0           0           0          98           0           0         486           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,410          25         821          28          38          32         131          71          34          13          22          72         122
  Other liabilities and accrued             
     dividends                                     4,540         163       1,890         179         184         498         287         292         134         142         140         215         418
                                                                                                                                                                                                        
Total liabilities                              3,773,971      89,592   1,820,674      89,580     125,466     234,320     293,173     215,752      64,236      38,340      63,017     194,833     544,988
                                                                                                                                                                                                        
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                  3,813,198      91,377   1,833,873      91,107     128,678     242,489     295,465     217,325      64,851      38,530      63,411     195,321     550,771

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 3, 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 3, 2019  

Federal Reserve notes outstanding                                                            1,895,813  
  Less: Notes held by F.R. Banks not subject to collateralization                              193,042  
    Federal Reserve notes to be collateralized                                               1,702,771  
Collateral held against Federal Reserve notes                                                1,702,771  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,686,534  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,630,466  
  Less: Face value of securities under reverse repurchase agreements                           288,672  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,341,794  

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.