FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                    July 11, 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 10, 2019 
Federal Reserve Banks                                     Jul 10, 2019  Jul 3, 2019 Jul 11, 2018              

Reserve Bank credit                                         3,775,166   -    6,529   -  475,690    3,776,008  
  Securities held outright (1)                              3,630,498   -    8,500   -  453,641    3,630,521  
    U.S. Treasury securities                                2,095,425   -    8,500   -  265,032    2,095,448  
      Bills (2)                                                     4   -        1   +        4            2  
      Notes and bonds, nominal (2)                          1,955,270   -    8,571   -  268,891    1,955,270  
      Notes and bonds, inflation-indexed (2)                  116,516            0   +    1,656      116,516  
      Inflation compensation (3)                               23,634   +       72   +    2,198       23,659  
    Federal agency debt securities (2)                          2,347            0   -       62        2,347  
    Mortgage-backed securities (4)                          1,532,726            0   -  188,547    1,532,726  
  Unamortized premiums on securities held outright (5)        130,670   -      202   -   18,661      130,617  
  Unamortized discounts on securities held outright (5)       -12,860   +       23   +    1,054      -12,850  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                           120   +       19   -       74          117  
    Primary credit                                                 18            0   +       10           10  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                               102   +       19   -       84          106  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,711            0  
  Float                                                          -210   +      391   +       25         -181  
  Central bank liquidity swaps (8)                                 39   +       22   -      200           43  
  Other Federal Reserve assets (9)                             26,909   +    1,717   -    2,483       27,742  
Foreign currency denominated assets (10)                       20,815   -      184   -      395       20,853  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             50,037   +       14   +      413       50,037  
                                                                                                              
Total factors supplying reserve funds                       3,862,259   -    6,700   -  475,672    3,863,140  

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 10, 2019 
Federal Reserve Banks                                     Jul 10, 2019  Jul 3, 2019 Jul 11, 2018              

Currency in circulation (11)                                 1,751,052   +    5,683   +   78,908    1,750,389 
Reverse repurchase agreements (12)                             295,368   -   16,329   +   34,116      288,495 
  Foreign official and international accounts                  288,990   +    3,087   +   31,677      282,243 
  Others                                                         6,377   -   19,417   +    2,438        6,252 
Treasury cash holdings                                             168   -       14   -       27          161 
Deposits with F.R. Banks, other than reserve balances          271,195   -   38,692   -  130,634      254,705 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               211,115   -   34,191   -  115,361      195,226 
  Foreign official                                               5,253   +        8   -        4        5,254 
  Other (13)                                                    54,827   -    4,509   -   15,269       54,225 
Other liabilities and capital (14)                              44,671   -      657   +      244       44,037 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,362,453   -   50,010   -   17,393    2,337,787 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,499,806   +   43,310   -  458,279    1,525,352 

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 10, 2019 
                                                          Jul 10, 2019  Jul 3, 2019 Jul 11, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,458,228   +    9,274   +   52,744    3,465,150 
  Marketable U.S. Treasury securities (1)                    3,033,938   +    8,918   -    7,417    3,040,692 
  Federal agency debt and mortgage-backed securities (2)       346,207   +      194   +   54,915      346,322 
  Other securities (3)                                          78,082   +      161   +    5,245       78,135 
Securities lent to dealers                                      29,936   -    1,421   +    9,325       28,598 
  Overnight facility (4)                                        29,936   -    1,421   +    9,325       28,598 
    U.S. Treasury securities                                    29,936   -    1,421   +    9,325       28,598 
    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 10, 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                                           26            91             0             0             0           ...           117 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                   2,196       101,784       250,964       861,748       266,454       612,303     2,095,448 
  Weekly changes                        -        2             0    +        1    +        8    +       27    +       22    +       55 
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        78,207     1,454,175     1,532,726 
  Weekly changes                                 0             0             0             0    +    7,349    -    7,349             0 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                43             0             0             0             0             0            43 
                                                                                                                                       
Reverse repurchase agreements (4)          288,495             0           ...           ...           ...           ...       288,495 
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 10, 2019  

Mortgage-backed securities held outright (1)                                                                             1,532,726  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                            3,058  
Commitments to sell mortgage-backed securities (2)                                                                             140  
                                                                                                                                    
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 10, 2019   Wednesday    Wednesday  
                                                        consolidation                 Jul 3, 2019 Jul 11, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,670   -        6   -       80  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,748,405   -       50   -  471,345  
    Securities held outright (1)                                          3,630,521   +       55   -  453,667  
      U.S. Treasury securities                                            2,095,448   +       55   -  265,056  
        Bills (2)                                                                 2   -        3   +        2  
        Notes and bonds, nominal (2)                                      1,955,270            0   -  268,891  
        Notes and bonds, inflation-indexed (2)                              116,516            0   +    1,656  
        Inflation compensation (3)                                           23,659   +       58   +    2,176  
      Federal agency debt securities (2)                                      2,347            0   -       62  
      Mortgage-backed securities (4)                                      1,532,726            0   -  188,549  
    Unamortized premiums on securities held outright  
    (5)                                                                     130,617   -      142   -   18,648  
    Unamortized discounts on securities held outright 
    (5)                                                                     -12,850   +       24   +    1,054  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                       117   +       12   -       83  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,711  
  Items in process of collection                                   (0)           90   -        9   -      113  
  Bank premises                                                               2,186   +        1   +        3  
  Central bank liquidity swaps (8)                                               43   +       26   -       53  
  Foreign currency denominated assets (9)                                    20,853   -       64   -      295  
  Other assets (10)                                                          25,556   +    1,945   -    2,568  
                                                                                                               
Total assets                                                       (0)    3,815,038   +    1,840   -  476,163  

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 10, 2019   Wednesday    Wednesday  
                                                        consolidation                 Jul 3, 2019 Jul 11, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,702,178   -      593   +   77,793 
  Reverse repurchase agreements (11)                                         288,495   -    8,357   +   39,083 
  Deposits                                                          (0)    1,780,058   +   12,245   -  593,061 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,525,352   +   40,139   -  455,516 
    U.S. Treasury, General Account                                           195,226   -   25,685   -  121,208 
    Foreign official                                                           5,254   +        9   -        2 
    Other (12)                                                      (0)       54,225   -    2,220   -   16,335 
  Deferred availability cash items                                  (0)          270   -      314   -      116 
  Other liabilities and accrued dividends (13)                                 4,811   -    1,139   -      189 
                                                                                                               
Total liabilities                                                   (0)    3,775,812   +    1,841   -  476,489 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,402            0   +      327 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,227            0   +      327 

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 10, 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                                             1,670          38          42          147         111         217         184         277          31          45         106         191         282
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,748,405      77,763   2,044,957       90,771     109,665     229,382     256,292     196,771      53,881      32,504      55,581     162,760     438,079
    Securities held outright (1)               3,630,521      75,319   1,980,706       87,919     106,220     222,175     248,230     190,571      52,180      31,416      53,835     157,642     424,309
      U.S. Treasury securities                 2,095,448      43,473   1,143,215       50,745      61,307     128,234     143,272     109,993      30,117      18,132      31,072      90,987     244,901
        Bills (2)                                      2           0           1            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,095,446      43,472   1,143,214       50,745      61,307     128,234     143,272     109,993      30,117      18,132      31,072      90,987     244,901
      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)                               130,617       2,710      71,261        3,163       3,822       7,993       8,931       6,856       1,877       1,130       1,937       5,672      15,266
    Unamortized discounts on securities     
      held outright (5)                          -12,850        -267      -7,011         -311        -376        -786        -879        -675        -185        -111        -191        -558      -1,502
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                            117           0           0            1           0           0          10          18           8          69           0           5           7
  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                      90           1           0            0           0           0          88           0           0           1           0           0           0
  Bank premises                                    2,186         106         456           81         117         191         207         191         104          94         229         220         191
  Central bank liquidity swaps (8)                    43           2          13            2           3           9           2           2           1           0           0           1           6
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,853         898       6,619        1,205       1,664       4,446       1,213         870         318          99         202         258       3,061
  Other assets (10)                               25,556         547      13,514          616         760       1,774       1,738       1,315         437         286         452       1,151       2,965
  Interdistrict settlement account                     0  +    8,801  -  228,812   -    4,245  +   13,971  +   19,328  +   32,751  +   17,154  +    9,114  +    4,287  +    5,705  +   26,714  +   95,233
                                                                                                                                                                                                         
Total assets                                   3,815,038      88,702   1,842,314       89,114     127,060     256,513     294,688     217,714      64,363      37,592      62,720     192,466     541,791

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 10, 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            1,897,519      57,347     626,304      54,679      90,813     131,141     259,370     124,007      56,575      31,434      50,335     159,073     256,441
    Less: Notes held by F.R. Banks               195,341       5,816      47,519       8,163       9,699      14,667      30,421      12,189       5,834       3,404       7,821      20,165      29,644
      Federal Reserve notes, net               1,702,178      51,531     578,785      46,516      81,114     116,475     228,949     111,818      50,741      28,030      42,515     138,908     226,797
  Reverse repurchase agreements (11)             288,495       5,985     157,394       6,986       8,441      17,655      19,725      15,143       4,146       2,496       4,278      12,527      33,717
  Deposits                                     1,780,058      29,232   1,090,911      33,899      34,095     113,724      43,269      88,878       8,712       6,548      15,382      40,288     275,119
    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                           1,525,352      29,215     874,986      33,896      34,043     113,144      43,234      50,988       8,707       6,489      15,355      40,184     275,112
    U.S. Treasury, General Account               195,226           0     195,226           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,254           2       5,227           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    54,225          15      15,472           1          49         571          33      37,889           5          59          27         104           1
  Deferred availability cash items                   270           0           0           0           0           0          92           0           0         178           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   889          15         514          19          26          36          93          42          14           9          12          52          56
  Other liabilities and accrued             
     dividends                                     3,922         154       1,511         167         173         454         269         260         134         141         139         204         318
                                                                                                                                                                                                        
Total liabilities                              3,775,812      86,917   1,829,115      87,588     123,848     248,343     292,397     216,141      63,747      37,403      62,326     191,978     536,007
                                                                                                                                                                                                        
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                  3,815,038      88,702   1,842,314      89,114     127,060     256,513     294,688     217,714      64,363      37,592      62,720     192,466     541,791

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 10, 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 10, 2019  

Federal Reserve notes outstanding                                                            1,897,519  
  Less: Notes held by F.R. Banks not subject to collateralization                              195,341  
    Federal Reserve notes to be collateralized                                               1,702,178  
Collateral held against Federal Reserve notes                                                1,702,178  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,685,941  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,630,521  
  Less: Face value of securities under reverse repurchase agreements                           279,281  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,351,241  

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.