FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks March 8, 2018

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Mar 7, 2018 Feb 28, 2018 Mar 8, 2017

Wednesday

Mar 7, 2018

Reserve Bank credit 4,354,327 - 11,766 - 66,318 4,355,053

Securities held outright1 4,188,725 - 11,989 - 51,384 4,188,784

U.S. Treasury securities 2,424,343 - 6,672 - 39,247 2,424,402

Bills2 0 0 0 0

Notes and bonds, nominal2 2,293,885 - 8,244 - 46,526 2,293,885

Notes and bonds, inflation-indexed2 111,220 + 1,477 + 5,319 111,220

Inflation compensation3 19,238 + 95 + 1,960 19,297

Federal agency debt securities2 4,391 0 - 8,938 4,391

Mortgage-backed securities4 1,759,991 - 5,317 - 3,198 1,759,991

Unamortized premiums on securities held outright5 155,878 - 431 - 14,379 155,799

Unamortized discounts on securities held outright5 -14,111 - 18 + 924 -14,100

Repurchase agreements6 0 0 0 0

Loans 13 - 10 + 5 11

Primary credit 3 - 5 - 3 3

Secondary credit 0 0 0 0

Seasonal credit 10 - 4 + 8 8

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,708 - 2 + 3 1,708

Float -285 + 86 + 47 -485

Central bank liquidity swaps8 65 - 7 - 426 65

Other Federal Reserve assets9 22,333 + 602 - 1,110 23,273

Foreign currency denominated assets10 22,269 + 133 + 2,564 22,334

Gold stock 11,041 0 0 11,041

Special drawing rights certificate account 5,200 0 0 5,200

Treasury currency outstanding11 49,507 + 14 + 805 49,507

Total factors supplying reserve funds 4,442,345 - 11,619 - 62,948 4,443,136

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

1. Factors Affecting Reserve Balances of Depository Institutions (continued)

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Mar 7, 2018 Feb 28, 2018 Mar 8, 2017

Wednesday

Mar 7, 2018

Currency in circulation11 1,629,524 + 6,347 + 104,494 1,633,084

Reverse repurchase agreements12 237,439 - 17,895 - 203,253 233,466

Foreign official and international accounts 222,869 - 9,959 - 21,529 219,171

Others 14,570 - 7,936 - 181,724 14,295

Treasury cash holdings 306 + 11 + 47 316

Deposits with F.R. Banks, other than reserve balances 277,785 - 19,364 + 130,147 269,959

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 195,071 - 7,549 + 106,851 187,515

Foreign official 5,255 + 1 + 90 5,254

Other13 77,459 - 11,816 + 23,206 77,190

Other liabilities and capital14 45,276 + 214 - 2,492 44,959

Total factors, other than reserve balances,

absorbing reserve funds 2,190,329 - 30,688 + 28,941 2,181,784

Reserve balances with Federal Reserve Banks 2,252,016 + 19,069 - 91,890 2,261,352

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 table 4 and the note on consolidation accompanying table 6.

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.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Mar 7, 2018 Feb 28, 2018 Mar 8, 2017

Wednesday

Mar 7, 2018

Securities held in custody for foreign official and international

accounts 3,440,379 + 22,047 + 257,649 3,445,725

Marketable U.S. Treasury securities1 3,095,637 + 21,232 + 242,608 3,101,474

Federal agency debt and mortgage-backed securities2 264,195 + 723 - 2,310 263,595

Other securities3 80,548 + 93 + 17,353 80,657

Securities lent to dealers 26,608 + 123 + 3,484 25,136

Overnight facility4 26,608 + 123 + 3,484 25,136

U.S. Treasury securities 26,608 + 123 + 3,544 25,136

Federal agency debt securities 0 0 - 60 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, 5, and 6.

2. Face value of federal agency securities and current face value of mortgage-backed securities, which is the remaining principal balance of the

securities.

3. Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed securities, and commercial paper at face value.

4. Face value. Fully collateralized by U.S. Treasury securities.

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, March 7, 2018

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 3 8 0 0 0 ... 11

U.S. Treasury securities1

Holdings 0 120,481 298,426 1,081,448 297,887 626,160 2,424,402

Weekly changes 0 + 28,479 - 28,475 + 22 + 41 + 93 + 160

Federal agency debt securities2

Holdings 0 0 1,982 62 0 2,347 4,391

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 1 173 36,664 1,723,154 1,759,991

Weekly changes 0 0 0 + 3 + 575 - 558 + 19

Repurchase agreements4 0 0 ... ... ... ... 0

Central bank liquidity swaps5 65 0 0 0 0 0 65

Reverse repurchase agreements4 233,466 0 ... ... ... ... 233,466

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.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Mar 7, 2018

Mortgage-backed securities held outright1 1,759,991

Commitments to buy mortgage-backed securities2 17,069

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 3

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 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Mar 7, 2018

Net portfolio holdings of Maiden Lane LLC1 1,708

Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0

Accrued interest payable to the Federal Reserve Bank of New York2 0

Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3 0

1. Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an

orderly market on the measurement date. Assets are revalued quarterly.

2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with

consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.

3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in

table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of

the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time

to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan

from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Mar 7, 2018 Feb 28, 2018 Mar 8, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,900 - 19 - 34

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,330,493 - 54 - 64,838

Securities held outright1 4,188,784 + 180 - 51,385

U.S. Treasury securities 2,424,402 + 160 - 39,248

Bills2 0 0 0

Notes and bonds, nominal2 2,293,885 0 - 46,526

Notes and bonds, inflation-indexed2 111,220 0 + 5,319

Inflation compensation3 19,297 + 160 + 1,960

Federal agency debt securities2 4,391 0 - 8,938

Mortgage-backed securities4 1,759,991 + 19 - 3,200

Unamortized premiums on securities held outright5 155,799 - 245 - 14,372

Unamortized discounts on securities held outright5 -14,100 + 28 + 925

Repurchase agreements6 0 0 0

Loans 11 - 16 - 4

Net portfolio holdings of Maiden Lane LLC7 1,708 0 + 4

Items in process of collection (0) 86 - 13 + 20

Bank premises 2,194 - 12 - 3

Central bank liquidity swaps8 65 - 7 - 426

Foreign currency denominated assets9 22,334 + 245 + 2,664

Other assets10 21,080 + 2,557 - 1,129

Total assets (0) 4,396,097 + 2,696 - 63,743

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks (continued)

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Mar 7, 2018 Feb 28, 2018 Mar 8, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,585,789 + 5,804 + 103,297

Reverse repurchase agreements11 233,466 - 43,992 - 219,785

Deposits (0) 2,531,312 + 41,317 + 54,855

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,261,353 + 53,045 - 89,778

U.S. Treasury, General Account 187,515 - 11,875 + 121,352

Foreign official 5,254 - 1 + 89

Other12 (0) 77,190 + 147 + 23,192

Deferred availability cash items (0) 571 - 335 - 60

Other liabilities and accrued dividends13 5,782 - 111 - 682

Total liabilities (0) 4,356,921 + 2,684 - 62,375

Capital accounts

Capital paid in 31,677 + 13 + 1,133

Surplus 7,500 0 - 2,500

Other capital accounts 0 0 0

Total capital 39,177 + 13 - 1,367

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 table 4 and the note on consolidation accompanying table 6.

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.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 7, 2018

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Assets

Gold certificate account 11,037 349 3,592 348 553 776 1,520 737 341 191 292 916 1,422

Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574

Coin 1,900 57 48 193 130 273 194 305 35 52 114 197 301

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,330,493 84,374 2,438,459 111,811 125,580 253,725 254,908 182,140 57,746 33,765 61,418 173,362 553,203

Securities held outright1 4,188,784 81,613 2,358,670 108,153 121,471 245,423 246,567 176,175 55,856 32,658 59,407 167,690 535,101

U.S. Treasury securities 2,424,402 47,236 1,365,161 62,597 70,305 142,047 142,709 101,967 32,329 18,902 34,384 97,056 309,708

Bills2 0 0 0 0 0 0 0 0 0 0 0 0 0

Notes and bonds3 2,424,402 47,236 1,365,161 62,597 70,305 142,047 142,709 101,967 32,329 18,902 34,384 97,056 309,708

Federal agency debt securities2 4,391 86 2,473 113 127 257 258 185 59 34 62 176 561

Mortgage-backed securities4 1,759,991 34,291 991,036 45,442 51,038 103,119 103,600 74,023 23,469 13,722 24,961 70,458 224,832

Unamortized premiums on securities 

held outright5 155,799 3,036 87,729 4,023 4,518 9,128 9,171 6,553 2,078 1,215 2,210 6,237 19,903

Unamortized discounts on securities 

held outright5 -14,100 -275 -7,940 -364 -409 -826 -830 -593 -188 -110 -200 -564 -1,801

Repurchase agreements6 0 0 0 0 0 0 0 0 0 0 0 0 0

Loans 11 1 0 0 0 0 0 6 0 3 2 0 0

Net portfolio holdings of Maiden

Lane LLC7 1,708 0 1,708 0 0 0 0 0 0 0 0 0 0

Items in process of collection 86 1 0 0 0 0 84 0 0 1 0 0 0

Bank premises 2,194 112 444 73 121 197 203 202 109 87 235 220 191

Central bank liquidity swaps8 65 3 21 3 5 14 4 3 1 0 1 1 10

Foreign currency denominated

assets9 22,334 968 7,153 1,201 1,819 4,826 1,303 935 244 94 217 285 3,288

Other assets10 21,080 442 11,301 537 616 1,428 1,258 885 564 177 360 863 2,650

Interdistrict settlement account 0 - 191 - 42,797 + 503 - 2,441 + 16,671 + 13,805 + 41,075 + 24 + 1,936 + 7,087 + 2,690 - 38,360

Total assets 4,396,097 86,311 2,421,748 114,879 126,621 278,322 273,933 226,706 59,214 36,393 69,877 178,816 523,279

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 7, 2018 (continued)

Millions of dollars

Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco

Liabilities

Federal Reserve notes outstanding 1,767,795 57,476 602,710 54,017 84,881 120,208 242,744 114,885 52,227 30,828 47,524 139,962 220,332

Less: Notes held by F.R. Banks 182,006 6,683 48,649 6,814 9,660 14,081 25,837 12,524 5,176 3,607 6,154 17,313 25,508

Federal Reserve notes, net 1,585,789 50,794 554,060 47,204 75,221 106,127 216,907 102,361 47,051 27,221 41,370 122,649 194,825

Reverse repurchase agreements11 233,466 4,549 131,463 6,028 6,770 13,679 13,743 9,819 3,113 1,820 3,311 9,346 29,824

Deposits 2,531,312 29,107 1,721,438 59,130 41,233 149,439 40,543 112,542 8,313 6,529 24,655 46,067 292,315

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 2,261,353 29,075 1,506,962 59,128 41,172 149,196 40,508 57,488 8,306 6,529 24,646 46,037 292,308

U.S. Treasury, General Account 187,515 0 187,515 0 0 0 0 0 0 0 0 0 0

Foreign official 5,254 2 5,227 2 3 9 2 2 0 0 0 1 6

Other12 77,190 30 21,734 0 58 235 33 55,053 7 0 9 30 2

Deferred availability cash items 571 0 0 0 0 0 78 0 0 493 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,867 46 990 52 72 134 127 68 27 14 24 76 238

Other liabilities and accrued

dividends 3,915 155 1,448 178 184 467 293 265 131 136 131 201 328

Total liabilities 4,356,921 84,649 2,409,398 112,592 123,480 269,845 271,691 225,055 58,635 36,214 69,491 178,339 517,530

Capital

Capital paid in 31,677 1,342 9,985 1,861 2,535 6,856 1,808 1,332 470 145 312 384 4,645

Surplus 7,500 319 2,364 426 605 1,620 433 318 108 34 74 93 1,104

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,396,097 86,311 2,421,748 114,879 126,621 278,322 273,933 226,706 59,214 36,393 69,877 178,816 523,279

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, March 7, 2018 (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 table 4 and 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 $7.5 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. 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 5), 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 5).
H.4.1

7. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ Accounts

Millions of dollars

Wednesday Federal Reserve notes and collateral Mar 7, 2018

Federal Reserve notes outstanding 1,767,795

Less: Notes held by F.R. Banks not subject to collateralization 182,006

Federal Reserve notes to be collateralized 1,585,789

Collateral held against Federal Reserve notes 1,585,789

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,569,552

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,188,784

Less: Face value of securities under reverse repurchase agreements 234,038

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,954,746

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.