FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 21, 2017

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

Dec 20, 2017 Dec 13, 2017 Dec 21, 2016

Wednesday

Dec 20, 2017

Reserve Bank credit 4,408,292 + 7,530 - 15,274 4,407,899

Securities held outright1 4,234,009 + 6,369 + 3,111 4,234,079

U.S. Treasury securities 2,454,244 - 18 - 9,309 2,454,237

Bills2 0 0 0 0

Notes and bonds, nominal2 2,324,404 0 - 14,699 2,324,404

Notes and bonds, inflation-indexed2 110,134 0 + 3,437 110,134

Inflation compensation3 19,706 - 18 + 1,953 19,699

Federal agency debt securities2 4,391 0 - 11,970 4,391

Mortgage-backed securities4 1,775,374 + 6,388 + 24,391 1,775,451

Unamortized premiums on securities held outright5 159,695 - 94 - 14,250 159,519

Unamortized discounts on securities held outright5 -14,166 + 32 + 974 -14,153

Repurchase agreements6 0 0 0 0

Loans 110 + 66 + 75 112

Primary credit 77 + 69 + 70 77

Secondary credit 0 0 0 0

Seasonal credit 33 - 3 + 5 35

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,712 + 1 + 5 1,712

Float -215 + 45 + 177 -159

Central bank liquidity swaps8 57 + 15 - 4,686 57

Other Federal Reserve assets9 27,089 + 1,095 - 681 26,732

Foreign currency denominated assets10 21,160 + 85 + 1,831 21,206

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,329 + 14 + 817 49,329

Total factors supplying reserve funds 4,495,021 + 7,628 - 12,628 4,494,674

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

Dec 20, 2017 Dec 13, 2017 Dec 21, 2016

Wednesday

Dec 20, 2017

Currency in circulation11 1,603,997 + 1,557 + 104,689 1,607,915

Reverse repurchase agreements12 328,627 + 6,216 - 164,145 349,802

Foreign official and international accounts 227,801 + 2,769 - 27,381 222,220

Others 100,826 + 3,448 - 136,764 127,582

Treasury cash holdings 204 + 4 + 45 191

Deposits with F.R. Banks, other than reserve balances 244,274 + 82,891 - 201,433 251,378

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 155,612 + 79,404 - 232,885 170,817

Foreign official 5,297 + 56 + 98 5,253

Other13 83,365 + 3,432 + 31,353 75,308

Other liabilities and capital14 48,756 + 359 + 2,062 48,248

Total factors, other than reserve balances,

absorbing reserve funds 2,225,858 + 91,027 - 258,782 2,257,534

Reserve balances with Federal Reserve Banks 2,269,164 - 83,398 + 246,155 2,237,141

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

Dec 20, 2017 Dec 13, 2017 Dec 21, 2016

Wednesday

Dec 20, 2017

Securities held in custody for foreign official and international

accounts 3,372,657 - 11,996 + 200,803 3,365,606

Marketable U.S. Treasury securities1 3,030,979 - 11,094 + 181,293 3,024,798

Federal agency debt and mortgage-backed securities2 263,606 - 546 + 836 262,740

Other securities3 78,072 - 357 + 18,674 78,068

Securities lent to dealers 21,635 + 772 - 37 24,410

Overnight facility4 21,635 + 772 - 37 24,410

U.S. Treasury securities 21,635 + 772 - 15 24,410

Federal agency debt securities 0 0 - 22 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, December 20, 2017

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 112 0 0 0 0 ... 112

U.S. Treasury securities1

Holdings 17,504 79,556 328,412 1,095,449 310,416 622,901 2,454,237

Weekly changes + 17,504 - 17,504 0 - 2 - 4 - 11 - 19

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 1 178 20,367 1,754,906 1,775,451

Weekly changes 0 0 0 + 19 - 64 - 4,739 - 4,786

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

Central bank liquidity swaps5 57 0 0 0 0 0 57

Reverse repurchase agreements4 349,802 0 ... ... ... ... 349,802

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 Dec 20, 2017

Mortgage-backed securities held outright1 1,775,451

Commitments to buy mortgage-backed securities2 17,147

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 0

1. Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.

2. Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.

3. This amount is included in other Federal Reserve assets in table 1 and in other assets in table 5 and table 6.

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Dec 20, 2017

Net portfolio holdings of Maiden Lane LLC1 1,712

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

Dec 20, 2017 Dec 13, 2017 Dec 21, 2016

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,892 + 9 + 20

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,379,557 - 5,210 - 17,551

Securities held outright1 4,234,079 - 4,804 - 4,148

U.S. Treasury securities 2,454,237 - 19 - 9,329

Bills2 0 0 0

Notes and bonds, nominal2 2,324,404 0 - 14,699

Notes and bonds, inflation-indexed2 110,134 0 + 3,437

Inflation compensation3 19,699 - 18 + 1,933

Federal agency debt securities2 4,391 0 - 11,789

Mortgage-backed securities4 1,775,451 - 4,786 + 16,970

Unamortized premiums on securities held outright5 159,519 - 517 - 14,448

Unamortized discounts on securities held outright5 -14,153 + 34 + 974

Repurchase agreements6 0 0 0

Loans 112 + 77 + 70

Net portfolio holdings of Maiden Lane LLC7 1,712 0 + 5

Items in process of collection (0) 77 + 7 + 11

Bank premises 2,214 + 2 + 10

Central bank liquidity swaps8 57 + 15 - 4,686

Foreign currency denominated assets9 21,206 + 124 + 1,888

Other assets10 24,519 - 203 - 1,315

Total assets (0) 4,447,470 - 5,256 - 21,619

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

Dec 20, 2017 Dec 13, 2017 Dec 21, 2016

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,560,665 + 3,888 + 104,164

Reverse repurchase agreements11 349,802 - 22,327 - 210,370

Deposits (0) 2,488,520 + 14,069 + 82,914

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,237,142 - 85,620 + 274,375

U.S. Treasury, General Account 170,817 + 106,083 - 216,197

Foreign official 5,253 + 1 + 72

Other12 (0) 75,308 - 6,395 + 24,665

Deferred availability cash items (0) 236 - 86 - 239

Other liabilities and accrued dividends13 6,925 - 801 + 1,032

Total liabilities (0) 4,406,148 - 5,257 - 22,499

Capital accounts

Capital paid in 31,322 + 1 + 880

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 41,322 + 1 + 880

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, December 20, 2017

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 1,892 49 48 188 144 269 197 299 37 52 108 194 307

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,379,557 85,328 2,466,067 113,076 127,000 256,594 257,790 184,205 58,399 34,158 62,122 175,328 559,490

Securities held outright1 4,234,079 82,496 2,384,175 109,322 122,784 248,077 249,233 178,080 56,460 33,011 60,049 169,503 540,888

U.S. Treasury securities 2,454,237 47,818 1,381,961 63,367 71,171 143,795 144,465 103,222 32,727 19,134 34,807 98,250 313,520

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

Notes and bonds3 2,454,237 47,818 1,381,961 63,367 71,171 143,795 144,465 103,222 32,727 19,134 34,807 98,250 313,520

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

Mortgage-backed securities4 1,775,451 34,592 999,742 45,841 51,486 104,025 104,510 74,673 23,675 13,842 25,180 71,077 226,807

Unamortized premiums on securities 

held outright5 159,519 3,108 89,824 4,119 4,626 9,346 9,390 6,709 2,127 1,244 2,262 6,386 20,378

Unamortized discounts on securities 

held outright5 -14,153 -276 -7,970 -365 -410 -829 -833 -595 -189 -110 -201 -567 -1,808

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

Loans 112 0 37 0 0 0 0 11 0 13 11 6 32

Net portfolio holdings of Maiden

Lane LLC7 1,712 0 1,712 0 0 0 0 0 0 0 0 0 0

Items in process of collection 77 0 0 0 0 0 76 0 0 1 0 0 0

Bank premises 2,214 115 444 72 131 198 204 204 110 88 236 219 192

Central bank liquidity swaps8 57 2 18 3 5 12 3 2 1 0 1 1 8

Foreign currency denominated

assets9 21,206 919 6,792 1,140 1,727 4,582 1,237 888 232 90 206 271 3,122

Other assets10 24,519 523 13,335 628 716 1,620 1,458 1,028 385 207 412 1,101 3,107

Interdistrict settlement account 0 + 4,627 - 62,321 - 3,664 - 437 + 16,278 + 14,738 + 45,015 - 724 + 2,569 + 6,896 + 1,680 - 24,656

Total assets 4,447,470 92,109 2,431,505 112,000 130,075 280,741 277,876 232,803 58,931 37,444 70,426 179,993 543,567

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, December 20, 2017 (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 1,748,115 57,272 578,652 54,312 83,869 119,604 244,505 116,153 52,122 31,108 47,996 140,963 221,559

Less: Notes held by F.R. Banks 187,450 6,491 52,104 6,883 9,552 14,160 26,009 11,859 5,529 3,162 6,065 17,311 28,326

Federal Reserve notes, net 1,560,665 50,781 526,548 47,429 74,317 105,444 218,496 104,294 46,593 27,946 41,932 123,653 193,233

Reverse repurchase agreements11 349,802 6,815 196,971 9,032 10,144 20,495 20,591 14,712 4,665 2,727 4,961 14,004 44,686

Deposits 2,488,520 32,533 1,691,646 52,968 41,985 145,189 35,857 111,676 7,010 6,264 22,956 41,533 298,903

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 2,237,142 32,524 1,495,734 52,966 41,982 144,976 35,848 56,459 7,007 6,264 22,954 41,532 298,896

U.S. Treasury, General Account 170,817 0 170,817 0 0 0 0 0 0 0 0 0 0

Foreign official 5,253 2 5,226 2 3 9 2 2 0 0 0 1 6

Other12 75,308 7 19,870 0 0 205 7 55,215 3 0 1 0 1

Deferred availability cash items 236 0 0 0 0 0 73 0 0 162 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,090 31 559 34 35 45 95 40 22 11 30 55 133

Other liabilities and accrued

dividends 5,836 180 2,685 217 246 626 368 331 145 146 140 232 520

Total liabilities 4,406,148 90,340 2,418,409 109,680 126,728 271,799 275,479 231,053 58,434 37,258 70,018 179,477 537,474

Capital

Capital paid in 31,322 1,336 9,894 1,783 2,533 6,781 1,814 1,331 387 144 311 389 4,620

Surplus 10,000 434 3,202 538 815 2,161 583 419 109 42 97 128 1,473

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

Total liabilities and capital 4,447,470 92,109 2,431,505 112,000 130,075 280,741 277,876 232,803 58,931 37,444 70,426 179,993 543,567

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, December 20, 2017 (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 $10 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 Dec 20, 2017

Federal Reserve notes outstanding 1,748,115

Less: Notes held by F.R. Banks not subject to collateralization 187,450

Federal Reserve notes to be collateralized 1,560,665

Collateral held against Federal Reserve notes 1,560,665

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,544,428

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,234,079

Less: Face value of securities under reverse repurchase agreements 338,459

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,895,620

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.