FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                     May 16, 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  May 15, 2019 
Federal Reserve Banks                                     May 15, 2019  May 8, 2019 May 16, 2018              

Reserve Bank credit                                         3,850,500   -    1,923   -  463,888    3,825,790  
  Securities held outright (1)                              3,699,797   -    2,048   -  443,795    3,686,375  
    U.S. Treasury securities                                2,122,831   -    1,234   -  270,274    2,114,444  
      Bills (2)                                                   100            0   +      100          100  
      Notes and bonds, nominal (2)                          1,985,017   -    1,408   -  274,589    1,976,565  
      Notes and bonds, inflation-indexed (2)                  115,361            0   +    2,412      115,361  
      Inflation compensation (3)                               22,353   +      175   +    1,803       22,417  
    Federal agency debt securities (2)                          2,347            0   -    2,044        2,347  
    Mortgage-backed securities (4)                          1,574,619   -      814   -  171,477    1,569,584  
  Unamortized premiums on securities held outright (5)        133,690   -      213   -   18,698      133,469  
  Unamortized discounts on securities held outright (5)       -12,946   +        7   +      964      -13,064  
  Repurchase agreements (6)                                        19   +       10   +        1            0  
  Loans                                                            44            0   -       42           64  
    Primary credit                                                  7   +        1   -       16           22  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                38   +        1   -       25           42  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,715            0  
  Float                                                          -188   -       46   +        4         -213  
  Central bank liquidity swaps (8)                                 50   -        5   -       30           50  
  Other Federal Reserve assets (9)                             30,035   +      373   -      575       19,110  
Foreign currency denominated assets (10)                       20,738   +      147   -      767       20,711  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,949   +       14   +      388       49,949  
                                                                                                              
Total factors supplying reserve funds                       3,937,429   -    1,762   -  464,266    3,912,691  

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  May 15, 2019 
Federal Reserve Banks                                     May 15, 2019  May 8, 2019 May 16, 2018              

Currency in circulation (11)                                 1,731,645   +      223   +   80,991    1,732,314 
Reverse repurchase agreements (12)                             259,303   -    4,865   +   10,404      263,925 
  Foreign official and international accounts                  258,822   -    5,189   +   13,206      263,363 
  Others                                                           482   +      325   -    2,801          562 
Treasury cash holdings                                             319   -       10   +       48          303 
Deposits with F.R. Banks, other than reserve balances          390,894   -   21,648   -   29,347      354,965 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               323,786   -   24,571   -   13,472      294,969 
  Foreign official                                               5,245   +        1   -       10        5,246 
  Other (13)                                                    61,862   +    2,921   -   15,866       54,750 
Other liabilities and capital (14)                              45,400   -      354   +       40       44,767 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,427,562   -   26,654   +   62,137    2,396,273 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,509,867   +   24,892   -  526,403    1,516,418 

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  May 15, 2019 
                                                          May 15, 2019  May 8, 2019 May 16, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,469,397   +    7,843   +   82,172    3,468,234 
  Marketable U.S. Treasury securities (1)                    3,062,456   +    6,161   +   27,303    3,060,589 
  Federal agency debt and mortgage-backed securities (2)       332,818   +      676   +   57,298      333,324 
  Other securities (3)                                          74,123   +    1,006   -    2,430       74,321 
Securities lent to dealers                                      21,503   -    2,172   +      881       24,800 
  Overnight facility (4)                                        21,503   -    2,172   +      881       24,800 
    U.S. Treasury securities                                    21,503   -    2,172   +      881       24,800 
    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, May 15, 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                                           24            40             0             0             0           ...            64 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                       0        63,117       255,980       917,215       257,102       621,030     2,114,444 
  Weekly changes                        -   38,475    +        1    +        2    +   14,688    -    1,637    +   15,738    -    9,685 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0             0         2,347         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0            10           303        73,297     1,495,974     1,569,584 
  Weekly changes                                 0             0             0    -        5    -      454    -    5,391    -    5,849 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                50             0             0             0             0             0            50 
                                                                                                                                       
Reverse repurchase agreements (4)          263,925             0           ...           ...           ...           ...       263,925 
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   
                                                                                                                      May 15, 2019  

Mortgage-backed securities held outright (1)                                                                             1,569,584  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              275  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                   17  



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       May 15, 2019   Wednesday    Wednesday  
                                                        consolidation                 May 8, 2019 May 16, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,678   +        7   -      125  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,806,843   -   16,110   -  468,463  
    Securities held outright (1)                                          3,686,375   -   15,534   -  450,497  
      U.S. Treasury securities                                            2,114,444   -    9,685   -  272,522  
        Bills (2)                                                               100            0   +      100  
        Notes and bonds, nominal (2)                                      1,976,565   -    9,860   -  276,877  
        Notes and bonds, inflation-indexed (2)                              115,361            0   +    2,412  
        Inflation compensation (3)                                           22,417   +      175   +    1,842  
      Federal agency debt securities (2)                                      2,347            0   -    2,044  
      Mortgage-backed securities (4)                                      1,569,584   -    5,849   -  175,930  
    Unamortized premiums on securities held outright  
    (5)                                                                     133,469   -      387   -   18,780  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,064   -      121   +      889  
    Repurchase agreements (6)                                                     0   -       65   -       65  
    Loans                                                                        64   -        2   -        9  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,712  
  Items in process of collection                                   (0)          119   +        4   +       41  
  Bank premises                                                               2,196   +        2   +        1  
  Central bank liquidity swaps (8)                                               50   -        5   -       30  
  Foreign currency denominated assets (9)                                    20,711   +       44   -      612  
  Other assets (10)                                                          16,914   -   11,408   -    1,961  
                                                                                                               
Total assets                                                       (0)    3,864,749   -   27,467   -  472,860  

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       May 15, 2019   Wednesday    Wednesday  
                                                        consolidation                 May 8, 2019 May 16, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,684,341   -      820   +   78,198 
  Reverse repurchase agreements (11)                                         263,925   +    2,955   +    7,021 
  Deposits                                                          (0)    1,871,383   -   28,893   -  558,427 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,516,419   +   25,739   -  506,242 
    U.S. Treasury, General Account                                           294,969   -   49,492   -   32,779 
    Foreign official                                                           5,246   +        1   -        9 
    Other (12)                                                      (0)       54,750   -    5,141   -   19,395 
  Deferred availability cash items                                  (0)          333   +       86   +       67 
  Other liabilities and accrued dividends (13)                                 5,380   -      754   +      206 
                                                                                                               
Total liabilities                                                   (0)    3,825,362   -   27,426   -  472,935 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,562   -       40   +      750 
  Surplus                                                                      6,825            0   -      675 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,387   -       40   +       75 

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, May 15, 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                                             1,678          45          39          145         111         221         176         288          26          48         108         184         285
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,806,843      78,976   2,076,868       92,187     111,377     232,961     260,281     199,849      54,719      32,968      56,450     165,297     444,911
    Securities held outright (1)               3,686,375      76,478   2,011,178       89,271     107,854     225,593     252,049     193,503      52,983      31,899      54,663     160,067     430,837
      U.S. Treasury securities                 2,114,444      43,867   1,153,579       51,205      61,863     129,396     144,571     110,990      30,390      18,297      31,354      91,812     247,121
        Bills (2)                                    100           2          55            2           3           6           7           5           1           1           1           4          12
        Notes and bonds (3)                    2,114,344      43,865   1,153,524       51,202      61,860     129,390     144,564     110,985      30,389      18,296      31,352      91,807     247,109
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,569,584      32,563     856,319       38,010      45,922      96,053     107,317      82,390      22,559      13,582      23,274      68,153     183,442
    Unamortized premiums on securities held 
      outright (5)                               133,469       2,769      72,817        3,232       3,905       8,168       9,126       7,006       1,918       1,155       1,979       5,795      15,599
    Unamortized discounts on securities     
      held outright (5)                          -13,064        -271      -7,127         -316        -382        -799        -893        -686        -188        -113        -194        -567      -1,527
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             64           0           0            0           0           0           0          26           5          27           1           2           3
  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                     119           0           0            0           0           0         118           0           0           1           0           0           0
  Bank premises                                    2,196         108         458           81         119         193         207         191         105          95         229         220         191
  Central bank liquidity swaps (8)                    50           2          16            3           4          11           3           2           1           0           0           1           7
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,711         892       6,573        1,197       1,653       4,416       1,204         865         316          98         201         256       3,040
  Other assets (10)                               16,914         378       8,764          408         509       1,247       1,148         861         333         187         335         790       1,954
  Interdistrict settlement account                     0  +    7,387  -  128,970   +      373  +    1,041  +    7,137  +   25,131  +      423  +    6,338  +    2,897  +    3,494  +   20,187  +   54,563
                                                                                                                                                                                                         
Total assets                                   3,864,749      88,335   1,969,273       94,930     115,581     247,352     290,483     203,614      62,315      36,570      61,262     188,107     506,927

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, May 15, 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            1,881,294      57,761     621,539      54,476      89,763     128,028     258,712     121,294      55,956      31,322      50,338     158,346     253,761
    Less: Notes held by F.R. Banks               196,953       6,410      49,503       8,173       9,842      14,727      30,470      12,742       6,066       3,052       7,857      18,867      29,244
      Federal Reserve notes, net               1,684,341      51,351     572,035      46,303      79,921     113,301     228,242     108,553      49,890      28,269      42,481     139,479     224,517
  Reverse repurchase agreements (11)             263,925       5,475     143,990       6,391       7,722      16,151      18,045      13,854       3,793       2,284       3,914      11,460      30,846
  Deposits                                     1,871,383      29,524   1,238,600      39,754      24,488     108,938      41,393      79,316       7,866       5,460      14,310      36,413     245,321
    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                           1,516,419      29,514     919,152      39,751      24,458     108,597      41,355      44,526       7,859       5,393      14,259      36,239     245,314
    U.S. Treasury, General Account               294,969           0     294,969           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,246           2       5,218           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    54,750           8      19,261           1          26         333          36      34,789           7          67          50         173           1
  Deferred availability cash items                   333           0           0           0           0           0         118           0           0         215           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,157          38         626          24          45          60         102          53          15          12          11          60         111
  Other liabilities and accrued             
     dividends                                     4,223         156       1,603         192         194         517         298         275         134         140         153         208         352
                                                                                                                                                                                                        
Total liabilities                              3,825,362      86,545   1,956,853      92,664     112,369     238,967     288,199     202,051      61,700      36,381      60,868     187,620     501,147
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,562       1,496      10,254       1,871       2,666       6,931       1,887       1,279         511         157         328         403       4,779
  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                  3,864,749      88,335   1,969,273      94,930     115,581     247,352     290,483     203,614      62,315      36,570      61,262     188,107     506,927

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, May 15, 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   
                                                                                          May 15, 2019  

Federal Reserve notes outstanding                                                            1,881,294  
  Less: Notes held by F.R. Banks not subject to collateralization                              196,953  
    Federal Reserve notes to be collateralized                                               1,684,341  
Collateral held against Federal Reserve notes                                                1,684,341  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,668,104  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,686,375  
  Less: Face value of securities under reverse repurchase agreements                           261,306  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,425,069  

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.