FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                 January 24, 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  Jan 23, 2019 
Federal Reserve Banks                                     Jan 23, 2019 Jan 16, 2019 Jan 24, 2018              

Reserve Bank credit                                         4,010,760   -    5,201   -  389,456    4,007,673  
  Securities held outright (1)                              3,854,215   -    5,834   -  367,840    3,851,419  
    U.S. Treasury securities                                2,220,147   -    1,602   -  226,862    2,220,115  
      Bills (2)                                                     0            0            0            0  
      Notes and bonds, nominal (2)                          2,083,586            0   -  236,715    2,083,586  
      Notes and bonds, inflation-indexed (2)                  114,769   -    1,268   +    7,266      114,769  
      Inflation compensation (3)                               21,791   -      334   +    2,586       21,760  
    Federal agency debt securities (2)                          2,409            0   -    1,982        2,409  
    Mortgage-backed securities (4)                          1,631,659   -    4,232   -  138,996    1,628,895  
  Unamortized premiums on securities held outright (5)        139,188   -      404   -   18,867      138,996  
  Unamortized discounts on securities held outright (5)       -13,332   +       35   +      761      -13,322  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            44   +       29   -       21           19  
    Primary credit                                                 40   +       26   -       21           13  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 3   +        2   -        1            6  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,715            0  
  Float                                                          -136   +       66   +       34         -225  
  Central bank liquidity swaps (8)                                 86   -        2   +       14           86  
  Other Federal Reserve assets (9)                             30,696   +      910   -    1,821       30,700  
Foreign currency denominated assets (10)                       20,898   -      189   -      934       20,930  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,889   +       14   +      464       49,889  
                                                                                                              
Total factors supplying reserve funds                       4,097,788   -    5,376   -  389,927    4,094,733  

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  Jan 23, 2019 
Federal Reserve Banks                                     Jan 23, 2019 Jan 16, 2019 Jan 24, 2018              

Currency in circulation (11)                                 1,704,869   -    1,983   +   97,176    1,704,945 
Reverse repurchase agreements (12)                             257,157   -    5,076   -    9,666      253,617 
  Foreign official and international accounts                  246,214   -   14,191   +    5,999      242,202 
  Others                                                        10,944   +    9,115   -   15,665       11,415 
Treasury cash holdings                                             237   +       14   -       12          249 
Deposits with F.R. Banks, other than reserve balances          469,752   +   45,003   +  115,637      480,433 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               389,626   +   38,446   +  120,508      402,227 
  Foreign official                                               5,284   +       37   +       31        5,243 
  Other (13)                                                    74,842   +    6,520   -    4,902       72,963 
Other liabilities and capital (14)                              43,897   -    1,071   -    3,994       43,773 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,475,912   +   36,886   +  199,141    2,483,017 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,621,876   -   42,262   -  589,068    1,611,716 

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  Jan 23, 2019 
                                                          Jan 23, 2019 Jan 16, 2019 Jan 24, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,408,461   +    5,182   +   56,583    3,407,587 
  Marketable U.S. Treasury securities (1)                    3,027,383   -      436   +   15,847    3,019,544 
  Federal agency debt and mortgage-backed securities (2)       312,101   +    4,192   +   50,764      318,760 
  Other securities (3)                                          68,976   +    1,425   -   10,029       69,283 
Securities lent to dealers                                      20,559   -      629   -    1,497       20,019 
  Overnight facility (4)                                        20,559   -      629   -    1,497       20,019 
    U.S. Treasury securities                                    20,559   -      629   -    1,497       20,019 
    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, January 23, 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                                           19             0             0             0             0           ...            19 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  14,191        78,611       292,514       955,541       261,168       618,090     2,220,115 
  Weekly changes                                 0             0    -        1    -       15    +      357    -      445    -      104 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0            62             0             0             0         2,347         2,409 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             4           216        65,281     1,563,393     1,628,895 
  Weekly changes                                 0             0             0    +        1    +       13    -    3,848    -    3,834 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                86             0             0             0             0             0            86 
                                                                                                                                       
Reverse repurchase agreements (4)          253,617             0           ...           ...           ...           ...       253,617 
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   
                                                                                                                      Jan 23, 2019  

Mortgage-backed securities held outright (1)                                                                             1,628,895  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              292  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                    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 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       Jan 23, 2019   Wednesday    Wednesday  
                                                        consolidation                Jan 16, 2019 Jan 24, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,780   +       12   -      143  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,977,112   -    4,315   -  389,239  
    Securities held outright (1)                                          3,851,419   -    3,937   -  371,035  
      U.S. Treasury securities                                            2,220,115   -      104   -  226,894  
        Bills (2)                                                                 0            0            0  
        Notes and bonds, nominal (2)                                      2,083,586            0   -  236,715  
        Notes and bonds, inflation-indexed (2)                              114,769            0   +    7,266  
        Inflation compensation (3)                                           21,760   -      103   +    2,555  
      Federal agency debt securities (2)                                      2,409            0   -    1,982  
      Mortgage-backed securities (4)                                      1,628,895   -    3,834   -  142,159  
    Unamortized premiums on securities held outright  
    (5)                                                                     138,996   -      414   -   18,929  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,322   +       32   +      760  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        19   +        4   -       35  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,714  
  Items in process of collection                                   (0)          206   -        3   +      125  
  Bank premises                                                               2,205   +        1   -        2  
  Central bank liquidity swaps (8)                                               86   -        2   +       14  
  Foreign currency denominated assets (9)                                    20,930   -       67   -    1,141  
  Other assets (10)                                                          28,497   +    1,383   -    2,164  
                                                                                                               
Total assets                                                       (0)    4,047,052   -    2,992   -  394,265  

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       Jan 23, 2019   Wednesday    Wednesday  
                                                        consolidation                Jan 16, 2019 Jan 24, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,657,081   -      648   +   97,656 
  Reverse repurchase agreements (11)                                         253,617   -    2,338   -   21,086 
  Deposits                                                          (0)    2,092,151   +      466   -  467,494 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,611,718   -   13,783   -  570,502 
    U.S. Treasury, General Account                                           402,227   +    5,813   +  126,264 
    Foreign official                                                           5,243            0   -       11 
    Other (12)                                                      (0)       72,963   +    8,436   -   23,245 
  Deferred availability cash items                                  (0)          431   +      114   +      132 
  Other liabilities and accrued dividends (13)                                 4,640   -      583   -    1,196 
                                                                                                               
Total liabilities                                                   (0)    4,007,919   -    2,991   -  391,988 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,308            0   +      898 
  Surplus                                                                      6,825            0   -    3,175 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,133            0   -    2,277 

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, January 23, 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         364       3,626          350         544         773       1,491         739         334         199         307         905       1,405
  Special drawing rights certificate acct.         5,200         196       1,818          210         237         412         654         424         150          90         153         282         574
  Coin                                             1,780          45          43          154         125         233         201         291          31          47         113         201         295
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,977,112      75,959   2,195,665      100,413     112,752     235,349     238,733     213,008      52,948      33,190      62,609     164,452     492,033
    Securities held outright (1)               3,851,419      73,558   2,126,282       97,240     109,189     227,912     231,188     206,274      51,275      32,140      60,630     159,255     476,475
      U.S. Treasury securities                 2,220,115      42,402   1,225,676       56,053      62,941     131,378     133,266     118,905      29,557      18,527      34,950      91,801     274,660
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,220,115      42,402   1,225,676       56,053      62,941     131,378     133,266     118,905      29,557      18,527      34,950      91,801     274,660
      Federal agency debt securities (2)           2,409          46       1,330           61          68         143         145         129          32          20          38         100         298
      Mortgage-backed securities (4)           1,628,895      31,110     899,276       41,126      46,180      96,392      97,777      87,240      21,686      13,593      25,643      67,354     201,517
    Unamortized premiums on securities held 
      outright (5)                               138,996       2,655      76,737        3,509       3,941       8,225       8,344       7,444       1,851       1,160       2,188       5,747      17,196
    Unamortized discounts on securities     
      held outright (5)                          -13,322        -254      -7,355         -336        -378        -788        -800        -714        -177        -111        -210        -551      -1,648
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             19           1           2            0           0           0           1           4           0           1           0           0          11
  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                     206           0           0            0           0           0         205           0           0           1           0           0           0
  Bank premises                                    2,205         110         456           82         118         195         206         194         106          95         232         221         192
  Central bank liquidity swaps (8)                    86           4          27            5           7          18           5           4           1           0           1           1          13
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,930         891       6,599        1,189       1,689       4,521       1,209         887         302          96         207         259       3,080
  Other assets (10)                               28,497         574      15,225          714         822       1,919       1,709       1,495         465         281         519       1,293       3,480
  Interdistrict settlement account                     0  +    7,502  -   35,181   -    4,166  +    1,945  +    6,082  +   33,988  -    5,635  +    7,379  +    2,282  -    3,419  +    4,945  -   15,721
                                                                                                                                                                                                         
Total assets                                   4,047,052      85,645   2,188,278       98,950     118,239     249,502     278,401     211,407      61,717      36,281      60,723     172,558     485,351

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, January 23, 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            1,864,870      57,786     618,425      54,773      89,184     126,028     261,471     121,754      55,922      31,432      49,828     150,383     247,884
    Less: Notes held by F.R. Banks               207,789       6,361      54,049       6,903       9,939      14,732      32,692      15,127       5,820       2,933       6,314      19,262      33,657
      Federal Reserve notes, net               1,657,081      51,425     564,376      47,870      79,245     111,296     228,779     106,627      50,101      28,499      43,513     131,121     214,227
  Reverse repurchase agreements (11)             253,617       4,844     140,016       6,403       7,190      15,008      15,224      13,583       3,376       2,116       3,993      10,487      31,376
  Deposits                                     2,092,151      27,514   1,469,770      42,227      28,468     114,281      31,542      89,239       7,498       5,110      12,680      30,225     233,597
    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                           1,611,718      27,498   1,035,557      42,224      28,444     114,069      31,504      43,485       7,491       5,059      12,668      30,128     233,590
    U.S. Treasury, General Account               402,227           0     402,227           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,243           2       5,216           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    72,963          14      26,770           1          21         203          36      45,752           6          51          12          96           1
  Deferred availability cash items                   431           0           0           0           0           0         211           0           0         220           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   990          17         488          14          41          57         104          58          18          14          20          59         102
  Other liabilities and accrued             
     dividends                                     3,649         159       1,202         173         168         509         264         265         127         136         152         195         300
                                                                                                                                                                                                        
Total liabilities                              4,007,919      83,958   2,175,853      96,687     115,113     241,152     276,123     209,772      61,120      36,095      60,358     172,087     479,602
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,308       1,393      10,260       1,868       2,581       6,895       1,881       1,350         493         154         299         387       4,747
  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                  4,047,052      85,645   2,188,278      98,950     118,239     249,502     278,401     211,407      61,717      36,281      60,723     172,558     485,351

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, January 23, 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   
                                                                                          Jan 23, 2019  

Federal Reserve notes outstanding                                                            1,864,870  
  Less: Notes held by F.R. Banks not subject to collateralization                              207,789  
    Federal Reserve notes to be collateralized                                               1,657,081  
Collateral held against Federal Reserve notes                                                1,657,081  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,640,844  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,851,419  
  Less: Face value of securities under reverse repurchase agreements                           251,360  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,600,059  

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.