FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                      May 2, 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 1, 2019 
Federal Reserve Banks                                      May 1, 2019 Apr 24, 2019  May 2, 2018              

Reserve Bank credit                                         3,871,766   -   20,352   -  453,965    3,850,595  
  Securities held outright (1)                              3,722,987   -   18,845   -  432,015    3,701,734  
    U.S. Treasury securities                                2,145,207   -    8,287   -  260,433    2,123,954  
      Bills (2)                                                   100   +      100   +      100          100  
      Notes and bonds, nominal (2)                          2,007,889   -    8,585   -  265,567    1,986,425  
      Notes and bonds, inflation-indexed (2)                  115,206   +       62   +    3,424      115,361  
      Inflation compensation (3)                               22,013   +      136   +    1,612       22,067  
    Federal agency debt securities (2)                          2,347            0   -    2,044        2,347  
    Mortgage-backed securities (4)                          1,575,433   -   10,557   -  169,539    1,575,433  
  Unamortized premiums on securities held outright (5)        134,117   -      563   -   18,756      134,032  
  Unamortized discounts on securities held outright (5)       -12,980   +       29   +      940      -12,971  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            24   +        1   -      101           34  
    Primary credit                                                  3   -        4   -       65            0  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                21   +        5   -       36           34  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,714            0  
  Float                                                          -449   -      307   +      184         -476  
  Central bank liquidity swaps (8)                                 55            0   -       62           55  
  Other Federal Reserve assets (9)                             28,011   -      668   -    2,442       28,186  
Foreign currency denominated assets (10)                       20,530   -       36   -    1,175       20,643  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,942   +       14   +      397       49,942  
                                                                                                              
Total factors supplying reserve funds                       3,958,479   -   20,373   -  454,743    3,937,421  

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 1, 2019 
Federal Reserve Banks                                      May 1, 2019 Apr 24, 2019  May 2, 2018              

Currency in circulation (11)                                 1,728,476   +    1,238   +   84,895    1,730,760 
Reverse repurchase agreements (12)                             263,217   +    4,201   +   15,033      269,819 
  Foreign official and international accounts                  262,644   +    6,211   +   19,707      269,792 
  Others                                                           573   -    2,010   -    4,673           27 
Treasury cash holdings                                             331   -        1   +       42          331 
Deposits with F.R. Banks, other than reserve balances          460,383   +   19,201   -   21,749      432,007 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               400,498   +   21,896   +      514      368,764 
  Foreign official                                               5,244   -       31   -       10        5,245 
  Other (13)                                                    54,641   -    2,664   -   22,253       57,998 
Other liabilities and capital (14)                              44,653   -    1,001   +      200       44,494 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,497,061   +   23,639   +   78,423    2,477,411 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,461,419   -   44,011   -  533,165    1,460,010 

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 1, 2019 
                                                           May 1, 2019 Apr 24, 2019  May 2, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,461,223   +    8,906   +   53,680    3,452,983 
  Marketable U.S. Treasury securities (1)                    3,056,965   +   10,517   +    1,943    3,048,397 
  Federal agency debt and mortgage-backed securities (2)       331,954   -    1,929   +   56,789      332,151 
  Other securities (3)                                          72,304   +      318   -    5,051       72,436 
Securities lent to dealers                                      23,317   -    3,745   +    3,353       25,318 
  Overnight facility (4)                                        23,317   -    3,745   +    3,353       25,318 
    U.S. Treasury securities                                    23,317   -    3,745   +    3,353       25,318 
    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 1, 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                                            0            34             0             0             0           ...            34 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  38,475        43,808       275,285       902,502       258,659       605,225     2,123,954 
  Weekly changes                        +    6,729    -   38,374    +   11,550    -    6,200    -    3,348    +       54    -   29,590 
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             9           251        72,667     1,502,506     1,575,433 
  Weekly changes                                 0             0    -        1    -        9    -      960    -    6,990    -    7,960 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                55             0             0             0             0             0            55 
                                                                                                                                       
Reverse repurchase agreements (4)          269,819             0           ...           ...           ...           ...       269,819 
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 1, 2019  

Mortgage-backed securities held outright (1)                                                                             1,575,433  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              206  
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        May 1, 2019   Wednesday    Wednesday  
                                                        consolidation                Apr 24, 2019  May 2, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,670   -        9   -      149  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,822,829   -   37,982   -  461,054  
    Securities held outright (1)                                          3,701,734   -   37,550   -  443,089  
      U.S. Treasury securities                                            2,123,954   -   29,590   -  271,506  
        Bills (2)                                                               100   +      100   +      100  
        Notes and bonds, nominal (2)                                      1,986,425   -   30,049   -  275,647  
        Notes and bonds, inflation-indexed (2)                              115,361   +      217   +    2,412  
        Inflation compensation (3)                                           22,067   +      141   +    1,628  
      Federal agency debt securities (2)                                      2,347            0   -    2,044  
      Mortgage-backed securities (4)                                      1,575,433   -    7,960   -  169,539  
    Unamortized premiums on securities held outright  
    (5)                                                                     134,032   -      461   -   18,743  
    Unamortized discounts on securities held outright 
    (5)                                                                     -12,971   +       27   +      965  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        34   +        2   -      187  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,714  
  Items in process of collection                                   (0)           71   +       13   -        8  
  Bank premises                                                               2,194   -       10            0  
  Central bank liquidity swaps (8)                                               55            0   -       62  
  Foreign currency denominated assets (9)                                    20,643   +      116   -      931  
  Other assets (10)                                                          25,993   -      709   -    2,517  
                                                                                                               
Total assets                                                       (0)    3,889,691   -   38,582   -  466,438  

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 1, 2019   Wednesday    Wednesday  
                                                        consolidation                Apr 24, 2019  May 2, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,682,814   +    2,113   +   84,215 
  Reverse repurchase agreements (11)                                         269,819   -      581   +   13,647 
  Deposits                                                          (0)    1,892,017   -   39,646   -  564,465 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,460,010   -   12,802   -  531,813 
    U.S. Treasury, General Account                                           368,764   -   30,152   -   16,197 
    Foreign official                                                           5,245   +        1   -        9 
    Other (12)                                                      (0)       57,998   +    3,306   -   16,447 
  Deferred availability cash items                                  (0)          547   +      277   +      217 
  Other liabilities and accrued dividends (13)                                 5,194   -      734   -       89 
                                                                                                               
Total liabilities                                                   (0)    3,850,391   -   38,572   -  466,475 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,475   -       11   +      713 
  Surplus                                                                      6,825            0   -      675 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,300   -       11   +       38 

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 1, 2019
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia  Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                         City                 Francisco  

Assets                                                                                                                                                                                                   
  Gold certificate account                        11,037         351       3,707          327         531         754       1,560         711         328         186         292         890       1,400
  Special drawing rights certificate acct.         5,200         196       1,818          210         237         412         654         424         150          90         153         282         574
  Coin                                             1,670          43          36          147         111         222         172         291          27          49         108         184         279
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,822,829      79,308   2,085,605       92,575     111,845     233,941     261,376     200,678      54,944      33,099      56,686     165,990     446,781
    Securities held outright (1)               3,701,734      76,797   2,019,558       89,643     108,303     226,533     253,099     194,309      53,204      32,032      54,891     160,734     432,632
      U.S. Treasury securities                 2,123,954      44,064   1,158,767       51,435      62,141     129,978     145,221     111,489      30,527      18,379      31,495      92,225     248,232
        Bills (2)                                    100           2          55            2           3           6           7           5           1           1           1           4          12
        Notes and bonds (3)                    2,123,854      44,062   1,158,713       51,433      62,139     129,972     145,214     111,484      30,525      18,378      31,493      92,220     248,221
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,575,433      32,684     859,510       38,152      46,093      96,411     107,717      82,697      22,643      13,633      23,361      68,407     184,125
    Unamortized premiums on securities held 
      outright (5)                               134,032       2,781      73,124        3,246       3,921       8,202       9,164       7,036       1,926       1,160       1,987       5,820      15,665
    Unamortized discounts on securities     
      held outright (5)                          -12,971        -269      -7,077         -314        -380        -794        -887        -681        -186        -112        -192        -563      -1,516
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             34           0           0            0           0           0           0          14           0          20           0           0           0
  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                      71           0           0            0           0           0          70           0           0           0           0           0           0
  Bank premises                                    2,194         107         457           80         119         193         207         191         105          95         229         220         191
  Central bank liquidity swaps (8)                    55           2          17            3           4          12           3           2           1           0           1           1           8
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,643         888       6,559        1,192       1,647       4,399       1,200         861         315          98         200         255       3,029
  Other assets (10)                               25,993         565      13,732          629         776       1,810       1,770       1,341         467         296         462       1,125       3,019
  Interdistrict settlement account                     0  +    8,725  -  138,076   +      727  +    4,774  +    9,602  +   23,620  +    1,100  +    5,920  +    3,613  +    3,513  +   25,213  +   51,269
                                                                                                                                                                                                         
Total assets                                   3,889,691      90,187   1,973,856       95,890     120,044     251,346     290,632     205,600      62,257      37,526      61,644     194,161     506,550

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 1, 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            1,877,401      57,577     619,332      54,579      89,513     126,928     259,218     120,878      55,820      31,344      50,119     158,088     254,004
    Less: Notes held by F.R. Banks               194,587       6,255      49,179       8,215       9,656      14,519      29,956      12,901       5,851       3,136       7,541      18,535      28,842
      Federal Reserve notes, net               1,682,814      51,322     570,153      46,364      79,857     112,409     229,262     107,977      49,969      28,208      42,578     139,553     225,163
  Reverse repurchase agreements (11)             269,819       5,598     147,205       6,534       7,894      16,512      18,448      14,163       3,878       2,335       4,001      11,716      31,534
  Deposits                                     1,892,017      31,406   1,241,891      40,519      28,925     113,462      40,202      81,503       7,640       6,182      14,517      42,144     243,626
    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                           1,460,010      31,397     849,447      40,516      28,891     113,070      40,164      42,621       7,632       6,126      14,500      42,027     243,619
    U.S. Treasury, General Account               368,764           0     368,764           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,245           2       5,217           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    57,998           8      18,462           1          31         383          36      38,881           7          56          16         117           1
  Deferred availability cash items                   547           0           0           0           0           0          70           0           0         465          12           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,235          35         608          30          46         101         120          63          22          12          14          61         122
  Other liabilities and accrued             
     dividends                                     3,959         150       1,510         180         189         481         275         255         131         134         131         199         324
                                                                                                                                                                                                        
Total liabilities                              3,850,391      88,511   1,961,368      93,627     116,912     242,965     288,377     203,961      61,641      37,337      61,252     193,673     500,769
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,475       1,382      10,323       1,869       2,587       6,926       1,858       1,354         512         157         326         403       4,778
  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                  3,889,691      90,187   1,973,856      95,890     120,044     251,346     290,632     205,600      62,257      37,526      61,644     194,161     506,550

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 1, 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 1, 2019  

Federal Reserve notes outstanding                                                            1,877,401  
  Less: Notes held by F.R. Banks not subject to collateralization                              194,587  
    Federal Reserve notes to be collateralized                                               1,682,814  
Collateral held against Federal Reserve notes                                                1,682,814  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,666,577  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,701,734  
  Less: Face value of securities under reverse repurchase agreements                           264,285  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,437,449  

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.