FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 14, 2017

1. Factors Affecting Reserve Balances of Depository Institutions

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Dec 13, 2017 Dec 6, 2017 Dec 14, 2016

Wednesday

Dec 13, 2017

Reserve Bank credit 4,400,762 + 4,210 - 16,609 4,413,202

Securities held outright1 4,227,640 + 1,673 - 678 4,238,883

U.S. Treasury securities 2,454,262 - 219 - 9,256 2,454,256

Bills2 0 0 0 0

Notes and bonds, nominal2 2,324,404 - 200 - 14,699 2,324,404

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

Inflation compensation3 19,724 - 19 + 2,006 19,717

Federal agency debt securities2 4,391 0 - 14,102 4,391

Mortgage-backed securities4 1,768,986 + 1,891 + 22,679 1,780,237

Unamortized premiums on securities held outright5 159,789 - 197 - 14,565 160,036

Unamortized discounts on securities held outright5 -14,198 + 32 + 978 -14,187

Repurchase agreements6 0 0 0 0

Loans 44 + 2 + 14 35

Primary credit 8 + 3 + 2 4

Secondary credit 0 0 0 0

Seasonal credit 36 - 1 + 12 31

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,711 0 + 4 1,712

Float -260 + 131 + 101 -253

Central bank liquidity swaps8 42 + 7 - 1,434 42

Other Federal Reserve assets9 25,994 + 2,563 - 1,029 26,934

Foreign currency denominated assets10 21,075 - 207 + 1,385 21,082

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,315 + 14 + 814 49,315

Total factors supplying reserve funds 4,487,393 + 4,017 - 14,410 4,499,840

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

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

Millions of dollars

Averages of daily figures

Change from week ended

Reserve Bank credit, related items, and

reserve balances of depository institutions at

Federal Reserve Banks

Week ended

Dec 13, 2017 Dec 6, 2017 Dec 14, 2016

Wednesday

Dec 13, 2017

Currency in circulation11 1,602,440 + 2,892 + 104,964 1,604,008

Reverse repurchase agreements12 322,411 + 22,596 - 112,960 372,129

Foreign official and international accounts 225,032 - 3,803 - 18,759 228,737

Others 97,378 + 26,398 - 94,202 143,392

Treasury cash holdings 200 - 1 + 40 206

Deposits with F.R. Banks, other than reserve balances 161,383 - 49,044 - 221,304 151,689

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 76,208 - 51,378 - 248,317 64,734

Foreign official 5,241 + 73 + 28 5,252

Other13 79,933 + 2,260 + 26,984 81,703

Other liabilities and capital14 48,397 + 102 + 584 49,047

Total factors, other than reserve balances,

absorbing reserve funds 2,134,831 - 23,455 - 228,677 2,177,079

Reserve balances with Federal Reserve Banks 2,352,562 + 27,472 + 214,266 2,322,762

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

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

the securities.

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

6. Cash value of agreements.

7. Refer to table 4 and the note on consolidation accompanying table 6.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned

to the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the

foreign central bank.

9. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable. Also, includes Reserve

Bank premises and equipment net of allowances for depreciation.

10. Revalued daily at current foreign currency exchange rates.

11. Estimated.

12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

13. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks

as fiscal agents of the United States.

14. Includes the liability for earnings remittances due to the U.S. Treasury.

Sources: Federal Reserve Banks and the U.S. Department of the Treasury.
H.4.1

1A. Memorandum Items

Millions of dollars

Averages of daily figures

Memorandum item Week ended Change from week ended

Dec 13, 2017 Dec 6, 2017 Dec 14, 2016

Wednesday

Dec 13, 2017

Securities held in custody for foreign official and international

accounts 3,384,653 - 5,504 + 231,868 3,381,935

Marketable U.S. Treasury securities1 3,042,073 - 5,810 + 214,645 3,038,987

Federal agency debt and mortgage-backed securities2 264,152 - 163 - 1,294 264,426

Other securities3 78,429 + 470 + 18,518 78,523

Securities lent to dealers 20,863 + 1,020 - 3,180 23,154

Overnight facility4 20,863 + 1,020 - 3,180 23,154

U.S. Treasury securities 20,863 + 1,020 - 3,156 23,154

Federal agency debt securities 0 0 - 25 0

Note: Components may not sum to totals because of rounding.

1. Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS. Does not include securities pledged as collateral

to foreign official and international account holders against reverse repurchase agreements with the Federal Reserve presented in tables 1, 5, and 6.

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

securities.

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

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

2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, December 13, 2017

Millions of dollars

Remaining Maturity Within 15

days

16 days to

90 days

91 days to

1 year

Over 1 year

to 5 years

Over 5 year

to 10 years

Over 10

years

All

Loans 4 31 0 0 0 ... 35

U.S. Treasury securities1

Holdings 0 97,060 328,412 1,095,451 310,420 622,912 2,454,256

Weekly changes 0 0 - 1 - 3 - 5 - 210 - 218

Federal agency debt securities2

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

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 1 159 20,431 1,759,645 1,780,237

Weekly changes 0 0 0 0 0 + 13,141 + 13,141

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

Central bank liquidity swaps5 42 0 0 0 0 0 42

Reverse repurchase agreements4 372,129 0 ... ... ... ... 372,129

Term deposits 0 0 0 ... ... ... 0

Note: Components may not sum to totals because of rounding.

...Not applicable.

1. Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on the

original face value of such securities.

2. Face value.

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

4. Cash value of agreements.

5. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.
H.4.1

3. Supplemental Information on Mortgage-Backed Securities

Millions of dollars

Wednesday Account name Dec 13, 2017

Mortgage-backed securities held outright1 1,780,237

Commitments to buy mortgage-backed securities2 19,481

Commitments to sell mortgage-backed securities2 83

Cash and cash equivalents3 0

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

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

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

4. Information on Principal Accounts of Maiden Lane LLC

Millions of dollars

Wednesday Account name Dec 13, 2017

Net portfolio holdings of Maiden Lane LLC1 1,712

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

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

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

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

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

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

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

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

table 5 and table 6.

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

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

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

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

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Dec 13, 2017 Dec 6, 2017 Dec 14, 2016

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,883 + 16 + 13

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,384,767 + 13,100 - 17,035

Securities held outright1 4,238,883 + 12,922 - 3,557

U.S. Treasury securities 2,454,256 - 218 - 9,275

Bills2 0 0 0

Notes and bonds, nominal2 2,324,404 - 200 - 14,699

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

Inflation compensation3 19,717 - 19 + 1,986

Federal agency debt securities2 4,391 0 - 14,102

Mortgage-backed securities4 1,780,237 + 13,141 + 19,822

Unamortized premiums on securities held outright5 160,036 + 153 - 14,442

Unamortized discounts on securities held outright5 -14,187 + 32 + 978

Repurchase agreements6 0 0 0

Loans 35 - 8 - 15

Net portfolio holdings of Maiden Lane LLC7 1,712 + 1 + 4

Items in process of collection (0) 70 - 9 - 4

Bank premises 2,212 + 2 + 12

Central bank liquidity swaps8 42 + 7 - 1,434

Foreign currency denominated assets9 21,082 - 92 + 1,323

Other assets10 24,722 + 2,553 - 1,126

Total assets (0) 4,452,726 + 15,578 - 18,247

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

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

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Dec 13, 2017 Dec 6, 2017 Dec 14, 2016

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,556,777 + 1,110 + 104,677

Reverse repurchase agreements11 372,129 + 68,415 - 56,752

Deposits (0) 2,474,451 - 54,553 - 68,154

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,322,762 - 2,532 + 199,207

U.S. Treasury, General Account 64,734 - 57,393 - 260,537

Foreign official 5,252 + 84 + 73

Other12 (0) 81,703 + 5,287 - 6,896

Deferred availability cash items (0) 322 - 335 - 304

Other liabilities and accrued dividends13 7,726 + 939 + 1,383

Total liabilities (0) 4,411,405 + 15,575 - 19,150

Capital accounts

Capital paid in 31,321 + 3 + 903

Surplus 10,000 0 0

Other capital accounts 0 0 0

Total capital 41,321 + 3 + 903

Note: Components may not sum to totals because of rounding.

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.

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

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been

amortized. For U.S. Treasury securities, Federal agency debt securities, and mortgage-backed securities, amortization is on an effective-interest

basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Refer to table 4 and the note on consolidation accompanying table 6.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to

the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign

central bank.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial

market utilities, and deposits held by depository institutions in joint accounts in connection with their participation in certain private-sector payment

arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, for services provided by the Reserve Banks

as fiscal agents of the United States.

13. Includes the liability for earnings remittances due to the U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, December 13, 2017

Millions of dollars

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

Assets

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

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

Coin 1,883 48 47 187 145 273 194 299 36 51 108 192 302

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,384,767 85,431 2,469,007 113,212 127,153 256,904 258,101 184,425 58,469 34,200 62,195 175,534 560,135

Securities held outright1 4,238,883 82,589 2,386,881 109,446 122,924 248,359 249,516 178,282 56,525 33,048 60,117 169,695 541,501

U.S. Treasury securities 2,454,256 47,818 1,381,971 63,368 71,171 143,796 144,467 103,223 32,727 19,135 34,807 98,251 313,522

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

Notes and bonds3 2,454,256 47,818 1,381,971 63,368 71,171 143,796 144,467 103,223 32,727 19,135 34,807 98,251 313,522

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

Mortgage-backed securities4 1,780,237 34,686 1,002,437 45,965 51,625 104,305 104,791 74,874 23,739 13,880 25,248 71,268 227,419

Unamortized premiums on securities 

held outright5 160,036 3,118 90,115 4,132 4,641 9,377 9,420 6,731 2,134 1,248 2,270 6,407 20,444

Unamortized discounts on securities 

held outright5 -14,187 -276 -7,989 -366 -411 -831 -835 -597 -189 -111 -201 -568 -1,812

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

Loans 35 0 0 0 0 0 0 8 0 14 10 0 2

Net portfolio holdings of Maiden

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

Items in process of collection 70 0 0 0 0 0 69 0 0 1 0 0 0

Bank premises 2,212 115 444 72 130 197 204 204 110 88 236 219 192

Central bank liquidity swaps8 42 2 13 2 3 9 2 2 0 0 0 1 6

Foreign currency denominated

assets9 21,082 914 6,752 1,133 1,717 4,556 1,230 882 231 89 205 269 3,104

Other assets10 24,722 523 13,391 628 719 1,645 1,472 1,038 535 204 413 1,041 3,113

Interdistrict settlement account 0 - 1,993 - 89,275 - 2,293 + 8,267 + 10,429 + 19,084 + 46,842 - 213 + 3,396 + 8,499 + 8,128 - 10,873

Total assets 4,452,726 85,585 2,407,502 113,500 138,926 275,201 282,530 234,852 59,659 38,310 72,103 186,582 557,977

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

6. Statement of Condition of Each Federal Reserve Bank, December 13, 2017 (continued)

Millions of dollars

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

Liabilities

Federal Reserve notes outstanding 1,747,738 57,434 578,643 54,466 84,116 119,848 243,460 116,430 52,145 31,209 48,061 141,233 220,693

Less: Notes held by F.R. Banks 190,961 6,606 53,968 6,894 9,716 13,872 27,007 12,209 5,644 2,997 5,823 17,556 28,668

Federal Reserve notes, net 1,556,777 50,828 524,675 47,572 74,400 105,975 216,453 104,221 46,501 28,211 42,238 123,677 192,025

Reverse repurchase agreements11 372,129 7,250 209,543 9,608 10,791 21,803 21,905 15,651 4,962 2,901 5,278 14,897 47,538

Deposits 2,474,451 25,524 1,656,424 53,735 50,090 137,772 41,202 112,840 7,512 6,594 23,988 47,164 311,605

Term deposits held by depository

institutions 0 0 0 0 0 0 0 0 0 0 0 0 0

Other deposits held by depository

institutions 2,322,762 25,515 1,563,507 53,733 50,086 137,553 41,193 54,327 7,507 6,594 23,987 47,161 311,598

U.S. Treasury, General Account 64,734 0 64,734 0 0 0 0 0 0 0 0 0 0

Foreign official 5,252 2 5,225 2 3 9 2 2 0 0 0 1 6

Other12 81,703 8 22,958 0 0 210 7 58,511 4 0 1 3 1

Deferred availability cash items 322 0 0 0 0 0 67 0 0 256 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,455 19 823 35 40 70 108 56 21 12 17 71 184

Other liabilities and accrued

dividends 6,271 194 2,944 230 255 638 399 335 166 149 173 256 532

Total liabilities 4,411,405 83,816 2,394,409 111,179 135,576 266,259 280,133 233,103 59,162 38,123 71,695 186,066 551,884

Capital

Capital paid in 31,321 1,336 9,891 1,783 2,535 6,781 1,814 1,331 387 144 311 388 4,620

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

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

Total liabilities and capital 4,452,726 85,585 2,407,502 113,500 138,926 275,201 282,530 234,852 59,659 38,310 72,103 186,582 557,977

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

6. Statement of Condition of Each Federal Reserve Bank, December 13, 2017 (continued)

1. Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.

2. Face value of the securities.

3. Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.

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

5. Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal

agency debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.

6. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.

7. Refer to table 4 and the note on consolidation below.

8. Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate

equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.

9. Revalued daily at current foreign currency exchange rates.

10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by

depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury,

General Account, for services provided by the Reserve Banks as fiscal agents of the United States.

13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after

providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $10 billion surplus.

Note on consolidation:

On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to acquire certain

assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of

the subordinated loan from JPMorgan Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any

residual losses should they have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation

of the statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the previous

page (and in table 1 and table 5), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were included in other liabilities in this table (and table 1

and table 5).
H.4.1

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

Millions of dollars

Wednesday Federal Reserve notes and collateral Dec 13, 2017

Federal Reserve notes outstanding 1,747,738

Less: Notes held by F.R. Banks not subject to collateralization 190,961

Federal Reserve notes to be collateralized 1,556,777

Collateral held against Federal Reserve notes 1,556,777

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,540,540

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,238,883

Less: Face value of securities under reverse repurchase agreements 359,891

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,878,992

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.