FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 11, 2014

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 10, 2014 Dec 3, 2014 Dec 11, 2013

Wednesday

Dec 10, 2014

Reserve Bank credit 4,447,760 + 1,762 + 542,291 4,448,719

Securities held outright1 4,230,075 - 46 + 547,811 4,230,053

U.S. Treasury securities 2,461,584 - 60 + 283,566 2,461,560

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,713 0 + 272,561 2,346,713

Notes and bonds, inflation-indexed2 98,469 0 + 8,290 98,469

Inflation compensation3 16,403 - 60 + 2,717 16,379

Federal agency debt securities2 38,677 0 - 19,531 38,677

Mortgage-backed securities4 1,729,814 + 14 + 283,775 1,729,816

Unamortized premiums on securities held outright5 207,602 - 350 - 285 207,473

Unamortized discounts on securities held outright5 -18,509 + 31 - 7,774 -18,498

Repurchase agreements6 0 0 0 0

Loans 100 - 5 - 69 117

Primary credit 7 - 1 - 6 22

Secondary credit 0 0 0 0

Seasonal credit 93 - 4 + 35 94

Term Asset-Backed Securities Loan Facility7 0 0 - 98 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC8 1,681 0 + 161 1,681

Net portfolio holdings of Maiden Lane II LLC9 0 0 - 63 0

Net portfolio holdings of Maiden Lane III LLC9 0 0 - 22 0

Net portfolio holdings of TALF LLC10 0 0 - 109 0

Float -584 + 132 + 77 -543

Central bank liquidity swaps11 2 + 1 - 270 2

Other Federal Reserve assets12 27,394 + 2,000 + 2,835 28,433

Foreign currency denominated assets13 21,230 - 202 - 2,736 21,425

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding14 46,300 + 14 + 814 46,300

Total factors supplying reserve funds 4,531,532 + 1,575 + 540,370 4,532,685

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 10, 2014 Dec 3, 2014 Dec 11, 2013

Wednesday

Dec 10, 2014

Currency in circulation14 1,318,401 + 423 + 90,852 1,321,672

Reverse repurchase agreements15 239,906 - 24,206 + 127,011 247,353

Foreign official and international accounts 92,300 - 8,319 - 8,098 92,031

Others 147,606 - 15,887 + 135,109 155,322

Treasury cash holdings 192 + 3 - 37 187

Deposits with F.R. Banks, other than reserve balances 475,906 + 41,214 + 413,734 470,535

Term deposits held by depository institutions 402,153 + 67,439 + 388,621 402,153

U.S. Treasury, General Account 60,092 - 27,334 + 31,100 48,807

Foreign official 5,219 - 30 - 2,908 5,252

Other16 8,443 + 1,140 - 3,078 14,323

Other liabilities and capital17 63,988 + 446 - 304 64,004

Total factors, other than reserve balances,

absorbing reserve funds 2,098,394 + 17,880 + 631,256 2,103,751

Reserve balances with Federal Reserve Banks 2,433,138 - 16,306 - 90,886 2,428,934

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 and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities,

amortization is on an effective-interest basis.

6. Cash value of agreements.

7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

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

9. 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. Refer to the note on consolidation accompanying table 6.

10. Refer to the note on consolidation accompanying table 6.

11. 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.

12. 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.

13. Revalued daily at current foreign currency exchange rates.

14. Estimated.

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

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

financial market utilities.

17. Includes the liability for interest on Federal Reserve notes due to 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 10, 2014 Dec 3, 2014 Dec 11, 2013

Wednesday

Dec 10, 2014

Securities held in custody for foreign official and international

accounts 3,324,216 + 2,468 - 43,799 3,324,395

Marketable U.S. Treasury securities1 2,981,547 + 2,634 - 25,333 2,981,922

Federal agency debt and mortgage-backed securities2 300,592 + 281 - 17,463 300,646

Other securities3 42,076 - 448 - 1,004 41,827

Securities lent to dealers 11,630 + 2,064 + 50 11,830

Overnight facility4 11,630 + 2,064 + 50 11,830

U.S. Treasury securities 10,984 + 2,062 + 336 11,150

Federal agency debt securities 646 + 2 - 286 680

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 10, 2014

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 40 77 0 0 0 ... 117

U.S. Treasury securities1

Holdings 0 4 3,517 1,105,872 693,735 658,433 2,461,560

Weekly changes 0 0 0 - 9 - 8 - 48 - 65

Federal agency debt securities2

Holdings 0 1,800 3,933 30,597 0 2,347 38,677

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 13 6,526 1,723,277 1,729,816

Weekly changes 0 0 0 0 + 959 - 947 + 12

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

Central bank liquidity swaps5 2 0 0 0 0 0 2

Reverse repurchase agreements4 197,353 50,000 ... ... ... ... 247,353

Term deposits 402,153 0 0 ... ... ... 402,153

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 10, 2014

Mortgage-backed securities held outright1 1,729,816

Commitments to buy mortgage-backed securities2 44,695

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 10

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 10, 2014

Net portfolio holdings of Maiden Lane LLC1 1,681

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. Revalued quarterly. This table reflects valuations as of September 30, 2014. Any assets purchased after

this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

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 10, 2014 Dec 3, 2014 Dec 11, 2013

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,862 + 23 - 85

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,419,145 - 348 + 495,161

Securities held outright1 4,230,053 - 53 + 504,146

U.S. Treasury securities 2,461,560 - 65 + 275,841

Bills2 0 0 0

Notes and bonds, nominal2 2,346,713 0 + 266,073

Notes and bonds, inflation-indexed2 98,469 0 + 7,090

Inflation compensation3 16,379 - 65 + 2,679

Federal agency debt securities2 38,677 0 - 18,544

Mortgage-backed securities4 1,729,816 + 12 + 246,850

Unamortized premiums on securities held outright5 207,473 - 343 - 1,542

Unamortized discounts on securities held outright5 -18,498 + 31 - 7,387

Repurchase agreements6 0 0 0

Loans 117 + 18 - 56

Net portfolio holdings of Maiden Lane LLC7 1,681 0 + 161

Net portfolio holdings of Maiden Lane II LLC8 0 0 - 63

Net portfolio holdings of Maiden Lane III LLC8 0 0 - 22

Net portfolio holdings of TALF LLC9 0 0 - 109

Items in process of collection (0) 80 - 16 - 14

Bank premises 2,263 + 3 - 21

Central bank liquidity swaps10 2 + 1 - 270

Foreign currency denominated assets11 21,425 + 219 - 2,654

Other assets12 26,170 + 2,792 + 2,826

Total assets (0) 4,488,865 + 2,675 + 494,910

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 10, 2014 Dec 3, 2014 Dec 11, 2013

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,277,416 + 2,930 + 90,976

Reverse repurchase agreements13 247,353 - 14,528 + 111,612

Deposits (0) 2,899,469 + 12,707 + 295,964

Term deposits held by depository institutions 402,153 + 67,439 + 388,621

Other deposits held by depository institutions 2,428,934 - 50,520 - 111,788

U.S. Treasury, General Account 48,807 - 8,799 + 27,317

Foreign official 5,252 + 3 - 2,719

Other14 (0) 14,323 + 4,584 - 5,466

Deferred availability cash items (0) 623 - 110 - 98

Other liabilities and accrued dividends15 6,909 + 1,167 - 5,658

Total liabilities (0) 4,431,770 + 2,166 + 492,796

Capital accounts

Capital paid in 28,548 + 255 + 1,058

Surplus 28,548 + 255 + 1,058

Other capital accounts 0 0 0

Total capital 57,095 + 508 + 2,114

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 and Federal agency debt securities, amortization is on a straight-line basis. For 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. 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. Refer to the note on consolidation accompanying table 6.

9. Refer to the note on consolidation accompanying table 6.

10. 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.

11. Revalued daily at current foreign currency exchange rates.

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

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

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

financial market utilities.

15. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, December 10, 2014

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 11,037 352 4,125 338 464 824 1,349 706 278 173 291 880 1,257

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

Coin 1,862 30 77 124 119 306 206 274 24 43 151 181 327

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,419,145 89,393 2,712,240 105,866 96,488 246,983 244,288 180,622 54,508 27,126 58,233 134,656 468,742

Securities held outright1 4,230,053 85,567 2,596,252 101,339 92,357 236,421 233,835 172,888 52,175 25,923 55,720 128,891 448,686

U.S. Treasury securities 2,461,560 49,793 1,510,816 58,971 53,744 137,578 136,074 100,607 30,362 15,085 32,424 75,004 261,100

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

Notes and bonds3 2,461,560 49,793 1,510,816 58,971 53,744 137,578 136,074 100,607 30,362 15,085 32,424 75,004 261,100

Federal agency debt securities2 38,677 782 23,739 927 844 2,162 2,138 1,581 477 237 509 1,178 4,103

Mortgage-backed securities4 1,729,816 34,991 1,061,698 41,441 37,768 96,681 95,623 70,700 21,336 10,601 22,786 52,708 183,483

Unamortized premiums on securities 

held outright5 207,473 4,197 127,340 4,970 4,530 11,596 11,469 8,480 2,559 1,271 2,733 6,322 22,007

Unamortized discounts on securities 

held outright5 -18,498 -374 -11,353 -443 -404 -1,034 -1,023 -756 -228 -113 -244 -564 -1,962

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

Loans 117 4 1 0 5 0 7 10 2 45 25 7 11

Net portfolio holdings of Maiden

Lane LLC7 1,681 0 1,681 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

Lane II LLC8 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

Lane III LLC8 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF LLC9 0 0 0 0 0 0 0 0 0 0 0 0 0

Items in process of collection 80 0 0 0 0 0 79 0 0 1 0 0 0

Bank premises 2,263 124 438 75 110 220 213 199 122 96 242 224 201

Central bank liquidity swaps10 2 0 1 0 0 0 0 0 0 0 0 0 0

Foreign currency denominated

assets11 21,425 974 6,892 1,611 1,704 4,467 1,232 591 180 91 225 358 3,100

Other assets12 26,170 558 15,745 743 567 1,611 1,439 1,053 368 186 362 839 2,697

Interdistrict settlement account 0 + 18,118 - 114,193 + 1,997 + 22,368 - 8,886 + 4,462 - 12,328 - 6,292 + 1,735 - 495 + 15,677 + 77,838

Total assets 4,488,865 109,744 2,628,822 110,965 122,057 245,937 253,922 171,542 49,338 29,542 59,163 153,097 554,737

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 10, 2014 (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 1,466,571 45,416 477,718 46,080 68,706 103,323 214,618 100,849 41,001 22,635 37,817 119,636 188,773

Less: Notes held by F.R. Banks 189,155 5,010 66,731 5,391 8,823 11,655 22,672 10,842 4,899 3,409 5,043 17,767 26,912

Federal Reserve notes, net 1,277,416 40,406 410,988 40,690 59,883 91,668 191,946 90,006 36,102 19,226 32,773 101,869 161,860

Reverse repurchase agreements13 247,353 5,004 151,816 5,926 5,401 13,825 13,674 10,110 3,051 1,516 3,258 7,537 26,237

Deposits 2,899,469 61,527 2,044,249 60,882 52,034 126,780 44,062 69,546 9,491 8,331 22,376 42,620 357,571

Term deposits held by depository

institutions 402,153 20,091 274,417 30,323 15,475 10,035 835 16,430 530 65 4,067 3,605 26,280

Other deposits held by depository

institutions 2,428,934 41,432 1,701,678 30,531 36,555 116,589 43,219 53,101 8,961 8,266 18,307 39,011 331,283

U.S. Treasury, General Account 48,807 0 48,807 0 0 0 0 0 0 0 0 0 0

Foreign official 5,252 2 5,225 3 3 8 2 1 0 0 0 1 6

Other14 14,323 2 14,122 26 0 147 6 13 1 0 1 2 2

Deferred availability cash items 623 0 0 0 0 0 527 0 0 96 0 0 0

Interest on Federal Reserve notes due

to U.S. Treasury15 2,130 54 1,406 66 59 -77 133 95 28 14 28 70 254

Other liabilities and accrued

dividends16 4,779 175 1,967 207 225 636 330 253 136 119 126 182 422

Total liabilities 4,431,770 107,166 2,610,426 107,771 117,602 232,831 250,671 170,010 48,808 29,302 58,561 152,277 546,345

Capital

Capital paid in 28,548 1,289 9,198 1,597 2,228 6,553 1,626 766 265 120 301 410 4,196

Surplus 28,548 1,289 9,198 1,597 2,228 6,553 1,626 766 265 120 301 410 4,196

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

Total liabilities and capital 4,488,865 109,744 2,628,822 110,965 122,057 245,937 253,922 171,542 49,338 29,542 59,163 153,097 554,737

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 10, 2014 (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 and Federal agency debt

securities, amortization is on a straight-line basis. For 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. 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. Refer to

the note on consolidation below.

9. Refer to the note on consolidation below.

10. 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.

11. Revalued daily at current foreign currency exchange rates.

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

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

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

15. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank’s net earnings are not sufficient to equate surplus

to capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the

Federal Reserve Bank’s earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy,

which requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends,

and the amount necessary to equate surplus with capital paid-in.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was

extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to Maiden Lane

LLC was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC was repaid in full, with

interest. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the

American International Group, Inc. had written credit default swap contracts. On June 14, 2012, the loan from FRBNY to Maiden Lane III was repaid in full, with interest. On December 12, 2008, a

loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American

International Group, Inc. On March 1, 2012, the loan from FRBNY to Maiden Lane II was repaid in full, with interest. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to

extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan

extended under the Term Asset-Backed Securities Loan Facility. On January 15, 2013 the FRBNY’s commitment to extend credit to TALF LLC was eliminated.

The FRBNY was the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY was primarily responsible for directing the financial activities of

TALF LLC. The FRBNY was the primary beneficiary of the other LLCs cited above because it received a majority of any residual returns of the LLCs and absorbed a majority of any residual losses of the LLCs.

Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs were consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition

shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs were eliminated, the net assets of the LLCs appeared as assets on the previous page (and in

table 1 and table 5), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, 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 10, 2014

Federal Reserve notes outstanding 1,466,571

Less: Notes held by F.R. Banks not subject to collateralization 189,155

Federal Reserve notes to be collateralized 1,277,416

Collateral held against Federal Reserve notes 1,277,416

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,261,179

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,230,053

Less: Face value of securities under reverse repurchase agreements 227,860

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 4,002,193

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.