FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks July 26, 2018

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

Jul 25, 2018 Jul 18, 2018 Jul 26, 2017

Wednesday

Jul 25, 2018

Reserve Bank credit 4,249,257 - 7,010 - 186,127 4,238,181

Securities held outright1 4,081,384 - 6,674 - 169,342 4,071,830

U.S. Treasury securities 2,359,846 - 368 - 105,315 2,359,893

Bills2 0 0 0 0

Notes and bonds, nominal2 2,224,429 + 153 - 114,458 2,224,429

Notes and bonds, inflation-indexed2 113,886 - 557 + 6,235 113,886

Inflation compensation3 21,531 + 35 + 2,909 21,578

Federal agency debt securities2 2,409 0 - 5,688 2,409

Mortgage-backed securities4 1,719,129 - 6,306 - 58,339 1,709,528

Unamortized premiums on securities held outright5 148,640 - 524 - 16,739 148,257

Unamortized discounts on securities held outright5 -13,861 + 29 + 787 -13,849

Repurchase agreements6 0 0 0 0

Loans 235 - 23 + 62 236

Primary credit 9 - 45 + 5 2

Secondary credit 0 0 0 0

Seasonal credit 226 + 23 + 57 234

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,711 0 + 1 1,715

Float -168 + 15 + 79 -162

Central bank liquidity swaps8 122 + 31 + 37 122

Other Federal Reserve assets9 31,194 + 135 - 1,012 30,031

Foreign currency denominated assets10 21,094 + 72 - 3 21,136

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,713 + 14 + 679 49,713

Total factors supplying reserve funds 4,336,305 - 6,923 - 185,451 4,325,270

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

Jul 25, 2018 Jul 18, 2018 Jul 26, 2017

Wednesday

Jul 25, 2018

Currency in circulation11 1,666,958 - 1,741 + 106,405 1,668,294

Reverse repurchase agreements12 248,297 - 1,442 - 106,702 250,340

Foreign official and international accounts 246,152 - 1,705 + 837 249,620

Others 2,145 + 262 - 107,539 720

Treasury cash holdings 201 + 5 + 39 206

Deposits with F.R. Banks, other than reserve balances 429,339 + 16,988 + 151,513 415,263

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 348,886 + 24,429 + 157,482 338,978

Foreign official 5,256 - 2 + 81 5,256

Other13 75,198 - 7,437 - 6,049 71,029

Other liabilities and capital14 44,391 - 734 - 3,259 43,880

Total factors, other than reserve balances,

absorbing reserve funds 2,389,186 + 13,077 + 147,995 2,377,983

Reserve balances with Federal Reserve Banks 1,947,119 - 20,000 - 333,446 1,947,287

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

Jul 25, 2018 Jul 18, 2018 Jul 26, 2017

Wednesday

Jul 25, 2018

Securities held in custody for foreign official and international

accounts 3,411,825 + 4,125 + 86,529 3,406,635

Marketable U.S. Treasury securities1 3,041,154 - 1,248 + 39,010 3,036,078

Federal agency debt and mortgage-backed securities2 297,702 + 5,601 + 35,912 297,488

Other securities3 72,969 - 228 + 11,607 73,069

Securities lent to dealers 19,504 + 2,035 - 505 18,325

Overnight facility4 19,504 + 2,035 - 505 18,325

U.S. Treasury securities 19,504 + 2,035 - 505 18,325

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, 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, July 25, 2018

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 198 38 0 0 0 ... 236

U.S. Treasury securities1

Holdings 30,302 63,008 310,069 1,040,552 296,199 619,762 2,359,893

Weekly changes 0 0 + 2 + 18 + 45 + 61 + 127

Federal agency debt securities2

Holdings 0 0 62 0 0 2,347 2,409

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 146 41,027 1,668,355 1,709,528

Weekly changes 0 0 0 - 5 - 742 - 12,016 - 12,763

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

Central bank liquidity swaps5 122 0 0 0 0 0 122

Reverse repurchase agreements4 250,340 0 ... ... ... ... 250,340

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 Jul 25, 2018

Mortgage-backed securities held outright1 1,709,528

Commitments to buy mortgage-backed securities2 7,878

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 1

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 Jul 25, 2018

Net portfolio holdings of Maiden Lane LLC1 1,715

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

Jul 25, 2018 Jul 18, 2018 Jul 26, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,763 + 5 - 70

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,206,475 - 13,303 - 186,376

Securities held outright1 4,071,830 - 12,636 - 170,435

U.S. Treasury securities 2,359,893 + 127 - 105,277

Bills2 0 0 0

Notes and bonds, nominal2 2,224,429 0 - 114,458

Notes and bonds, inflation-indexed2 113,886 0 + 6,235

Inflation compensation3 21,578 + 127 + 2,947

Federal agency debt securities2 2,409 0 - 5,688

Mortgage-backed securities4 1,709,528 - 12,763 - 59,471

Unamortized premiums on securities held outright5 148,257 - 710 - 16,767

Unamortized discounts on securities held outright5 -13,849 + 30 + 787

Repurchase agreements6 0 0 0

Loans 236 + 12 + 39

Net portfolio holdings of Maiden Lane LLC7 1,715 + 4 + 5

Items in process of collection (0) 202 - 5 + 146

Bank premises 2,186 + 1 - 12

Central bank liquidity swaps8 122 + 31 + 37

Foreign currency denominated assets9 21,136 + 169 + 105

Other assets10 27,845 - 837 - 1,438

Total assets (0) 4,277,681 - 13,934 - 187,603

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

Jul 25, 2018 Jul 18, 2018 Jul 26, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,620,547 - 117 + 105,596

Reverse repurchase agreements11 250,340 - 14,119 - 93,456

Deposits (0) 2,362,550 + 1,083 - 197,018

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,947,288 - 2,658 - 346,328

U.S. Treasury, General Account 338,978 + 3,177 + 155,444

Foreign official 5,256 - 1 + 66

Other12 (0) 71,029 + 566 - 6,200

Deferred availability cash items (0) 364 - 25 - 88

Other liabilities and accrued dividends13 4,975 - 757 - 694

Total liabilities (0) 4,238,776 - 13,935 - 185,660

Capital accounts

Capital paid in 32,080 0 + 1,232

Surplus 6,825 0 - 3,175

Other capital accounts 0 0 0

Total capital 38,905 0 - 1,943

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, July 25, 2018

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 11,037 364 3,626 350 544 773 1,491 739 334 199 307 905 1,405

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

Coin 1,763 37 39 165 115 251 194 288 31 46 105 200 292

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,206,475 80,336 2,322,170 106,199 119,248 248,909 252,507 225,295 56,100 35,188 66,220 173,928 520,376

Securities held outright1 4,071,830 77,768 2,247,966 102,805 115,438 240,955 244,419 218,078 54,210 33,979 64,100 168,369 503,743

U.S. Treasury securities 2,359,893 45,071 1,302,844 59,582 66,904 139,649 141,657 126,391 31,418 19,693 37,150 97,581 291,952

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

Notes and bonds3 2,359,893 45,071 1,302,844 59,582 66,904 139,649 141,657 126,391 31,418 19,693 37,150 97,581 291,952

Federal agency debt securities2 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298

Mortgage-backed securities4 1,709,528 32,650 943,792 43,162 48,466 101,163 102,617 91,559 22,759 14,266 26,912 70,689 211,493

Unamortized premiums on securities 

held outright5 148,257 2,832 81,849 3,743 4,203 8,773 8,899 7,940 1,974 1,237 2,334 6,130 18,341

Unamortized discounts on securities 

held outright5 -13,849 -264 -7,645 -350 -393 -820 -831 -742 -184 -116 -218 -573 -1,713

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

Loans 236 2 0 0 0 0 20 17 101 87 4 1 5

Net portfolio holdings of Maiden

Lane LLC7 1,715 0 1,715 0 0 0 0 0 0 0 0 0 0

Items in process of collection 202 0 0 0 0 0 201 0 0 0 0 0 0

Bank premises 2,186 109 442 75 118 197 203 198 107 95 233 219 189

Central bank liquidity swaps8 122 5 38 7 10 26 7 5 2 1 1 2 18

Foreign currency denominated

assets9 21,136 899 6,664 1,200 1,706 4,566 1,221 896 305 97 209 262 3,111

Other assets10 27,845 567 14,884 700 802 1,860 1,670 1,467 451 282 508 1,239 3,416

Interdistrict settlement account 0 + 873 + 66,225 - 6,924 + 1,066 + 382 + 26,816 - 9,740 - 1,215 - 1,175 - 6,730 + 603 - 70,183

Total assets 4,277,681 83,388 2,417,621 101,983 123,847 257,375 284,965 219,572 56,265 34,823 61,007 177,639 459,198

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, July 25, 2018 (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 1,797,814 58,857 605,161 53,743 87,354 124,900 260,083 113,088 52,474 30,315 46,904 147,226 217,707

Less: Notes held by F.R. Banks 177,267 6,068 45,101 6,664 9,230 14,130 27,202 12,237 5,289 2,953 5,422 16,577 26,394

Federal Reserve notes, net 1,620,547 52,789 560,060 47,079 78,124 110,770 232,881 100,851 47,185 27,362 41,482 130,650 191,313

Reverse repurchase agreements11 250,340 4,781 138,207 6,321 7,097 14,814 15,027 13,408 3,333 2,089 3,941 10,352 30,971

Deposits 2,362,550 23,994 1,705,124 46,115 35,287 122,883 34,233 103,353 5,005 4,871 15,051 35,898 230,735

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 1,947,288 23,966 1,339,777 46,055 35,193 122,320 34,001 54,643 5,001 4,816 15,033 35,756 230,727

U.S. Treasury, General Account 338,978 0 338,978 0 0 0 0 0 0 0 0 0 0

Foreign official 5,256 2 5,229 2 3 9 2 2 1 0 0 0 6

Other12 71,029 26 21,140 58 91 554 230 48,709 4 55 17 142 2

Deferred availability cash items 364 0 0 0 0 0 193 0 0 171 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,105 28 504 31 47 83 96 58 21 12 21 57 147

Other liabilities and accrued

dividends 3,870 162 1,364 182 187 465 302 277 129 142 136 203 323

Total liabilities 4,238,776 81,754 2,405,260 99,727 120,743 249,015 282,732 217,946 55,674 34,646 60,631 177,159 453,488

Capital

Capital paid in 32,080 1,343 10,210 1,868 2,553 6,885 1,838 1,336 492 146 308 395 4,706

Surplus 6,825 290 2,151 388 551 1,474 394 289 98 31 68 84 1,005

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

Total liabilities and capital 4,277,681 83,388 2,417,621 101,983 123,847 257,375 284,965 219,572 56,265 34,823 61,007 177,639 459,198

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, July 25, 2018 (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 $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. 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 Jul 25, 2018

Federal Reserve notes outstanding 1,797,814

Less: Notes held by F.R. Banks not subject to collateralization 177,267

Federal Reserve notes to be collateralized 1,620,547

Collateral held against Federal Reserve notes 1,620,547

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,604,310

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,071,830

Less: Face value of securities under reverse repurchase agreements 249,522

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,822,308

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.