FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks December 6, 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

Dec 5, 2018 Nov 28, 2018 Dec 6, 2017

Wednesday

Dec 5, 2018

Reserve Bank credit 4,047,767 - 16,059 - 348,785 4,046,978

Securities held outright1 3,898,205 - 15,555 - 327,762 3,896,430

U.S. Treasury securities 2,242,326 - 10,777 - 212,155 2,240,551

Bills2 0 0 0 0

Notes and bonds, nominal2 2,103,737 - 11,647 - 220,867 2,101,796

Notes and bonds, inflation-indexed2 116,407 + 828 + 6,273 116,545

Inflation compensation3 22,183 + 42 + 2,440 22,210

Federal agency debt securities2 2,409 0 - 1,982 2,409

Mortgage-backed securities4 1,653,470 - 4,777 - 113,625 1,653,470

Unamortized premiums on securities held outright5 141,594 - 357 - 18,392 141,473

Unamortized discounts on securities held outright5 -13,545 - 22 + 685 -13,539

Repurchase agreements6 19 + 19 + 19 66

Loans 55 - 21 + 13 57

Primary credit 5 - 5 0 10

Secondary credit 0 0 0 0

Seasonal credit 50 - 16 + 13 46

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 7 0 - 1,704 7

Float -487 - 307 - 96 -446

Central bank liquidity swaps8 194 + 127 + 159 194

Other Federal Reserve assets9 21,724 + 54 - 1,707 22,736

Foreign currency denominated assets10 20,626 + 47 - 656 20,611

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,849 + 14 + 523 49,849

Total factors supplying reserve funds 4,134,483 - 15,998 - 348,917 4,133,678

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 5, 2018 Nov 28, 2018 Dec 6, 2017

Wednesday

Dec 5, 2018

Currency in circulation11 1,704,553 - 1,608 + 104,981 1,706,179

Reverse repurchase agreements12 232,520 - 6,668 - 67,295 235,657

Foreign official and international accounts 229,969 - 914 + 1,134 232,522

Others 2,551 - 5,754 - 68,429 3,135

Treasury cash holdings 203 - 4 + 2 202

Deposits with F.R. Banks, other than reserve balances 414,237 - 7,323 + 203,810 409,997

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 337,564 - 3,032 + 209,978 328,613

Foreign official 5,271 + 12 + 103 5,357

Other13 71,402 - 4,303 - 6,271 76,027

Other liabilities and capital14 44,829 + 123 - 3,466 45,338

Total factors, other than reserve balances,

absorbing reserve funds 2,396,342 - 15,480 + 238,031 2,397,373

Reserve balances with Federal Reserve Banks 1,738,141 - 518 - 586,949 1,736,305

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 5, 2018 Nov 28, 2018 Dec 6, 2017

Wednesday

Dec 5, 2018

Securities held in custody for foreign official and international

accounts 3,403,912 + 2,107 + 13,755 3,407,519

Marketable U.S. Treasury securities1 3,028,922 - 9 - 18,961 3,032,187

Federal agency debt and mortgage-backed securities2 308,343 + 1,499 + 44,028 308,498

Other securities3 66,646 + 617 - 11,313 66,834

Securities lent to dealers 18,989 + 2,704 - 854 21,855

Overnight facility4 18,989 + 2,704 - 854 21,855

U.S. Treasury securities 18,989 + 2,704 - 854 21,855

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, December 5, 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 25 31 0 0 0 ... 57

U.S. Treasury securities1

Holdings 0 90,541 302,120 964,792 264,547 618,551 2,240,551

Weekly changes - 24,916 + 12,530 - 4,134 + 3,112 + 820 + 23 - 12,566

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 4 210 63,823 1,589,433 1,653,470

Weekly changes 0 0 + 1 + 9 + 2,780 - 2,788 + 2

Repurchase agreements4 66 0 ... ... ... ... 66

Central bank liquidity swaps5 194 0 0 0 0 0 194

Reverse repurchase agreements4 235,657 0 ... ... ... ... 235,657

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 5, 2018

Mortgage-backed securities held outright1 1,653,470

Commitments to buy mortgage-backed securities2 292

Commitments to sell mortgage-backed securities2 135

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 5, 2018

Net portfolio holdings of Maiden Lane LLC1 7

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.

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 5, 2018 Nov 28, 2018 Dec 6, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,709 + 18 - 158

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,024,487 - 12,801 - 347,180

Securities held outright1 3,896,430 - 12,564 - 329,531

U.S. Treasury securities 2,240,551 - 12,566 - 213,923

Bills2 0 0 0

Notes and bonds, nominal2 2,101,796 - 13,588 - 222,808

Notes and bonds, inflation-indexed2 116,545 + 966 + 6,411

Inflation compensation3 22,210 + 56 + 2,474

Federal agency debt securities2 2,409 0 - 1,982

Mortgage-backed securities4 1,653,470 + 2 - 113,626

Unamortized premiums on securities held outright5 141,473 - 248 - 18,410

Unamortized discounts on securities held outright5 -13,539 - 27 + 680

Repurchase agreements6 66 + 66 + 66

Loans 57 - 27 + 14

Net portfolio holdings of Maiden Lane LLC7 7 0 - 1,704

Items in process of collection (0) 62 - 20 - 17

Bank premises 2,192 - 8 - 18

Central bank liquidity swaps8 194 + 126 + 159

Foreign currency denominated assets9 20,611 + 128 - 563

Other assets10 20,545 + 1,431 - 1,624

Total assets (0) 4,086,044 - 11,126 - 351,104

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 5, 2018 Nov 28, 2018 Dec 6, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,658,238 - 267 + 102,571

Reverse repurchase agreements11 235,657 + 8,342 - 68,057

Deposits (0) 2,146,303 - 20,731 - 382,701

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,736,307 - 22,374 - 588,987

U.S. Treasury, General Account 328,613 - 3,723 + 206,486

Foreign official 5,357 + 100 + 189

Other12 (0) 76,027 + 5,268 - 389

Deferred availability cash items (0) 508 + 41 - 149

Other liabilities and accrued dividends13 6,208 + 1,488 - 579

Total liabilities (0) 4,046,914 - 11,127 - 348,916

Capital accounts

Capital paid in 32,305 + 1 + 987

Surplus 6,825 0 - 3,175

Other capital accounts 0 0 0

Total capital 39,130 + 1 - 2,188

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 5, 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 1,709 40 38 150 121 235 176 286 26 44 110 193 290

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,024,487 76,863 2,221,798 101,608 114,094 238,150 241,574 215,548 53,594 33,603 63,361 166,409 497,885

Securities held outright1 3,896,430 74,418 2,151,131 98,377 110,465 230,576 233,890 208,684 51,874 32,516 61,339 161,117 482,043

U.S. Treasury securities 2,240,551 42,792 1,236,958 56,569 63,520 132,587 134,493 119,999 29,829 18,697 35,272 92,646 277,188

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

Notes and bonds3 2,240,551 42,792 1,236,958 56,569 63,520 132,587 134,493 119,999 29,829 18,697 35,272 92,646 277,188

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

Mortgage-backed securities4 1,653,470 31,580 912,843 41,747 46,876 97,846 99,252 88,556 22,013 13,798 26,030 68,371 204,558

Unamortized premiums on securities 

held outright5 141,473 2,702 78,104 3,572 4,011 8,372 8,492 7,577 1,883 1,181 2,227 5,850 17,502

Unamortized discounts on securities 

held outright5 -13,539 -259 -7,474 -342 -384 -801 -813 -725 -180 -113 -213 -560 -1,675

Repurchase agreements6 66 1 36 2 2 4 4 4 1 1 1 3 8

Loans 57 1 0 0 0 0 0 8 15 20 6 0 6

Net portfolio holdings of Maiden

Lane LLC7 7 0 7 0 0 0 0 0 0 0 0 0 0

Items in process of collection 62 0 0 0 0 0 61 0 0 1 0 0 0

Bank premises 2,192 108 452 81 117 195 205 193 105 95 232 219 188

Central bank liquidity swaps8 194 8 61 11 16 42 11 8 3 1 2 2 29

Foreign currency denominated

assets9 20,611 877 6,499 1,171 1,663 4,452 1,191 874 297 95 204 255 3,033

Other assets10 20,545 422 10,860 511 590 1,399 1,227 1,072 496 228 371 869 2,501

Interdistrict settlement account 0 + 28,345 - 135,016 - 8,252 + 13,230 + 12,627 + 38,044 + 11,575 + 7,370 + 3,570 - 1,779 + 12,863 + 17,422

Total assets 4,086,044 107,224 2,110,142 95,839 130,612 258,286 284,634 230,720 62,374 37,925 62,961 181,998 523,328

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 5, 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 1,859,294 58,143 615,550 55,003 88,701 125,727 262,357 121,130 56,257 31,664 50,096 150,976 243,691

Less: Notes held by F.R. Banks 201,056 5,948 61,077 7,259 8,897 13,723 30,363 12,974 5,328 2,726 5,806 17,359 29,596

Federal Reserve notes, net 1,658,238 52,194 554,473 47,744 79,804 112,004 231,994 108,156 50,929 28,938 44,290 133,616 214,096

Reverse repurchase agreements11 235,657 4,501 130,101 5,950 6,681 13,945 14,146 12,621 3,137 1,967 3,710 9,744 29,154

Deposits 2,146,303 48,689 1,410,571 39,638 40,720 123,282 35,728 107,909 7,547 6,234 14,409 37,880 273,696

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 1,736,307 48,674 1,051,021 39,635 40,688 122,585 35,693 59,864 7,537 6,161 14,400 36,361 273,688

U.S. Treasury, General Account 328,613 0 328,613 0 0 0 0 0 0 0 0 0 0

Foreign official 5,357 2 5,329 2 3 9 2 2 1 0 0 0 6

Other12 76,027 13 25,607 1 29 688 33 48,044 9 73 9 1,519 2

Deferred availability cash items 508 0 0 0 0 0 66 0 0 441 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,318 22 704 36 47 76 107 68 21 11 19 58 149

Other liabilities and accrued

dividends 4,890 185 1,850 216 229 612 317 325 149 151 152 222 482

Total liabilities 4,046,914 105,590 2,097,699 93,583 127,480 249,920 282,359 229,080 61,783 37,742 62,580 181,522 517,576

Capital

Capital paid in 32,305 1,343 10,293 1,868 2,581 6,891 1,880 1,350 493 152 313 392 4,747

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 4,086,044 107,224 2,110,142 95,839 130,612 258,286 284,634 230,720 62,374 37,925 62,961 181,998 523,328

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 5, 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 Dec 5, 2018

Federal Reserve notes outstanding 1,859,294

Less: Notes held by F.R. Banks not subject to collateralization 201,056

Federal Reserve notes to be collateralized 1,658,238

Collateral held against Federal Reserve notes 1,658,238

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,642,001

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 3,896,496

Less: Face value of securities under reverse repurchase agreements 235,471

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,661,025

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.