FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                  August 15, 2019


1. Factors Affecting Reserve Balances of Depository Institutions
Millions of dollars
Reserve Bank credit, related items, and                          Averages of daily figures         Wednesday  
reserve balances of depository institutions at             Week ended    Change from week ended  Aug 14, 2019 
Federal Reserve Banks                                     Aug 14, 2019  Aug 7, 2019 Aug 15, 2018              

Reserve Bank credit                                         3,744,394   +    2,855   -  472,623    3,746,892  
  Securities held outright (1)                              3,595,517   +      691   -  452,769    3,597,231  
    U.S. Treasury securities                                2,080,708   +        5   -  254,450    2,080,710  
      Bills (2)                                                     0   -        2            0            0  
      Notes and bonds, nominal (2)                          1,940,396            0   -  258,395    1,940,396  
      Notes and bonds, inflation-indexed (2)                  116,545            0   +    1,953      116,545  
      Inflation compensation (3)                               23,767   +        6   +    1,992       23,769  
    Federal agency debt securities (2)                          2,347            0   -       62        2,347  
    Mortgage-backed securities (4)                          1,512,462   +      687   -  198,257    1,514,174  
  Unamortized premiums on securities held outright (5)        128,948   -      169   -   18,698      128,888  
  Unamortized discounts on securities held outright (5)       -12,717   +       28   +    1,079      -12,706  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            99   -        8   -      143          100  
    Primary credit                                                  1            0   -        5            0  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                98   -        9   -      138          100  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,719            0  
  Float                                                          -127   +       25   +       33         -175  
  Central bank liquidity swaps (8)                                 45   +       18   -       61           45  
  Other Federal Reserve assets (9)                             32,628   +    2,270   -      345       33,509  
Foreign currency denominated assets (10)                       21,013   +      125   +      153       20,940  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             50,014   +       14   +      359       50,014  
                                                                                                              
Total factors supplying reserve funds                       3,831,662   +    2,993   -  472,111    3,834,087  

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





1. Factors Affecting Reserve Balances of Depository Institutions (continued)
Millions of dollars
Reserve Bank credit, related items, and                          Averages of daily figures         Wednesday  
reserve balances of depository institutions at             Week ended    Change from week ended  Aug 14, 2019 
Federal Reserve Banks                                     Aug 14, 2019  Aug 7, 2019 Aug 15, 2018              

Currency in circulation (11)                                 1,747,729   -      362   +   76,787    1,749,491 
Reverse repurchase agreements (12)                             287,627   -   11,429   +   45,107      298,541 
  Foreign official and international accounts                  284,143   -   11,119   +   43,271      295,797 
  Others                                                         3,484   -      310   +    1,836        2,744 
Treasury cash holdings                                             168   -        7   -       51          172 
Deposits with F.R. Banks, other than reserve balances          200,111   +    2,404   -  222,052      229,456 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               129,957   -    1,747   -  212,842      130,981 
  Foreign official                                               5,255   -        1   -        3        5,255 
  Other (13)                                                    64,899   +    4,151   -    9,208       93,220 
Other liabilities and capital (14)                              45,620   +    1,224   +      238       45,163 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,281,256   -    8,168   -   99,970    2,322,824 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,550,406   +   11,162   -  372,141    1,511,264 

Note: Components may not sum to totals because of rounding.


1.  Includes securities lent to dealers under the overnight securities lending facility; refer to table     
    1A.                                                                                                 
2.  Face value of the securities.                                                                           
3.  Compensation that adjusts for the effect of inflation on the original face value of                     
    inflation-indexed securities.                                                                       
4.  Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the              
    remaining principal balance of the securities.                                                      
5.  Reflects the premium or discount, which is the difference between the purchase price and the face       
    value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt
    securities, and mortgage-backed securities, amortization is on an effective-interest basis.         
6.  Cash value of agreements.                                                                               
7.  Refer to the note on consolidation accompanying table 5.                                                
8.  Dollar value of foreign currency held under these agreements valued at the exchange rate to be used     
    when the foreign currency is returned to the foreign central bank. This exchange rate equals the    
    market exchange rate used when the foreign currency was acquired from the foreign central bank.     
9.  Includes accrued interest, which represents the daily accumulation of interest earned, and other        
    accounts receivable. Also, includes Reserve Bank premises and equipment net of allowances for       
    depreciation.                                                                                       
10. Revalued daily at current foreign currency exchange rates.                                              
11. Estimated.                                                                                              
12. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt     
    securities, and mortgage-backed securities.                                                         
13. Includes deposits held at the Reserve Banks by international and multilateral organizations,            
    government-sponsored enterprises, designated financial market utilities, and deposits held by depository
    institutions in joint accounts in connection with their participation in certain private-sector payment
    arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, 
    for services provided by the Reserve Banks as fiscal agents of the United States.                   
14. Includes the liability for earnings remittances due to the U.S. Treasury.                               
                                                                                                            



Sources: Federal Reserve Banks and the U.S. Department of the Treasury.





1A. Memorandum Items
Millions of dollars
Memorandum item                                                  Averages of daily figures         Wednesday  
                                                           Week ended    Change from week ended  Aug 14, 2019 
                                                          Aug 14, 2019  Aug 7, 2019 Aug 15, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,467,798   -    5,789   +   35,485    3,472,300 
  Marketable U.S. Treasury securities (1)                    3,029,145   -    6,067   -   30,591    3,032,963 
  Federal agency debt and mortgage-backed securities (2)       357,746   +      261   +   57,153      358,486 
  Other securities (3)                                          80,907   +       17   +    8,923       80,851 
Securities lent to dealers                                      29,049   +    2,957   +   13,599       27,871 
  Overnight facility (4)                                        29,049   +    2,957   +   13,599       27,871 
    U.S. Treasury securities                                    29,049   +    2,957   +   13,599       27,871 
    Federal agency debt securities                                   0            0            0            0 

Note: Components may not sum to totals because of rounding.


1.  Includes securities and U.S. Treasury STRIPS at face value, and inflation compensation on TIPS.         
    Does not include securities pledged as collateral to foreign official and international account holders
    against reverse repurchase agreements with the Federal Reserve presented in tables 1, 4, and 5.     
2.  Face value of federal agency securities and current face value of mortgage-backed securities, which     
    is the remaining principal balance of the securities.                                               
3.  Includes non-marketable U.S. Treasury securities, supranationals, corporate bonds, asset-backed         
    securities, and commercial paper at face value.                                                     
4.  Face value. Fully collateralized by U.S. Treasury securities.                                           






2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, August 14, 2019     

Millions of dollars
Remaining Maturity                     Within 15     16 days to    91 days to   Over 1 year   Over 5 year     Over 10         All      
                                          days        90 days        1 year      to 5 years   to 10 years      years                   

Loans                                            8            92             0             0             0           ...           100 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  54,814        43,341       251,235       853,064       265,734       612,521     2,080,710 
  Weekly changes                                 0             0             0    +        1    +        3    +        2    +        6 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0           486         1,861         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             8           412        78,844     1,434,910     1,514,174 
  Weekly changes                                 0             0             0             0             0    +    2,397    +    2,397 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                45             0             0             0             0             0            45 
                                                                                                                                       
Reverse repurchase agreements (4)          298,541             0           ...           ...           ...           ...       298,541 
Term deposits                                    0             0             0           ...           ...           ...             0 

Note: Components may not sum to totals because of rounding.
...Not applicable.


1.  Face value. For inflation-indexed securities, includes the original face value and compensation         
    that adjusts for the effect of inflation on the original face value of such securities.             
2.  Face value.                                                                                             
3.  Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the              
    remaining principal balance of the securities.                                                      
4.  Cash value of agreements.                                                                               
5.  Dollar value of foreign currency held under these agreements valued at the exchange rate to be used     
    when the foreign currency is returned to the foreign central bank. This exchange rate equals the    
    market exchange rate used when the foreign currency was acquired from the foreign central bank.     
                                                                                                            






3. Supplemental Information on Mortgage-Backed Securities
Millions of dollars
Account name                                                                                                            Wednesday   
                                                                                                                      Aug 14, 2019  

Mortgage-backed securities held outright (1)                                                                             1,514,174  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                            1,468  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                   16  



1.  Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the              
    remaining principal balance of the securities.                                                      
2.  Current face value. Generally settle within 180 days and include commitments associated with            
    outright transactions, dollar rolls, and coupon swaps.                                              
3.  This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4       
    and table 5.                                                                                        







4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital                         Eliminations     Wednesday         Change since       
                                                             from       Aug 14, 2019   Wednesday    Wednesday  
                                                        consolidation                 Aug 7, 2019 Aug 15, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,715   +       16   -       69  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,713,513   +    2,233   -  455,338  
    Securities held outright (1)                                          3,597,231   +    2,403   -  437,757  
      U.S. Treasury securities                                            2,080,710   +        6   -  243,681  
        Bills (2)                                                                 0            0            0  
        Notes and bonds, nominal (2)                                      1,940,396            0   -  247,610  
        Notes and bonds, inflation-indexed (2)                              116,545            0   +    1,953  
        Inflation compensation (3)                                           23,769   +        6   +    1,976  
      Federal agency debt securities (2)                                      2,347            0   -       62  
      Mortgage-backed securities (4)                                      1,514,174   +    2,397   -  194,013  
    Unamortized premiums on securities held outright  
    (5)                                                                     128,888   -      197   -   18,573  
    Unamortized discounts on securities held outright 
    (5)                                                                     -12,706   +       29   +    1,138  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                       100   -        2   -      146  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,719  
  Items in process of collection                                   (0)           59   +        1   -      130  
  Bank premises                                                               2,186   +        1   +        4  
  Central bank liquidity swaps (8)                                               45   +       15   -       61  
  Foreign currency denominated assets (9)                                    20,940   -      114   +      152  
  Other assets (10)                                                          31,323   +    2,323   +   14,255  
                                                                                                               
Total assets                                                       (0)    3,786,018   +    4,475   -  442,906  

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





4. Consolidated Statement of Condition of All Federal Reserve Banks (continued)
Millions of dollars
Assets, liabilities, and capital                         Eliminations     Wednesday         Change since       
                                                             from       Aug 14, 2019   Wednesday    Wednesday  
                                                        consolidation                 Aug 7, 2019 Aug 15, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,701,360   +      226   +   75,446 
  Reverse repurchase agreements (11)                                         298,541   +   14,407   +   49,005 
  Deposits                                                          (0)    1,740,720   -   10,811   -  567,635 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,511,264   -   40,357   -  407,480 
    U.S. Treasury, General Account                                           130,981   -    2,096   -  187,136 
    Foreign official                                                           5,255            0   -        2 
    Other (12)                                                      (0)       93,220   +   31,643   +   26,983 
  Deferred availability cash items                                  (0)          234   +       12   -      101 
  Other liabilities and accrued dividends (13)                                 5,882   +      600   +      116 
                                                                                                               
Total liabilities                                                   (0)    3,746,737   +    4,434   -  443,170 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,456   +       41   +      264 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,281   +       41   +      264 

Note: Components may not sum to totals because of rounding.


1.  Includes securities lent to dealers under the overnight securities lending facility; refer to table     
    1A.                                                                                                 
2.  Face value of the securities.                                                                           
3.  Compensation that adjusts for the effect of inflation on the original face value of                     
    inflation-indexed securities.                                                                       
4.  Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the              
    remaining principal balance of the securities.                                                      
5.  Reflects the premium or discount, which is the difference between the purchase price and the face       
    value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency debt
    securities, and mortgage-backed securities, amortization is on an effective-interest basis.         
6.  Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.      
7.  Refer to the note on consolidation accompanying table 5.                                                
8.  Dollar value of foreign currency held under these agreements valued at the exchange rate to be used     
    when the foreign currency is returned to the foreign central bank. This exchange rate equals the    
    market exchange rate used when the foreign currency was acquired from the foreign central bank.     
9.  Revalued daily at current foreign currency exchange rates.                                              
10. Includes accrued interest, which represents the daily accumulation of interest earned, and other        
    accounts receivable.                                                                                
11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt     
    securities, and mortgage-backed securities.                                                         
12. Includes deposits held at the Reserve Banks by international and multilateral organizations,            
    government-sponsored enterprises, designated financial market utilities, and deposits held by depository
    institutions in joint accounts in connection with their participation in certain private-sector payment
    arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General Account, 
    for services provided by the Reserve Banks as fiscal agents of the United States.                   
13. Includes the liability for earnings remittances due to the U.S. Treasury.                               

 



5. Statement of Condition of Each Federal Reserve Bank, August 14, 2019
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia  Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                         City                 Francisco  

Assets                                                                                                                                                                                                   
  Gold certificate account                        11,037         351       3,707          327         531         754       1,560         711         328         186         292         890       1,400
  Special drawing rights certificate acct.         5,200         196       1,818          210         237         412         654         424         150          90         153         282         574
  Coin                                             1,715          38          47          151         112         218         191         279          31          46         114         203         286
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,713,513      77,039   2,025,929       89,926     108,645     227,248     253,909     194,924      53,388      32,195      55,064     161,245     434,001
    Securities held outright (1)               3,597,231      74,629   1,962,544       87,113     105,246     220,138     245,954     188,824      51,702      31,128      53,341     156,196     420,418
      U.S. Treasury securities                 2,080,710      43,167   1,135,175       50,388      60,876     127,332     142,264     109,219      29,905      18,005      30,854      90,347     243,178
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,080,710      43,167   1,135,175       50,388      60,876     127,332     142,264     109,219      29,905      18,005      30,854      90,347     243,178
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,514,174      31,413     826,089       36,668      44,301      92,662     103,529      79,481      21,763      13,102      22,453      65,747     176,966
    Unamortized premiums on securities held 
      outright (5)                               128,888       2,674      70,317        3,121       3,771       7,887       8,812       6,765       1,852       1,115       1,911       5,596      15,063
    Unamortized discounts on securities     
      held outright (5)                          -12,706        -264      -6,932         -308        -372        -778        -869        -667        -183        -110        -188        -552      -1,485
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                            100           0           0            0           0           0          11           2          17          62           0           4           4
  Net portfolio holdings of Maiden                                                                                                                                                                       
     Lane LLC (7)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
  Items in process of collection                      59           0           0            0           0           0          58           0           0           0           0           0           0
  Bank premises                                    2,186         107         458           81         117         191         205         192         103          94         228         220         190
  Central bank liquidity swaps (8)                    45           2          14            3           4          10           3           2           1           0           0           1           7
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,940         902       6,646        1,210       1,671       4,464       1,218         874         319         100         203         259       3,074
  Other assets (10)                               31,323         668      16,605          753         928       2,161       2,124       1,610         537         347         552       1,414       3,623
  Interdistrict settlement account                     0  +    4,918  -  208,707   -    7,519  +   20,919  +   12,267  +   38,486  +   21,459  +    8,805  +    5,176  +    4,957  +   28,549  +   70,691
                                                                                                                                                                                                         
Total assets                                   3,786,018      84,220   1,846,518       85,141     133,164     247,724     298,407     220,476      63,662      38,235      61,564     193,063     513,845

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





5. Statement of Condition of Each Federal Reserve Bank, August 14, 2019 (continued)
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                        City                 Francisco  

Liabilities                                                                                                                                                                                             
  Federal Reserve notes outstanding            1,905,049      57,466     631,665      54,851      90,852     131,487     261,396     124,475      56,379      31,363      50,296     158,834     255,985
    Less: Notes held by F.R. Banks               203,689       6,325      47,280       8,615      10,123      16,309      29,406      13,913       6,140       3,435       8,212      20,795      33,135
      Federal Reserve notes, net               1,701,360      51,141     584,385      46,236      80,730     115,178     231,990     110,562      50,239      27,928      42,084     138,039     222,850
  Reverse repurchase agreements (11)             298,541       6,194     162,875       7,230       8,735      18,270      20,412      15,671       4,291       2,583       4,427      12,963      34,891
  Deposits                                     1,740,720      24,903   1,083,458      29,940      40,229     105,538      43,214      92,374       8,364       7,140      14,481      41,281     249,799
    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                           1,511,264      24,877     897,065      29,937      40,201     105,106      43,127      50,080       8,360       7,088      14,463      41,167     249,792
    U.S. Treasury, General Account               130,981           0     130,981           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,255           2       5,228           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    93,220          25      50,184           1          25         424          84      42,292           3          51          17         113           0
  Deferred availability cash items                   234           0           0           0           0           0          65           0           0         168           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,069          17         603          23          28          45         101          50          19          11          17          60          94
  Other liabilities and accrued             
     dividends                                     4,812         178       1,993         187         197         522         308         313         138         148         161         231         437
                                                                                                                                                                                                        
Total liabilities                              3,746,737      82,433   1,833,314      83,615     129,918     239,553     296,090     218,970      63,052      37,978      61,170     192,574     508,071
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,456       1,493      11,038       1,132       2,701       6,716       1,920       1,220         506         225         328         404       4,772
  Surplus                                          6,825         294       2,166         394         545       1,455         397         285         104          32          66          84       1,002
  Other capital                                        0           0           0           0           0           0           0           0           0           0           0           0           0
                                                                                                                                                                                                        
Total liabilities and capital                  3,786,018      84,220   1,846,518      85,141     133,164     247,724     298,407     220,476      63,662      38,235      61,564     193,063     513,845

Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.





5. Statement of Condition of Each Federal Reserve Bank, August 14, 2019 (continued)


1.  Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.                                                                                                 
2.  Face value of the securities.                                                                                                                                                                           
3.  Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities.                               
4.  Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the remaining principal balance of the securities.                                                               
5.  Reflects the premium or discount, which is the difference between the purchase price and the face value of the securities that has not been amortized. For U.S. Treasury securities, Federal agency     
    debt securities, and mortgage-backed securities, amortization is on an effective-interest basis.                                                                                                    
6.  Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.                                                                                                      
7.  Refer to the note on consolidation below.                                                                                                                                                               
8.  Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned to the foreign central bank. This exchange rate equals        
    the market exchange rate used when the foreign currency was acquired from the foreign central bank.                                                                                                 
9.  Revalued daily at current foreign currency exchange rates.                                                                                                                                              
10. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.                                                                                   
11. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.                                                         
12. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, designated financial market utilities, and deposits held by              
    depository institutions in joint accounts in connection with their participation in certain private-sector payment arrangements. Also includes certain deposit accounts other than the U.S. Treasury, General
    Account, for services provided by the Reserve Banks as fiscal agents of the United States.                                                                                                          
13. Represents the estimated weekly remittances due to U.S. Treasury. The amounts on this line represent the residual net earnings that the Federal Reserve Banks remit to the U.S. Treasury after          
    providing for the costs of operations, payment of dividends, and the amount necessary to maintain a $6.825 billion surplus.                                                                         
                                                                                                                                                                                                            


Note on consolidation:


On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended a loan to Maiden Lane LLC (ML) under the authority of section 13(3) of the Federal Reserve Act. ML was formed to
acquire certain assets of Bear Stearns and to manage those assets through time to maximize repayment of the credit extended and minimize disruption to financial markets. On June 14, 2012, the
remaining outstanding balance of the senior loan from FRBNY to ML was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan
Chase & Co. to ML was repaid in full, with interest. FRBNY was the primary beneficiary of ML because it received any residual returns and could have absorbed any residual losses should they
have occurred. Consistent with generally accepted accounting principles, the assets and liabilities of ML were consolidated with the assets and liabilities of FRBNY in the preparation of the
statements of condition shown on this release. As a consequence of the consolidation, the extension of credit from FRBNY to ML was eliminated, the net assets of ML appeared as assets on the
previous page (and in table 1 and table 4), and the liabilities of ML to entities other than FRBNY, including those with recourse only to the ML portfolio holdings, were included in other
liabilities in this table (and table 1 and table 4).
                                                                                                                                        



6. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts
Millions of dollars
Federal Reserve notes and collateral                                                        Wednesday   
                                                                                          Aug 14, 2019  

Federal Reserve notes outstanding                                                            1,905,049  
  Less: Notes held by F.R. Banks not subject to collateralization                              203,689  
    Federal Reserve notes to be collateralized                                               1,701,360  
Collateral held against Federal Reserve notes                                                1,701,360  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,685,123  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,597,231  
  Less: Face value of securities under reverse repurchase agreements                           276,165  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,321,066  

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.