FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                February 21, 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  Feb 20, 2019 
Federal Reserve Banks                                     Feb 20, 2019 Feb 13, 2019 Feb 21, 2018              

Reserve Bank credit                                         3,952,113   -   36,473   -  417,040    3,942,314  
  Securities held outright (1)                              3,805,780   -   24,103   -  397,933    3,798,759  
    U.S. Treasury securities                                2,185,562   -   20,082   -  246,509    2,182,201  
      Bills (2)                                                     0            0            0            0  
      Notes and bonds, nominal (2)                          2,049,429   -   19,967   -  254,074    2,046,102  
      Notes and bonds, inflation-indexed (2)                  114,769            0   +    5,356      114,769  
      Inflation compensation (3)                               21,364   -      115   +    2,209       21,330  
    Federal agency debt securities (2)                          2,409            0   -    1,982        2,409  
    Mortgage-backed securities (4)                          1,617,809   -    4,021   -  149,441    1,614,150  
  Unamortized premiums on securities held outright (5)        137,764   -      390   -   18,941      137,544  
  Unamortized discounts on securities held outright (5)       -13,252   -       14   +      862      -13,250  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            19   -        1   -        4           23  
    Primary credit                                                  5   -        1   -        2            9  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                14            0   -        2           14  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,715            0  
  Float                                                          -167   -       45   -       28         -190  
  Central bank liquidity swaps (8)                                 68   -        3   +        1           68  
  Other Federal Reserve assets (9)                             21,901   -   11,917   +      717       19,360  
Foreign currency denominated assets (10)                       20,733   -       63   -    1,576       20,807  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,860   +       14   +      420       49,860  
                                                                                                              
Total factors supplying reserve funds                       4,038,946   -   36,523   -  418,197    4,029,222  

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  Feb 20, 2019 
Federal Reserve Banks                                     Feb 20, 2019 Feb 13, 2019 Feb 21, 2018              

Currency in circulation (11)                                 1,710,893   +    4,767   +   91,575    1,712,038 
Reverse repurchase agreements (12)                             248,929   -      247   -    9,573      255,179 
  Foreign official and international accounts                  245,120   -    2,095   +   10,761      252,904 
  Others                                                         3,810   +    1,849   -   20,334        2,275 
Treasury cash holdings                                             281   +       13            0          297 
Deposits with F.R. Banks, other than reserve balances          402,219   -   23,251   +   94,137      398,025 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               333,896   -   25,213   +  119,219      331,003 
  Foreign official                                               5,244            0   -       10        5,243 
  Other (13)                                                    63,079   +    1,961   -   25,072       61,779 
Other liabilities and capital (14)                              44,044   -      411   -    3,536       43,938 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,406,367   -   19,129   +  172,604    2,409,477 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,632,580   -   17,393   -  590,800    1,619,745 

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  Feb 20, 2019 
                                                          Feb 20, 2019 Feb 13, 2019 Feb 21, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,431,887   +    5,069   +   19,436    3,437,391 
  Marketable U.S. Treasury securities (1)                    3,036,550   +      339   -   33,152    3,043,860 
  Federal agency debt and mortgage-backed securities (2)       324,688   +    4,561   +   62,582      322,835 
  Other securities (3)                                          70,649   +      169   -    9,994       70,696 
Securities lent to dealers                                      22,842   +    4,177   -    4,048       22,833 
  Overnight facility (4)                                        22,842   +    4,177   -    4,048       22,833 
    U.S. Treasury securities                                    22,842   +    4,177   -    4,048       22,833 
    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, February 20, 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                                           23             0             0             0             0           ...            23 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  12,529        92,780       274,118       930,757       254,819       617,197     2,182,201 
  Weekly changes                        -   43,523    +   38,475    -    1,329    -   11,831    -    4,455    -      741    -   23,403 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0            62             0             0             0         2,347         2,409 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             4           212        64,559     1,549,375     1,614,150 
  Weekly changes                                 0             0             0    -        3    -      348    -    7,455    -    7,806 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                68             0             0             0             0             0            68 
                                                                                                                                       
Reverse repurchase agreements (4)          255,179             0           ...           ...           ...           ...       255,179 
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   
                                                                                                                      Feb 20, 2019  

Mortgage-backed securities held outright (1)                                                                             1,614,150  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              324  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                    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 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       Feb 20, 2019   Wednesday    Wednesday  
                                                        consolidation                Feb 13, 2019 Feb 21, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,798   -       11   -      136  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,923,075   -   31,748   -  425,213  
    Securities held outright (1)                                          3,798,759   -   31,210   -  406,996  
      U.S. Treasury securities                                            2,182,201   -   23,403   -  249,865  
        Bills (2)                                                                 0            0            0  
        Notes and bonds, nominal (2)                                      2,046,102   -   23,294   -  257,401  
        Notes and bonds, inflation-indexed (2)                              114,769            0   +    5,356  
        Inflation compensation (3)                                           21,330   -      109   +    2,181  
      Federal agency debt securities (2)                                      2,409            0   -    1,982  
      Mortgage-backed securities (4)                                      1,614,150   -    7,806   -  155,148  
    Unamortized premiums on securities held outright  
    (5)                                                                     137,544   -      519   -   19,061  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,250   -       24   +      855  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        23   +        5   -       10  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,710  
  Items in process of collection                                   (0)           74   +       14   -       56  
  Bank premises                                                               2,203   +        2            0  
  Central bank liquidity swaps (8)                                               68   -        3   +        1  
  Foreign currency denominated assets (9)                                    20,807   +       99   -    1,299  
  Other assets (10)                                                          17,158   -   15,365   -    1,826  
                                                                                                               
Total assets                                                       (0)    3,981,420   -   47,011   -  430,240  

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       Feb 20, 2019   Wednesday    Wednesday  
                                                        consolidation                Feb 13, 2019 Feb 21, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,664,269   +    2,383   +   89,873 
  Reverse repurchase agreements (11)                                         255,179   +    8,914   -   24,991 
  Deposits                                                          (0)    2,017,770   -   57,724   -  492,144 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,619,745   -   14,672   -  595,594 
    U.S. Treasury, General Account                                           331,003   -   44,116   +  122,186 
    Foreign official                                                           5,243   -        1   -       12 
    Other (12)                                                      (0)       61,779   +    1,065   -   18,723 
  Deferred availability cash items                                  (0)          264   +       59   -       45 
  Other liabilities and accrued dividends (13)                                 4,783   -      638   -      507 
                                                                                                               
Total liabilities                                                   (0)    3,942,265   -   47,006   -  427,814 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,330   -        6   +      749 
  Surplus                                                                      6,825            0   -    3,175 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,155   -        6   -    2,426 

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, February 20, 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         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                                             1,798          48          51          156         123         236         191         294          32          47         115         201         304
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,923,075      74,926   2,165,829       99,049     111,220     232,158     235,488     210,119      52,229      32,744      61,758     162,218     485,337
    Securities held outright (1)               3,798,759      72,552   2,097,210       95,911     107,696     224,796     228,027     203,453      50,574      31,701      59,801     157,078     469,960
      U.S. Treasury securities                 2,182,201      41,678   1,204,744       55,096      61,866     129,134     130,990     116,874      29,052      18,210      34,353      90,234     269,969
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,182,201      41,678   1,204,744       55,096      61,866     129,134     130,990     116,874      29,052      18,210      34,353      90,234     269,969
      Federal agency debt securities (2)           2,409          46       1,330           61          68         143         145         129          32          20          38         100         298
      Mortgage-backed securities (4)           1,614,150      30,829     891,136       40,754      45,762      95,519      96,892      86,450      21,490      13,470      25,411      66,745     199,693
    Unamortized premiums on securities held 
      outright (5)                               137,544       2,627      75,935        3,473       3,899       8,139       8,256       7,367       1,831       1,148       2,165       5,687      17,016
    Unamortized discounts on securities     
      held outright (5)                          -13,250        -253      -7,315         -335        -376        -784        -795        -710        -176        -111        -209        -548      -1,639
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             23           0           0            0           0           7           0           9           0           6           0           0           0
  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                      74           0           0            0           0           0          74           0           0           1           0           0           0
  Bank premises                                    2,203         109         456           81         118         195         207         193         106          95         231         220         192
  Central bank liquidity swaps (8)                    68           3          21            4           5          15           4           3           1           0           1           1          10
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,807         885       6,560        1,182       1,679       4,495       1,202         882         300          95         206         258       3,062
  Other assets (10)                               17,158         347       8,876          424         488       1,232       1,020         888         488         174         326         814       2,078
  Interdistrict settlement account                     0  +    7,150  -   84,474   +      139  +    8,941  -    5,498  +   38,566  -    2,292  +    9,880  +    3,223  -      388  +   17,880  +    6,873
                                                                                                                                                                                                         
Total assets                                   3,981,420      84,029   2,102,763      101,596     123,355     234,017     278,898     211,250      63,521      36,668      62,708     182,779     499,835

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, February 20, 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            1,869,045      57,611     618,736      54,727      89,384     125,852     260,390     121,626      55,795      31,368      49,703     153,899     249,954
    Less: Notes held by F.R. Banks               204,776       6,646      55,107       7,373       9,854      14,298      32,913      14,210       4,977       3,033       6,245      18,007      32,111
      Federal Reserve notes, net               1,664,269      50,964     563,628      47,354      79,530     111,553     227,477     107,416      50,818      28,335      43,459     135,892     217,843
  Reverse repurchase agreements (11)             255,179       4,874     140,878       6,443       7,234      15,100      15,318      13,667       3,397       2,129       4,017      10,552      31,569
  Deposits                                     2,017,770      26,327   1,383,880      45,341      33,255      98,492      33,366      88,213       8,559       5,708      14,721      35,620     244,289
    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                           1,619,745      26,312   1,027,781      45,339      33,234      97,948      33,330      47,079       8,546       5,657      14,708      35,531     244,282
    U.S. Treasury, General Account               331,003           0     331,003           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,243           2       5,216           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    61,779          13      19,881           1          18         536          33      41,132          13          51          13          88           1
  Deferred availability cash items                   264           0           0           0           0           0          98           0           0         166           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   838          16         423          20          34          53          78          47          14           8          13          45          88
  Other liabilities and accrued             
     dividends                                     3,945         161       1,511         175         173         466         273         269         122         137         133         198         327
                                                                                                                                                                                                        
Total liabilities                              3,942,265      82,342   2,090,321      99,333     120,227     225,665     276,609     209,612      62,911      36,482      62,343     182,306     494,115
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,330       1,394      10,277       1,868       2,583       6,896       1,892       1,354         507         154         299         388       4,718
  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                  3,981,420      84,029   2,102,763     101,596     123,355     234,017     278,898     211,250      63,521      36,668      62,708     182,779     499,835

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, February 20, 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   
                                                                                          Feb 20, 2019  

Federal Reserve notes outstanding                                                            1,869,045  
  Less: Notes held by F.R. Banks not subject to collateralization                              204,776  
    Federal Reserve notes to be collateralized                                               1,664,269  
Collateral held against Federal Reserve notes                                                1,664,269  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,648,033  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,798,759  
  Less: Face value of securities under reverse repurchase agreements                           255,254  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,543,506  

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.