FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks September 20, 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

Sep 19, 2018 Sep 12, 2018 Sep 20, 2017

Wednesday

Sep 19, 2018

Reserve Bank credit 4,173,235 + 2,679 - 251,575 4,168,728

Securities held outright1 4,014,135 + 1,515 - 234,152 4,010,838

U.S. Treasury securities 2,313,205 + 2 - 152,250 2,313,206

Bills2 100 0 + 100 100

Notes and bonds, nominal2 2,175,602 0 - 161,724 2,175,602

Notes and bonds, inflation-indexed2 115,579 0 + 6,167 115,579

Inflation compensation3 21,925 + 3 + 3,208 21,925

Federal agency debt securities2 2,409 0 - 4,348 2,409

Mortgage-backed securities4 1,698,520 + 1,512 - 77,555 1,695,223

Unamortized premiums on securities held outright5 145,886 - 234 - 17,299 145,694

Unamortized discounts on securities held outright5 -13,732 + 26 + 761 -13,720

Repurchase agreements6 0 0 0 0

Loans 304 + 33 + 52 442

Primary credit 40 - 2 + 9 152

Secondary credit 0 0 0 0

Seasonal credit 264 + 35 + 43 290

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,230 - 489 - 478 7

Float -161 + 2 + 106 -146

Central bank liquidity swaps8 100 + 9 + 63 100

Other Federal Reserve assets9 25,472 + 1,816 - 630 25,513

Foreign currency denominated assets10 21,044 + 17 - 410 21,049

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,771 + 14 + 632 49,771

Total factors supplying reserve funds 4,260,291 + 2,710 - 251,353 4,255,789

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

Sep 19, 2018 Sep 12, 2018 Sep 20, 2017

Wednesday

Sep 19, 2018

Currency in circulation11 1,685,180 - 1,797 + 105,517 1,685,759

Reverse repurchase agreements12 231,280 + 888 - 141,802 234,336

Foreign official and international accounts 227,640 - 2,261 - 18,276 225,421

Others 3,640 + 3,150 - 123,526 8,915

Treasury cash holdings 208 0 + 33 211

Deposits with F.R. Banks, other than reserve balances 419,051 + 45,224 + 200,944 468,516

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 335,878 + 32,224 + 208,096 399,519

Foreign official 5,256 0 + 90 5,256

Other13 77,917 + 13,000 - 7,242 63,741

Other liabilities and capital14 44,675 - 526 - 3,141 44,249

Total factors, other than reserve balances,

absorbing reserve funds 2,380,395 + 43,790 + 161,552 2,433,071

Reserve balances with Federal Reserve Banks 1,879,896 - 41,080 - 412,905 1,822,718

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

Sep 19, 2018 Sep 12, 2018 Sep 20, 2017

Wednesday

Sep 19, 2018

Securities held in custody for foreign official and international

accounts 3,426,076 + 4,270 + 49,721 3,433,732

Marketable U.S. Treasury securities1 3,051,573 - 2,387 - 416 3,058,169

Federal agency debt and mortgage-backed securities2 305,440 + 6,910 + 43,898 306,146

Other securities3 69,062 - 253 + 6,239 69,418

Securities lent to dealers 15,844 - 1,527 - 8,576 15,212

Overnight facility4 15,844 - 1,527 - 8,576 15,212

U.S. Treasury securities 15,844 - 1,527 - 8,576 15,212

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, September 19, 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 357 85 0 0 0 ... 442

U.S. Treasury securities1

Holdings 19,007 83,154 315,819 1,010,629 267,466 617,132 2,313,206

Weekly changes + 19,007 - 19,006 0 0 + 1 + 1 + 2

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 1 154 44,412 1,650,656 1,695,223

Weekly changes 0 0 + 1 0 - 99 - 1,696 - 1,793

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

Central bank liquidity swaps5 100 0 0 0 0 0 100

Reverse repurchase agreements4 234,336 0 ... ... ... ... 234,336

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 Sep 19, 2018

Mortgage-backed securities held outright1 1,695,223

Commitments to buy mortgage-backed securities2 5,060

Commitments to sell mortgage-backed securities2 5

Cash and cash equivalents3 4

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 Sep 19, 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. Assets are revalued quarterly.

2. Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with

consolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 6.

3. Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in

table 5 and table 6.

Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3) of

the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assets through time

to maximize repayment of the credit extended and to minimize disruption to financial markets. The remaining outstanding balances of the senior loan

from FRBNY to Maiden Lane LLC, and the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC were repaid in full, with interest.
H.4.1

5. Consolidated Statement of Condition of All Federal Reserve Banks

Millions of dollars

Change since

Assets, liabilities, and capital Wednesday Wednesday Eliminations from

consolidation

Wednesday

Sep 19, 2018 Sep 12, 2018 Sep 20, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,764 + 5 - 71

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,143,254 - 1,998 - 248,049

Securities held outright1 4,010,838 - 1,791 - 231,890

U.S. Treasury securities 2,313,206 + 2 - 152,242

Bills2 100 0 + 100

Notes and bonds, nominal2 2,175,602 0 - 161,724

Notes and bonds, inflation-indexed2 115,579 0 + 6,167

Inflation compensation3 21,925 + 2 + 3,216

Federal agency debt securities2 2,409 0 - 4,348

Mortgage-backed securities4 1,695,223 - 1,793 - 75,301

Unamortized premiums on securities held outright5 145,694 - 359 - 17,134

Unamortized discounts on securities held outright5 -13,720 + 27 + 761

Repurchase agreements6 0 0 0

Loans 442 + 125 + 214

Net portfolio holdings of Maiden Lane LLC7 7 - 1,713 - 1,701

Items in process of collection (0) 134 - 9 + 56

Bank premises 2,182 + 2 - 15

Central bank liquidity swaps8 100 + 9 + 63

Foreign currency denominated assets9 21,049 - 5 - 422

Other assets10 23,332 + 956 - 380

Total assets (0) 4,208,059 - 2,753 - 250,517

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

Sep 19, 2018 Sep 12, 2018 Sep 20, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,637,959 - 1,217 + 104,376

Reverse repurchase agreements11 234,336 + 4,790 - 179,233

Deposits (0) 2,291,234 - 5,439 - 172,608

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,822,718 - 101,291 - 406,691

U.S. Treasury, General Account 399,519 + 101,822 + 248,315

Foreign official 5,256 0 + 91

Other12 (0) 63,741 - 5,970 - 14,322

Deferred availability cash items (0) 280 - 82 - 257

Other liabilities and accrued dividends13 5,192 - 876 - 688

Total liabilities (0) 4,169,002 - 2,823 - 248,410

Capital accounts

Capital paid in 32,231 + 70 + 1,066

Surplus 6,825 0 - 3,175

Other capital accounts 0 0 0

Total capital 39,056 + 70 - 2,109

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, September 19, 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 1,764 44 41 159 120 240 190 292 30 44 108 202 293

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,143,254 79,124 2,287,164 104,597 117,455 245,156 248,697 222,021 55,302 34,668 65,228 171,305 512,536

Securities held outright1 4,010,838 76,603 2,214,294 101,265 113,709 237,346 240,758 214,812 53,398 33,470 63,140 165,847 496,197

U.S. Treasury securities 2,313,206 44,180 1,277,069 58,404 65,580 136,887 138,854 123,890 30,796 19,304 36,415 95,651 286,176

Bills2 100 2 55 3 3 6 6 5 1 1 2 4 12

Notes and bonds3 2,313,106 44,178 1,277,014 58,401 65,577 136,881 138,848 123,885 30,795 19,303 36,414 95,646 286,164

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

Mortgage-backed securities4 1,695,223 32,377 935,895 42,801 48,060 100,317 101,759 90,792 22,569 14,147 26,687 70,097 209,723

Unamortized premiums on securities 

held outright5 145,694 2,783 80,434 3,678 4,130 8,622 8,746 7,803 1,940 1,216 2,294 6,024 18,024

Unamortized discounts on securities 

held outright5 -13,720 -262 -7,575 -346 -389 -812 -824 -735 -183 -114 -216 -567 -1,697

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

Loans 442 1 11 0 5 0 18 141 147 96 10 1 12

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 134 0 0 0 0 0 133 0 0 0 0 0 0

Bank premises 2,182 109 443 76 117 195 203 196 106 95 233 218 188

Central bank liquidity swaps8 100 4 32 6 8 22 6 4 1 0 1 1 15

Foreign currency denominated

assets9 21,049 896 6,636 1,195 1,699 4,547 1,216 892 304 97 209 261 3,098

Other assets10 23,332 477 12,365 582 668 1,584 1,391 1,220 519 230 428 1,021 2,847

Interdistrict settlement account 0 + 817 + 24,105 - 5,945 - 188 + 18,189 + 29,498 - 8,230 + 1,437 - 448 - 7,024 + 4,653 - 56,865

Total assets 4,208,059 82,032 2,336,237 101,231 120,661 271,117 283,480 217,559 58,183 34,975 59,642 178,849 464,092

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, September 19, 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 1,824,138 58,467 609,397 54,795 87,836 125,770 263,107 120,116 55,293 30,472 47,801 149,848 221,236

Less: Notes held by F.R. Banks 186,179 6,386 48,304 7,127 9,271 13,292 27,689 13,010 5,565 3,083 5,512 17,563 29,377

Federal Reserve notes, net 1,637,959 52,081 561,093 47,668 78,565 112,478 235,418 107,106 49,728 27,389 42,289 132,286 191,860

Reverse repurchase agreements11 234,336 4,476 129,372 5,916 6,644 13,867 14,066 12,551 3,120 1,956 3,689 9,690 28,991

Deposits 2,291,234 23,648 1,631,342 45,173 32,110 135,842 31,239 95,928 4,590 5,134 13,127 36,118 236,983

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 1,822,718 23,617 1,208,014 45,170 32,059 135,472 31,203 51,444 4,585 5,082 13,116 35,981 236,976

U.S. Treasury, General Account 399,519 0 399,519 0 0 0 0 0 0 0 0 0 0

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

Other12 63,741 29 18,581 1 48 362 34 44,482 4 53 11 136 1

Deferred availability cash items 280 0 0 0 0 0 117 0 0 163 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,116 23 577 28 37 52 97 62 20 12 15 61 132

Other liabilities and accrued

dividends 4,076 171 1,415 190 198 516 311 280 137 145 147 210 356

Total liabilities 4,169,002 80,399 2,323,798 98,976 117,554 262,755 281,249 215,926 57,595 34,799 59,267 178,365 458,321

Capital

Capital paid in 32,231 1,343 10,288 1,868 2,556 6,888 1,837 1,344 489 145 308 399 4,766

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 4,208,059 82,032 2,336,237 101,231 120,661 271,117 283,480 217,559 58,183 34,975 59,642 178,849 464,092

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, September 19, 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 Sep 19, 2018

Federal Reserve notes outstanding 1,824,138

Less: Notes held by F.R. Banks not subject to collateralization 186,179

Federal Reserve notes to be collateralized 1,637,959

Collateral held against Federal Reserve notes 1,637,959

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,621,723

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,010,838

Less: Face value of securities under reverse repurchase agreements 236,242

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,774,597

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.