FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                December 19, 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  Dec 18, 2019 
Federal Reserve Banks                                     Dec 18, 2019 Dec 11, 2019 Dec 19, 2018              

Reserve Bank credit                                         4,087,593   +   40,363   +   39,488    4,098,408  
  Securities held outright (1)                              3,715,908   +   16,400   -  178,555    3,725,461  
    U.S. Treasury securities                                2,287,247   +   13,811   +   46,606    2,300,678  
      Bills (2)                                               136,306   +   11,145   +  136,306      147,022  
      Notes and bonds, nominal (2)                          1,999,671   +    1,366   -  102,125    2,002,358  
      Notes and bonds, inflation-indexed (2)                  125,973   +    1,144   +    9,428      125,973  
      Inflation compensation (3)                               25,297   +      157   +    2,997       25,325  
    Federal agency debt securities (2)                          2,347            0   -       62        2,347  
    Mortgage-backed securities (4)                          1,426,314   +    2,589   -  225,099    1,422,436  
  Unamortized premiums on securities held outright (5)        125,572   -       73   -   15,479      125,398  
  Unamortized discounts on securities held outright (5)       -13,150   -       26   +      341      -13,237  
  Repurchase agreements (6)                                   235,292   +   22,271   +  235,292      236,662  
  Loans                                                            24   +        2   -       50           48  
    Primary credit                                                 15   +        4   +        6           39  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 9   -        2   -       56           10  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -        2            0  
  Float                                                          -106   -        1   +       51          -94  
  Central bank liquidity swaps (8)                                 79   +       10   +        9           79  
  Other Federal Reserve assets (9)                             23,974   +    1,781   -    2,118       24,090  
Foreign currency denominated assets (10)                       20,618   +        2   +       12       20,587  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             50,110   +       14   +      357       50,110  
                                                                                                              
Total factors supplying reserve funds                       4,174,563   +   40,380   +   39,858    4,185,346  

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  Dec 18, 2019 
Federal Reserve Banks                                     Dec 18, 2019 Dec 11, 2019 Dec 19, 2018              

Currency in circulation (11)                                 1,792,866   +      893   +   87,154    1,796,004 
Reverse repurchase agreements (12)                             259,711   -    6,506   +   13,915      263,981 
  Foreign official and international accounts                  257,409   -    8,277   +   13,609      250,619 
  Others                                                         2,302   +    1,770   +      306       13,362 
Treasury cash holdings                                             175   -       13   -       27          171 
Deposits with F.R. Banks, other than reserve balances          416,200   +   24,034   -   22,000      449,240 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               332,592   +    5,727   -   18,122      378,573 
  Foreign official                                               5,182   -        1   -       61        5,182 
  Other (13)                                                    78,426   +   18,308   -    3,817       65,485 
Other liabilities and capital (14)                              45,363   +      380   -      294       44,502 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,514,314   +   18,788   +   78,747    2,553,899 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,660,249   +   21,592   -   38,889    1,631,448 

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  Dec 18, 2019 
                                                          Dec 18, 2019 Dec 11, 2019 Dec 19, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,405,432   +      253   +    2,263    3,414,835 
  Marketable U.S. Treasury securities (1)                    2,956,614   +      781   -   71,178    2,966,793 
  Federal agency debt and mortgage-backed securities (2)       365,457   -      267   +   56,747      365,073 
  Other securities (3)                                          83,360   -      262   +   16,693       82,969 
Securities lent to dealers                                      30,769   -    2,872   +    7,871       30,271 
  Overnight facility (4)                                        30,769   -    2,872   +    7,871       30,271 
    U.S. Treasury securities                                    30,769   -    2,872   +    7,871       30,271 
    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, December 18, 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                                           48             0             0             0             0           ...            48 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  22,179       104,466       328,716       882,652       322,172       640,493     2,300,678 
  Weekly changes                        +    8,556    -    6,006    +   14,815    +    1,051    +       36    +       30    +   18,482 
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             1            14         1,175        75,163     1,346,083     1,422,436 
  Weekly changes                                 0             0             0    -        4    -      518    -      768    -    1,289 
Repurchase agreements (4)                  111,662       125,000           ...           ...           ...           ...       236,662 
Central bank liquidity swaps (5)                79             0             0             0             0             0            79 
                                                                                                                                       
Reverse repurchase agreements (4)          263,981             0           ...           ...           ...           ...       263,981 
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   
                                                                                                                      Dec 18, 2019  

Mortgage-backed securities held outright (1)                                                                             1,422,436  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                            7,336  
Commitments to sell mortgage-backed securities (2)                                                                              87  
                                                                                                                                    
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       Dec 18, 2019   Wednesday    Wednesday  
                                                        consolidation                Dec 11, 2019 Dec 19, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,673   +       24   -       69  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     4,074,333   +   40,522   +   55,076  
    Securities held outright (1)                                          3,725,461   +   17,193   -  166,296  
      U.S. Treasury securities                                            2,300,678   +   18,482   +   60,017  
        Bills (2)                                                           147,022   +   15,002   +  147,022  
        Notes and bonds, nominal (2)                                      2,002,358   +    3,402   -   99,438  
        Notes and bonds, inflation-indexed (2)                              125,973            0   +    9,428  
        Inflation compensation (3)                                           25,325   +       78   +    3,004  
      Federal agency debt securities (2)                                      2,347            0   -       62  
      Mortgage-backed securities (4)                                      1,422,436   -    1,289   -  226,251  
    Unamortized premiums on securities held outright  
    (5)                                                                     125,398   -      313   -   15,486  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,237   -       94   +      242  
    Repurchase agreements (6)                                               236,662   +   23,705   +  236,662  
    Loans                                                                        48   +       30   -       47  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0            0  
  Items in process of collection                                   (0)           54   -        9   -      135  
  Bank premises                                                               2,195   +        3   -        4  
  Central bank liquidity swaps (8)                                               79   +       10   +        9  
  Foreign currency denominated assets (9)                                    20,587   -       49   -      174  
  Other assets (10)                                                          21,895   +    1,061   -    1,924  
                                                                                                               
Total assets                                                       (0)    4,137,052   +   41,561   +   52,778  

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       Dec 18, 2019   Wednesday    Wednesday  
                                                        consolidation                Dec 11, 2019 Dec 19, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,747,734   +    3,085   +   86,595 
  Reverse repurchase agreements (11)                                         263,981   +    1,348   +   11,362 
  Deposits                                                          (0)    2,080,688   +   37,205   -   44,112 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,631,448   -   39,748   -   17,717 
    U.S. Treasury, General Account                                           378,573   +   74,413   -   17,720 
    Foreign official                                                           5,182            0   -       62 
    Other (12)                                                      (0)       65,485   +    2,540   -    8,613 
  Deferred availability cash items                                  (0)          148   -      126   -      221 
  Other liabilities and accrued dividends (13)                                 5,985   +       46   -      201 
                                                                                                               
Total liabilities                                                   (0)    4,098,535   +   41,556   +   53,422 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             31,692   +        5   -      643 
  Surplus                                                                      6,825            0            0 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 38,517   +        5   -      643 

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, December 18, 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                                             1,673          39          43          147         104         221         170         277          33          47         114         193         287
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 4,074,333      84,526   2,222,811       98,665     119,203     249,332     278,574     213,865      58,558      35,270      60,417     176,921     476,191
    Securities held outright (1)               3,725,461      77,289   2,032,503       90,218     108,998     227,985     254,721     195,555      53,545      32,237      55,243     161,764     435,405
      U.S. Treasury securities                 2,300,678      47,730   1,255,183       55,715      67,312     140,793     157,304     120,766      33,067      19,908      34,115      99,898     268,887
        Bills (2)                                147,022       3,050      80,211        3,560       4,301       8,997      10,052       7,717       2,113       1,272       2,180       6,384      17,183
        Notes and bonds (3)                    2,153,656      44,680   1,174,972       52,154      63,011     131,796     147,252     113,048      30,954      18,636      31,935      93,514     251,704
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,422,436      29,510     776,039       34,447      41,617      87,048      97,256      74,666      20,444      12,309      21,092      61,764     166,244
    Unamortized premiums on securities held 
      outright (5)                               125,398       2,602      68,414        3,037       3,669       7,674       8,574       6,582       1,802       1,085       1,859       5,445      14,656
    Unamortized discounts on securities     
      held outright (5)                          -13,237        -275      -7,222         -321        -387        -810        -905        -695        -190        -115        -196        -575      -1,547
    Repurchase agreements (6)                    236,662       4,910     129,116        5,731       6,924      14,483      16,181      12,423       3,401       2,048       3,509      10,276      27,659
    Loans                                             48           0           0            0           0           0           3           0           0          14           2          11          18
  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                      54           0           0            0           0           0          54           0           0           0           0           0           0
  Bank premises                                    2,195         106         455           89         117         191         203         194         102          93         228         224         192
  Central bank liquidity swaps (8)                    79           3          25            5           6          17           5           3           1           0           1           1          12
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,587         887       6,534        1,189       1,643       4,389       1,197         859         314          98         199         255       3,022
  Other assets (10)                               21,895         467      11,404          521         642       1,573       1,467       1,111         518         225         395       1,067       2,506
  Interdistrict settlement account                     0  +    4,691  -   99,936   -   15,390  +   15,346  +    2,066  +   23,122  +   18,485  +    8,750  +    5,375  +    7,172  +   20,489  +    9,828
                                                                                                                                                                                                         
Total assets                                   4,137,052      91,265   2,146,861       85,763     137,830     258,955     307,006     235,929      68,754      41,384      68,971     200,322     494,012

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, December 18, 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            1,957,678      60,728     639,935      57,479      94,250     134,183     273,542     126,840      59,665      31,997      54,228     164,420     260,410
    Less: Notes held by F.R. Banks               209,945       6,100      54,684       8,440       9,161      16,521      31,219      12,908       5,294       3,186       7,136      20,107      35,188
      Federal Reserve notes, net               1,747,734      54,628     585,251      49,039      85,089     117,662     242,323     113,932      54,371      28,811      47,092     144,313     225,222
  Reverse repurchase agreements (11)             263,981       5,477     144,020       6,393       7,723      16,155      18,049      13,857       3,794       2,284       3,914      11,462      30,852
  Deposits                                     2,080,688      29,155   1,402,180      28,581      41,516     116,371      44,210     106,259       9,805       9,741      17,394      43,793     231,682
    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                           1,631,448      29,131     995,728      28,579      41,470     116,063      44,176      64,123       9,798       9,683      17,346      43,676     231,676
    U.S. Treasury, General Account               378,573           0     378,573           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,182           2       5,155           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    65,485          23      22,725           0          43         299          32      42,134           7          58          47         116           0
  Deferred availability cash items                   148           0           0           0           0           0          42           0           0         106           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,206          21         690          26          31          26         107          61          19           6          21          65         133
  Other liabilities and accrued             
     dividends                                     4,779         185       1,901         190         216         596         305         307         143         155         152         227         401
                                                                                                                                                                                                        
Total liabilities                              4,098,535      89,467   2,134,043      84,228     134,576     250,809     305,037     234,416      68,130      41,104      68,573     199,861     488,290
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 31,692       1,505      10,653       1,141       2,709       6,690       1,572       1,228         520         248         332         376       4,720
  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                  4,137,052      91,265   2,146,861      85,763     137,830     258,955     307,006     235,929      68,754      41,384      68,971     200,322     494,012

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, December 18, 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   
                                                                                          Dec 18, 2019  

Federal Reserve notes outstanding                                                            1,957,678  
  Less: Notes held by F.R. Banks not subject to collateralization                              209,945  
    Federal Reserve notes to be collateralized                                               1,747,734  
Collateral held against Federal Reserve notes                                                1,747,734  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,731,497  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,962,123  
  Less: Face value of securities under reverse repurchase agreements                           256,863  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,705,260  

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.