FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                   April 25, 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  Apr 24, 2019 
Federal Reserve Banks                                     Apr 24, 2019 Apr 17, 2019 Apr 25, 2018              

Reserve Bank credit                                         3,892,118   -    4,156   -  451,350    3,889,560  
  Securities held outright (1)                              3,741,832   -    4,742   -  429,924    3,739,284  
    U.S. Treasury securities                                2,153,494   +       38   -  259,673    2,153,544  
      Bills (2)                                                     0            0            0            0  
      Notes and bonds, nominal (2)                          2,016,474   -       90   -  265,521    2,016,474  
      Notes and bonds, inflation-indexed (2)                  115,144   -        6   +    4,237      115,144  
      Inflation compensation (3)                               21,877   +      135   +    1,612       21,926  
    Federal agency debt securities (2)                          2,347            0   -    2,044        2,347  
    Mortgage-backed securities (4)                          1,585,990   -    4,781   -  168,208    1,583,393  
  Unamortized premiums on securities held outright (5)        134,680   -      397   -   18,773      134,493  
  Unamortized discounts on securities held outright (5)       -13,009   +       37   +      953      -12,998  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            23   -        1   -       40           32  
    Primary credit                                                  7   -        3   -       17           14  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                16   +        3   -       23           18  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,711            0  
  Float                                                          -142   +       66   +       29         -212  
  Central bank liquidity swaps (8)                                 55            0   -       27           55  
  Other Federal Reserve assets (9)                             28,679   +      880   -    1,856       28,906  
Foreign currency denominated assets (10)                       20,566   -       65   -    1,432       20,527  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,928   +       14   +      390       49,928  
                                                                                                              
Total factors supplying reserve funds                       3,978,852   -    4,208   -  452,392    3,976,256  

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  Apr 24, 2019 
Federal Reserve Banks                                     Apr 24, 2019 Apr 17, 2019 Apr 25, 2018              

Currency in circulation (11)                                 1,727,238   +      210   +   85,514    1,728,622 
Reverse repurchase agreements (12)                             259,016   +    7,157   +   12,882      270,400 
  Foreign official and international accounts                  256,433   +    4,703   +   20,857      260,885 
  Others                                                         2,583   +    2,454   -    7,975        9,515 
Treasury cash holdings                                             332            0   +       35          332 
Deposits with F.R. Banks, other than reserve balances          441,182   +   86,841   -    3,858      458,851 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               378,602   +   93,338   +   19,003      398,916 
  Foreign official                                               5,275   +       31   +       21        5,244 
  Other (13)                                                    57,305   -    6,528   -   22,883       54,692 
Other liabilities and capital (14)                              45,654   +      634   +      195       45,239 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,473,422   +   94,842   +   94,768    2,503,444 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,505,430   -   99,049   -  547,160    1,472,812 

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  Apr 24, 2019 
                                                          Apr 24, 2019 Apr 17, 2019 Apr 25, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,452,317   -   15,177   +   40,539    3,453,651 
  Marketable U.S. Treasury securities (1)                    3,046,448   -   15,766   -   12,256    3,049,139 
  Federal agency debt and mortgage-backed securities (2)       333,883   +       51   +   59,689      332,526 
  Other securities (3)                                          71,986   +      537   -    6,894       71,985 
Securities lent to dealers                                      27,062   +    5,118   +   10,134       25,797 
  Overnight facility (4)                                        27,062   +    5,118   +   10,134       25,797 
    U.S. Treasury securities                                    27,062   +    5,118   +   10,134       25,797 
    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, April 24, 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                                           32             0             0             0             0           ...            32 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  31,746        82,182       263,735       908,702       262,007       605,171     2,153,544 
  Weekly changes                                 0             0    +        1    +       19    +   12,747    -   12,633    +      135 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0             0         2,347         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0            10           260        73,627     1,509,496     1,583,393 
  Weekly changes                                 0             0             0             0             0    -    4,545    -    4,545 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                55             0             0             0             0             0            55 
                                                                                                                                       
Reverse repurchase agreements (4)          270,400             0           ...           ...           ...           ...       270,400 
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   
                                                                                                                      Apr 24, 2019  

Mortgage-backed securities held outright (1)                                                                             1,583,393  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              206  
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       Apr 24, 2019   Wednesday    Wednesday  
                                                        consolidation                Apr 17, 2019 Apr 25, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,679   -       15   -      136  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,860,811   -    4,781   -  440,975  
    Securities held outright (1)                                          3,739,284   -    4,410   -  423,292  
      U.S. Treasury securities                                            2,153,544   +      135   -  259,674  
        Bills (2)                                                                 0            0            0  
        Notes and bonds, nominal (2)                                      2,016,474            0   -  265,521  
        Notes and bonds, inflation-indexed (2)                              115,144            0   +    4,237  
        Inflation compensation (3)                                           21,926   +      134   +    1,610  
      Federal agency debt securities (2)                                      2,347            0   -    2,044  
      Mortgage-backed securities (4)                                      1,583,393   -    4,545   -  161,574  
    Unamortized premiums on securities held outright  
    (5)                                                                     134,493   -      420   -   18,580  
    Unamortized discounts on securities held outright 
    (5)                                                                     -12,998   +       36   +      952  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        32   +       13   -       55  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,714  
  Items in process of collection                                   (0)           58   -        7   -       15  
  Bank premises                                                               2,204   +        1   +        3  
  Central bank liquidity swaps (8)                                               55            0   -       27  
  Foreign currency denominated assets (9)                                    20,527   -       99   -    1,292  
  Other assets (10)                                                          26,702   +    1,346   -      457  
                                                                                                               
Total assets                                                       (0)    3,928,273   -    3,554   -  444,613  

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       Apr 24, 2019   Wednesday    Wednesday  
                                                        consolidation                Apr 17, 2019 Apr 25, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,680,701   +      532   +   84,873 
  Reverse repurchase agreements (11)                                         270,400   +   14,718   +   31,986 
  Deposits                                                          (0)    1,931,663   -   19,460   -  562,058 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,472,812   -   51,485   -  538,136 
    U.S. Treasury, General Account                                           398,916   +   29,551   -    4,151 
    Foreign official                                                           5,244   +        1   -       10 
    Other (12)                                                      (0)       54,692   +    2,473   -   19,760 
  Deferred availability cash items                                  (0)          270   -       46   +       61 
  Other liabilities and accrued dividends (13)                                 5,928   +      734   +      467 
                                                                                                               
Total liabilities                                                   (0)    3,888,963   -    3,522   -  444,671 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,486   -       31   +      733 
  Surplus                                                                      6,825            0   -      675 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,311   -       31   +       58 

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, April 24, 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                                             1,679          44          39          148         111         217         171         292          26          49         110         186         285
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,860,811      80,096   2,106,328       93,495     112,957     236,266     263,973     202,672      55,490      33,412      57,263     167,640     451,220
    Securities held outright (1)               3,739,284      77,576   2,040,044       90,553     109,402     228,831     255,666     196,280      53,743      32,357      55,448     162,364     437,020
      U.S. Treasury securities                 2,153,544      44,678   1,174,911       52,152      63,007     131,789     147,244     113,042      30,952      18,635      31,934      93,509     251,691
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,153,544      44,678   1,174,911       52,152      63,007     131,789     147,244     113,042      30,952      18,635      31,934      93,509     251,691
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,583,393      32,849     863,853       38,344      46,326      96,898     108,261      83,114      22,758      13,701      23,479      68,753     185,056
    Unamortized premiums on securities held 
      outright (5)                               134,493       2,790      73,375        3,257       3,935       8,230       9,196       7,060       1,933       1,164       1,994       5,840      15,719
    Unamortized discounts on securities     
      held outright (5)                          -12,998        -270      -7,091         -315        -380        -795        -889        -682        -187        -112        -193        -564      -1,519
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             32           0           0            0           0           0           0          14           0           4          14           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                      58           0           0            0           0           0          58           0           0           0           0           0           0
  Bank premises                                    2,204         109         459           81         119         194         208         192         105          95         230         221         192
  Central bank liquidity swaps (8)                    55           2          17            3           4          12           3           2           1           0           1           1           8
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,527         884       6,515        1,186       1,638       4,376       1,194         857         313          98         199         254       3,013
  Other assets (10)                               26,702         583      14,071          644         791       1,856       1,814       1,376         454         283         469       1,264       3,097
  Interdistrict settlement account                     0  +    2,760  -   72,029   +    1,175  +    3,404  -    5,814  +   18,119  -    3,032  +    4,415  +    2,831  +    2,365  +   18,807  +   26,999
                                                                                                                                                                                                         
Total assets                                   3,928,273      85,026   2,060,926       97,268     119,793     238,273     287,754     203,494      61,282      37,044      61,081     189,544     486,788

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, April 24, 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            1,875,204      57,524     619,383      54,428      89,580     126,742     259,484     120,803      55,674      31,361      49,868     157,261     253,095
    Less: Notes held by F.R. Banks               194,503       6,176      48,653       8,023       9,594      14,814      30,946      13,188       5,593       3,151       7,316      18,349      28,701
      Federal Reserve notes, net               1,680,701      51,348     570,730      46,406      79,986     111,928     228,539     107,615      50,081      28,210      42,552     138,913     224,394
  Reverse repurchase agreements (11)             270,400       5,610     147,522       6,548       7,911      16,548      18,488      14,194       3,886       2,340       4,010      11,741      31,602
  Deposits                                     1,931,663      26,171   1,327,603      41,826      28,526     100,839      38,008      79,681       6,548       5,929      13,964      38,118     224,451
    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                           1,472,812      26,159     905,017      41,823      28,494     100,384      37,972      44,504       6,540       5,877      13,943      37,656     224,444
    U.S. Treasury, General Account               398,916           0     398,916           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,244           2       5,217           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    54,692          10      18,453           1          29         447          34      35,176           8          51          20         462           1
  Deferred availability cash items                   270           0           0           0           0           0          53           0           0         217           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,030          19         578          17          29          33         102          52          20          11          17          61          92
  Other liabilities and accrued             
     dividends                                     4,898         190       2,004         208         208         544         311         312         131         148         147         224         469
                                                                                                                                                                                                        
Total liabilities                              3,888,963      83,338   2,048,438      95,005     116,660     229,892     285,502     201,854      60,666      36,854      60,689     189,057     481,007
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,486       1,394      10,323       1,869       2,587       6,926       1,855       1,355         512         157         326         403       4,779
  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                  3,928,273      85,026   2,060,926      97,268     119,793     238,273     287,754     203,494      61,282      37,044      61,081     189,544     486,788

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, April 24, 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   
                                                                                          Apr 24, 2019  

Federal Reserve notes outstanding                                                            1,875,204  
  Less: Notes held by F.R. Banks not subject to collateralization                              194,503  
    Federal Reserve notes to be collateralized                                               1,680,701  
Collateral held against Federal Reserve notes                                                1,680,701  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,664,464  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,739,284  
  Less: Face value of securities under reverse repurchase agreements                           267,162  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,472,122  

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.