FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks May 17, 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

May 16, 2018 May 9, 2018 May 17, 2017

Wednesday

May 16, 2018

Reserve Bank credit 4,314,388 - 3,149 - 124,737 4,297,980

Securities held outright1 4,143,592 - 1,274 - 110,998 4,136,872

U.S. Treasury securities 2,393,105 - 2,398 - 71,553 2,386,966

Bills2 0 0 0 0

Notes and bonds, nominal2 2,259,606 - 2,466 - 79,962 2,253,442

Notes and bonds, inflation-indexed2 112,949 0 + 6,146 112,949

Inflation compensation3 20,550 + 68 + 2,264 20,575

Federal agency debt securities2 4,391 0 - 5,729 4,391

Mortgage-backed securities4 1,746,096 + 1,124 - 33,717 1,745,514

Unamortized premiums on securities held outright5 152,388 - 228 - 15,602 152,249

Unamortized discounts on securities held outright5 -13,910 + 7 + 935 -13,953

Repurchase agreements6 18 + 9 + 9 65

Loans 86 + 8 + 20 73

Primary credit 23 + 5 + 1 9

Secondary credit 0 0 0 0

Seasonal credit 63 + 3 + 20 64

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,715 0 + 6 1,712

Float -192 - 23 + 166 -189

Central bank liquidity swaps8 80 0 + 44 80

Other Federal Reserve assets9 30,610 - 1,649 + 681 21,070

Foreign currency denominated assets10 21,505 - 42 + 1,263 21,323

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,650 + 14 + 768 49,650

Total factors supplying reserve funds 4,401,784 - 3,177 - 122,706 4,385,194

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

May 16, 2018 May 9, 2018 May 17, 2017

Wednesday

May 16, 2018

Currency in circulation11 1,650,743 + 3,965 + 103,295 1,653,732

Reverse repurchase agreements12 248,899 - 4,604 - 148,138 256,904

Foreign official and international accounts 245,616 - 3,333 + 10,634 254,359

Others 3,283 - 1,271 - 158,772 2,545

Treasury cash holdings 271 - 9 + 23 262

Deposits with F.R. Banks, other than reserve balances 420,241 - 12,661 + 129,122 407,149

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 337,258 - 16,483 + 151,178 327,748

Foreign official 5,255 0 + 89 5,255

Other13 77,728 + 3,822 - 22,145 74,145

Other liabilities and capital14 45,360 - 387 - 2,950 44,486

Total factors, other than reserve balances,

absorbing reserve funds 2,365,514 - 13,697 + 81,351 2,362,533

Reserve balances with Federal Reserve Banks 2,036,270 + 10,520 - 204,057 2,022,661

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

May 16, 2018 May 9, 2018 May 17, 2017

Wednesday

May 16, 2018

Securities held in custody for foreign official and international

accounts 3,387,225 - 9,382 + 153,027 3,382,042

Marketable U.S. Treasury securities1 3,035,153 - 9,039 + 113,241 3,030,605

Federal agency debt and mortgage-backed securities2 275,520 - 80 + 24,734 275,174

Other securities3 76,553 - 262 + 15,053 76,263

Securities lent to dealers 20,622 + 1,749 - 3,980 19,222

Overnight facility4 20,622 + 1,749 - 3,980 19,222

U.S. Treasury securities 20,622 + 1,749 - 3,954 19,222

Federal agency debt securities 0 0 - 26 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, May 16, 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 39 35 0 0 0 ... 73

U.S. Treasury securities1

Holdings 28,479 61,882 329,356 1,052,008 290,054 625,189 2,386,966

Weekly changes + 2,251 - 28,478 + 38,477 - 16,420 - 14,548 + 10,158 - 8,562

Federal agency debt securities2

Holdings 0 1,982 62 0 0 2,347 4,391

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 77 39,811 1,705,626 1,745,514

Weekly changes 0 0 0 - 2 - 128 + 672 + 542

Repurchase agreements4 65 0 ... ... ... ... 65

Central bank liquidity swaps5 80 0 0 0 0 0 80

Reverse repurchase agreements4 256,904 0 ... ... ... ... 256,904

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 May 16, 2018

Mortgage-backed securities held outright1 1,745,514

Commitments to buy mortgage-backed securities2 9,272

Commitments to sell mortgage-backed securities2 173

Cash and cash equivalents3 39

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 May 16, 2018

Net portfolio holdings of Maiden Lane LLC1 1,712

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

May 16, 2018 May 9, 2018 May 17, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,803 - 12 - 32

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,275,306 - 8,346 - 129,300

Securities held outright1 4,136,872 - 8,019 - 114,708

U.S. Treasury securities 2,386,966 - 8,562 - 77,672

Bills2 0 0 0

Notes and bonds, nominal2 2,253,442 - 8,630 - 86,098

Notes and bonds, inflation-indexed2 112,949 0 + 6,146

Inflation compensation3 20,575 + 68 + 2,280

Federal agency debt securities2 4,391 0 - 4,443

Mortgage-backed securities4 1,745,514 + 542 - 32,595

Unamortized premiums on securities held outright5 152,249 - 295 - 15,589

Unamortized discounts on securities held outright5 -13,953 - 46 + 926

Repurchase agreements6 65 + 1 + 65

Loans 73 + 13 + 6

Net portfolio holdings of Maiden Lane LLC7 1,712 - 3 + 3

Items in process of collection (0) 78 + 1 + 19

Bank premises 2,195 + 1 - 3

Central bank liquidity swaps8 80 0 + 44

Foreign currency denominated assets9 21,323 - 111 + 785

Other assets10 18,875 - 12,127 - 1,015

Total assets (0) 4,337,609 - 20,598 - 129,499

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

May 16, 2018 May 9, 2018 May 17, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,606,143 + 4,533 + 104,451

Reverse repurchase agreements11 256,904 + 9,424 - 150,677

Deposits (0) 2,429,810 - 33,697 - 79,857

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 2,022,661 - 24,115 - 225,013

U.S. Treasury, General Account 327,748 - 10,629 + 154,857

Foreign official 5,255 + 1 + 91

Other12 (0) 74,145 + 1,045 - 9,792

Deferred availability cash items (0) 266 + 12 - 211

Other liabilities and accrued dividends13 5,174 - 906 - 1,739

Total liabilities (0) 4,298,297 - 20,633 - 128,033

Capital accounts

Capital paid in 31,812 + 35 + 1,034

Surplus 7,500 0 - 2,500

Other capital accounts 0 0 0

Total capital 39,312 + 35 - 1,466

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, May 16, 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 1,803 51 54 176 111 262 182 295 26 49 107 186 304

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,275,306 81,652 2,360,260 107,941 121,204 252,992 256,637 228,991 56,945 35,685 67,303 176,780 528,915

Securities held outright1 4,136,872 79,010 2,283,874 104,447 117,282 244,804 248,323 221,562 55,075 34,522 65,124 171,059 511,789

U.S. Treasury securities 2,386,966 45,589 1,317,791 60,266 67,671 141,251 143,282 127,841 31,778 19,919 37,577 98,701 295,301

Bills2 0 0 0 0 0 0 0 0 0 0 0 0 0

Notes and bonds3 2,386,966 45,589 1,317,791 60,266 67,671 141,251 143,282 127,841 31,778 19,919 37,577 98,701 295,301

Federal agency debt securities2 4,391 84 2,424 111 124 260 264 235 58 37 69 182 543

Mortgage-backed securities4 1,745,514 33,337 963,659 44,071 49,486 103,293 104,778 93,486 23,239 14,566 27,479 72,177 215,945

Unamortized premiums on securities 

held outright5 152,249 2,908 84,053 3,844 4,316 9,010 9,139 8,154 2,027 1,271 2,397 6,295 18,835

Unamortized discounts on securities 

held outright5 -13,953 -266 -7,703 -352 -396 -826 -838 -747 -186 -116 -220 -577 -1,726

Repurchase agreements6 65 1 36 2 2 4 4 3 1 1 1 3 8

Loans 73 0 0 0 0 0 9 19 28 9 0 0 9

Net portfolio holdings of Maiden

Lane LLC7 1,712 0 1,712 0 0 0 0 0 0 0 0 0 0

Items in process of collection 78 0 0 0 0 0 77 0 0 0 0 0 0

Bank premises 2,195 111 444 74 120 197 203 200 108 95 234 220 190

Central bank liquidity swaps8 80 3 25 5 6 17 5 3 1 0 1 1 12

Foreign currency denominated

assets9 21,323 907 6,723 1,211 1,721 4,606 1,232 904 308 98 211 264 3,138

Other assets10 18,875 396 9,923 476 550 1,339 1,134 987 351 201 373 840 2,307

Interdistrict settlement account 0 + 28 + 57,604 - 1,670 - 2,259 + 11,257 + 12,212 - 22,744 - 1,115 - 1,519 - 4,384 - 3,666 - 43,744

Total assets 4,337,609 83,710 2,442,189 108,772 122,234 271,855 273,827 209,799 57,107 34,898 64,305 175,812 493,101

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, May 16, 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 1,782,683 59,509 606,022 54,155 88,059 126,006 247,863 113,962 52,170 30,492 47,260 138,737 218,447

Less: Notes held by F.R. Banks 176,541 6,299 42,965 7,190 9,998 14,359 26,468 12,611 5,546 3,352 5,794 17,000 24,960

Federal Reserve notes, net 1,606,143 53,210 563,058 46,965 78,061 111,648 221,395 101,350 46,624 27,141 41,466 121,738 193,487

Reverse repurchase agreements11 256,904 4,907 141,831 6,486 7,283 15,203 15,421 13,759 3,420 2,144 4,044 10,623 31,783

Deposits 2,429,810 23,743 1,722,953 52,813 33,500 135,956 34,264 92,691 6,330 5,098 18,238 42,693 261,532

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 2,022,661 23,713 1,365,683 52,811 33,438 135,722 34,226 43,269 6,307 5,098 18,229 42,642 261,524

U.S. Treasury, General Account 327,748 0 327,748 0 0 0 0 0 0 0 0 0 0

Foreign official 5,255 2 5,228 2 3 9 2 2 1 0 0 0 6

Other12 74,145 29 24,294 0 58 226 36 49,420 22 0 8 50 2

Deferred availability cash items 266 0 0 0 0 0 81 0 0 186 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,185 24 618 24 36 42 101 71 21 13 21 67 147

Other liabilities and accrued

dividends 3,989 163 1,410 190 197 501 301 273 130 138 136 204 347

Total liabilities 4,298,297 82,048 2,429,870 106,478 119,076 263,350 271,562 208,144 56,525 34,719 63,906 175,323 487,295

Capital

Capital paid in 31,812 1,343 9,955 1,868 2,553 6,885 1,832 1,338 473 145 324 396 4,702

Surplus 7,500 319 2,364 426 605 1,620 433 318 108 34 74 93 1,104

Other capital 0 0 0 0 0 0 0 0 0 0 0 0 0

Total liabilities and capital 4,337,609 83,710 2,442,189 108,772 122,234 271,855 273,827 209,799 57,107 34,898 64,305 175,812 493,101

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, May 16, 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 $7.5 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 May 16, 2018

Federal Reserve notes outstanding 1,782,683

Less: Notes held by F.R. Banks not subject to collateralization 176,541

Federal Reserve notes to be collateralized 1,606,143

Collateral held against Federal Reserve notes 1,606,143

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,589,906

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,136,937

Less: Face value of securities under reverse repurchase agreements 254,492

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,882,445

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.