FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                     May 23, 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  May 22, 2019 
Federal Reserve Banks                                     May 22, 2019 May 15, 2019 May 23, 2018              

Reserve Bank credit                                         3,824,485   -   26,015   -  474,484    3,821,658  
  Securities held outright (1)                              3,684,234   -   15,563   -  452,761    3,681,344  
    U.S. Treasury securities                                2,114,504   -    8,327   -  272,506    2,114,569  
      Bills (2)                                                    50   -       50   +       50           50  
      Notes and bonds, nominal (2)                          1,976,565   -    8,452   -  276,877    1,976,565  
      Notes and bonds, inflation-indexed (2)                  115,361            0   +    2,412      115,361  
      Inflation compensation (3)                               22,528   +      175   +    1,910       22,592  
    Federal agency debt securities (2)                          2,347            0   -    2,044        2,347  
    Mortgage-backed securities (4)                          1,567,383   -    7,236   -  178,211    1,564,428  
  Unamortized premiums on securities held outright (5)        133,237   -      453   -   18,788      133,034  
  Unamortized discounts on securities held outright (5)       -13,046   -      100   +      890      -13,034  
  Repurchase agreements (6)                                         0   -       19            0            0  
  Loans                                                            52   +        8   -       29           50  
    Primary credit                                                  8   +        1   -        4            1  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                44   +        6   -       25           48  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,712            0  
  Float                                                          -142   +       46   +       32         -169  
  Central bank liquidity swaps (8)                                 17   -       33   -       65           17  
  Other Federal Reserve assets (9)                             20,131   -    9,904   -    2,054       20,415  
Foreign currency denominated assets (10)                       20,628   -      110   -      635       20,600  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,963   +       14   +      394       49,963  
                                                                                                              
Total factors supplying reserve funds                       3,911,317   -   26,112   -  474,725    3,908,463  

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  May 22, 2019 
Federal Reserve Banks                                     May 22, 2019 May 15, 2019 May 23, 2018              

Currency in circulation (11)                                 1,732,201   +      556   +   78,212    1,734,927 
Reverse repurchase agreements (12)                             268,608   +    9,305   +   13,776      269,238 
  Foreign official and international accounts                  261,953   +    3,131   +   13,065      265,487 
  Others                                                         6,655   +    6,173   +      711        3,751 
Treasury cash holdings                                             299   -       20   +       38          273 
Deposits with F.R. Banks, other than reserve balances          346,250   -   44,644   -   63,019      325,742 
  Term deposits held by depository institutions                      0            0   -    3,686            0 
  U.S. Treasury, General Account                               282,864   -   40,922   -   43,581      264,581 
  Foreign official                                               5,245            0   -       10        5,245 
  Other (13)                                                    58,141   -    3,721   -   15,742       55,916 
Other liabilities and capital (14)                              45,802   +      402   +       56       45,450 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,393,160   -   34,402   +   29,063    2,375,630 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,518,157   +    8,290   -  503,789    1,532,833 

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  May 22, 2019 
                                                          May 22, 2019 May 15, 2019 May 23, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,468,860   -      537   +   86,405    3,465,052 
  Marketable U.S. Treasury securities (1)                    3,060,089   -    2,367   +   33,154    3,058,200 
  Federal agency debt and mortgage-backed securities (2)       333,672   +      854   +   53,639      331,482 
  Other securities (3)                                          75,099   +      976   -      388       75,371 
Securities lent to dealers                                      20,930   -      573   +      776       19,904 
  Overnight facility (4)                                        20,930   -      573   +      776       19,904 
    U.S. Treasury securities                                    20,930   -      573   +      776       19,904 
    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, May 22, 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                                           44             6             0             0             0           ...            50 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  20,057        97,826       251,024       867,384       266,380       611,899     2,114,569 
  Weekly changes                        +   20,057    +   34,709    -    4,956    -   49,831    +    9,278    -    9,131    +      125 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0           486         1,861         2,347 
  Weekly changes                                 0             0             0             0    +      486    -      486             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0            10           303        73,297     1,490,818     1,564,428 
  Weekly changes                                 0             0             0             0             0    -    5,156    -    5,156 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                17             0             0             0             0             0            17 
                                                                                                                                       
Reverse repurchase agreements (4)          269,238             0           ...           ...           ...           ...       269,238 
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   
                                                                                                                      May 22, 2019  

Mortgage-backed securities held outright (1)                                                                             1,564,428  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              229  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                    3  



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       May 22, 2019   Wednesday    Wednesday  
                                                        consolidation                May 15, 2019 May 23, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,661   -       17   -      136  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,801,394   -    5,449   -  472,228  
    Securities held outright (1)                                          3,681,344   -    5,031   -  454,261  
      U.S. Treasury securities                                            2,114,569   +      125   -  272,466  
        Bills (2)                                                                50   -       50   +       50  
        Notes and bonds, nominal (2)                                      1,976,565            0   -  276,877  
        Notes and bonds, inflation-indexed (2)                              115,361            0   +    2,412  
        Inflation compensation (3)                                           22,592   +      175   +    1,949  
      Federal agency debt securities (2)                                      2,347            0   -    2,044  
      Mortgage-backed securities (4)                                      1,564,428   -    5,156   -  179,751  
    Unamortized premiums on securities held outright  
    (5)                                                                     133,034   -      435   -   18,803  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,034   +       30   +      892  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        50   -       14   -       56  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,713  
  Items in process of collection                                   (0)          110   -        9   +       27  
  Bank premises                                                               2,197   +        1   +        1  
  Central bank liquidity swaps (8)                                               17   -       33   -       65  
  Foreign currency denominated assets (9)                                    20,600   -      111   -      633  
  Other assets (10)                                                          18,218   +    1,304   -    2,121  
                                                                                                               
Total assets                                                       (0)    3,860,435   -    4,314   -  476,866  

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       May 22, 2019   Wednesday    Wednesday  
                                                        consolidation                May 15, 2019 May 23, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,686,894   +    2,553   +   77,763 
  Reverse repurchase agreements (11)                                         269,238   +    5,313   +   21,773 
  Deposits                                                          (0)    1,858,574   -   12,809   -  576,554 
    Term deposits held by depository institutions                                  0            0   -    3,686 
    Other deposits held by depository institutions                         1,532,833   +   16,414   -  507,712 
    U.S. Treasury, General Account                                           264,581   -   30,388   -   47,588 
    Foreign official                                                           5,245   -        1   -       10 
    Other (12)                                                      (0)       55,916   +    1,166   -   17,558 
  Deferred availability cash items                                  (0)          279   -       54   +       17 
  Other liabilities and accrued dividends (13)                                 6,049   +      669   +       46 
                                                                                                               
Total liabilities                                                   (0)    3,821,035   -    4,327   -  476,954 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,575   +       13   +      762 
  Surplus                                                                      6,825            0   -      675 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,400   +       13   +       87 

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, May 22, 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                                             1,661          44          37          146         108         216         174         285          25          49         107         182         286
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,801,394      78,863   2,073,902       92,056     111,218     232,629     259,910     199,546      54,638      32,924      56,370     165,061     444,276
    Securities held outright (1)               3,681,344      76,374   2,008,433       89,150     107,707     225,285     251,705     193,239      52,911      31,855      54,588     159,848     430,249
      U.S. Treasury securities                 2,114,569      43,869   1,153,647       51,208      61,867     129,404     144,580     110,997      30,392      18,298      31,356      91,817     247,135
        Bills (2)                                     50           1          27            1           1           3           3           3           1           0           1           2           6
        Notes and bonds (3)                    2,114,519      43,868   1,153,620       51,206      61,865     129,401     144,576     110,994      30,391      18,297      31,355      91,815     247,130
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,564,428      32,456     853,506       37,885      45,771      95,737     106,965      82,119      22,485      13,537      23,198      67,929     182,839
    Unamortized premiums on securities held 
      outright (5)                               133,034       2,760      72,580        3,222       3,892       8,141       9,096       6,983       1,912       1,151       1,973       5,777      15,548
    Unamortized discounts on securities     
      held outright (5)                          -13,034        -270      -7,111         -316        -381        -798        -891        -684        -187        -113        -193        -566      -1,523
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             50           0           0            0           0           0           1           8           3          31           3           2           3
  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                     110           0           0            0           0           0         110           0           0           0           0           0           0
  Bank premises                                    2,197         108         458           81         119         193         207         192         105          95         229         220         192
  Central bank liquidity swaps (8)                    17           1           5            1           1           4           1           1           0           0           0           0           2
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,600         887       6,538        1,190       1,644       4,392       1,198         860         314          98         199         255       3,024
  Other assets (10)                               18,218         404       9,451          439         545       1,327       1,234         926         351         207         355         878       2,101
  Interdistrict settlement account                     0  +      414  -  101,646   -    7,584  +    2,837  -    3,550  +   23,181  +    5,949  +    6,058  +    2,469  +    1,969  +   20,669  +   49,234
                                                                                                                                                                                                         
Total assets                                   3,860,435      81,268   1,994,271       86,865     117,241     236,376     288,229     208,894      61,969      36,119      59,677     188,437     501,090

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, May 22, 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            1,883,751      57,726     621,112      54,425      89,748     129,160     259,230     122,259      55,962      31,256      50,350     158,334     254,191
    Less: Notes held by F.R. Banks               196,857       6,338      49,959       8,157       9,828      14,814      30,642      12,431       6,015       3,133       7,811      18,574      29,155
      Federal Reserve notes, net               1,686,894      51,388     571,153      46,268      79,920     114,345     228,588     109,828      49,946      28,123      42,539     139,760     225,036
  Reverse repurchase agreements (11)             269,238       5,586     146,889       6,520       7,877      16,476      18,409      14,133       3,870       2,330       3,992      11,691      31,467
  Deposits                                     1,858,574      22,319   1,260,428      32,320      25,990      96,555      38,408      82,997       7,378       5,154      12,571      36,208     238,246
    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                           1,532,833      22,310     971,619      32,317      25,960      96,268      38,373      46,631       7,372       5,102      12,539      36,101     238,240
    U.S. Treasury, General Account               264,581           0     264,581           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,245           2       5,217           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    55,916           7      19,011           1          27         278          33      36,364           5          52          31         107           1
  Deferred availability cash items                   279           0           0           0           0           0         113           0           0         166           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,116          24         583          27          32          49         111          60          26          11          26          67         100
  Other liabilities and accrued             
     dividends                                     4,933         167       2,049         199         210         564         316         312         134         145         155         223         459
                                                                                                                                                                                                        
Total liabilities                              3,821,035      79,483   1,981,102      85,334     114,029     227,990     285,945     207,329      61,353      35,929      59,283     187,949     495,308
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,575       1,491      11,003       1,136       2,667       6,931       1,887       1,279         512         157         328         403       4,780
  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                  3,860,435      81,268   1,994,271      86,865     117,241     236,376     288,229     208,894      61,969      36,119      59,677     188,437     501,090

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, May 22, 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   
                                                                                          May 22, 2019  

Federal Reserve notes outstanding                                                            1,883,751  
  Less: Notes held by F.R. Banks not subject to collateralization                              196,857  
    Federal Reserve notes to be collateralized                                               1,686,894  
Collateral held against Federal Reserve notes                                                1,686,894  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,670,657  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,681,344  
  Less: Face value of securities under reverse repurchase agreements                           259,180  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,422,164  

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.