FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks November 20, 2014

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

Nov 19, 2014 Nov 12, 2014 Nov 20, 2013

Wednesday

Nov 19, 2014

Reserve Bank credit 4,462,332 + 14,768 + 605,134 4,452,372

Securities held outright1 4,237,848 + 18,658 + 602,966 4,236,210

U.S. Treasury securities 2,461,614 + 19 + 318,071 2,461,622

Bills2 0 0 0 0

Notes and bonds, nominal2 2,346,713 0 + 306,851 2,346,713

Notes and bonds, inflation-indexed2 98,469 0 + 8,490 98,469

Inflation compensation3 16,433 + 20 + 2,730 16,440

Federal agency debt securities2 39,700 0 - 18,773 39,700

Mortgage-backed securities4 1,736,533 + 18,637 + 303,668 1,734,889

Unamortized premiums on securities held outright5 208,826 + 281 + 1,621 208,656

Unamortized discounts on securities held outright5 -18,610 + 33 - 9,131 -18,597

Repurchase agreements6 0 0 0 0

Loans 129 - 5 - 40 131

Primary credit 15 - 2 + 13 14

Secondary credit 0 0 0 0

Seasonal credit 114 - 4 + 47 117

Term Asset-Backed Securities Loan Facility7 0 0 - 100 0

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC8 1,679 0 + 162 1,681

Net portfolio holdings of Maiden Lane II LLC9 0 0 - 64 0

Net portfolio holdings of Maiden Lane III LLC9 0 0 - 22 0

Net portfolio holdings of TALF LLC10 0 0 - 110 0

Float -612 + 13 + 76 -587

Central bank liquidity swaps11 0 0 - 273 0

Other Federal Reserve assets12 33,072 - 4,211 + 9,947 24,878

Foreign currency denominated assets13 21,630 - 41 - 2,314 21,609

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding14 46,258 + 14 + 807 46,258

Total factors supplying reserve funds 4,546,462 + 14,742 + 603,628 4,536,481

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

Nov 19, 2014 Nov 12, 2014 Nov 20, 2013

Wednesday

Nov 19, 2014

Currency in circulation14 1,311,759 + 888 + 91,531 1,311,931

Reverse repurchase agreements15 222,710 + 16,336 + 117,976 267,000

Foreign official and international accounts 101,244 + 796 - 1,221 99,623

Others 121,466 + 15,540 + 119,196 167,377

Treasury cash holdings 193 - 4 - 15 184

Deposits with F.R. Banks, other than reserve balances 426,717 + 44,191 + 346,979 408,023

Term deposits held by depository institutions 307,723 + 45,621 + 307,723 307,723

U.S. Treasury, General Account 95,281 - 11,924 + 45,835 79,634

Foreign official 5,261 + 12 - 3,472 5,304

Other16 18,452 + 10,481 - 3,107 15,363

Other liabilities and capital17 64,911 + 1,257 + 536 63,032

Total factors, other than reserve balances,

absorbing reserve funds 2,026,291 + 62,669 + 557,008 2,050,171

Reserve balances with Federal Reserve Banks 2,520,171 - 47,928 + 46,619 2,486,310

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 and Federal agency debt securities, amortization is on a straight-line basis. For mortgage-backed securities,

amortization is on an effective-interest basis.

6. Cash value of agreements.

7. Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.

8. Refer to table 4 and the note on consolidation accompanying table 6.

9. 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. Refer to the note on consolidation accompanying table 6.

10. Refer to the note on consolidation accompanying table 6.

11. 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.

12. 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.

13. Revalued daily at current foreign currency exchange rates.

14. Estimated.

15. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

16. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated

financial market utilities.

17. Includes the liability for interest on Federal Reserve notes due to 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

Nov 19, 2014 Nov 12, 2014 Nov 20, 2013

Wednesday

Nov 19, 2014

Securities held in custody for foreign official and international

accounts 3,307,613 - 1,914 - 26,698 3,312,456

Marketable U.S. Treasury securities1 2,981,186 - 1,849 + 6,533 2,986,381

Federal agency debt and mortgage-backed securities2 284,614 - 190 - 32,219 284,255

Other securities3 41,813 + 124 - 1,013 41,821

Securities lent to dealers 9,533 + 408 - 1,440 10,028

Overnight facility4 9,533 + 408 - 1,440 10,028

U.S. Treasury securities 8,843 + 368 - 1,022 9,313

Federal agency debt securities 690 + 40 - 418 715

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, November 19, 2014

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 131 0 0 0 0 ... 131

U.S. Treasury securities1

Holdings 0 4 3,517 1,098,897 700,726 658,478 2,461,622

Weekly changes - 88 + 2 + 324 + 34,232 - 29,084 - 5,366 + 20

Federal agency debt securities2

Holdings 1,023 1,800 3,933 30,597 0 2,347 39,700

Weekly changes 0 0 + 1,202 - 1,202 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 12 5,659 1,729,217 1,734,889

Weekly changes 0 0 0 + 2 + 338 + 16,653 + 16,993

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

Central bank liquidity swaps5 0 0 0 0 0 0 0

Reverse repurchase agreements4 267,000 0 ... ... ... ... 267,000

Term deposits 307,723 0 0 ... ... ... 307,723

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 Nov 19, 2014

Mortgage-backed securities held outright1 1,734,889

Commitments to buy mortgage-backed securities2 37,144

Commitments to sell mortgage-backed securities2 300

Cash and cash equivalents3 48

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 Nov 19, 2014

Net portfolio holdings of Maiden Lane LLC1 1,681

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. Revalued quarterly. This table reflects valuations as of September 30, 2014. Any assets purchased after

this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.

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

Nov 19, 2014 Nov 12, 2014 Nov 20, 2013

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,859 - 24 - 102

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,426,401 + 17,280 + 585,375

Securities held outright1 4,236,210 + 17,013 + 592,995

U.S. Treasury securities 2,461,622 + 20 + 310,665

Bills2 0 0 0

Notes and bonds, nominal2 2,346,713 0 + 299,448

Notes and bonds, inflation-indexed2 98,469 0 + 8,490

Inflation compensation3 16,440 + 20 + 2,727

Federal agency debt securities2 39,700 0 - 18,672

Mortgage-backed securities4 1,734,889 + 16,993 + 301,003

Unamortized premiums on securities held outright5 208,656 + 231 + 1,244

Unamortized discounts on securities held outright5 -18,597 + 35 - 8,831

Repurchase agreements6 0 0 0

Loans 131 0 - 35

Net portfolio holdings of Maiden Lane LLC7 1,681 + 2 + 164

Net portfolio holdings of Maiden Lane II LLC8 0 0 - 63

Net portfolio holdings of Maiden Lane III LLC8 0 0 - 22

Net portfolio holdings of TALF LLC9 0 0 - 110

Items in process of collection (0) 91 - 32 + 5

Bank premises 2,265 + 4 - 23

Central bank liquidity swaps10 0 0 - 273

Foreign currency denominated assets11 21,609 - 55 - 2,304

Other assets12 22,617 - 13,311 + 3,493

Total assets (0) 4,492,759 + 3,864 + 586,139

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

Nov 19, 2014 Nov 12, 2014 Nov 20, 2013

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,267,712 - 1,233 + 90,770

Reverse repurchase agreements13 267,000 + 55,430 + 160,527

Deposits (0) 2,894,338 - 49,509 + 335,082

Term deposits held by depository institutions 307,723 + 45,621 + 307,723

Other deposits held by depository institutions 2,486,314 - 84,382 + 16,134

U.S. Treasury, General Account 79,634 - 15,374 + 31,763

Foreign official 5,304 + 55 - 3,431

Other14 (0) 15,363 + 4,571 - 17,107

Deferred availability cash items (0) 678 - 503 + 2

Other liabilities and accrued dividends15 6,466 - 388 - 1,909

Total liabilities (0) 4,436,193 + 3,797 + 584,472

Capital accounts

Capital paid in 28,283 + 33 + 833

Surplus 28,283 + 33 + 833

Other capital accounts 0 0 0

Total capital 56,566 + 67 + 1,667

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 and Federal agency debt securities, amortization is on a straight-line basis. For 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. 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. Refer to the note on consolidation accompanying table 6.

9. Refer to the note on consolidation accompanying table 6.

10. 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.

11. Revalued daily at current foreign currency exchange rates.

12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated

financial market utilities.

15. Includes the liability for interest on Federal Reserve notes due to U.S. Treasury.
H.4.1

6. Statement of Condition of Each Federal Reserve Bank, November 19, 2014

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 11,037 352 4,125 338 464 824 1,349 706 278 173 291 880 1,257

Special drawing rights certificate acct. 5,200 196 1,818 210 237 412 654 424 150 90 153 282 574

Coin 1,859 31 82 123 118 307 205 276 19 44 149 177 327

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,426,401 89,536 2,716,684 106,040 96,641 247,387 244,696 180,915 54,596 27,200 58,326 134,877 469,504

Securities held outright1 4,236,210 85,691 2,600,032 101,487 92,491 236,765 234,175 173,140 52,251 25,961 55,801 129,078 449,339

U.S. Treasury securities 2,461,622 49,794 1,510,854 58,973 53,746 137,582 136,077 100,610 30,362 15,086 32,425 75,006 261,107

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

Notes and bonds3 2,461,622 49,794 1,510,854 58,973 53,746 137,582 136,077 100,610 30,362 15,086 32,425 75,006 261,107

Federal agency debt securities2 39,700 803 24,366 951 867 2,219 2,195 1,623 490 243 523 1,210 4,211

Mortgage-backed securities4 1,734,889 35,094 1,064,811 41,563 37,879 96,964 95,904 70,907 21,399 10,632 22,853 52,863 184,021

Unamortized premiums on securities 

held outright5 208,656 4,221 128,066 4,999 4,556 11,662 11,534 8,528 2,574 1,279 2,748 6,358 22,132

Unamortized discounts on securities 

held outright5 -18,597 -376 -11,414 -446 -406 -1,039 -1,028 -760 -229 -114 -245 -567 -1,973

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

Loans 131 0 1 0 0 0 15 7 1 74 21 7 5

Net portfolio holdings of Maiden

Lane LLC7 1,681 0 1,681 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

Lane II LLC8 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of Maiden

Lane III LLC8 0 0 0 0 0 0 0 0 0 0 0 0 0

Net portfolio holdings of TALF LLC9 0 0 0 0 0 0 0 0 0 0 0 0 0

Items in process of collection 91 0 0 0 0 0 91 0 0 0 0 0 0

Bank premises 2,265 122 440 74 110 221 212 198 123 96 242 224 201

Central bank liquidity swaps10 0 0 0 0 0 0 0 0 0 0 0 0 0

Foreign currency denominated

assets11 21,609 983 6,951 1,624 1,718 4,505 1,242 597 182 91 227 361 3,126

Other assets12 22,617 485 13,569 664 488 1,398 1,229 906 314 164 317 757 2,327

Interdistrict settlement account 0 + 21,674 - 67,820 - 94 + 11,907 - 19,023 + 1,093 - 8,857 - 7,252 + 569 - 2,270 + 12,010 + 58,062

Total assets 4,492,759 113,379 2,677,530 108,980 111,684 236,032 250,771 175,164 48,409 28,428 57,435 149,568 535,378

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, November 19, 2014 (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 1,458,154 44,577 479,669 45,075 68,279 103,207 214,142 99,658 40,229 21,694 36,981 118,963 185,680

Less: Notes held by F.R. Banks 190,442 5,076 65,746 5,412 8,708 11,813 22,594 10,587 4,855 3,592 5,315 19,599 27,146

Federal Reserve notes, net 1,267,712 39,501 413,923 39,663 59,571 91,394 191,548 89,071 35,375 18,102 31,666 99,364 158,534

Reverse repurchase agreements13 267,000 5,401 163,875 6,396 5,830 14,923 14,760 10,913 3,293 1,636 3,517 8,136 28,321

Deposits 2,894,338 65,696 2,078,437 59,502 41,570 116,463 40,189 73,295 9,046 8,189 21,502 40,990 339,458

Term deposits held by depository

institutions 307,723 75 229,031 27,300 3,308 26 590 16,365 320 114 3,698 2,605 24,291

Other deposits held by depository

institutions 2,486,314 65,614 1,749,362 32,172 38,258 116,252 39,590 56,922 8,726 8,075 17,802 38,382 315,159

U.S. Treasury, General Account 79,634 0 79,634 0 0 0 0 0 0 0 0 0 0

Foreign official 5,304 2 5,277 3 3 8 2 1 0 0 0 1 6

Other14 15,363 6 15,134 28 0 176 7 7 0 0 1 2 2

Deferred availability cash items 678 0 0 0 0 0 548 0 0 130 0 0 0

Interest on Federal Reserve notes due

to U.S. Treasury15 1,852 35 1,235 7 36 36 109 79 22 10 22 60 202

Other liabilities and accrued

dividends16 4,614 183 1,665 217 231 612 365 277 142 122 127 201 473

Total liabilities 4,436,193 110,816 2,659,134 105,787 107,236 223,427 247,519 173,636 47,879 28,188 56,835 148,751 526,987

Capital

Capital paid in 28,283 1,282 9,198 1,597 2,224 6,302 1,626 764 265 120 300 409 4,195

Surplus 28,283 1,282 9,198 1,597 2,224 6,302 1,626 764 265 120 300 409 4,195

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

Total liabilities and capital 4,492,759 113,379 2,677,530 108,980 111,684 236,032 250,771 175,164 48,409 28,428 57,435 149,568 535,378

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, November 19, 2014 (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 and Federal agency debt

securities, amortization is on a straight-line basis. For 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. 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. Refer to

the note on consolidation below.

9. Refer to the note on consolidation below.

10. 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.

11. Revalued daily at current foreign currency exchange rates.

12. Includes accrued interest, which represents the daily accumulation of interest earned, and other accounts receivable.

13. Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.

14. Includes deposits held at the Reserve Banks by international and multilateral organizations, government-sponsored enterprises, and designated financial market utilities.

15. Represents the estimated weekly remittances to U.S. Treasury as interest on Federal Reserve notes or, in those cases where the Reserve Bank’s net earnings are not sufficient to equate surplus

to capital paid-in, the deferred asset for interest on Federal Reserve notes. The amount of any deferred asset, which is presented as a negative amount in this line, represents the amount of the

Federal Reserve Bank’s earnings that must be retained before remittances to the U.S. Treasury resume. The amounts on this line are calculated in accordance with Board of Governors policy,

which requires the Federal Reserve Banks to remit residual earnings to the U.S. Treasury as interest on Federal Reserve notes after providing for the costs of operations, payment of dividends,

and the amount necessary to equate surplus with capital paid-in.

Note on consolidation:

The Federal Reserve Bank of New York (FRBNY) extended loans to several limited liability companies under the authority of section 13(3) of the Federal Reserve Act. On June 26, 2008, a loan was

extended to Maiden Lane LLC, which was formed to acquire certain assets of Bear Stearns. On June 14, 2012, the remaining outstanding balance of the senior loan from FRBNY to Maiden Lane

LLC was repaid in full, with interest. On November 15, 2012, the remaining outstanding balance of the subordinated loan from JPMorgan Chase & Co. to Maiden Lane LLC was repaid in full, with

interest. On November 25, 2008, a loan was extended to Maiden Lane III LLC, which was formed to purchase multi-sector collateralized debt obligations on which the Financial Products group of the

American International Group, Inc. had written credit default swap contracts. On June 14, 2012, the loan from FRBNY to Maiden Lane III was repaid in full, with interest. On December 12, 2008, a

loan was extended to Maiden Lane II LLC, which was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American

International Group, Inc. On March 1, 2012, the loan from FRBNY to Maiden Lane II was repaid in full, with interest. On November 25, 2008, the Federal Reserve Board authorized the FRBNY to

extend credit to TALF LLC, which was formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a loan

extended under the Term Asset-Backed Securities Loan Facility. On January 15, 2013 the FRBNY’s commitment to extend credit to TALF LLC was eliminated.

The FRBNY was the primary beneficiary of TALF LLC, because of the two beneficiaries of the LLC, the FRBNY and the U.S. Treasury, the FRBNY was primarily responsible for directing the financial activities of

TALF LLC. The FRBNY was the primary beneficiary of the other LLCs cited above because it received a majority of any residual returns of the LLCs and absorbed a majority of any residual losses of the LLCs.

Consistent with generally accepted accounting principles, the assets and liabilities of these LLCs were consolidated with the assets and liabilities of the FRBNY in the preparation of the statements of condition

shown on this release. As a consequence of the consolidation, the extensions of credit from the FRBNY to the LLCs were eliminated, the net assets of the LLCs appeared as assets on the previous page (and in

table 1 and table 5), and the liabilities of the LLCs to entities other than the FRBNY, including those with recourse only to the portfolio holdings of the LLCs, 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 Nov 19, 2014

Federal Reserve notes outstanding 1,458,154

Less: Notes held by F.R. Banks not subject to collateralization 190,442

Federal Reserve notes to be collateralized 1,267,712

Collateral held against Federal Reserve notes 1,267,712

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,251,475

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,236,210

Less: Face value of securities under reverse repurchase agreements 250,600

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,985,610

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.