FEDERAL RESERVE statistical release

For Release at

4:30 P.M. EDT

June 28, 2018

Publication Note

The Board’s H.4.1 statistical release, “Factors Affecting Reserve Balances of Depository

Institutions and Condition Statement of Federal Reserve Banks,” has been modified to reflect the

policies under which Federal Reserve Banks make payments of their residual net earnings to the

U.S. Treasury. The “Economic Growth, Regulatory Relief, and Consumer Protection Act”

(“Act”), which was enacted on May 24, 2018, requires that aggregate Federal Reserve Bank

capital surplus not exceed $6.825 billion. Therefore, any amount of aggregate Federal Reserve

Bank capital surplus that exceeds this limit will be remitted to the U.S. Treasury.

The amounts of the line items “Other liabilities and capital” on table 1, and “Surplus” on tables 5

and 6 reflect the lump-sum payment of approximately $675 million to the Treasury on June 21,

2018, which was necessary to reduce aggregate Reserve Bank capital surplus to the $6.825

billion limitation in the Act.
FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and

Condition Statement of Federal Reserve Banks June 28, 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

Jun 27, 2018 Jun 20, 2018 Jun 28, 2017

Wednesday

Jun 27, 2018

Reserve Bank credit 4,272,520 - 6,978 - 158,545 4,265,630

Securities held outright1 4,107,740 - 6,797 - 141,940 4,101,930

U.S. Treasury securities 2,378,203 + 125 - 86,811 2,378,250

Bills2 0 0 0 0

Notes and bonds, nominal2 2,242,161 0 - 96,055 2,242,161

Notes and bonds, inflation-indexed2 114,860 0 + 6,734 114,860

Inflation compensation3 21,183 + 126 + 2,512 21,229

Federal agency debt securities2 2,409 0 - 5,688 2,409

Mortgage-backed securities4 1,727,127 - 6,923 - 49,442 1,721,271

Unamortized premiums on securities held outright5 149,999 - 558 - 16,357 149,733

Unamortized discounts on securities held outright5 -13,936 + 29 + 809 -13,924

Repurchase agreements6 0 0 0 0

Loans 166 + 31 + 33 181

Primary credit 7 - 1 - 23 7

Secondary credit 0 0 0 0

Seasonal credit 159 + 32 + 56 174

Other credit extensions 0 0 0 0

Net portfolio holdings of Maiden Lane LLC7 1,713 0 + 4 1,710

Float -222 - 62 + 62 -568

Central bank liquidity swaps8 90 - 5 + 55 90

Other Federal Reserve assets9 26,971 + 385 - 1,211 26,479

Foreign currency denominated assets10 21,173 + 62 + 544 21,093

Gold stock 11,041 0 0 11,041

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

Treasury currency outstanding11 49,685 + 14 + 713 49,685

Total factors supplying reserve funds 4,359,620 - 6,901 - 157,287 4,352,650

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

Jun 27, 2018 Jun 20, 2018 Jun 28, 2017

Wednesday

Jun 27, 2018

Currency in circulation11 1,662,240 + 1,319 + 106,340 1,665,308

Reverse repurchase agreements12 252,519 + 4,262 - 195,613 260,837

Foreign official and international accounts 245,454 - 2,142 + 6,059 240,157

Others 7,065 + 6,404 - 201,672 20,680

Treasury cash holdings 213 - 18 + 15 198

Deposits with F.R. Banks, other than reserve balances 459,299 + 20,381 + 156,902 441,059

Term deposits held by depository institutions 0 0 0 0

U.S. Treasury, General Account 373,940 + 21,163 + 165,575 362,175

Foreign official 5,256 + 1 + 91 5,256

Other13 80,103 - 782 - 8,764 73,629

Other liabilities and capital14 44,501 - 1,710 - 3,038 44,332

Total factors, other than reserve balances,

absorbing reserve funds 2,418,773 + 24,235 + 64,607 2,411,734

Reserve balances with Federal Reserve Banks 1,940,847 - 31,136 - 221,895 1,940,916

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

Jun 27, 2018 Jun 20, 2018 Jun 28, 2017

Wednesday

Jun 27, 2018

Securities held in custody for foreign official and international

accounts 3,399,649 - 4,039 + 91,705 3,407,585

Marketable U.S. Treasury securities1 3,038,415 - 3,493 + 52,934 3,045,893

Federal agency debt and mortgage-backed securities2 289,101 - 475 + 28,577 289,473

Other securities3 72,132 - 73 + 10,193 72,219

Securities lent to dealers 20,937 + 889 - 4,198 20,180

Overnight facility4 20,937 + 889 - 4,198 20,180

U.S. Treasury securities 20,937 + 889 - 4,197 20,180

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, 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, June 27, 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 162 20 0 0 0 ... 181

U.S. Treasury securities1

Holdings 30,454 75,435 305,421 1,051,171 296,305 619,464 2,378,250

Weekly changes 0 + 1 + 2 + 19 + 44 + 60 + 126

Federal agency debt securities2

Holdings 0 0 62 0 0 2,347 2,409

Weekly changes 0 0 0 0 0 0 0

Mortgage-backed securities3

Holdings 0 0 0 143 39,174 1,681,954 1,721,271

Weekly changes 0 0 0 - 4 - 707 - 9,505 - 10,217

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

Central bank liquidity swaps5 90 0 0 0 0 0 90

Reverse repurchase agreements4 260,837 0 ... ... ... ... 260,837

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 Jun 27, 2018

Mortgage-backed securities held outright1 1,721,271

Commitments to buy mortgage-backed securities2 9,760

Commitments to sell mortgage-backed securities2 0

Cash and cash equivalents3 22

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 Jun 27, 2018

Net portfolio holdings of Maiden Lane LLC1 1,710

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

Jun 27, 2018 Jun 20, 2018 Jun 28, 2017

Assets

Gold certificate account 11,037 0 0

Special drawing rights certificate account 5,200 0 0

Coin 1,773 - 3 - 46

Securities, unamortized premiums and discounts,

repurchase agreements, and loans 4,237,919 - 10,600 - 157,029

Securities held outright1 4,101,930 - 10,091 - 141,492

U.S. Treasury securities 2,378,250 + 126 - 86,796

Bills2 0 0 0

Notes and bonds, nominal2 2,242,161 0 - 96,055

Notes and bonds, inflation-indexed2 114,860 0 + 6,734

Inflation compensation3 21,229 + 126 + 2,526

Federal agency debt securities2 2,409 0 - 5,688

Mortgage-backed securities4 1,721,271 - 10,217 - 49,009

Unamortized premiums on securities held outright5 149,733 - 558 - 16,335

Unamortized discounts on securities held outright5 -13,924 + 30 + 809

Repurchase agreements6 0 0 0

Loans 181 + 19 - 11

Net portfolio holdings of Maiden Lane LLC7 1,710 - 3 + 1

Items in process of collection (0) 189 + 98 + 96

Bank premises 2,188 - 1 - 9

Central bank liquidity swaps8 90 - 5 + 55

Foreign currency denominated assets9 21,093 - 20 + 359

Other assets10 24,291 + 128 - 1,285

Total assets (0) 4,305,491 - 10,405 - 157,856

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

Jun 27, 2018 Jun 20, 2018 Jun 28, 2017

Liabilities

Federal Reserve notes, net of F.R. Bank holdings 1,617,589 + 3,559 + 105,403

Reverse repurchase agreements11 260,837 + 17,112 - 244,028

Deposits (0) 2,381,975 - 30,037 - 16,161

Term deposits held by depository institutions 0 0 0

Other deposits held by depository institutions 1,940,916 - 11,227 - 177,192

U.S. Treasury, General Account 362,175 - 17,915 + 164,578

Foreign official 5,256 + 1 + 91

Other12 (0) 73,629 - 894 - 3,637

Deferred availability cash items (0) 758 + 569 - 78

Other liabilities and accrued dividends13 5,431 - 932 - 1,050

Total liabilities (0) 4,266,589 - 9,730 - 155,915

Capital accounts

Capital paid in 32,076 0 + 1,233

Surplus 6,825 - 675 - 3,175

Other capital accounts 0 0 0

Total capital 38,901 - 675 - 1,942

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, June 27, 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 1,773 38 43 170 115 256 192 288 26 48 104 190 304

Securities, unamortized premiums and

discounts, repurchase agreements,

and loans 4,237,919 80,936 2,339,560 106,994 120,147 250,773 254,394 226,995 56,494 35,409 66,714 175,230 524,273

Securities held outright1 4,101,930 78,343 2,264,583 103,565 116,291 242,736 246,226 219,690 54,610 34,231 64,574 169,614 507,467

U.S. Treasury securities 2,378,250 45,422 1,312,978 60,046 67,424 140,736 142,759 127,374 31,662 19,846 37,439 98,340 294,223

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

Notes and bonds3 2,378,250 45,422 1,312,978 60,046 67,424 140,736 142,759 127,374 31,662 19,846 37,439 98,340 294,223

Federal agency debt securities2 2,409 46 1,330 61 68 143 145 129 32 20 38 100 298

Mortgage-backed securities4 1,721,271 32,874 950,275 43,458 48,799 101,858 103,322 92,188 22,916 14,364 27,097 71,174 212,946

Unamortized premiums on securities 

held outright5 149,733 2,860 82,664 3,780 4,245 8,861 8,988 8,019 1,993 1,250 2,357 6,191 18,524

Unamortized discounts on securities 

held outright5 -13,924 -266 -7,687 -352 -395 -824 -836 -746 -185 -116 -219 -576 -1,723

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

Loans 181 0 0 0 6 0 16 31 76 45 2 0 5

Net portfolio holdings of Maiden

Lane LLC7 1,710 0 1,710 0 0 0 0 0 0 0 0 0 0

Items in process of collection 189 0 0 0 0 0 189 0 0 0 0 0 0

Bank premises 2,188 110 443 74 119 196 203 199 107 95 234 220 190

Central bank liquidity swaps8 90 4 28 5 7 19 5 4 1 0 1 1 13

Foreign currency denominated

assets9 21,093 898 6,650 1,198 1,702 4,556 1,219 894 304 97 209 261 3,104

Other assets10 24,291 497 12,929 611 697 1,642 1,467 1,280 385 253 445 1,101 2,984

Interdistrict settlement account 0 + 9,786 + 73,562 - 6,347 - 1,073 - 7,380 + 26,365 - 19,515 - 2,256 - 951 - 5,058 - 6,962 - 60,168

Total assets 4,305,491 92,827 2,440,370 103,264 122,496 251,247 286,178 211,308 55,545 35,240 63,108 171,226 472,679

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, June 27, 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 1,791,274 59,002 606,017 53,826 87,360 125,050 260,279 113,134 51,881 30,361 47,009 139,463 217,893

Less: Notes held by F.R. Banks 173,685 5,839 44,040 6,675 9,229 13,804 27,367 11,796 5,473 3,021 5,422 15,955 25,064

Federal Reserve notes, net 1,617,589 53,163 561,977 47,150 78,131 111,246 232,913 101,338 46,408 27,340 41,587 123,508 192,829

Reverse repurchase agreements11 260,837 4,982 144,002 6,586 7,395 15,435 15,657 13,970 3,473 2,177 4,106 10,786 32,269

Deposits 2,381,975 32,848 1,719,956 47,044 33,617 115,576 34,761 94,021 4,931 4,826 16,878 36,166 241,351

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 1,940,916 32,805 1,330,609 47,041 33,552 115,234 34,726 43,085 4,927 4,705 16,865 36,023 241,344

U.S. Treasury, General Account 362,175 0 362,175 0 0 0 0 0 0 0 0 0 0

Foreign official 5,256 2 5,228 2 3 9 2 2 1 0 0 0 6

Other12 73,629 42 21,944 1 62 333 33 50,934 4 120 12 143 2

Deferred availability cash items 758 0 0 0 0 0 193 0 0 565 0 0 0

Earnings remittances due to the U.S.

Treasury13 1,120 21 561 27 38 59 95 64 15 13 19 65 145

Other liabilities and accrued

dividends 4,311 180 1,513 201 211 572 326 290 131 143 144 222 376

Total liabilities 4,266,589 91,194 2,428,009 101,009 119,392 242,888 283,945 209,682 54,958 35,063 62,733 170,746 466,969

Capital

Capital paid in 32,076 1,343 10,210 1,868 2,553 6,885 1,838 1,337 489 145 308 396 4,705

Surplus 6,825 290 2,151 388 551 1,474 394 289 98 31 68 84 1,005

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

Total liabilities and capital 4,305,491 92,827 2,440,370 103,264 122,496 251,247 286,178 211,308 55,545 35,240 63,108 171,226 472,679

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, June 27, 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 $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. 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 Jun 27, 2018

Federal Reserve notes outstanding 1,791,274

Less: Notes held by F.R. Banks not subject to collateralization 173,685

Federal Reserve notes to be collateralized 1,617,589

Collateral held against Federal Reserve notes 1,617,589

Gold certificate account 11,037

Special drawing rights certificate account 5,200

U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,601,352

Other assets pledged 0

Memo:

Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 4,101,930

Less: Face value of securities under reverse repurchase agreements 258,015

U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 3,843,915

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.