FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                 January 17, 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  Jan 16, 2019 
Federal Reserve Banks                                     Jan 16, 2019  Jan 9, 2019 Jan 17, 2018              

Reserve Bank credit                                         4,015,961   -      866   -  388,161    4,010,725  
  Securities held outright (1)                              3,860,049   -    1,934   -  366,151    3,855,356  
    U.S. Treasury securities                                2,221,749   -      701   -  226,117    2,220,219  
      Bills (2)                                                     0            0            0            0  
      Notes and bonds, nominal (2)                          2,083,586            0   -  235,360    2,083,586  
      Notes and bonds, inflation-indexed (2)                  116,037   -      508   +    6,655      114,769  
      Inflation compensation (3)                               22,125   -      194   +    2,587       21,863  
    Federal agency debt securities (2)                          2,409            0   -    1,982        2,409  
    Mortgage-backed securities (4)                          1,635,891   -    1,232   -  138,051    1,632,729  
  Unamortized premiums on securities held outright (5)        139,592   -      264   -   18,863      139,410  
  Unamortized discounts on securities held outright (5)       -13,367   +       31   +      735      -13,354  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            15   +        8   -       33           15  
    Primary credit                                                 14   +        7   -       32           12  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                 1   +        1   -        2            3  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,715            0  
  Float                                                          -202   -        5   +       47         -108  
  Central bank liquidity swaps (8)                                 88   -      587   -       30           88  
  Other Federal Reserve assets (9)                             29,786   +    1,884   -    2,151       29,318  
Foreign currency denominated assets (10)                       21,087   +       19   -      568       20,997  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,901   +       14   +      490       49,901  
                                                                                                              
Total factors supplying reserve funds                       4,103,190   -      833   -  388,238    4,097,864  

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  Jan 16, 2019 
Federal Reserve Banks                                     Jan 16, 2019  Jan 9, 2019 Jan 17, 2018              

Currency in circulation (11)                                 1,706,879   -    8,685   +   96,232    1,705,632 
Reverse repurchase agreements (12)                             262,233   +      216   +    1,398      255,955 
  Foreign official and international accounts                  260,405   +    1,804   +   22,785      254,639 
  Others                                                         1,829   -    1,587   -   21,386        1,316 
Treasury cash holdings                                             223   +        8   -        5          235 
Deposits with F.R. Banks, other than reserve balances          424,749   -    7,709   +  103,957      466,184 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               351,180   -    5,518   +  123,515      396,414 
  Foreign official                                               5,247   -       17   -        6        5,243 
  Other (13)                                                    68,322   -    2,173   -   19,551       64,527 
Other liabilities and capital (14)                              44,968   +    1,585   -    4,059       44,357 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,439,052   -   14,584   +  197,523    2,472,363 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,664,138   +   13,751   -  585,761    1,625,501 

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  Jan 16, 2019 
                                                          Jan 16, 2019  Jan 9, 2019 Jan 17, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,403,279   +    7,635   +   47,741    3,410,003 
  Marketable U.S. Treasury securities (1)                    3,027,819   +    5,490   +   12,780    3,033,022 
  Federal agency debt and mortgage-backed securities (2)       307,909   +      758   +   46,090      308,544 
  Other securities (3)                                          67,551   +    1,386   -   11,130       68,437 
Securities lent to dealers                                      21,188   -    3,287   +      789       18,086 
  Overnight facility (4)                                        21,188   -    3,287   +      789       18,086 
    U.S. Treasury securities                                    21,188   -    3,287   +      789       18,086 
    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, January 16, 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                                           13             2             0             0             0           ...            15 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                  14,191        78,611       292,515       955,556       260,811       618,535     2,220,219 
  Weekly changes                        +   12,101    -   14,011    +    2,293    -    2,489    -       38    -       50    -    2,193 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0            62             0             0             0         2,347         2,409 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             4           215        65,268     1,567,241     1,632,729 
  Weekly changes                                 0             0             0    -        3    -      358    -    4,034    -    4,394 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                88             0             0             0             0             0            88 
                                                                                                                                       
Reverse repurchase agreements (4)          255,955             0           ...           ...           ...           ...       255,955 
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   
                                                                                                                      Jan 16, 2019  

Mortgage-backed securities held outright (1)                                                                             1,632,729  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              353  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                    0  



1.  Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. The current face value shown is the              
    remaining principal balance of the securities.                                                      
2.  Current face value. Generally settle within 180 days and include commitments associated with            
    outright transactions, dollar rolls, and coupon swaps.                                              
3.  This amount is included in other Federal Reserve assets in table 1 and in other assets in table 4       
    and table 5.                                                                                        







4. Consolidated Statement of Condition of All Federal Reserve Banks
Millions of dollars
Assets, liabilities, and capital                         Eliminations     Wednesday         Change since       
                                                             from       Jan 16, 2019   Wednesday    Wednesday  
                                                        consolidation                 Jan 9, 2019 Jan 17, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,768   +       23   -      148  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,981,427   -    6,926   -  384,559  
    Securities held outright (1)                                          3,855,356   -    6,588   -  366,393  
      U.S. Treasury securities                                            2,220,219   -    2,193   -  226,790  
        Bills (2)                                                                 0            0            0  
        Notes and bonds, nominal (2)                                      2,083,586            0   -  236,715  
        Notes and bonds, inflation-indexed (2)                              114,769   -    1,776   +    7,266  
        Inflation compensation (3)                                           21,863   -      418   +    2,658  
      Federal agency debt securities (2)                                      2,409            0   -    1,982  
      Mortgage-backed securities (4)                                      1,632,729   -    4,394   -  137,620  
    Unamortized premiums on securities held outright  
    (5)                                                                     139,410   -      379   -   18,842  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,354   +       33   +      759  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        15   +        8   -       83  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,715  
  Items in process of collection                                   (0)          209   +       20   +      107  
  Bank premises                                                               2,204   +        2   -        3  
  Central bank liquidity swaps (8)                                               88   +        2   -       30  
  Foreign currency denominated assets (9)                                    20,997   -      162   -      770  
  Other assets (10)                                                          27,114   +      522   -    1,984  
                                                                                                               
Total assets                                                       (0)    4,050,044   -    6,519   -  389,101  

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       Jan 16, 2019   Wednesday    Wednesday  
                                                        consolidation                 Jan 9, 2019 Jan 17, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,657,729   -    6,291   +   94,722 
  Reverse repurchase agreements (11)                                         255,955   -    4,486   -    4,804 
  Deposits                                                          (0)    2,091,685   +    3,992   -  475,313 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,625,501   -   38,685   -  608,951 
    U.S. Treasury, General Account                                           396,414   +   46,971   +  139,694 
    Foreign official                                                           5,243   -        2   -       10 
    Other (12)                                                      (0)       64,527   -    4,292   -    6,047 
  Deferred availability cash items                                  (0)          317   -       53   +       70 
  Other liabilities and accrued dividends (13)                                 5,223   +      316   -    1,505 
                                                                                                               
Total liabilities                                                   (0)    4,010,910   -    6,520   -  386,830 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,308            0   +      903 
  Surplus                                                                      6,825            0   -    3,175 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,133            0   -    2,272 

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, January 16, 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         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                                             1,768          43          41          152         127         236         194         292          31          47         113         200         293
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,981,427      76,041   2,198,050      100,522     112,874     235,605     238,991     213,238      53,006      33,225      62,677     164,640     492,559
    Securities held outright (1)               3,855,356      73,633   2,128,456       97,340     109,301     228,145     231,425     206,485      51,328      32,173      60,692     159,418     476,962
      U.S. Treasury securities                 2,220,219      42,404   1,225,733       56,056      62,944     131,384     133,273     118,910      29,558      18,528      34,952      91,806     274,672
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,220,219      42,404   1,225,733       56,056      62,944     131,384     133,273     118,910      29,558      18,528      34,952      91,806     274,672
      Federal agency debt securities (2)           2,409          46       1,330           61          68         143         145         129          32          20          38         100         298
      Mortgage-backed securities (4)           1,632,729      31,183     901,393       41,223      46,288      96,619      98,007      87,445      21,737      13,625      25,703      67,513     201,992
    Unamortized premiums on securities held 
      outright (5)                               139,410       2,663      76,965        3,520       3,952       8,250       8,368       7,467       1,856       1,163       2,195       5,765      17,247
    Unamortized discounts on securities     
      held outright (5)                          -13,354        -255      -7,372         -337        -379        -790        -802        -715        -178        -111        -210        -552      -1,652
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             15           1           1            0           0           0           0           2           0           0           0           9           2
  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                     209           0           0            0           0           0         208           0           0           0           0           0           0
  Bank premises                                    2,204         110         456           82         118         195         206         194         106          95         232         221         192
  Central bank liquidity swaps (8)                    88           4          28            5           7          19           5           4           1           0           1           1          13
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,997         893       6,620        1,192       1,695       4,535       1,213         890         303          96         208         260       3,090
  Other assets (10)                               27,114         547      14,494          679         784       1,837       1,629       1,425         448         260         487       1,207       3,317
  Interdistrict settlement account                     0  +    4,121  -   69,059   -      710  +    2,706  +    9,247  +   36,141  -    3,963  +    8,702  +    2,635  +      363  +    9,465  +      352
                                                                                                                                                                                                         
Total assets                                   4,050,044      82,319   2,156,075      102,483     119,091     252,859     280,733     213,241      63,081      36,647      64,540     177,180     501,795

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, January 16, 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            1,863,049      57,900     617,452      54,892      89,129     126,182     261,141     121,832      55,996      31,497      49,902     150,502     246,624
    Less: Notes held by F.R. Banks               205,320       6,354      53,886       6,884       9,607      14,684      31,392      15,091       5,637       2,939       6,264      19,098      33,484
      Federal Reserve notes, net               1,657,729      51,545     563,566      48,008      79,522     111,498     229,750     106,741      50,359      28,558      43,638     131,404     213,139
  Reverse repurchase agreements (11)             255,955       4,888     141,307       6,462       7,256      15,146      15,364      13,708       3,408       2,136       4,029      10,584      31,665
  Deposits                                     2,091,685      24,021   1,436,662      45,551      28,974     117,279      32,781      90,798       8,571       5,495      16,358      34,454     250,742
    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                           1,625,501      24,006   1,014,771      45,548      28,946     116,946      32,746      47,069       8,564       5,441      16,346      34,384     250,735
    U.S. Treasury, General Account               396,414           0     396,414           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,243           2       5,216           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    64,527          14      20,261           1          25         325          32      43,727           6          54          12          69           1
  Deferred availability cash items                   317           0           0           0           0           0         192           0           0         125           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   725          10         421          11          21           5          74          40          14           9           3          52          66
  Other liabilities and accrued             
     dividends                                     4,498         171       1,707         195         186         561         298         315         137         138         145         215         431
                                                                                                                                                                                                        
Total liabilities                              4,010,910      80,636   2,143,663     100,227     115,959     244,490     278,458     211,602      62,489      36,462      64,173     176,708     496,043
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,308       1,393      10,260       1,868       2,581       6,895       1,881       1,350         493         154         299         388       4,747
  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                  4,050,044      82,319   2,156,075     102,483     119,091     252,859     280,733     213,241      63,081      36,647      64,540     177,180     501,795

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, January 16, 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   
                                                                                          Jan 16, 2019  

Federal Reserve notes outstanding                                                            1,863,049  
  Less: Notes held by F.R. Banks not subject to collateralization                              205,320  
    Federal Reserve notes to be collateralized                                               1,657,729  
Collateral held against Federal Reserve notes                                                1,657,729  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,641,492  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,855,356  
  Less: Face value of securities under reverse repurchase agreements                           252,968  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,602,388  

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.