FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                     June 6, 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   Jun 5, 2019 
Federal Reserve Banks                                      Jun 5, 2019 May 29, 2019  Jun 6, 2018              

Reserve Bank credit                                         3,808,157   -   11,807   -  470,436    3,808,318  
  Securities held outright (1)                              3,668,186   -   10,705   -  448,623    3,667,537  
    U.S. Treasury securities                                2,110,433   -    4,257   -  267,393    2,109,785  
      Bills (2)                                                    50            0   +       50           50  
      Notes and bonds, nominal (2)                          1,971,169   -    5,396   -  270,992    1,970,270  
      Notes and bonds, inflation-indexed (2)                  116,351   +      990   +    1,491      116,516  
      Inflation compensation (3)                               22,863   +      149   +    2,058       22,948  
    Federal agency debt securities (2)                          2,347            0   -    2,044        2,347  
    Mortgage-backed securities (4)                          1,555,405   -    6,449   -  179,187    1,555,405  
  Unamortized premiums on securities held outright (5)        132,463   -      341   -   18,660      132,357  
  Unamortized discounts on securities held outright (5)       -13,005   +        9   +    1,011      -12,994  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                           111   +       48   +        4           45  
    Primary credit                                                 70   +       50   +       53            1  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                42   -        1   -       48           44  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,712            0  
  Float                                                          -467   -      247   -      179         -448  
  Central bank liquidity swaps (8)                                 17            0   -       54           17  
  Other Federal Reserve assets (9)                             20,852   -      570   -    2,222       21,804  
Foreign currency denominated assets (10)                       20,794   +       97   -      494       20,855  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,991   +       14   +      405       49,991  
                                                                                                              
Total factors supplying reserve funds                       3,895,184   -   11,696   -  470,523    3,895,406  

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   Jun 5, 2019 
Federal Reserve Banks                                      Jun 5, 2019 May 29, 2019  Jun 6, 2018              

Currency in circulation (11)                                 1,738,727   +    1,078   +   77,554    1,738,894 
Reverse repurchase agreements (12)                             279,713   +   12,313   +   20,798      271,706 
  Foreign official and international accounts                  278,428   +   15,671   +   32,897      269,451 
  Others                                                         1,285   -    3,358   -   12,099        2,255 
Treasury cash holdings                                             243   -       27            0          222 
Deposits with F.R. Banks, other than reserve balances          294,083   -   17,409   -   75,876      279,388 
  Term deposits held by depository institutions                  2,700   +    2,700   +    2,700        2,700 
  U.S. Treasury, General Account                               223,638   -   24,139   -   70,431      207,647 
  Foreign official                                               5,245            0   -       27        5,244 
  Other (13)                                                    62,501   +    4,031   -    8,117       63,798 
Other liabilities and capital (14)                              45,328   -       31   -      509       45,486 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,358,094   -    4,075   +   21,966    2,335,696 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,537,089   -    7,622   -  492,490    1,559,710 

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   Jun 5, 2019 
                                                           Jun 5, 2019 May 29, 2019  Jun 6, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,443,408   -   19,929   +   45,112    3,448,709 
  Marketable U.S. Treasury securities (1)                    3,034,257   -   21,565   -      805    3,039,661 
  Federal agency debt and mortgage-backed securities (2)       332,569   +      893   +   44,583      332,544 
  Other securities (3)                                          76,582   +      743   +    1,335       76,503 
Securities lent to dealers                                      31,438   +    9,981   +   10,267       32,783 
  Overnight facility (4)                                        31,438   +    9,981   +   10,267       32,783 
    U.S. Treasury securities                                    31,438   +    9,981   +   10,267       32,783 
    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, June 5, 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                                            4            41             0             0             0           ...            45 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                      50       112,451       246,840       870,714       267,697       612,032     2,109,785 
  Weekly changes                        -   20,012    +   14,630    -    4,185    +    3,305    +    1,236    +       66    -    4,959 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0             0             0             0           486         1,861         2,347 
  Weekly changes                                 0             0             0             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             8           306        72,427     1,482,664     1,555,405 
  Weekly changes                                 0             0             0    +       12    +      154    -      165             0 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)                17             0             0             0             0             0            17 
                                                                                                                                       
Reverse repurchase agreements (4)          271,706             0           ...           ...           ...           ...       271,706 
Term deposits                                2,700             0             0           ...           ...           ...         2,700 

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   
                                                                                                                       Jun 5, 2019  

Mortgage-backed securities held outright (1)                                                                             1,555,405  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              283  
Commitments to sell mortgage-backed securities (2)                                                                               0  
                                                                                                                                    
Cash and cash equivalents (3)                                                                                                    2  



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        Jun 5, 2019   Wednesday    Wednesday  
                                                        consolidation                May 29, 2019  Jun 6, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,660   +       11   -      105  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,786,946   -    5,149   -  467,051  
    Securities held outright (1)                                          3,667,537   -    4,959   -  449,319  
      U.S. Treasury securities                                            2,109,785   -    4,959   -  268,087  
        Bills (2)                                                                50            0   +       50  
        Notes and bonds, nominal (2)                                      1,970,270   -    6,295   -  271,891  
        Notes and bonds, inflation-indexed (2)                              116,516   +    1,155   +    1,656  
        Inflation compensation (3)                                           22,948   +      181   +    2,097  
      Federal agency debt securities (2)                                      2,347            0   -    2,044  
      Mortgage-backed securities (4)                                      1,555,405            0   -  179,188  
    Unamortized premiums on securities held outright  
    (5)                                                                     132,357   -      193   -   18,670  
    Unamortized discounts on securities held outright 
    (5)                                                                     -12,994   +       10   +    1,012  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                        45   -        8   -       74  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,713  
  Items in process of collection                                   (0)          126   -        6   +       47  
  Bank premises                                                               2,189   -        6   +        2  
  Central bank liquidity swaps (8)                                               17            0   -       53  
  Foreign currency denominated assets (9)                                    20,855   +      195   -      472  
  Other assets (10)                                                          19,614   +    1,156   -    2,202  
                                                                                                               
Total assets                                                       (0)    3,847,645   -    3,799   -  471,546  

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        Jun 5, 2019   Wednesday    Wednesday  
                                                        consolidation                May 29, 2019  Jun 6, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,690,780   -      800   +   76,013 
  Reverse repurchase agreements (11)                                         271,706   +    6,289   +   11,113 
  Deposits                                                          (0)    1,839,098   -   10,107   -  558,747 
    Term deposits held by depository institutions                              2,700   +    2,700   +    2,700 
    Other deposits held by depository institutions                         1,559,710   +   24,918   -  472,255 
    U.S. Treasury, General Account                                           207,647   -   41,364   -   81,807 
    Foreign official                                                           5,244   -        1   -       16 
    Other (12)                                                      (0)       63,798   +    3,641   -    7,368 
  Deferred availability cash items                                  (0)          575   -       83   +      265 
  Other liabilities and accrued dividends (13)                                 6,297   +      899   +       88 
                                                                                                               
Total liabilities                                                   (0)    3,808,457   -    3,800   -  471,268 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,363   +        1   +      396 
  Surplus                                                                      6,825            0   -      675 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,188   +        1   -      279 

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, June 5, 2019
Millions of dollars
Assets, liabilities, and capital               Total       Boston     New York  Philadelphia  Cleveland    Richmond    Atlanta     Chicago    St. Louis  Minneapolis    Kansas      Dallas       San     
                                                                                                                                                                         City                 Francisco  

Assets                                                                                                                                                                                                   
  Gold certificate account                        11,037         351       3,707          327         531         754       1,560         711         328         186         292         890       1,400
  Special drawing rights certificate acct.         5,200         196       1,818          210         237         412         654         424         150          90         153         282         574
  Coin                                             1,660          41          37          146         110         212         179         282          28          48         105         184         287
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,786,946      78,564   2,066,022       91,706     110,795     231,745     258,923     198,783      54,428      32,806      56,154     164,433     442,588
    Securities held outright (1)               3,667,537      76,087   2,000,901       88,815     107,303     224,440     250,761     192,514      52,712      31,736      54,384     159,249     428,635
      U.S. Treasury securities                 2,109,785      43,770   1,151,037       51,092      61,727     129,111     144,252     110,745      30,323      18,256      31,285      91,609     246,576
        Bills (2)                                     50           1          27            1           1           3           3           3           1           0           1           2           6
        Notes and bonds (3)                    2,109,735      43,769   1,151,010       51,091      61,725     129,108     144,249     110,743      30,322      18,256      31,284      91,607     246,570
      Federal agency debt securities (2)           2,347          49       1,280           57          69         144         160         123          34          20          35         102         274
      Mortgage-backed securities (4)           1,555,405      32,269     848,584       37,667      45,507      95,185     106,348      81,645      22,355      13,459      23,064      67,538     181,784
    Unamortized premiums on securities held 
      outright (5)                               132,357       2,746      72,210        3,205       3,872       8,100       9,050       6,948       1,902       1,145       1,963       5,747      15,469
    Unamortized discounts on securities     
      held outright (5)                          -12,994        -270      -7,089         -315        -380        -795        -888        -682        -187        -112        -193        -564      -1,519
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                             45           0           0            0           0           0           1           4           0          37           0           1           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                     126           0           0            0           0           0         126           0           0           0           0           0           0
  Bank premises                                    2,189         107         457           80         118         192         207         191         104          94         229         220         191
  Central bank liquidity swaps (8)                    17           1           5            1           1           4           1           1           0           0           0           0           2
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,855         898       6,620        1,205       1,665       4,446       1,213         871         318          99         202         258       3,061
  Other assets (10)                               19,614         424      10,214          472         580       1,399       1,325       1,001         487         226         357         866       2,265
  Interdistrict settlement account                     0  +   11,837  -  159,974   -    5,834  +    8,062  -    3,807  +   26,481  +   15,506  +    7,561  +    3,787  +    2,909  +   23,033  +   70,440
                                                                                                                                                                                                         
Total assets                                   3,847,645      92,418   1,928,906       88,312     122,099     235,356     290,669     217,770      63,403      37,336      60,400     190,166     520,808

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, June 5, 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            1,886,615      57,648     622,995      54,576      90,012     129,480     258,739     122,964      56,001      31,312      50,379     158,490     254,020
    Less: Notes held by F.R. Banks               195,835       6,080      49,475       8,087       9,807      14,506      30,846      12,274       6,057       3,133       7,769      18,822      28,978
      Federal Reserve notes, net               1,690,780      51,568     573,520      46,489      80,204     114,974     227,893     110,691      49,944      28,178      42,610     139,668     225,042
  Reverse repurchase agreements (11)             271,706       5,637     148,235       6,580       7,949      16,627      18,577      14,262       3,905       2,351       4,029      11,798      31,755
  Deposits                                     1,839,098      33,232   1,191,265      33,477      30,466      94,892      41,348      90,878       8,766       6,015      13,202      37,925     257,633
    Term deposits held by depository        
        institutions                               2,700          25       1,021         250         253         250           0         400           0           0           0           0         501
    Other deposits held by depository       
        institutions                           1,559,710      33,195     954,794      33,225      30,182      94,242      41,312      49,890       8,763       5,961      13,179      37,842     257,126
    U.S. Treasury, General Account               207,647           0     207,647           0           0           0           0           0           0           0           0           0           0
    Foreign official                               5,244           2       5,217           2           3           9           2           2           1           0           0           0           6
    Other (12)                                    63,798           9      22,586           1          28         391          33      40,586           3          54          23          82           0
  Deferred availability cash items                   575           0           0           0           0           0         127           0           0         447           1           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                 1,343          15         658          43          57         111         131          62          33          12          22          65         135
  Other liabilities and accrued             
     dividends                                     4,954         182       2,059         193         210         579         309         313         140         143         143         223         461
                                                                                                                                                                                                        
Total liabilities                              3,808,457      90,633   1,915,736      86,782     118,887     227,184     288,384     216,205      62,788      37,147      60,006     189,678     515,026
                                                                                                                                                                                                        
Capital                                                                                                                                                                                                 
  Capital paid in                                 32,363       1,491      11,005       1,136       2,667       6,717       1,887       1,279         512         157         328         403       4,780
  Surplus                                          6,825         294       2,166         394         545       1,455         397         285         104          32          66          84       1,002
  Other capital                                        0           0           0           0           0           0           0           0           0           0           0           0           0
                                                                                                                                                                                                        
Total liabilities and capital                  3,847,645      92,418   1,928,906      88,312     122,099     235,356     290,669     217,770      63,403      37,336      60,400     190,166     520,808

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, June 5, 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   
                                                                                           Jun 5, 2019  

Federal Reserve notes outstanding                                                            1,886,615  
  Less: Notes held by F.R. Banks not subject to collateralization                              195,835  
    Federal Reserve notes to be collateralized                                               1,690,780  
Collateral held against Federal Reserve notes                                                1,690,780  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,674,543  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,667,537  
  Less: Face value of securities under reverse repurchase agreements                           258,929  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,408,607  

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.