---

`FEDERAL RESERVE statistical release

H.4.1

Factors Affecting Reserve Balances of Depository Institutions and     
Condition Statement of Federal Reserve Banks                                                  January 3, 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 2, 2019 
Federal Reserve Banks                                      Jan 2, 2019 Dec 26, 2018  Jan 3, 2018              

Reserve Bank credit                                         4,029,010   -   14,972   -  378,624    4,019,072  
  Securities held outright (1)                              3,872,472   -   14,136   -  349,342    3,862,049  
    U.S. Treasury securities                                2,232,940   -    7,758   -  219,555    2,222,517  
      Bills (2)                                                     0            0            0            0  
      Notes and bonds, nominal (2)                          2,093,992   -    7,804   -  228,698    2,083,586  
      Notes and bonds, inflation-indexed (2)                  116,545            0   +    6,411      116,545  
      Inflation compensation (3)                               22,403   +       46   +    2,732       22,386  
    Federal agency debt securities (2)                          2,409            0   -    1,982        2,409  
    Mortgage-backed securities (4)                          1,637,123   -    6,378   -  127,806    1,637,123  
  Unamortized premiums on securities held outright (5)        140,106   -      419   -   18,643      140,008  
  Unamortized discounts on securities held outright (5)       -13,430   +       29   +      688      -13,418  
  Repurchase agreements (6)                                         0            0            0            0  
  Loans                                                            64   -       38   -       53            6  
    Primary credit                                                 14   -       24   -       83            5  
    Secondary credit                                                0            0            0            0  
    Seasonal credit                                                50   -       14   +       29            1  
    Other credit extensions                                         0            0            0            0  
  Net portfolio holdings of Maiden Lane LLC (7)                     0            0   -    1,713            0  
  Float                                                          -603   -      365   +      131         -140  
  Central bank liquidity swaps (8)                              4,207            0   -    7,852        4,207  
  Other Federal Reserve assets (9)                             26,193   -       43   -    1,841       26,359  
Foreign currency denominated assets (10)                       20,947   +      100   -      476       20,999  
Gold stock                                                     11,041            0            0       11,041  
Special drawing rights certificate account                      5,200            0            0        5,200  
Treasury currency outstanding (11)                             49,873   +       14   +      492       49,873  
                                                                                                              
Total factors supplying reserve funds                       4,116,071   -   14,859   -  378,608    4,106,185  

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 2, 2019 
Federal Reserve Banks                                      Jan 2, 2019 Dec 26, 2018  Jan 3, 2018              

Currency in circulation (11)                                 1,719,151   +    6,625   +  101,139    1,720,052 
Reverse repurchase agreements (12)                             266,620   +   14,677   -  223,386      276,394 
  Foreign official and international accounts                  250,061   +    5,670   +    3,690      256,913 
  Others                                                        16,558   +    9,006   -  227,077       19,481 
Treasury cash holdings                                             214   +        8   -        2          214 
Deposits with F.R. Banks, other than reserve balances          463,176   +    3,084   +  170,470      458,581 
  Term deposits held by depository institutions                      0            0            0            0 
  U.S. Treasury, General Account                               379,902   +    5,817   +  168,336      382,616 
  Foreign official                                               5,244   -      135   -       11        5,244 
  Other (13)                                                    78,031   -    2,597   +    2,147       70,720 
Other liabilities and capital (14)                              45,055   +      115   -    2,754       43,610 
                                                                                                              
Total factors, other than reserve balances,               
    absorbing reserve funds                                  2,494,215   +   24,509   +   45,466    2,498,850 
                                                                                                              
Reserve balances with Federal Reserve Banks                  1,621,856   -   39,367   -  424,074    1,607,335 

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 2, 2019 
                                                           Jan 2, 2019 Dec 26, 2018  Jan 3, 2018              

Securities held in custody for foreign official and       
     international accounts                                  3,388,981   -    7,927   +   33,223    3,383,715 
  Marketable U.S. Treasury securities (1)                    3,015,780   -    7,387   +      588    3,010,531 
  Federal agency debt and mortgage-backed securities (2)       307,126   -      438   +   44,384      307,113 
  Other securities (3)                                          66,075   -      102   -   11,749       66,071 
Securities lent to dealers                                      24,505   +    1,792   -      687       28,728 
  Overnight facility (4)                                        24,505   +    1,792   -      687       28,728 
    U.S. Treasury securities                                    24,505   +    1,792   -      687       28,728 
    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 2, 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                                            5             1             0             0             0           ...             6 
U.S. Treasury securities (1)                                                                                                           
  Holdings                                   2,091        92,622       290,222       958,061       260,887       618,634     2,222,517 
  Weekly changes                        -   16,118    +   20,288    -   11,899    -    6,756    -    3,720    +        4    -   18,200 
Federal agency debt securities (2)                                                                                                     
  Holdings                                       0            62             0             0             0         2,347         2,409 
  Weekly changes                                 0    +       62    -       62             0             0             0             0 
Mortgage-backed securities (3)                                                                                                         
  Holdings                                       0             0             4           218        62,701     1,574,199     1,637,123 
  Weekly changes                                 0             0             0    +        4    -        6    +        1             0 
Repurchase agreements (4)                        0             0           ...           ...           ...           ...             0 
Central bank liquidity swaps (5)             4,207             0             0             0             0             0         4,207 
                                                                                                                                       
Reverse repurchase agreements (4)          276,394             0           ...           ...           ...           ...       276,394 
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 2, 2019  

Mortgage-backed securities held outright (1)                                                                             1,637,123  
                                                                                                                                    
Commitments to buy mortgage-backed securities (2)                                                                              288  
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 2, 2019   Wednesday    Wednesday  
                                                        consolidation                Dec 26, 2018  Jan 3, 2018 

Assets                                                                                                         
  Gold certificate account                                                   11,037            0            0  
  Special drawing rights certificate account                                  5,200            0            0  
  Coin                                                                        1,722   -        4   -      173  
  Securities, unamortized premiums and discounts,     
     repurchase agreements, and loans                                     3,988,645   -   18,490   -  373,421  
    Securities held outright (1)                                          3,862,049   -   18,200   -  355,479  
      U.S. Treasury securities                                            2,222,517   -   18,200   -  225,691  
        Bills (2)                                                                 0            0            0  
        Notes and bonds, nominal (2)                                      2,083,586   -   18,210   -  234,818  
        Notes and bonds, inflation-indexed (2)                              116,545            0   +    6,411  
        Inflation compensation (3)                                           22,386   +       10   +    2,716  
      Federal agency debt securities (2)                                      2,409            0   -    1,982  
      Mortgage-backed securities (4)                                      1,637,123            0   -  127,806  
    Unamortized premiums on securities held outright  
    (5)                                                                     140,008   -      249   -   18,632  
    Unamortized discounts on securities held outright 
    (5)                                                                     -13,418   +       30   +      728  
    Repurchase agreements (6)                                                     0            0            0  
    Loans                                                                         6   -       71   -       38  
  Net portfolio holdings of Maiden Lane LLC (7)                                   0            0   -    1,713  
  Items in process of collection                                   (0)          209   -       30   +       40  
  Bank premises                                                               2,202   -        4   -        1  
  Central bank liquidity swaps (8)                                            4,207            0   -    7,860  
  Foreign currency denominated assets (9)                                    20,999   +      125   -      441  
  Other assets (10)                                                          24,158   +    1,147   -    1,769  
                                                                                                               
Total assets                                                       (0)    4,058,378   -   17,258   -  385,340  

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 2, 2019   Wednesday    Wednesday  
                                                        consolidation                Dec 26, 2018  Jan 3, 2018 

Liabilities                                                                                                    
  Federal Reserve notes, net of F.R. Bank holdings                         1,672,109   +    3,903   +  100,837 
  Reverse repurchase agreements (11)                                         276,394   +   31,574   -  107,596 
  Deposits                                                          (0)    2,065,917   -   51,803   -  375,346 
    Term deposits held by depository institutions                                  0            0            0 
    Other deposits held by depository institutions                         1,607,336   -   53,596   -  587,315 
    U.S. Treasury, General Account                                           382,616   +   14,380   +  212,659 
    Foreign official                                                           5,244   -      947   -        9 
    Other (12)                                                      (0)       70,720   -   11,641   -      682 
  Deferred availability cash items                                  (0)          349   -      102   +       24 
  Other liabilities and accrued dividends (13)                                 4,477   -      803   -    1,004 
                                                                                                               
Total liabilities                                                   (0)    4,019,245   -   17,231   -  383,085 
                                                                                                               
Capital accounts                                                                                               
  Capital paid in                                                             32,308   -       27   +      921 
  Surplus                                                                      6,825            0   -    3,175 
  Other capital accounts                                                           0            0            0 
                                                                                                               
Total capital                                                                 39,133   -       27   -    2,254 

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 2, 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                                             1,722          41          38          148         124         236         181         285          26          46         110         195         291
  Securities, unamortized premiums and      
     discounts, repurchase agreements,      
     and loans                                 3,988,645      76,179   2,202,038      100,705     113,079     236,032     239,425     213,628      53,102      33,286      62,791     164,929     493,451
    Securities held outright (1)               3,862,049      73,761   2,132,150       97,509     109,490     228,541     231,826     206,843      51,417      32,229      60,798     159,695     477,790
      U.S. Treasury securities                 2,222,517      42,448   1,227,002       56,114      63,009     131,520     133,410     119,033      29,589      18,547      34,988      91,901     274,957
        Bills (2)                                      0           0           0            0           0           0           0           0           0           0           0           0           0
        Notes and bonds (3)                    2,222,517      42,448   1,227,002       56,114      63,009     131,520     133,410     119,033      29,589      18,547      34,988      91,901     274,957
      Federal agency debt securities (2)           2,409          46       1,330           61          68         143         145         129          32          20          38         100         298
      Mortgage-backed securities (4)           1,637,123      31,267     903,819       41,334      46,413      96,879      98,271      87,681      21,796      13,662      25,772      67,695     202,535
    Unamortized premiums on securities held 
      outright (5)                               140,008       2,674      77,295        3,535       3,969       8,285       8,404       7,499       1,864       1,168       2,204       5,789      17,321
    Unamortized discounts on securities     
      held outright (5)                          -13,418        -256      -7,408         -339        -380        -794        -805        -719        -179        -112        -211        -555      -1,660
    Repurchase agreements (6)                          0           0           0            0           0           0           0           0           0           0           0           0           0
    Loans                                              6           0           0            0           0           0           0           5           0           1           0           0           0
  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           1           0           0           0
  Bank premises                                    2,202         110         455           81         118         194         206         193         107          95         232         220         192
  Central bank liquidity swaps (8)                 4,207         179       1,326          239         340         909         243         178          61          19          42          52         619
  Foreign currency denominated                                                                                                                                                                           
     assets (9)                                   20,999         890       6,681        1,188       1,688       4,517       1,208         886         302          96         207         259       3,078
  Other assets (10)                               24,158         490      12,904          606         702       1,658       1,456       1,271         401         264         444       1,000       2,962
  Interdistrict settlement account                     0  +   16,923  -  116,558   +      706  +      147  +    1,064  +   43,278  +    9,040  +    9,163  +    3,849  +    1,469  +   14,097  +   16,821
                                                                                                                                                                                                         
Total assets                                   4,058,378      95,371   2,112,329      104,232     116,978     245,794     288,350     226,646      63,646      37,944      65,755     181,940     519,393

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 2, 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            1,861,321      58,004     615,425      54,943      88,760     125,753     261,759     121,940      56,081      31,546      49,996     150,885     246,229
    Less: Notes held by F.R. Banks               189,212       5,736      55,129       6,566       7,834      12,538      28,226      13,674       5,057       2,536       5,429      17,005      29,481
      Federal Reserve notes, net               1,672,109      52,268     560,296      48,376      80,925     113,216     233,533     108,266      51,024      29,010      44,567     133,880     216,748
  Reverse repurchase agreements (11)             276,394       5,279     152,591       6,978       7,836      16,356      16,591      14,803       3,680       2,307       4,351      11,429      34,194
  Deposits                                     2,065,917      35,977   1,385,257      46,440      24,904     107,365      35,434     101,611       8,213       6,164      16,335      35,931     262,286
    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                           1,607,336      35,956     977,465      46,437      24,877     106,865      35,368      53,306       8,206       6,004      14,719      35,855     262,278
    U.S. Treasury, General Account               382,616           0     382,616           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)                                    70,720          19      19,959           1          24         491          64      48,303           6         160       1,616          76           1
  Deferred availability cash items                   349           0           0           0           0           0         211           0           0         138           0           0           0
  Earnings remittances due to the U.S.      
     Treasury (13)                                   172           3         123          -1          -5         -11          22          11           3           4           4          16           3
  Other liabilities and accrued             
     dividends                                     4,305         161       1,651         183         185         499         284         317         135         137         131         211         411
                                                                                                                                                                                                        
Total liabilities                              4,019,245      93,688   2,099,917     101,976     113,846     237,425     286,075     225,007      63,054      37,759      65,389     181,468     513,642
                                                                                                                                                                                                        
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                  4,058,378      95,371   2,112,329     104,232     116,978     245,794     288,350     226,646      63,646      37,944      65,755     181,940     519,393

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 2, 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 2, 2019  

Federal Reserve notes outstanding                                                            1,861,321  
  Less: Notes held by F.R. Banks not subject to collateralization                              189,212  
    Federal Reserve notes to be collateralized                                               1,672,109  
Collateral held against Federal Reserve notes                                                1,672,109  
  Gold certificate account                                                                      11,037  
  Special drawing rights certificate account                                                     5,200  
  U.S. Treasury, agency debt, and mortgage-backed securities pledged (1,2)                   1,655,873  
  Other assets pledged                                                                               0  
Memo:                                                                                                   
Total U.S. Treasury, agency debt, and mortgage-backed securities (1,2)                       3,862,049  
  Less: Face value of securities under reverse repurchase agreements                           275,244  
    U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged        3,586,805  

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.`

Statistical releases

---

Home Economic research and data  Accessibility Contact Us  Last update:  January 03, 2019